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BlockBeats News, November 4 — American business circles, members of Congress, and former government officials are joining forces to launch an unprecedented legal offensive against the Trump administration, demanding that the Supreme Court limit the scope of the president's "emergency tariff authority." Groups including the U.S. Chamber of Commerce and several former national security officials have submitted nearly 40 legal briefs opposing Trump's expansion of powers under the guise of a trade war. There are very few supporters, and the confrontation between politics and law is highly charged. Trump described the case as "one of the most important cases in American history," emphasizing that stripping the president of the ability to quickly impose tariffs would "endanger national security." However, the U.S. Chamber of Commerce countered that trade barriers have already severely damaged business investment and consumer confidence, warning that policy uncertainty is slowing overall growth. Legal experts believe this case will become a milestone in defining the boundaries between executive and legislative powers, and will also affect the direction of more than $5 billion in potential tariff revenue. Bitunix analyst's view: If trade war powers are restricted, it will reshape the U.S. foreign trade landscape and the pricing of global risk assets. The U.S. dollar may come under short-term pressure, and risk-averse sentiment may rise. For the crypto market, if policy shifts toward easing and the liquidity environment improves, BTC's medium-term structure is expected to benefit, but increased volatility will remain the main theme. The current market focus is shifting from interest rates to policy legitimacy, and the outcome of the bill's ruling may become a key turning point in the macro landscape for the fourth quarter.

BlockBeats News, on November 4, the U.S. Supreme Court will hold oral arguments on November 5 regarding a case that examines the boundaries of presidential "emergency powers." The core issue of the case is whether the president can impose broad tariffs on imported goods from around the world under the International Emergency Economic Powers Act (IEEPA). The impact of this case goes far beyond trade policy itself. The Supreme Court's ruling will determine whether the president can bypass Congress by invoking emergency powers, potentially making this practice a tool for routine governance, and will have profound implications for the constitutional separation of powers and the limits of presidential authority. The case originated from former President Trump, who declared three national emergencies in succession to impose tariffs on Canada, Mexico, and China; he then declared a fourth national emergency to impose a 10% global tariff on all imported goods and up to a 50% "reciprocal tariff" on specific countries and companies. Multiple businesses and state governments subsequently filed lawsuits in federal court. The Brennan Center submitted "amicus curiae" briefs in several cases, arguing that long-term trade imbalances do not constitute an emergency or an "unusual and extraordinary threat," and that the IEEPA does not authorize the president to impose tariffs. The Supreme Court will decide whether the law grants the president a "tariff pen" that can bypass Congress. Trump previously stated on November 3, "I will not go to court on Wednesday (the 5th) because I do not want to distract people from this important decision."