The Supreme Court is set to hear oral arguments on Wednesday in a case that will determine the fate of President Donald Trump's steepest tariffs, carrying implications for prices paid by shoppers and interest rates set by the Federal Reserve, economists told ABC News.

The nation's highest court will weigh in on the lawfulness of far-reaching levies on dozens of countries unveiled in a Rose Garden ceremony that Trump dubbed " Liberation Day ." The case also concerns tariffs imposed on China, Mexico and Canada, as well as a baseline 10% levy slapped on nearly all imports.

The ruling could impact tens of billions in tax revenue and alter trade agreements struck with some of the largest U.S. trade partners, including the United Kingdom and China.

Some economists who spoke to ABC New

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