Supreme Court hears oral arguments in Trump tariff case

Legal & Policy Landscape - The Supreme Court is hearing arguments on the legality of President Trump's tariffs, focusing on whether they fall under executive power or require congressional approval [1][2] - The core legal question revolves around the interpretation of the statute authorizing tariffs and whether it violates the non-delegation clause of the Constitution [5][6] - A key point of contention is whether tariffs are considered taxes, which would fall under congressional authority [13] - The administration might explore alternative legal avenues, such as a 1974 law capping tariffs at 15% for 150 days, if the current tariffs are struck down [15] Economic Impact & Market Reaction - Since the implementation of these policies, the estimated tariff revenue is $174 billion, impacting American companies that pay the cost of importing goods [9] - Businesses have been absorbing these costs or passing them on to consumers, creating uncertainty in the market [9] - Wall Street is closely monitoring the Supreme Court case, with traders analyzing legal arguments to anticipate the economic consequences [7][8] - The market reacted to commentary suggesting the Supreme Court might limit the president's authority to impose tariffs [14]