By Chris Casey – WindRock
President Trump dubbed April 2nd of this year “Liberation Day” when announcing sweeping and dramatic tariff increases. A baseline tariff of 10% was imposed across the board with far higher tariffs implemented for the perceived worst offenders: countries with significant trading surpluses with the U.S. After several legal setbacks, on September 3rd the administration petitioned the Supreme Court to decide the legality of these actions. As of last night (September 9th), it agreed to hear the case.
If the Supreme Court declined to review the lawsuit, the previous decision by the U.S. Court of Appeals for the Federal Circuit (“Court of Appeals”) would have largely invalidated Trump’s tariffs effective October 14th. Now, the Supreme Court may very well also rule against Trump in agreeing with the lower courts’ decisions.[i] Liberation Day may soon be overturned by Adjudication Day.