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The US Supreme Court is poised in the weeks ahead to decide the legality of the majority of President Trump’s tariffs. The president invoked the International Emergency Economic Powers Act (IEEPA) to levy blanket tariffs on goods from other countries. But Congress is the branch of the US government with oversight of taxation and spending — not the president.
As he has publicly braced for the high court’s decision, Trump has claimed the “full benefit” of tariff policies would take effect soon, arguing that foreign buyers who stockpiled inventory would be forced to buy more goods. Meanwhile, Trump further expanded tariff breaks on Brazilian goods, part of moves to lower costs on some everyday goods as consumers grapple with price struggles.
The push to reduce food prices comes after electoral wins for Democrats across a number of key state and local races where candidates stressed affordability concerns. Trump has also in recent weeks floated the possibility of a tariff “dividend” for many Americans in the form of a $2,000 check.
Trump also in recent days floated the possibility of reducing — or completely eliminating — personal income tax.
Read more: What Trump’s tariffs mean for the economy and your wallet
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Several US companies, such as Costco (COST), have filed lawsuits and claims to the US government for tariff refunds in the belief Trump’s tariffs will be struck down by the US Supreme Court. If the courts rule against Trump’s tariffs, the president may be forced to repay billions of dollars in collected revenue from imports, according to a report in the New York Times.
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US Treasury Secretary Scott Bessent confirmed on Wednesday that China is on track to keep “every part” of the trade agreement made with the US last month. Bessent who spoke at the New York Times summit said: “I will say that China is on track to keep every part of the deal, every part of the deal.”
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The OECD raised its forecast for US growth this year — to 2%, up from the 1.6% it had forecast in June. Still, the American economy would have grown considerably more slowly than it did in 2024 (2.8%).
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The US announced a major pharmaceuticals deal with the UK on Monday, which will lead to zero import tariffs on pharmaceutical products.
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US Commerce Secretary Howard Lutnick has announced that the general tariff rate on imports from South Korea, which includes autos, will drop to 15% retroactive to Nov. 1. The move comes as South Korea has started to implement its US investment commitments.
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The Trump administration is negotiating a deal that would commit Taiwan to new investment and training of US workers in semiconductor manufacturing and other advanced industries. Taiwan is also pushing for tariffs on its goods to be cut to 15%.
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Trump said Chinese leader Xi Jinping “pretty much” agreed to increase the speed and size of the country’s agricultural purchases. Trump and Xi held their first call last week since the US and China struck a trade and tariff truce.
LIVE 112 updates
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Ahead of tariff ruling, businesses race to secure refunds
Businesses across the US are lining up for tariff refunds and betting that the US Supreme Court will rule against President Trump’s tariffs, as they believe Trump will be forced to repay billions of dollars collected on imports.
From Costco (COST) to Bumble Bee Foods, several companies have hired lawyers and filed claims to the US government in the hope that they will receive a payout if Trump’s tariffs are struck down.
The Supreme Court has yet to rule, but it seems companies are waiting in the wings to see if the verdict goes against Trump’s flagship tariffs.
The New York Times reports:
