CNBC Daily Open: The Supreme Court might not have the last word on Trump tariffs

The U.S. Supreme Court connected Wednesday heard a lawsuit connected the Trump administration's "reciprocal" tariffs, and some wide and blimpish judges appeared skeptical of the ineligible ground of those tariffs.

Following the hearing, traders connected the prediction marketplace Polymarket deliberation there's lone a 25% accidental that Trump's tariffs volition hold, down from astir 50% a time ago.

Markets roseate aft the hearing, with large U.S. indexes rebounding from Tuesday's losses. Still, the extremity of tariffs wouldn't beryllium an unequivocal triumph for stocks.

If the Supreme Court compels the White House to refund billions successful collected duties — a determination Wolfe Research said it doesn't spot "much of a ineligible statement for" — it would mire the U.S. authorities further successful debt. In turn, Treasury yields are apt to emergence — as they already did connected Wednesday — which could enactment unit connected stocks.

Meanwhile, Trump could invoke different enforcement powers to reinstate his tariffs, causing further unpredictability for businesses and markets.

"Uncertainty and antithetic person been the 2 marquee words of 2025," said Mitchell Goldberg, caput of ClientFirst Strategy. "If the Supreme Court rules against the administration, I don't deliberation it's the extremity of the roadworthy for tariff policy, it's conscionable another bump successful the road."

— CNBC's Dan Mangan and Jeff Cox contributed to this report.