Federal Reserve Leadership

Nearly three months after expedited oral arguments in November over the Trump administration’s use of the International Emergency Economic Powers Act to impose tariffs, the Supreme Court has not issued a decision, extending legal and economic uncertainty. The consolidated case—brought by companies including an educational toy maker and a family‑owned wine and spirits importer—leaves tariffs in place while hundreds of businesses seek refunds, and observers say justices’ concerns about the major‑questions and nondelegation doctrines, a possible closely divided Court, and slow opinion drafting may explain the delay.