Relief for Donald Trump? US Supreme Court holds off ruling on tariff policy for another day; market jitters continue

The US Supreme Court on Wednesday issued three decisions but did not deliver a verdict on the closely watched legal challenge to President Donald Trump’s global tariffs, keeping markets and governments waiting for clarity on a case with wide economic implications.As per news agency Reuters, the court did not indicate when it would rule on the tariffs dispute and, as is customary, did not announce in advance which cases would be decided on the day. The latest decision day marked the second missed opportunity for a ruling, following another session that passed without a verdict.The case is seen as a major test of presidential powers and the Supreme Court’s willingness to scrutinise Trump’s expansive claims of authority since returning to office in January 2025, reported Reuters. The outcome is expected to have a significant impact on global trade and the wider economy.At the centre of the dispute is Trump’s use of a 1977 law — the International Emergency Economic Powers Act — to impose sweeping tariffs on trade partners by declaring various national emergencies. During arguments heard in early November, both conservative and liberal justices appeared sceptical about whether the law actually authorises the imposition of tariffs, according to Reuters.The Trump administration is appealing lower court rulings that found the president had exceeded his authority.The case, formally titled Learning Resources, Inc. v. Trump, is being closely followed by businesses that have challenged the tariffs in court. As per Yahoo Finance, companies such as Costco are seeking refunds on import duties if the Supreme Court ultimately rules against the president’s actions.Trump has publicly voiced strong concerns about the potential outcome. On Monday, he wrote on social media: “If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!” His comments followed weeks of online posts warning that losing the power to impose tariffs would be a serious blow to the country.US treasury secretary Scott Bessent told Reuters that even if the court were to strike down the tariffs — an outcome he described as unlikely — the Treasury has sufficient funds to cover any refunds. However, he questioned whether companies would pass that money back to consumers. “It won’t be a problem if we have to do it,” Bessent said, adding that businesses suing the government may not share refunds with customers.The delay comes amid broader global trade tensions. Yahoo Finance noted that China recorded a record $1.2 trillion trade surplus in 2025 despite Trump’s tariffs, with Beijing blaming the US for growing global trade imbalances.The Supreme Court is expected to issue a ruling in the tariffs case before the end of its current session in June. Until then, uncertainty remains over the future of Trump’s tariff regime and the scope of presidential power over trade.