Supreme Court Doesn’t Rule on Trump’s Tariffs on Wednesday (1)

The US Supreme Court didn’t rule on challenges to President Donald Trump’s tariffs Wednesday, leaving the world to wait until at least next week to learn the fate of his signature economic policy.

The court hasn’t said when it will issue its next opinions but could schedule more decisions on Tuesday or Wednesday, when the justices again are in session.

Consumer stocks including Lululemon Athletica Inc. and Mattel Inc. fell on the lack of a ruling, while power-tool maker Stanley Black & Decker Inc. erased an earlier gain.

Arguments on Nov. 5 suggested the court was skeptical that Trump had authority to impose the tariffs under a 1977 law that gives the president special powers during emergency situations.

Read more: Trump’s Tariffs Face Supreme Court Test

A ruling against Trump on tariffs would deliver his biggest legal defeat since returning to the White House. At issue are Trump’s April 2 “Liberation Day” tariffs, which placed levies of 10-50% on most imports, along with duties imposed on Canada, Mexico and China in the name of addressing fentanyl trafficking.

A decision against Trump could also open the way for more than $130 billion in refunds.

Read More: Trump’s Options If Supreme Court Says His Tariffs Are Illegal

--With assistance from Matthew Griffin.

To contact the reporter on this story:
Greg Stohr in Washington at gstohr@bloomberg.net

To contact the editor responsible for this story:
Elizabeth Wasserman at ewasserman2@bloomberg.net

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