(MENAFN) US President Donald Trump claimed Wednesday that the tariffs implemented during his administration averted a worldwide economic depression, highlighting the significance of a Supreme Court case regarding presidential emergency powers and trade authority.

"Well, I heard the court case went well today," Trump told reporters, adding, "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 began hearing arguments in a high-profile case challenging Trump’s use of emergency powers to impose broad tariffs, a dispute that could reshape the scope of presidential authority over trade.

"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 claimed, asserting that tariffs on China were essential for global economic stability.

Trump explained, "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." He also emphasized the role of tariffs in facilitating diplomatic engagements, saying, "We had a very successful meeting with President Xi (Jinping) of China and others. Without tariffs, that would not have taken place."

Many tariffs initially started at 10% for various countries and were later raised to 50% for most goods from Brazil and India. By the end of the fiscal year in September, the US had collected $195 billion in tariff revenue, with approximately $176 billion entering the Treasury Department from February through September.

On Tuesday, Trump described the Supreme Court case as "literally, life or death" for the nation, stressing the stakes for both economic and national security.

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