Supreme Court to hear Trump tariff case Nov. 5, as Cook appeal looms

President Trump's economic agenda collided with the Supreme Court Thursday, as Trump asked the justices to let him fire Fed governor Lisa Cook and the court scheduled arguments on a challenge to his trade agenda.Why it matters: The outcome of both cases has major implications for the future of the economy and administration policy. State of play: A federal appellate court struck down tariffs late last month after they were imposed by Trump under the International Emergency Economic Powers Act. The court argued the import taxes were an overreach of power.But the judge said the tariffs can stay in place until Oct. 14 to give the Trump administration time to appeal to the Supreme Court. Earlier this month, the high court agreed to put the case on a fast track and promptly hear the case, which it will now do Nov. 5. The big picture: With that hearing scheduled, the court will now have to decide whether it will hear a separate case on Fed governor Cook, whose unprecedented firing came after housing regulator Bill Pulte alleged the official committed mortgage fraud. The firing came as Trump sought to exert more control over the Fed, who he has repeatedly pressed to lower interest rates.Zoom in: An appeals court Monday night ruled that Cook could keep her job, a decision that came one day before the Fed kicked off a crucial policy meeting. (It ended on Wednesday with the Fed announcing a rate cut.)"The government faces irreparable harm 'from an order allowing a removed officer to continue exercising the executive power' over the President's objection," Trump lawyers wrote in its application for the Supreme Court to issue a stay in that ruling. What to watch: Trump, as well as top White House officials, have argued in recent weeks that the backtracking his tariff agenda would be catastrophic for the U.S."If we don't have [the tariffs], we're not going to have a country. We're going to be in very, very serious financial trouble," Trump said earlier this month.Reality check: Few outside of the administration believe such a devastating outlook would come to pass.But the tariffs have generated significant revenue for the U.S. government, bringing in $30 billion in August — more than four times the amount collected in the same period a year ago. That has helped improve the nation's fiscal outlook, at least somewhat.The bottom line: Trump economic agenda faces two huge tests this fall at the Supreme Court.Go deeper: Grocery inflation highest since 2022 as Trump tariffs pile up

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