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Traders slashed odds that the Supreme Court will uphold President Donald Trump’s tariffs after justices signaled doubts about the administration’s sweeping trade powers. On Kalshi, contracts forecasting a pro-tariff ruling fell to about 30% from nearly 50% after a hearing where conservative and liberal justices questioned the broad authority claimed under the International Emergency Economic Powers Act and pressed Solicitor General D. John Sauer. Lower courts have ruled Trump lacked authority for reciprocal and fentanyl tariffs. The Supreme Court did not rule Wednesday, and timing remains unclear.

Prepared by Lauren Mitchell and reviewed by editorial team.