On Wednesday, November 5, the U.S. Supreme Court will hear arguments on whether President Trump’s tariffs—imposed under the International Economic Emergency Powers Act (IEEPA) —were legal. The Court’s decision will have significant impacts for importers, as well as investors in the IEEPA tariff claims. Many investors have participated in the growing secondary market, in which they purchase the rights to potential tariff refunds from importers, thereby providing the importers with upfront cash in exchange for future gains, should the tariffs be overturned.

For importers and investors alike, the Court’s ruling will have major implications, with billions of dollars in customs revenue at play. And even if the tariffs are struck down, uncertainty surrounds how the actual refund process would work. As such, both importers and purchasers will be eagerly watching the arguments to “read the tea leaves” on the Court’s future decision.

Click here to listen in live on oral argument on Wednesday, November 5, starting at 10:00 AM ET.