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The Supreme Court today dealt a blow to business and anti-tax groups who took aim at a section of the 2017 Trump tax cut law that targeted foreign income.

Trump’s trade agenda at risk

The Supreme Court heard oral arguments this morning over President Donald Trump’s tariff powers, and it sounds very possible this doesn’t go the administration's way.

That would be a massive blow to Trump’s trade agenda and could put tons of heat on Republicans in Congress. The arguments just wrapped up, and we may not know for a while how the Supreme Court rules.

But the key point right now is that several conservative justices expressed skepticism over the government’s arguments. Here are our takeaways from this morning’s session:

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Punchbowl News Presents

Our new weekly show, Fly Out Day, brings you inside the most consequential decisions shaping Congress with the people at the center of the story. From Hill leadership to Washington’s most-plugged in reporters, join us straight from our townhouse each Thursday evening. Watch the latest episode now.