White House, markets await tariff decision: Here's what to expect

Summary

Eamon Javers joins CNBC to preview the Supreme Court's expected decision on the constitutionality of IEEPA tariffs. He outlines the tariff revenue at stake, the possibility of refunds to companies if the ruling goes against the administration, and the White House's alternative legal levers. The discussion also covers President Trump's attacks on Jay Powell, the DOJ investigation, and next week's Lisa Cook case as key to Fed independence.

• Supreme Court may issue a ruling on IEEPA tariffs, with $251 billion of overall tariff revenue and $133 billion of IEEPA-related collections at stake.
• If the ruling goes against the administration, companies that paid tariffs could receive refunds, but payment timing and commitment remain uncertain.
• President Trump said the U.S. might struggle to pay refunds, while Treasury Secretary Scott Bessent said the administration has other ways to collect tariff revenue.
• Eamon Javers said the White House could use alternative legal levers, potentially limiting the macro impact.
• Trump continues to criticize Fed Chair Jay Powell, and the DOJ investigation into Powell is ongoing.
• Next week's Supreme Court oral arguments on Lisa Cook are seen as potentially more important than the Powell matter for Fed independence.