Tariff authority decision still awaited from Supreme Court
Tariff authority by second-term Republican President Donald Trump was not decided by the U.S. Supreme Court on Friday, meaning the federal government can continue to collect the revenue for now.
Businesses around the world had braced for a possible decision, but the high court released an unrelated opinion. The opinion could come nearly any time before the end of June.
Trump has made tariffs a central part of both his domestic and foreign agendas during his second term. Last April, Trump imposed import taxes of at least 10% on every U.S. trading partner. Since then, the president has suspended, changed, increased, decreased and reimposed tariffs under the 1977 International Emergency Economic Powers Act.
A group of states and small businesses challenged Trump’s tariffs under the 1977 law, winning in two lower courts before the administration appealed to the Supreme Court.
The high court agreed to hear the case on an expedited basis, given the economic stakes at issue. The Trump administration could be forced to refund more than $133.5 billion in tariffs to importers if the Supreme Court sides with the states and small businesses in the case.
Trump has called the case one of the most important of all time and said that an unfavorable ruling could result in economic ruin for America.
Businesses have reported that tariffs have pushed up prices for consumers.
Latest News Stories
Large Wisconsin data center tax breaks make benefits unclear
Panelists debate costs of energy legislation as Illinoisans struggle to pay bills
Hearing held after report on tax money funding woke ideology in nonprofit hospitals
Senate rejects both Republican and Democrat govt funding stopgaps, risking a shutdown
Human remains found near Leavenworth believed to be Travis Decker
House passes government funding patch, sending over to Senate
Illinois quick hits: ICE protests in Broadview; Edgar funeral services this weekend
WATCH: Pritzker’s office ‘troubled’ by ‘peacekeeper’ photo; 2 years of cashless bail
Will GOP act on $124B in Medicare insurance fraud?
New Lenox Food Pantry Sees Summer Demand Rise, Braces for Back-to-School Needs
What a terrorist designation could mean for Antifa
WATCH: Report says national student debt is over $1.6 trillion