Core Points - The U.S. Supreme Court will hear arguments on November 5 regarding the legality of tariffs imposed by former President Trump, with hundreds of small businesses affected by these tariffs opposing them [1][2] - The outcome of the case could impact trillions of dollars in trade and potentially lead to over $100 billion in tax refunds if the court rules against Trump [2][6] - The tariffs, justified by Trump under the International Emergency Economic Powers Act (IEEPA), are claimed to address national security and economic emergencies [2][6] Group 1: Impact on Small Businesses - Rick Woldenberg, a toy manufacturer, has filed a lawsuit against the Trump administration, claiming the tariffs have cost his companies an additional $20-30 million this year compared to $2.3 million last year [1][2] - The lawsuit represents a significant economic conflict, with Woldenberg's experience highlighting the struggles of small businesses that lack the flexibility of larger corporations to absorb tariff costs [5][6] - Many small businesses have formed a coalition called "We Pay the Tariffs" to express their opposition to the tariffs, while larger companies like Walmart and General Motors have not pursued legal action [5][6] Group 2: Legal and Economic Implications - Legal fees for Woldenberg's case have reached millions, but he views them as necessary to challenge the tariffs [6] - Experts suggest that small businesses have a chance of winning the case, as the IEEPA may not grant the president the authority to impose tariffs without congressional approval [6] - If the Supreme Court rules against the tariffs, the Trump administration has indicated it would seek alternative legal avenues to continue imposing tariffs [6][7]

Core Viewpoint - The U.S. stock indices are experiencing declines, with the S&P 500 and Nasdaq down over 0.2% amid a significant legal challenge to tariffs imposed by former President Trump [1] Group 1: Legal Challenge - Two family-owned toy manufacturers have requested the U.S. Supreme Court to consider overturning the largest tariffs implemented by President Trump, marking a high-risk legal battle that could impact the global economy [1] - The lawsuit aims to expedite the case's review process, with hopes for a final ruling from the Supreme Court by the end of the year [1] - A federal appeals court indicated that these tariffs may remain in effect until the court hears arguments on July 31 [1] Group 2: Court Filings - The two companies submitted their documents to the Supreme Court on Tuesday, although the filings have not yet been published on the court's website [1]