US Supreme Court does not rule on Trump’s tariffs

[WASHINGTON] The US Supreme Court did not rule on challenges to President Donald Trump’s tariffs on Wednesday (Jan 14), leaving the world to wait until at least next week to learn the fate of his signature economic policy.

The court has not said when it will issue its next opinions but could schedule more decisions on Tuesday or Wednesday, when the justices again are in session.

Consumer stocks including Lululemon Athletica and Mattel fell on the lack of a ruling, while power-tool maker Stanley Black & Decker erased an earlier gain.

Arguments on Nov 5 suggested the court was sceptical that Trump had authority to impose the tariffs under a 1977 law that gives the president special powers during emergency situations.

A ruling against Trump on tariffs would deliver his biggest legal defeat since returning to the White House. At issue are Trump’s Apr 2 “Liberation Day” tariffs, which placed levies of 10 to 50 per cent on most imports, along with duties imposed on Canada, Mexico and China in the name of addressing fentanyl trafficking.

A decision against Trump could also open the way for more than US$130 billion in refunds. BLOOMBERG