Former Commerce Secretary Wilbur Ross warned that financial markets could face major confusion if the Supreme Court strikes down President Donald Trump’s tariffs, the Washington Examiner reported.
On Wednesday, the Supreme Court heard arguments examining Trump’s use of federal law to impose global tariffs.
Several justices — particularly conservatives — questioned the administration’s interpretation of the statute. The case could have implications for both presidential authority and the U.S. economy.
Ross, who oversaw tariff policy in Trump’s first term, said a ruling against the administration could send shockwaves through the markets.
“If the Supreme Court ruled against the administration, I think there would be a tremendous amount of confusion in the securities market and in trade,” Ross said.
In more than two hours of arguments, Chief Justice John Roberts and other conservatives challenged the administration’s claim that the tariffs were regulatory measures, not taxes on consumers.
Ross, one of the key architects of Trump’s first trade agenda, told Fortune earlier in the week that Trump won’t abandon the policy even if the court rules against him.
“He’s too committed to the tariff to give it up,” Ross said. “If they lose, I don’t think he’s just going to say, ‘Well, OK, it didn’t work under this law, I’ll give it up.’ He’s too invested.”
The justices are weighing whether the president exceeded his authority by using emergency powers to impose duties on more than 100 countries.
Lawmakers from both parties, including Sen. Rand Paul, R-Ky., argue that such tariffs require congressional approval.
Ross added that businesses which have already adjusted to the tariffs could face immense challenges if they are forced to pivot again.
“So, if you’re a business that’s been starting to relocate your supply chains, what do you do? Do you stop? Do you continue? Do you reverse course?” Ross said.
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