US Supreme Court not to issue ruling on future of Trump tariffs on Friday

The US Supreme Court did not rule on challenges to President Trump's tariffs on Friday (09 Jan), leaving investors and global markets in suspense over the US administration's key economic policy. Earlier, it was anticipated that the Supreme Court could rule on at least one issue pertaining to President Donald Trump's tariff war, as several major cases are pending in courts, including the litigation challenging the legal validity of the sweeping global tariffs. The apex court has scheduled January 9 as an "opinion day" for the multiple cases related to the ongoing tariff onslaught.

The court also did not provide any deadline for when it will issue its next opinion, but it is expected to schedule more releases in the next two weeks.

Following the news of the Supreme Court deferring the decision, online betting website Polymarket now shows just a one-in-four chance that the court will rule in Trump’s favour.

The case is viewed as a landmark judgment as it is anticipated as a test of presidential power as well as of the court's standing on Donald Trump's far-reaching assertions regarding the authority of the president since he returned to power in January 2025. The outcome is expected to have a significant impact on the global economy.

The major issues in front of the court are first to decide whether the administration has the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA), and secondly, if the tariffs are found encroaching on the limits of presidential power, whether the United States have to reimburse the importers who have already paid these tariffs.

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This upcoming ruling will be the first instance in which the US Supreme Court will issue a ruling on Trump's sweeping tariffs. On April 2, 2025, the US president imposed sweeping reciprocal duties on foreign imports as part of a broader trade war, with tariffs on many partners ranging from 10 to 41 per cent, terming it as “Liberation Day”.

India faced some of the highest levies imposed by Trump. Initially hit with a 25 per cent tariff, the United States doubled the duty to 50 per cent in August 2025, adding a punitive surcharge linked to New Delhi’s continued Russian oil imports. The 50 per cent rate applies to key exports including textiles, gems and jewellery, footwear, furniture and chemicals, while sectors such as pharmaceuticals, semiconductors, tea, coffee and spices have received exemptions.