(MENAFN) US President Donald Trump defended his administration's tariff strategy Wednesday, declaring the trade measures averted a worldwide economic collapse while a pivotal Supreme Court hearing unfolded over his emergency power authority.

Speaking with media, Trump expressed confidence about the ongoing legal proceedings, stating: "Well, I heard the court case went well today." He characterized the constitutional battle as existential for the nation, saying: "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 Supreme Court commenced arguments Wednesday in a consequential legal challenge questioning Trump's invocation of emergency authority to enact comprehensive tariffs—a confrontation with potential to reshape executive branch trade powers fundamentally.

Trump asserted his tariff regime provided essential global economic stabilization, claiming: "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."

Emphasizing his China-focused trade restrictions as indispensable to preventing international economic catastrophe, Trump stated: "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."

The president further linked his tariff approach to diplomatic breakthroughs, adding: "We had a very successful meeting with President Xi (Jinping) of China and others. Without tariffs, that would not have taken place."

Tariff structure and revenue impact
The levies began at 10% for numerous nations but escalated to 50% on most goods from Brazil and India.

Treasury data shows tariff collections reached $195 billion by September's fiscal year conclusion. Between February and September alone, approximately $176 billion flowed into the Treasury Department from these trade measures.

Tuesday saw Trump frame the litigation as "literally, life or death" for America, underscoring what he perceives as crucial implications for economic prosperity and national security.

Legal arguments and constitutional questions
Challengers contend that broadly interpreting the International Emergency Economic Powers Act (IEEPA)—which permits import regulation during emergencies—to authorize unilateral, globe-spanning presidential tariffs creates constitutional conflicts. The Trump administration counters that reciprocal tariffs operate within legal boundaries.

A ruling against Trump would eliminate IEEPA as a mechanism for future tariff implementation.

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