President Trump's tariff powers-11/5/25 Supreme Court oral argument-(Learning Resources, Inc v Trump, President of U.S.). Repost - with thoughts in the episode notes - after the Supreme Court ruling striking down tariffs.

Listen to the tariffs argument held by the U.S. Supreme Court in November of 2025 when you have a couple of hours to listen to long form content, such as your favorite podcasts.

I am reposting the argument today because of the Breaking News that the Supreme Court has reached a decision. After considering the arguments of counsel and the law, today a majority of the Justices on the U.S. Supreme Court reportedly struck down the tariffs in a ruling.

The Presidential administration has reportedly responded that it will seek to apply tariffs under other legal authorities, so stay tuned for more news on whether tariffs will continue to be imposed, in light of the ruling.

I am not sure when the ruling was handed down. I happened to be on LinkedIn around 11:00 am or so, when the press started reporting that a ruling had been handed down by the U.S. Supreme Court.

I always find it interesting when an important ruling is handed down on a Friday morning. Often markets are open and trading shifts in real time, in response to the ruling. This is not inevitable.

It’s possible to release significant rulings, or reports, in a way that doesn’t kick off an immediate reaction, like imagine that today’s tariff news came out after close of business. On the other hand, with a Friday release of an important ruling there is a chance to triage over the weekend and stabilize markets.

I don’t know why… I am reminded of the handling of the Mueller report, over a weekend, where there was somewhat of a catch and kill, helpful to the President. I suppose this leads to the observation you really never know how a response to the Supreme Court tariff ruling can play out, much as the tariff ruling seems momentous.

Making things more interesting in the current market conditions is that Crypto and other assets trade 24/7, and prices of Bitcoin and other assets that have experienced some volatility of late could respond to the tariff ruling handed down by the U.S. Supreme Court today.

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The audio in this post/podcast is the official court audio of the oral argument on tariffs, from the U.S. Supreme Court’s website:

supremecourt.gov/oral_arguments/audio/2025/24-1287