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President Trump asked the Supreme Court to weigh in on whether he can use the Emergency Powers Act to impose sweeping tariffs after an appeals court upheld an earlier ruling that found it unconstitutional. For more on the future of trade policy, I want to bring in Ben Werschkulf, Yahoo Finance Washington correspondent, and Henrietta Trey. She is a Veda partners, Veda partners managing director, or managing partner and director of economic policy. So, Ben, let's start with you. What is at stake with this decision right now?
Yeah, morning, Jared. Yeah, there is a lot at stake here with this decision. The underlying question is the legality of Trump's so-called IEEPA tariffs, which is a huge chunk of the 180 billion plus that the Trump administration that's been brought in by the government this this fiscal year. Um at stake is not just whether these tariffs can continue, but there's even a scenario here where the Trump administration is forced to offer refunds if if it's found that these tariffs were put in place illegally, um and so that the they shouldn't have been collected in the first place. So that would cause a lot of chaos in any scenario if these tariffs are struck down. The Trump administration priority at the moment is speed. That's what this petition to the Supreme Court that was formally sent last night is about. It's about getting a decision done, not just getting a decision done, but getting it done quickly. Um as opposed to the the sort of full Supreme Court decision-making process that could stretch things out into next spring. The Trump administration wants this to be handled quickly, a decision to be coming quickly, and the Trump has himself has said he's confident of a victory there. Whether he gets his way on this speed question is a much more open question. Uh I've been looking at some supreme Supreme Court experts this morning, and they note that the a a rapid fire decision as opposed to rapid fire moving on an injunction is a pretty rare thing. There needs to be usually a pretty hard and fast deadline. The big example there would be Bush V Gore when the Supreme Court decided um on that election because there was a quickly because there was a tough, there was a clear deadline there with inauguration day approaching. So what the Supreme Court decides to do here remains to be seen. Um but Trump is already floating that if it if it doesn't go his way, he may need to sort of redo his whole trade policy including the unwinding of trade deals we've seen from Japan to Europe and and South Korea.