On November 5th, the commercial policy of the United States 🇺🇸 will be key. The Supreme Court has scheduled that date to hear arguments regarding the legality of the global tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act (IEEPA).

🧨 What is at stake?

• Legality of tariffs: An appeals court ruled in August that Trump exceeded his authority by imposing tariffs without Congressional approval.

• Economic impact: The government argues that removing the tariffs could lead to an "economic catastrophe", affect trade agreements, and weaken pressure on countries like China, Mexico, and Canada.

• Million-dollar refunds: If the Court rules against, the Department of the Treasury may have to return part of the $159 billion collected in tariffs.

🔍 Why does it matter?

Trump has used tariffs as a pressure tool in his trade war, linking them even to the fight against fentanyl and the renegotiation of the USMCA. This hearing could redefine the scope of presidential power in trade matters.