The US Supreme Court has accepted a fast-track appeal filed by President Donald Trump over global tariffs, bringing the matter to its attention. The court will hear arguments from both sides in the first week of November. US Supreme Court to Hear Trump's Tariff Case The Trump administration is defending import duties previously ruled unlawful by a lower court, including the “Independence Day” tariffs announced in April and taxes aimed at combating drug trafficking in China, Mexico and Canada. A lower court had deemed Trump's implementation of these orders under the International Emergency Economic Powers Act (IEEPA) an overreach. However, the same court allowed the tariffs to remain in effect pending a final ruling. The Trump administration has requested that the case be expedited, citing the possibility that between $750 billion and $1 trillion in tariffs could be collected if the decision is delayed until June 2025, and repaying them could cause significant economic turmoil. According to Customs and Border Protection data, $475 billion in taxes have been collected so far in fiscal 2025, $210 billion of which comes from tariffs that are the subject of litigation. White House Spokesperson Kush Desai stated that Trump was using the powers granted by law in the name of national security and the economy and that they expected a victory from the Supreme Court. Economists, however, say that high tariffs lead to job losses, particularly in the construction and manufacturing sectors, and fuel inflation by increasing consumer prices. Continuing the tariffs before the court's decision could further increase risks to the US economy. *This is not investment advice. Continue Reading: US Supreme Court Issues New Decision on Donald Trump's Global Tariffs! Here Are the Details
