(MENAFN) U.S. President Donald Trump claimed that his administration’s tariff policies prevented a worldwide economic depression, while underscoring the significance of a Supreme Court case examining presidential emergency powers and trade authority, according to reports on Wednesday.

"Well, I heard the court case went well today," Trump said in an interview, noting that "it would be devastating for our country if we lost that. Devastating. I think it's one of the most important, maybe the most important, but one of the most important cases in the history of our country."

The U.S. Supreme Court began hearing arguments in a landmark case that challenges Trump’s use of emergency powers to impose wide-ranging tariffs—an issue that could reshape the scope of executive authority over trade policy.

Trump insisted that his tariffs were essential to averting global economic collapse. "If I didn't have tariffs, the entire world would be in a depression. Because, you know, that wasn't a threat against us. That was a threat against the entire world. I did this for the world," he said.

Highlighting tariffs on Chinese goods, he added: "I can guarantee you this: If I didn't put a 100% tariff immediately on China, the entire world -- because of magnets, a special kind of rare earth, etcetera -- we'd be closed up."

Trump also credited his trade measures for enabling productive diplomacy with Beijing. "We had a very successful meeting with President Xi (Jinping) of China and others. Without tariffs, that would not have taken place," he remarked.

The administration’s tariffs began at around 10% for many countries and later increased to 50% for most imports from Brazil and India. According to data from the end of the fiscal year in September, the U.S. collected about $195 billion in tariff revenue, with $176 billion entering the Treasury between February and September.

On Tuesday, Trump described the Supreme Court case as "literally, life or death" for the nation, arguing that it carried major implications for both the economy and national security.

Critics, however, contend that extending the International Emergency Economic Powers Act (IEEPA) to allow unilateral global tariffs exceeds constitutional limits. The Trump administration maintains that its reciprocal tariff measures are consistent with the law.

If the Court rules against the administration, Trump would lose the ability to invoke IEEPA to impose future tariffs under emergency authority.

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