Donald Trump is set to launch a wave of new tariffs based on alternative legislation if the Supreme Court rules against his current levies, diplomats and trade lawyers say.
The Supreme Court is poised to rule as soon as January on the legality of the president’s use of emergency powers to hammer trading partners with tariffs, leaving the centrepiece of his economic policy hanging in the balance.
Markets traders are braced for turmoil if the US’s top court rules against Trump, potentially leaving the federal government on the hook for billions of dollars in repayments of levies that have already been collected.
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