00:00A blockbuster case at the U.S. Supreme Court this morning, one that could rewrite the balance of power between the President and Congress, and cost businesses tens of billions of dollars.
00:12The justices will hear arguments on whether President Trump had the legal authority to unilaterally impose his global tariffs, taxes on imported goods that have touched everything from toys and textiles to cars and medical equipment.
00:26The case centers on a 1977 law that lets the President act in a national emergency.
00:32Trump used it to declare economic emergencies with more than 100 countries, levying tariffs as high as 100-plus percent.
00:40Lower courts have ruled that he went too far, saying the power to regulate is not the power to tax.
00:47Earlier this week, Trump told reporters he'll be watching this case closely.
00:50I think it's the most important decision, one of the most important decisions in the history of our country.
00:58Because without tariffs, without our being able to use tariffs freely, openly, and in every way, we are really would suffer tremendously from a national security standpoint.
01:11The national security of our country is the biggest, I think it's one of the biggest decisions in the history of the Supreme Court.
01:17Trump argues that losing this case would strip future presidents of a critical national security tool.
01:23White House officials saying Tuesday they are confident the high court will rule their way.
01:28This case is not just about President Trump.
01:31It's about the use of this emergency authorization for tariffs for future presidents and administrations to come.
01:37And we're confident and hopeful that the Supreme Court will do the right thing.
01:40But small businesses and several states say the emergency law was never meant to let presidents tax imports on a whim.
01:47Warning, the move has already wiped out profits, raised prices, and cost jobs.
01:52Tariff revenue hit a record of about $30 billion in both August and September.
01:56Legal experts say the decision could reshape both the economy and the presidency,
02:01testing how much power a president can claim in the name of national security.
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