Supreme Court Rejects Fast-Tracking Of Trump Tariff Challenge From Toy Makers

The U.S. Supreme Court on Friday rejected a request from two educational toy makers to put a challenge to President Donald Trump’s tariffs on an ultra-fast track.

The case involves two family-owned businesses, Learning Resources Inc., and hand2mind Inc., which sought to invalidate many of President Trump’s taxes on imports.

As a result, the Trump administration will have the standard 30 days to file a response, instead of the much shorter period requested by the two companies.

While the two toy companies wanted the Supreme Court to consider their case even before the appeals court ruled on it, the Trump administration sought to complete the standard appeals process.

U.S. Solicitor General D. John Sauer said the toy companies “have not justified such a stark departure from established practice.”

While a federal district court agreed with the two companies that the Trump administration lacked the authority under the International Emergency Economic Powers Act to implement levies on imports, a separate ruling in the federal appeals court said Trump’s tariffs could stay in effect at least until the appeals panel hears the administration’s arguments on July 31.

Meanwhile, U.S. equities edged lower on Friday as investors await clarity on President Trump’s possible action in the ongoing Israel-Iran conflict.

The Federal Reserve’s monetary policy report dampened spirits, hours after Fed Governor Christopher Waller raised hopes of a rate cut as soon as July.

At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.29%, while the Invesco QQQ Trust (QQQ) fell 54%. Stocktwits data shows retail sentiment around the S&P 500 ETF has remained in the ‘bearish’ territory over the past week.

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