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Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
The US Supreme Court could rule as soon as today on the legality of President Trump's sweeping tariffs rolled out in April of last year. America's top court is scheduled this Friday as an opinion day when it issues decisions in cases already argued. A ruling against Trump would leave the US government on the hook for tens of billions of dollars in tariff refunds.
Chapter 2: What are the implications of the US Supreme Court ruling on Trump's tariffs?
The levies in question have so far generated roughly $150 billion for the US Treasury. Zoe Tillman is Bloomberg's senior legal reporter in Washington.
Back in April, there were a handful of lawsuits filed saying that the president simply doesn't have the authority to rely on a 1977 emergency powers law to order these kinds of tariffs. And lower courts repeatedly agreed with the challengers, said he doesn't have authority to do this. The case made its way to the Supreme Court.
And in the weeks after the court heard arguments on November 5th, we've seen this onslaught of activity in court as companies have come in with their own lawsuits saying, we agree, we don't think it's lawful, and if the Supreme Court strikes this down, we want our money back.
Zoe Tillman speaking there. The Trump administration has signaled that if the Supreme Court rules the tariffs are illegal, it intends to reimpose most, if not all of them, under different legal provisions.
Internet and phone services in Iran have been cut off after protests ramped up overnight in the country. Unverified social media videos show thousands taking to the streets in the capital Tehran. The unrest started on the 28th of December in Tehran's Grand Bazaar after a sudden decline in the value of
of Iran's currency and is emerging as a challenge to the authority of Supreme Leader Ayatollah Ali Khamenei. The US President Donald Trump says he has warned Iran's regime not to resort to violence.
I have put a random notice that if they start shooting at them, these people are totally unarmed people. And they love their country. They want something to happen. Look at their country. They've gone back 150 years. But I've told them that if they do anything bad to these people, we're going to hit them very hard.
Despite President Trump's comments to Fox News, the Human Rights News Agency estimates the state crackdown has already killed 42 people.
The US is considering paying Greenland's residents up to $100,000 each. That's according to Reuters, which cites sources saying the payments would be intended to convince Greenland to split from Denmark. Speaking to Fox News yesterday, US Vice President J.D. Vance said Trump's warnings about the territory should be heeded.
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