U.S. President Donald Trump has asked the U.S. Supreme Court to quickly uphold his global tariffs, seeking a review in a case that could affect trillions of dollars in trade and give him broad new leverage over the world economy.
The appeal calls for putting the case on a highly expedited schedule with arguments in early November. It follows a federal appeals court decision that said Trump can’t impose wide-scale import taxes by invoking a 1977 law designed to address national emergencies.
The financial stakes alone make the case one of the biggest ever to land at the Supreme Court. A defeat for Trump would cut the current average U.S. effective tariff rate of 16.3% by at least half and could force the U.S. to refund tens of billions of dollars, according to Bloomberg Economics analyst Chris Kennedy. It could also upend the preliminary trade deals Trump has struck with some countries.
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