96
<!–

sup, sub { font-size: 100% !important; } sup { mso-text-raise:10% } sub { mso-text-raise:-10% }

Welcome to The Hill’s Business & Economy newsletter

{beacon}

Table of Contents

Business & Economy

<!–

The Big Story

Trump tariffs face crucial test before Supreme Court

President Trump’s sweeping tariffs will be scrutinized by the Supreme Court on Wednesday, placing the president’s most significant economic initiative into the justices’ hands.

The main question looming over the case is whether Trump can use emergency powers to justify his worldwide levies as he seeks to transform global trade — an untested expansion of executive authority.

Trump has justified the bulk of his sweeping tariff agenda by pointing to the International Emergency Economic Powers Act (IEEPA), which gives the president power to “regulate” imports in response to certain emergencies.

Small businesses and Democratic-led states will make the case Wednesday that Congress never envisioned “regulate” to include tariffs when it passed IEEPA in 1977.

No president before Trump invoked the law to impose tariffs, so the Supreme Court has never decided that question. The justices’ answer may depend on how they view a 50-year-old appellate decision dating back to former President Nixon.

An appeals court’s 50-year-old decision could come into play regarding Trump’s own statements about his banner policy.

Read more here.

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

Did someone forward you this newsletter? Subscribe here.

Essential Reads

Key business and economic news with implications this week and beyond:

USDA tells grocery stores: No special discounts for SNAP recipients

The U.S. Department of Agriculture (USDA) emailed grocery stores prohibiting them from offering discounts to Supplemental Nutrition Assistance Program (SNAP) recipients amid the government shutdown.

Full Story

Trump’s attempts to downplay Binance pardon draw scrutiny

President Trump has sought to distance himself from Binance founder Changpeng Zhao after facing backlash for pardoning the cryptocurrency billionaire whose company has had business dealings with the Trump family’s digital finance venture.

Full Story

Tylenol, Kleenex, Band-Aid and more put under one roof in $48.7 billion consumer brands deal

Kimberly-Clark is buying Tylenol maker Kenvue in a cash and stock deal worth about $48.7 billion, creating a massive consumer health goods company.

Full Story

Trump administration puts $750M toward rare-earth magnets production

The Trump administration is putting nearly $750 million toward a deal to produce rare-earth magnets in the U.S. — and is once again taking shares of the companies to which it will dole out the cash.

Full Story

In Other News

Branch out with more stories from the day:

Starbucks sells 60% stake in China business in $4 billion deal

Starbucks said Monday it is forming a joint venture with Chinese investment firm Boyu Capital to operate …

Full Story

Good to Know

Business and economic news we’ve flagged from other outlets:

Fed Governor Lisa Cook, in first policy speech since Trump suit, says she’s undecided on Dec. rate cut (CNBC)
Trump Officials Torpedoed Nvidia’s Push to Export AI Chips to China (WSJ)

What People Think

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you tomorrow!

Trump tariffs face Supreme Court

Business & Economy

Business & Economy

Trump tariffs face crucial test before Supreme Court

Paul Klee

Michael Parkes

Wassily Wassilyevich Kandinsky

Business & Economy

Business & Economy

Trump tariffs face crucial test before Supreme Court

You might also like

Senators grill NIH director in budget hearing: 4 takeaways

Republicans seek documents from social media platforms after Kirk assassination

‘It was sickening to watch’: 1 hospitalized after group struck by lightning on Florida beach