Trump tariffs ruling: Supreme Court to not rule on Friday in ‘Liberation Day’ tariffs case

The Supreme Court will not rule in the crucial case of US President Donald Trump’s tariffs case on Friday. The ruling is being watched globally for its implications on all major economies. Earlier it was expected that the apex court would rule on the important issue on Friday.At the centre of the case is the legality of the so-called “Liberation Day” tariffs and whether the US president has the authority to impose them under the International Emergency Economic Powers Act (IEEPA), a 1977 law that grants special powers during national emergencies. Back in 2025, lower courts had ruled that the tariffs were implemented illegally, however, allowed the import taxes to remain in force while the Trump administration appealed to the Supreme Court.The justices heard arguments in the case on November 5, during which both conservative and liberal members of the court expressed scepticism about whether the law gave the president unilateral authority to levy such broad duties. The ruling, issued after weeks of deliberation, now provides clarity on the scope of presidential power under IEEPA and the future of the tariffs imposed using it.The decision carries major financial implications. Companies have paid an estimated $133.5 billion in IEEPA-based tariffs through December 14, according to government data, with the total now believed to be closer to $150 billion, as estimated by Reuters. Hundreds of companies have taken legal action, filing lawsuits in the US Court of International Trade seeking to have the tariffs they paid declared unlawful and demanding refunds. More than 900 lawsuits have been filed on behalf of companies seeking tariff refunds, collectively naming over 1,000 plaintiffs, according to a tally compiled by Bloomberg. The list includes major brands such as Costco, Reebok, Peloton, Dole, Revlon and Goodyear Tire & Rubber Company, alongside firms including Kawasaki Motors, EssilorLuxottica, Bumble Bee Foods, Schick Manufacturing, Playtex, Spencer Gifts, PopSockets, Conair, Xerox, Dooney & Bourke, Barnes & Nobles, PUMA, Lane Bryant, Steve Madden, Bath & Body Works, Bose, TOMS Shoes, e.l.f. Cosmetics, J. Crew Group, Blick Art Materials and Diageo, Forbes reported. Those cases were put on hold pending the Supreme Court’s decision.