Supreme Court rejects toy company challenge

The Supreme Court on Friday rejected a request from two toy companies to expedite their challenge to President Donald Trump’s tariffs.

The ruling from the nation’s high court means that the Trump administration now has the standard 30-day window to file its response to the challenge.

Two small family-owned companies, Learning Resources and hand2mind, argued that Trump lacked authority under the International Emergency Economic Powers Act to impose his April 2 tariffs.

The companies earlier this week asked the Supreme Court to expedite consideration of their challenge and bypass a federal appeals court.

“In light of the tariffs’ massive impact on virtually every business and consumer across the nation, and the unremitting whiplash caused by the unfettered tariffing power the president claims, challenges to the IEEPA tariffs cannot await the normal appellate process,” the companies argued in their request.

Rick Woldenberg, the chairman and CEO of Learning Resource and hand2mind, told CNBC that the Friday Supreme Court decision “was a disappointment but honestly just another twist in the road.”

“You want to win every motion but sometimes you don’t,” he said, adding that, “ultimately this showdown will be at the Supreme Court.”

Trump declared a national economic emergency under the IEEPA to justify implementing his tariffs without first getting congressional approval, a strategy that has drawn legal challenges from businesses and individuals questioning his authority

The U.S. Court of International Trade last month temporarily blocked Trump’s tariffs, saying that the IEEPA, which became law in 1977, does not authorize a president to implement universal duties on imports.

But a federal appeals court earlier this month allowed Trump’s tariffs to remain in effect until it hears arguments on that case at the end of next month.

— CNBC’s Lori Ann Wallace contributed reporting.

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