Supreme Court showdown over Trump-era tariffs could redefine economic policy

The Supreme Court is weighing the legality of Trump-era tariffs largely financed under the International Emergency Economic Powers Act, a ruling that could trigger refunds if struck down and reshape deficits and presidential power. Since November, the goods trade deficit hit a record, Congress rebuked some tariffs, and New York Fed research shows households and businesses bore most tariff costs. The White House has signaled it could reimpose tariffs via other authorities, with discussions of tariff rebates and farmer aid ongoing, while rulings could come as soon as next week if Friday's decision is delayed.