The Supreme Court may rule Friday on Trump's tariffs. Here's what's at stake for the economy

The U.S. Supreme Court on Friday could rule on the legality of President Donald Trump's tariffs, a decision poised to have far-reaching impacts on not only trade policy, but also the U.S. fiscal situation.

Though it's not certain that the high court will make its ruling, it has scheduled Friday as a “decision day” for handing down opinions, and there is widespread speculation that the tariff case will come up.

At its core, the ruling will address two issues: whether the administration can use provisions under the International Emergency Economic Powers Act to levy the tariffs, and if it isn't proper, if the U.S. will have to reimburse those importers who already have paid the duties.

However, the final decision could also fall somewhere in between.

The court has the option to grant limited powers under the IEEPA and require only limited repayment, along with multiple other options for how it handles a touchy matter that is being closely watched on Wall Street.

Moreover, even should the White House lose the case, it has other tools in its chest to implement tariffs that don't require the emergency powers cited under the act.

Treasury Secretary Scott Bessent himself said Thursday he expects a “mishmash” ruling.

“What is not in doubt is our ability to continue collecting tariffs at roughly the same level, in terms of overall revenues,” Bessent said during an appearance in Minneapolis. “What is in doubt, and it's a real shame for the American people, was the president loses flexibility to use tariffs both for national security, for negotiating leverage.”

Trump used the IEEPA in part as an emergency measure to stop the inflow of fentanyl to the U.S.