The U.S. Supreme Court did not make a ruling on the Trump tariff case on Friday. The market is watching whether the results will be announced next Wednesday.

The U.S. Supreme Court will welcome the latest "decision day" next Wednesday. The court did not make a ruling on the highly anticipated Trump tariff case on Friday, causing investors to continue to wait and see regarding the policy outlook. As a tradition, the U.S. Supreme Court does not disclose in advance which cases are ready for judgment, only stating that cases for which oral arguments have been completed may receive rulings when the justices take their seats at 10 a.m. in Washington. On Friday, the court only issued a criminal case judgment, and the tariff case was not mentioned, leading to a brief decline in market sentiment and a general drop in stocks with high tariff exposure. The crux of the case lies in whether President Trump has the authority under a 1977 law that gives the president special powers in a "national emergency" to unilaterally impose tariffs on imported goods on a large scale. During the oral arguments on November 5th last year, several justices expressed doubts about whether the president has such broad tariff authority. If the Supreme Court ultimately rules that the related tariff measures are illegal, it would directly weaken Trump's iconic economic policy and could potentially be the biggest legal setback he has faced since returning to the White House. The controversy centers on the so-called "Liberation Day" tariffs announced by Trump on April 2, which impose tariffs ranging from 10% to 50% on most imported goods, while also imposing additional tariffs on goods from Canada, Mexico, and China under the guise of combating fentanyl smuggling. Market observers point out that the uncertainty of tariff policy will continue to suppress expectations for related industries and cross-border trade until the ruling is announced. Once the Supreme Court clearly denies the legality of the tariffs, it could trigger a rapid repricing of asset prices and have far-reaching implications for the direction of U.S. trade policy. White House says "there are backup plans even if unsuccessful" It is widely believed that the Trump administration still has multiple legal tools to continue advancing its tariff agenda in the event of an unfavorable ruling. National Economic Council Director Hassett stated that if the Supreme Court rejects the president's global tariff measures, the government is prepared to quickly reinstate tariffs under other statutory authorities. Hassett said in an interview, "We expect to win. Even if we lose, we are clear that there are other ways to achieve our goals." He further stated that the government has a backup plan to "almost immediately reinstate tariffs" and emphasized that there are "several legal authorities that can replicate agreements we have reached with other countries and implement them quickly," without specifying which authorities would be utilized. According to Hassett, senior Trump administration officials held a high-level conference call last Thursday to discuss how to activate a "Plan B" if the ruling is unfavorable, with U.S. Trade Representative Jamieson Greer expected to lead the efforts. Officials are evaluating paths such as Section 301 of the U.S. Code and Section 122 of the Trade Act; the former is usually more time-consuming, while the latter allows the president to unilaterally impose tariffs but has limits on duration and maximum tax rates.