When the Supreme Court meets Wednesday to hear oral arguments over President Donald Trump’s sweeping emergency tariffs, the justices will be debating more than a controversial policy with vast implications for the global economy.

It will also be deciding the limits of a president’s power – an area in which the court’s 6-3 conservative majority has repeatedly sided with Trump since he began his second term in January.

The case, the most significant involving the American economy to reach the court in years, will determine the fate of Trump’s “Liberation Day” tariffs, as well as duties he has imposed on imports from China, Mexico and Canada. At stake are tens of billions of dollars in revenue the administration has already collected and potentially trillions more – and the resolution of a power struggle that both sides have framed in existential terms.

Here are some key points to watch as the nine justices take their seats to hear the case at 10 am ET.

Can Trump do it?

The blockbuster battle over tariffs will likely be decided based on how a majority of the court defines a single word: “regulate.”

Trump has relied on a 1970s-era emergency law, the International Emergency Economic Powers Act, or IEEPA, to levy the import duties.

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