US President Donald Trump said he would not announce any new tariffs while the Supreme Court considers a critical case on tariffs.
The president noted that a plan B would be needed in case the trial “does not proceed smoothly,” adding, “We can do other things, but they will be slower in comparison.”
Trump's comments come as the Supreme Court this week hears two separate legal challenges to the president's use of the International Emergency Economic Powers Act (IEEPA) for tariffs, particularly those against Canada, which are also under scrutiny.
During the hearing, the conservative-leaning Supreme Court justices sharply questioned Trump's lawyer. Both liberal and conservative justices questioned why the president had invoked the national security law for the tariffs, and why the law in question didn't even mention the word “tariffs” or anything similar.
Trump, speaking to reporters in the Oval Office, defended the tariffs as “extremely important.” The president said the court's decision was critical for the United States and that a negative ruling could be “devastating.”
The Supreme Court is expected to announce its decision by June at the latest, but it is highly likely that the decision will come much earlier.
*This is not investment advice.
