US Supreme Court Tariffs Ruling Highlights: No tariff decision today

Stocks are falling on Wall Street after President Donald Trump threatened to hit eight NATO members with new tariffs as tensions escalate over his attempts to assert American control over Greenland. The S&P 500 sank 1.3% in early trading Tuesday. The Dow Jones Industrial Average dropped 642 points, or 1.3%. The Nasdaq composite slumped 1.5%. Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. European markets also fell and Treasury yields moved higher in the bond market.

Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland because of their opposition to Trump’s desire to make Greenland part of the United States.

The annual combined imports from European Union nations are greater than those from the top two biggest individual importers into the U.S., Mexico and China.

Trump linked his aggressive stance on Greenland to last year’s decision not to award him the Nobel Peace Prize, telling Norway’s prime minister that he no longer felt “an obligation to think purely of Peace,” in a text message released Monday. (AP)

It remains unclear whether the court will release its much-anticipated ruling on the legality of President Donald Trump’s tariffs, even as the US president intensifies his threats over Greenland.

Just days before the expected ruling, Trump publicly vented his frustration. “If the Supreme Court rules against the United States of America on this National Security bonanza, WE’RE SCREWED!” he said, underscoring how high the stakes are for the administration.

Even if the Supreme Court curtails the president’s authority under IEEPA, the White House has other tools. Greer indicated Trump could turn to Section 301, a trade law provision used extensively against China during Trump’s first term and one that has survived repeated legal challenges.

Treasury Secretary Scott Bessent defended the strategy on NBC’s Meet the Press, arguing that economic pressure helps avoid military conflict. “The national emergency is avoiding a national emergency,” Bessent said, adding that the administration is using “the economic might of the U.S. to avoid a hot war.”

The debate intensified after Trump warned of new tariffs on several European countries unless Denmark agrees to sell Greenland to the United States. The threat has drawn strong criticism in Europe and sharpened legal questions over whether emergency powers are being used as leverage in unrelated disputes.

Over the past year, President Trump has declared multiple international emergencies to back tariff actions. The stated goals have ranged from cutting trade deficits and curbing illegal drug flows to addressing broader national security concerns, stretching the traditional use of emergency powers.

India faces some of the steepest tariffs imposed under Trump’s policy, totalling 50 per cent. This includes the reciprocal “Liberation Day” levies applied across trading partners and an additional 25 per cent duty linked to India’s purchase of Russian oil. The outcome of the case could directly affect these rates.

At the heart of the case is the International Emergency Economic Powers Act, or IEEPA, a 1977 statute. The Supreme Court is examining whether the law allows a president to impose global tariffs by declaring national emergencies. The ruling could redefine the limits of executive power on trade.

While officials say they expect the court to uphold the president’s authority, contingency plans are already in place. Greer told The New York Times on January 15 that Trump has been offered “a lot of different options” to ensure tariffs remain central to US trade policy, regardless of the outcome.

The Trump administration is preparing to move quickly if the Supreme Court rules against its tariff framework. US Trade Representative Jamieson Greer said the White House would act “the next day” to impose alternative duties if needed, signalling there will be no pause in the administration’s trade strategy.

The US Supreme Court is scheduled to deliver its next set of rulings on January 20 at 10.00 am EST, or 8.30 pm IST. One of the most closely watched decisions will determine whether President Donald Trump can continue imposing sweeping global tariffs under emergency powers. A verdict could come as early as Tuesday, setting up a major moment for US trade policy.

Wall Street futures fell sharply on Tuesday as US President Donald Trump’s renewed tariff threats against European allies over Greenland revived concerns around a potential ‘Sell America’ trade.

The dollar slipped to a one-week low after comments from the White House on Greenland’s future triggered selling pressure across US equities and government bonds.

Americans, not foreign exporters, are paying nearly the full cost of tariffs imposed under US President Donald Trump, according to new research analysing 25 million US-bound shipments. Data from the Kiel Institute shows 96% of the tariff burden is borne inside the US, despite political claims that overseas suppliers pay the price.

US stock futures fell sharply on Tuesday after President Trump threatened tariffs on European allies over Greenland. The dollar hit a one-week low, while Nasdaq, S&P 500, and Dow futures indicated a weak start. Investors are also cautious ahead of earnings from Netflix, Johnson & Johnson, and Intel amid geopolitical uncertainty.

US President Donald Trump has threatened a 200% tariff on French wine and champagne after French President Emmanuel Macron declined to join his proposed “Board of Peace,” initially aimed at Gaza’s reconstruction. Trump also confirmed inviting Russian President Vladimir Putin and other global leaders to the board, with plans to finalize its constitution at Davos. Tariff threats extend to multiple European nations over Greenland, defended by Treasury Secretary Scott Bessent as crucial for US security. France criticized the move, calling US logic overreaching, highlighting rising tensions over trade and geopolitics.

The US Supreme Court is scheduled to release rulings on January 20, 2026, at 10 a.m. ET, including a high-profile case challenging President Trump’s global tariffs under the International Emergency Economic Powers Act. The outcome could have major implications for US trade and executive authority. Other pending decisions include a challenge to a key provision of the Voting Rights Act, a Colorado law banning licensed therapists from performing “conversion therapy” on minors, and several other consequential cases affecting free speech and civil rights. Businesses, states, and global markets are closely watching the tariff ruling.

Supreme Court ruling on the legality of President Trump’s tariffs is expected soon, but business leaders say uncertainty will persist. With multiple White House policies on trade, credit, stock buybacks, and executive pay still in flux, CEOs are struggling to anticipate impacts on their operations. Even if the court limits Trump’s tariff powers, the administration can still use other mechanisms to impose import duties, keeping U.S. business leaders on edge.

US Treasury Secretary Scott Bessent said it is “very unlikely” the Supreme Court will overturn President Donald Trump’s use of emergency powers to impose tariffs on multiple countries. A ruling is expected as early as this week as the court examines Trump’s reliance on the International Emergency Economic Powers Act (IEEPA). Trump recently announced fresh tariffs on several European nations, linking them to negotiations over Greenland. Bessent defended the move as a national security strategy, saying, “The national emergency is avoiding a national emergency.” He added that the president is using “the economic might of the U.S. to avoid a hot war.”

The US Supreme Court is set to deliver key rulings on January 20, 2026, on President Donald Trump’s use of emergency powers to impose global tariffs. US Trade Representative Jamieson Greer said the administration would move “the next day” with alternative levies if the court rules against the government.

The case centres on whether the International Emergency Economic Powers Act legally supports Trump’s sweeping tariff regime. India is among the most affected, facing duties totalling 50 per cent, while the outcome is seen as a major test of presidential authority over trade. (Read more)