The US Supreme Court is poised to rule on President Trump's controversial tariffs, with a potential decision as soon as Friday. The justices will determine whether Trump exceeded his authority under the International Emergency Economic Powers Act when imposing sweeping duties on virtually all US trading partners. The administration has warned of a "complete mess" if the tariffs are struck down.

Meanwhile, Trump plans to roll back some tariffs on steel and aluminum as he seeks to address voter concerns about rising costs ahead of the midterm elections. The move follows a rare rebuke from six Republicans who joined Democrats to vote to scrap tariffs on Canada. Treasury Secretary Scott Bessent has indicated the administration has alternative options if the court rules against the tariffs.

The administration is also pushing back on Federal Reserve research claiming US consumers bear the brunt of tariff costs. National Economic Council Director Kevin Hassett called the New York Fed study "an embarrassment" and "the worst paper I've ever seen." However, JPMorgan Chase Institute data shows tariffs paid by midsize US businesses tripled in 2025, highlighting the economic impact of the trade measures.