The Trump administration on Monday told a federal appellate court that overturning the president's tariffs could lead to a 1929-style depression that would endanger federal benefits like Social Security and Medicare.

Why it matters: The letter from Solicitor General D. John Sauer and assistant attorney general Brett Shumate claims the U.S. would be on the hook to repay trillions of dollars it hasn't actually been paid, from deals that haven't yet been fully signed.

Catch up quick: The U.S. Court of Appeals for the Federal Circuit is due to rule soon on whether to uphold or overturn the Court of International Trade's late-May ruling striking down most of Trump's tariffs. • Oral arguments were almost two weeks ago, but on Monday Sauer and Shumate filed a supplemental letter offering what

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