"President Trump announced yesterday he would impose a new tariff of 25% on any country trading with Iran. He also predicted disaster if the U.S. Supreme Court were to rule his tariff orders are illegal. The president estimated that "many Hundreds of Billions of Dollars" or even "Trillions" were at stake if the government was forced to refund anyone who paid them."
""It would be a complete mess, and almost impossible for our Country to pay," he said on Truth Social. "If the Supreme Court rules against the United States of America on this National Security bonanza, WE'RE SCREWED!"The court could issue a ruling as soon as Wednesday. It had been expected to rule last week. It is not clear why the court is delaying."
""Legal experts continue to expect the Supreme Court to rule against the use of emergency powers [under the International Emergency Economic Powers Act] to authorize tariffs, but note that each week the Supreme Court delays its decision increases the likelihood of the Trump administration prevailing," JPMorgan analysts Amy Ho and Joyce Chang told their clients. "Historically, SCOTUS reserves its most impactful decisions for the end of its term in June, which allows for extended deliberation."
President Trump announced a new 25% tariff on any country trading with Iran and warned of catastrophic refunds if the Supreme Court rules his orders illegal. He estimated "many Hundreds of Billions of Dollars" or "Trillions" could be at stake and called refunds a "complete mess" that the country could not pay. The Supreme Court delayed a decision that had been expected earlier, and a ruling could come soon. Wall Street analysts generally view the issue as less dramatic over time. JPMorgan noted delays may increase the administration's chances and cited $135 billion in potential refunds. Tariff collections so far remain too small to materially reduce the $38 trillion national debt.
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