Trump says to ask Supreme Court for 'expedited ruling' in tariff appeal

US President Donald Trump said Tuesday that he plans to seek a swift ruling from the Supreme Court as his administration pushes to overturn a court decision that found many of his tariffs illegal.

"We're going to be going to the Supreme Court, we think tomorrow, because we need an early decision," Trump told reporters.

He added that he would ask for an "expedited ruling," warning that "if you took away tariffs, we could end up being a third-world country."

The US Court of Appeals for the Federal Circuit, in a 7-4 ruling on Friday, had affirmed a lower court's finding that Trump exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.

But the judges allowed these levies to stay in place through mid-October, giving Trump time to take the fight to the Supreme Court.

On Tuesday, Trump claimed that the stock market was "down because of that."

"The stock market needs the tariffs. They want the tariffs," he said.

Wall Street's major indexes retreated Tuesday as uncertainty surrounding the fate of Trump's duties dragged on.

Since returning to the presidency, Trump has invoked the International Emergency Economic Powers Act to impose "reciprocal" tariffs on almost all US trading partners, with a 10-percent baseline level and higher rates for dozens of economies including the European Union and Japan.

He tapped similar powers to slap separate tariffs on Mexico, Canada and China over what Trump said was the flow of deadly drugs into the United States.

Friday's ruling did not however impact sector-specific tariffs like those on steel, aluminum and autos, which were rolled out under different authorities.

The decision still marks a blow to the president, who has wielded tariffs as a broad economic policy tool.

It could also cast doubt over deals Trump has struck with key trading partners like the EU, raising the question of what would happen to the billions of dollars collected by the United States since the tariffs were put in place -- if the conservative-majority Supreme Court does not back him.

Several legal challenges have been filed against the tariffs Trump invoked citing emergencies.

If these tariffs are ultimately ruled illegal, companies could potentially seek reimbursements.