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Supreme Court ruling looms on Trump’s most sweeping duties

Rebecca French

The U.S. Supreme Court is preparing to rule on President Trump’s tariffs, possibly as soon as Friday. The courts will decide whether the president’s actions were legal or ultra vires.

Last year, the court heard arguments over whether Trump exceeded his authority under the International Emergency Economic Powers Act (IEEPA) when he imposed tariffs on goods from nearly all U.S. trading partners. The president said the U.S. may have to “unwind” the trade deal if it loses at the Supreme Court, warning the country could be in “a mess” if tariffs are lifted. Treasury Secretary Scott Bessant said the U.S. has other options if it fails.

Trump, meanwhile, plans to lift some tariffs on metals, including steel and aluminum products, as he and his administration seek to address an affordability crisis ahead of the midterm elections.

It comes after he faced rare rebuke over his tariff regime as six members of his party crossed the line in the House of Representatives to vote to repeal Trump’s tariffs on Canada. But Trump himself appears to be worried about the consequences, with the Financial Times reporting that the current 50% tariffs on steel and aluminum may soon be lifted, just as Trump cut certain food imports last year.

However, Trump has also been issuing threats in recent weeks as part of a recent blitz against allies that rivals his rants early in his second term.

Trump has threatened to impose a 50% tariff on Canadian aircraft imports and said the United States will also cancel certification of all new aircraft from companies such as Bombardier (BDRBF), claiming that Canada has used certification barriers to effectively ban the sale of U.S. Gulfstream aircraft. He also threatened to impose 100% tariffs on Canada over its trade deal with China.

Mexico, meanwhile, faces the possibility of taxation after Trump pledged to impose new tariffs on countries that supply oil to Cuba.

Read more: What Trump promised in ‘Liberation Day’ tariffs — and what he delivered

live 132 updates

  • Trump administration slams New York Fed study that says U.S. consumers bear tariff costs

    The Trump administration is pushing back against the New York Fed’s assertion that U.S. consumers and businesses will bear the brunt of higher costs from President Trump’s tariffs.

    “This paper is embarrassing,” National Economic Council Director Kevin Hassett told CNBC on Wednesday. “I think it’s the worst paper that I’ve ever seen in the history of the Fed.

    However, data released Thursday by J.P. Morgan Research Institute also found that tariffs paid by mid-sized U.S. companies tripled in 2025.

    Yahoo Finance’s Jennifer Schonberger reports on the latest news on Trump’s tariffs:

    Read more here.

  • Indonesia signs trade and investment deal worth US$7 billion with US companies

    Reuters reports:

    Read more here.

  • Vietnam Airlines signs deal for 90 Boeing aircraft worth US$30 billion

    Reuters reports:

    Read more here.

  • U.S. energy secretary downplays interest in Greenland rare earths

    Bloomberg News reports:

    Read more here.

  • Japan and the U.S. reach $36B in natural gas, mineral deals in Trump deal

    Japan plans to invest up to $36 billion in U.S. oil, gas and critical mineral projects, part of the $550 billion it committed in a trade deal with President Trump last year.

    “Our massive trade deal with Japan just got off the ground!” Trump posted on social media on Tuesday. “The scale of these projects is so large that they can’t be accomplished without a very specific word – tariffs.”

    Japanese Prime Minister Sanae Takaichi said the projects will help build more resilient supply chains by building partnerships in areas critical to economic security.

    Bloomberg News reports:

    Read more here.

  • Italian exports to US to grow 7% in 2025 despite Trump tariffs

    Reuters reports:

    Read more here.

  • Copper prices fall as inventory builds amid tariff concerns

    Bloomberg News reports:

    Read more here.

  • Bessant says any narrowing of U.S. metals tariffs depends on Trump

  • As tariff ruling approaches, Supreme Court sets next Friday as ruling day

    The Supreme Court has set next Friday (February 20) as its ruling day, marking the first time in weeks that the Supreme Court is likely to rule on a high-profile case involving President Trump’s tariffs.

    Next Friday is listed as a no-argument session and conference day on the high court’s calendar.

    The high court heard arguments in the tariff case on fast track in November, with both liberal and conservative-leaning justices questioning Trump’s authority to impose tariffs.

    The tariffs at issue are Trump’s “Liberation Day” tariffs, in which the president imposed tariffs of 10% to 50% on imports from nearly all U.S. trading partners. The Trump administration said a defeat at the Supreme Court would only prompt it to pursue other legal means to impose tariffs — though Trump himself said those procedures would be more cumbersome and pleaded with courts to uphold the tariffs.

  • The United States and Taiwan finalized a tariff reduction agreement and increased purchases of American goods

    Reuters reports:

    Read more here.

  • Trump plays risky game on tariffs as he rolls back metal tariffs in support of ratification

    President Trump on Wednesday night pressured House Republicans to support his tariffs despite rising costs of living that unsettle many voters.

    While six Republicans voted against his current tariffs on Canadian goods, 210 others remain loyal to Trump. But experts say it could hurt them in the upcoming midterm elections, as many voters remain concerned about rising prices.

    The Financial Times reports:

    Read more here.

  • New York Fed report says Americans pay nearly all of Trump’s tariffs

    A report from the Federal Reserve Bank of New York finds that Americans are paying nearly all of the additional costs of President Donald Trump’s tariffs.

    Reuters reports:

    Read more from Reuters.

  • U.S.-China trade truce halts tech ban

    Reuters reports:

    Read more here.

  • Mercedes-Benz hits $1.7 billion in tariffs

    The Financial Times reports:

    Read more here.

  • Six Republicans reach across party lines in rare move to condemn Trump’s tariffs on Canada

    The U.S. House of Representatives voted on Wednesday to pass a resolution seeking to end the national emergency measure he used to impose tariffs on Canada, amid criticism of President Trump’s tariff policy. Six Republicans and Democrats voted to roll back Trump’s tariffs on America’s neighbors.

    Yahoo Finance’s Washington correspondent Ben Werschkul outlines the results of yesterday’s vote in the U.S. House of Representatives and its impact on Trump’s tariffs:

    Read more here.

  • U.S., Japan’s 550B USD fund has zero energy and chips

    The United States and Japan are nearing completion of the first of three projects Tokyo has agreed to fund as part of its $550 billion investment and tariff deal with the United States.

    Bloomberg reports that the three projects include data centers led by SoftBank Group Corp (9984.T), deep-sea oil terminals in the Gulf of Mexico and semiconductors.

    SoftBank did not immediately respond to a request for comment.

    Bloomberg News reports:

    Read more here.

  • Trump wants to withdraw from USMCA trade deal he negotiated

    Bloomberg News reports:

    Read more here.

  • US changes statement on India trade deal sparks chaos

    The trade deal between the United States and India was disrupted on Wednesday after the White House tweaked its language on agricultural products.

    In the updated statement, the United States removed any reference to pulses, a staple food in India that includes lentils and chickpeas.

    In the old version, the statement said India would remove tariffs on “certain pulses”, while in the new version, the word “pulses” has been removed. The old version also said India was “committed to buying more U.S. products,” while the new statement said it “…intends to buy…”

    The countries appear to have made other changes to the statement.

    Bloomberg News reports:

  • Trump’s tariffs face criticism as Johnson fails to block vote

    The U.S. House of Representatives will vote on Wednesday whether to reject some of President Trump’s tariffs. The vote comes months before the midterm elections, at a time when many Americans are worried about the rising cost of living.

    Today’s vote will begin with passing a resolution to stop Trump from imposing tariffs on Canada, which currently include a 35% tariff on imported goods such as steel, aluminum and copper, and a 25% tariff on non-U.S. automobiles. The U.S.-Mexico-Canada Free Trade Agreement (USMCA), which Trump threatened to scrap, does exempt some of these goods.

    The House vote will go ahead despite attempts by Speaker Mike Johnson to block it.

    Trump said the American people would not pay any extra price. A report from the nonpartisan Tax Foundation found that these tariffs would increase taxes on the average American household by $1,000 in 2025 and $1,300 in 2026.

    Bloomberg News reports:

    Read more here.

  • U.S. plans to exclude big tech companies from next wave of chip tariffs

    The Trump administration plans to exempt supermajors Amazon (AMZN), Google (GOOG) and Microsoft (MSFT) from upcoming chip tariffs as big tech companies race to build data centers to support artificial intelligence, the Financial Times reported.

    The Financial Times reports:

    Read more here.

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