The U.S. Supreme Court once again failed to make a ruling on the lawsuit regarding Trump's tariff policy, and the Nasdaq maintained a 1% decline

On January 14 local time, the U.S. Supreme Court did not make a ruling on the legality of the Trump administration's tariff policy, and the related cases still have no final determination. The U.S. Supreme Court announced three rulings on Wednesday but did not issue a decision on the highly anticipated case involving President Trump's global tariff policy. The Supreme Court did not rule on the challenges to President Trump's tariff policy on Wednesday, which means the world will have to wait at least until next week to know the final fate of this landmark economic policy. The Supreme Court has not announced the specific timing for its next rulings, but it may schedule more decisions on Tuesday or Wednesday when the justices will convene again. The court typically does not disclose in advance which cases will be decided on specific dates. Due to the absence of a ruling, consumer stocks including Lululemon Athletica Inc. and Mattel Inc. fell, and electric tool manufacturer Stanley Black & Decker Inc. gave back previous gains. On Wednesday, U.S. stocks were down 0.6% for the S&P 500, the Nasdaq maintained a 1% decline, and the semiconductor index fell 1.1%. The court hearing on November 5 showed that the justices were skeptical about whether Trump had the authority to impose tariffs under a law from 1977 that grants the president special powers in emergencies. This tariff case is seen as a significant test of presidential power in the United States and a key test of whether the Supreme Court is willing to impose limits on executive power since Trump returned to the White House in January 2025. The ruling is expected to have a substantial impact on the global economy. If the Supreme Court makes an unfavorable ruling on the tariff issue for Trump, it would represent his biggest legal setback since returning to the White House. The core of the controversy is the "Liberation Day" tariff policy introduced by Trump on April 2, which imposes tariffs of 10% to 50% on most imported goods. An unfavorable ruling for Trump could also open the door for over $130 billion in tariff refunds. Currently, the Trump administration is appealing the lower court's ruling. Previously, the lower court determined that Trump exceeded his statutory authority when implementing tariff measures that affect nearly all foreign trade partners