The fate of U.S. President Donald Trump’s tariffs now lies in the hands of the U.S. Supreme Court. Trump is asking the court to overturn a lower court ruling that most of his administration’s tariffs exceeded the president’s authority. Chris Krueger, Managing Director at TD Cowen Washington Research Group, discusses the different scenarios and the implications for Trump’s trade agenda.
Transcript
Kim Parlee: The fate of US President Donald Trump’s tariffs now likely lies in the hands of the US Supreme Court. Trump is asking the court to overturn a lower court ruling that most of his tariffs imposed on countries like Canada are illegal. A lot at stake, including potentially having to pay billions in refunds.
Chris Krueger, Managing Director at TD Cowen Washington Research Group, has just come out with a report on what the next steps might be.
Chris, how are you?
Chris Krueger: I’m well. Great to be back with you, Kim.
Kim Parlee: Nice to have you back. I like to check in to see how you are, because you’re in the business of following every move, and I worry about you, Chris. I want to make sure you’re OK. [LAUGHS]
Chris Krueger: That’s very kind, Kim. Thank you.
Kim Parlee: Let’s talk about the tariffs. So, a lower court has said these are illegal. And now we go through the process to get it through to the Supreme Court. What are the possible scenarios that could come out of this? What are you looking at?
Chris Krueger: Yeah. Well, so the International Court said that IEEPA tariffs were illegal. The appellate court, in a 7-4 decision, upheld that. So, we’re now waiting for the Supreme Court to weigh in. Supreme Court is 9 justices. It breaks down 6-3 in terms of Republican to Democratic appointees.
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