The U.S. Supreme Court on Wednesday will hear arguments on whether U.S. President Donald Trump has authority to impose tariffs under emergency powers — a case Trump has called “one of the most important” in the court’s history.

The case centres around Trump’s use of national emergency authorities to lay tariffs on countries around the world, including the so-called fentanyl tariffs on Canada, Mexico and China, as well as the “reciprocal” levies on dozens of other nations.

Trump has argued the tariffs are a “vital” negotiating tool to reach deals on trade and policy, and points to the rising revenues they are generating for a government facing a nearly US$38 trillion national debt.

Yet the state and small business plaintiffs, who say they’re facing economic harm from the extra costs

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