President Donald Trump has said he will not announce new tariffs while the Supreme Court considers major tariff cases.
The president noted that he would need a Plan B in case the trial “does not go smoothly,” adding: “Other things can be done, but they would be slow by comparison.”
President Trump’s comments come as the Supreme Court this week hears two separate legal challenges to the president’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs, specifically tariffs on Canada, which are also under scrutiny.
During the hearing, conservative-leaning Supreme Court justices grilled Trump’s lawyers. The liberal and conservative justices questioned why the president invoked the national security law for the tariffs, and why the law in question didn’t even mention the word “tariff.”
President Trump defended the tariffs to reporters in the Oval Office, calling them “extremely important.” The president said the court’s decision was critical to the United States and that a negative ruling could be “devastating.”
The Supreme Court is expected to announce its decision by June at the latest, but it is likely to come sooner.
*This is not investment advice.
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