Core Viewpoint - The U.S. Supreme Court is set to hear a significant case regarding the "reciprocal tariffs" policy implemented by the Trump administration, which has raised concerns about the limits of presidential power in imposing tariffs under the International Emergency Economic Powers Act (IEEPA) [2][3]. Group 1: Tariff Policy and Legal Framework - The Trump administration has imposed extensive tariffs on major trading partners under the IEEPA, with U.S. businesses paying nearly $90 billion in tariffs as of September 23, accounting for over half of the total tariff revenue for the fiscal year 2025 [2]. - The IEEPA allows the president to take action if there is an "unusual and extraordinary threat" to national security, which Trump argues is due to significant trade deficits [5][6]. - Legal challenges have emerged from businesses and state governments, arguing that the IEEPA does not explicitly grant the authority to impose tariffs, and that previous interpretations of the law do not equate "regulation" with "taxation" [6][7]. Group 2: Judicial Implications and Economic Impact - The case is seen as highly contentious, with analysts suggesting that the Supreme Court may issue a limited ruling that maintains presidential power but imposes restrictions on the declaration of national emergencies [8]. - If the IEEPA tariffs are deemed invalid, the government may need to refund the collected tariffs, which could have adverse effects on the U.S. economy, potentially lowering the effective tariff rate by 10 percentage points [8][9]. - The economic impact of Trump's tariff policy is expected to exacerbate the national budget deficit, as the negative effects on economic growth and higher consumer prices may outweigh anticipated tax revenues [9].