Supreme Court needs tariff decision quickly

“We’re going to be going to the Supreme Court, we think tomorrow, because we need an early decision,” Trump said Tuesday, arguing that the “financial fabric of our country” is at stake

“We’re going to be asking for early admittance … we’re going to ask for expedited, an expedited ruling.”

Trump also claimed that the U.S. stock market indices were trading lower on Tuesday because of Friday’s ruling.

“The stock market’s down because of that, because the stock market needs the tariffs,” he said. “They want the tariffs.”

The tariffs affected by Friday’s ruling were implemented by Trump this year under the International Emergency Economic Powers Act, and slapped duties as high as 50% on imports from some countries. The tariffs also included duties imposed on China, Canada and Mexico — who are the among the U.S.’s largest trading partners — because of those countries’ purportedly not doing enough to stem the flow of the deadly opioid fentanyl into the United States.

The Federal Circuit appeals court, in ruling that those tariffs are not legal, said, “The core Congressional power to impose taxes such as tariffs is vested exclusively in the legislative branch by the Constitution.”

“Tariffs are a core Congressional power,” the court said.

If the Supreme Court upholds the decision, most imports into the United States would not be subject to tariffs.

Before the ruling, the Tax Foundation found that Trump’s tariffs would affect nearly 70% of U.S. imports. If the ruling is upheld, just 16% of imports would be tariffed.

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