The US Supreme Court did not deliver a ruling on Friday on the legality of President Donald Trump's "reciprocal" tariffs on America's trading partners, including South Korea, despite expectations that the ruling would come this week.
As the court announced a plan earlier this week to convene a session, speculation arose that it could rule on the legality of Trump's use of the International Emergency Economic Powers Act of 1977 to impose the country-specific tariffs. It does not unveil in advance what ruling it would deliver during a planned session.
On its website, the court only issued one document on a criminal case.
Business leaders, policymakers and others had been carefully waiting for the ruling as it could have ramifications on the global economy and trade.
The Trump administration has imposed 15 percent reciprocal tariffs on Korean products, down from 25 percent, in accordance with a bilateral trade and investment deal under which Seoul has committed to investing $350 billion in the United States, among other pledges.
In August, a federal appeals court ruled that the IEEPA tariffs in question exceeded presidential authority, affirming a lower court's decision in May.
Trump has warned that if the top court strikes down his tariff policy, it would pose the "biggest threat in history" to US national security. He also said that losing his administration's ability to tariff countries that treat the US unfairly would be a "terrible blow" to the US
In April, Trump announced his plans for reciprocal tariffs as he used import taxes to curtail America's trade deficits, boost revenue, attract foreign investment and strengthen domestic manufacturing. (Yonhap)
