Trump's closing argument: Tariff case is "life or death" for the U.S.

President Trump claimed on Tuesday that the U.S. would be "virtually defenseless" against other nations if the Supreme Court strikes down a slew of tariffs.Why it matters: Trump's comments come just one day before the highest court will hear oral arguments challenging the legality of a key part of his economic agenda. Trump officials have played down the effects of a potential loss, saying the administration would step in to reimpose any tariffs overturned by the Supreme Court using other trade authorities.Still, Trump for months has been warning that a loss would be economically devastating for the country — even though the U.S. had long survived without the highest tariffs in nearly a century.What they're saying: "Tomorrow's United States Supreme Court case is, literally, LIFE OR DEATH for our Country," Trump posted on Truth Social on Tuesday evening."With a Victory, we have tremendous, but fair, Financial and National Security. Without it, we are virtually defenseless against other Countries who have, for years, taken advantage of us," he wrote. "Our Stock Market is consistently hitting Record Highs, and our Country has never been more respected than it is right now. A big part of this is the Economic Security created by Tariffs, and the Deals that we have negotiated because of them."The big picture: The Supreme Court on Wednesday will hear arguments in a case that argues that Trump overstepped his powers in imposing a bulk of his tariffs under the International Emergency Economic Powers Act.Those tariffs include the wide-ranging global tariffs enacted on Liberation Day, as well as those slapped on imports from China, Mexico and Canada. The plaintiffs argue that the 50-year-old law, which has never before been used to impose import taxes, don't extend tariff powers to the president.Department of Justice lawyers say the tariffs give Trump leverage to address the trade deficit and other issues that the White House has deemed emergencies.The bottom line: The Supreme Court might not rule on the case for several more weeks, with the possibility that a decision won't come until next year.What they decide could curb Trump's powers — or open the door for Trump and future presidents to use the emergency powers to bypass Congress.Treasury Secretary Scott Bessent is expected to attend the Supreme Court hearing, telling Fox News on Monday night that he would be "hopefully in the front row, and have a ringside seat."Go deeper: Trump cuts China tariffs after promises from Xi on rare earths, soybeans

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