The U.S. Supreme Court is poised to deliver significant rulings as early as Friday, January 9, 2026, addressing the legality of the sweeping global tariffs imposed by President Donald Trump. These tariffs were enacted under the 1977 International Emergency Economic Powers Act (IEEPA), a law traditionally used for sanctions or freezing assets during national emergencies, rather than broad import duties. Businesses affected by these tariffs, alongside 12 U.S. states, have challenged their legality, arguing that Trump overstepped his presidential authority. Lower courts have previously sided against the Trump administration, whose appeals have brought the matter to the nation's highest court. During arguments heard in November 2025, both conservative and liberal justices on the Supreme Court expressed skepticism regarding the administration's expansive use of the IEEPA for imposing tariffs. The outcome of this landmark case carries substantial implications, particularly for the global economy. A ruling against the administration could obligate the U.S. government to refund an estimated $150 billion in duties already paid by importers worldwide. Many major companies, including Costco and Reebok, have already filed preemptive lawsuits in anticipation of such a decision. This judicial review represents a crucial test of presidential powers and is expected to profoundly reshape future U.S. trade policy. International financial markets are closely monitoring the situation, with analysts predicting potential volatility depending on the court's decision. For instance, a ruling that invalidates the tariffs could lead to a market rally, while upholding them might cause further instability. The story holds particular relevance for an Indian audience, as the Economic Times has reported that the Supreme Court's verdict on these Trump-era tariffs could significantly impact Indian stock markets. President Trump himself has stated that an adverse ruling would be a 'terrible blow' to the United States.