TARIFFS: Supreme Court Ruling On Tariffs Could Come January 14

The Supreme Court is expected to hold an 'Opinion Day' on January 14, providing another opportunity for the court to release a ruling on the President Donald Trump's 'Liberation Day' tariffs. If an opinion isn't released, the decision is likely come next month.

•  The White House is preparing alternative strategies for maintaining tariffs if the court, as expected, rules that the use of the International Emergency Economic Powers Act of 1977 to impose tariffs was unlawful. In the event of an unfavourable ruling, Treasury could be liable to refund around USD$150 billion in duties collected on imports subject to tariffs, although it is unclear if SCOTUS would rule on refunding, or punt that to a lower court.
• Treasury Secretary Scott Bessent suggested the court's decision may be mixed, but if it goes against Trump's tariffs, the administration could replace any lost revenues by switching to other tariff authorities, per Reuters.
• Bessent argued that a negative ruling would mean "the president loses flexibility to use tariffs, both for national security, for negotiating leverage."
• Jose Torres, senior economist at Interactive Brokers, told CNBC, “If the court blocks the tariffs, the administration is going to find workarounds. President Trump is very ambitious in getting this agenda through despite potential controversies that could surround such a decision.”