Will Trump’s Tariffs Survive the Supreme Court?

The Journal podcast discusses the Supreme Court's hearing on the legality of former President Trump's sweeping global tariffs, enacted under the International Emergency Economic Powers Act (IEPA). The central legal question is whether the Act's language, which allows the president to "regulate" imports during a national emergency, also grants the power to impose tariffs, a power traditionally held by Congress. Several justices expressed skepticism about the administration's broad interpretation of the law and the legitimacy of the declared emergencies, focusing on the "major questions doctrine" and the separation of powers. The court's decision could have significant implications for presidential power and future economic policy, potentially leading to tariff refunds or further legal challenges, with the markets and economic actors closely anticipating the ruling.