Supreme Court weighs Trump tariffs as up to $200 billion hangs in balance. Trade representative warns of massive economic shake-up if import duties are overturned.

In arguments before the Supreme Court, the White House backed away from its claims that President Trump’s tariffs were about raising revenue.

The Supreme Court will begin hearing arguments Wednesday over whether President Donald Trump overstepped by using emergency powers to impose tariffs on more than 100 countries.

We don’t expect any demand from China to return to the U.S. market with this change,’ said one trader at an international trading company. ‘Brazil is cheaper than the United States and even non-Chinese buyers are taking Brazilian cargoes.

The U.S. effective tariffs rate ("ETR") fell to 13.6% from an Aug. 5 estimate of 16%, reflecting recent trade agreements with Japan, Malaysia, Thailand and South Korea, Fitch Ratings said on Wednesday.

Doug Ford said that the Reagan ad that derailed trade talks with Trump is the "best ad that ever ran," as Canada courts Asia for new trade relations.