Supreme Court holds off on Trump tariff ruling for now — what's at stake for economy

The Supreme Court did not rule Friday on the legality of broad tariffs imposed by President Donald Trump, leaving markets still awaiting a decision poised to have far-reaching impacts on trade policy and the U.S. fiscal situation.

There had been speculation that the tariff ruling would be issued on Friday, but the Supreme Court released just one opinion for the day, and it was unrelated to tariffs.

It is unclear when the tariff ruling will be released. The court will release its next rulings Wednesday.

When it does come, the decision 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.