Tariff Ruling Leaves Markets, Trading Partners Uncertain
September 2, 2025
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10:04Now PlayingTariff Ruling Leaves Markets, Trading Partners Uncertain
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as posted by the channelPeter Atwater, President of Financial Insyghts and Adjunct Lecturer of Economics at the College of William and Mary, breaks down the economic impact of tariff back-and-forth after a court ruled that President Trump did not have the authority to levy many of the tariffs his administration put on trading partners.
President Donald Trump said his administration would ask the Supreme Court for an expedited ruiling in hopes of overturning a federal court decision that many of his tariffs were illegally imposed, arguing it is essential to keep his trade policy intact.
Trump told reporters that the US would appeal to the high court for relief as soon as Wednesday because “it would be a devastation for our country” if the appeals court ruling was left in place.
“We’re going to be going to the Supreme Court, we think tomorrow, because we need an early decision,” Trump said Tuesday in the Oval Office. “We’re going to ask for an expedited ruling.”
The president’s comments follow a ruling by the US Court of Appeals for the Federal Circuit on Friday that Trump wrongfully invoked an emergency law for the so-called reciprocal tariffs he imposed on trading partners as well as levies on China, Canada and Mexico he said were intended to address cross-border fentanyl trafficking.
The judges, however, let the tariffs stay in place while the case proceeds.
The decision injected fresh legal uncertainty over the fate of the administration’s agenda with potential impacts for trillions in global trade.
“The stock market’s down because the stock market needs the tariffs. They want the tariffs,” the president said.
Corporate debt sales and budget worries in the developed world were seen as the main drivers of the market selloff.
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