Trump tariffs face Supreme Court test as Wall Street watches closely
Dominari Securities founder Kyle Wool and Michael Lee Strategy founder Michael Lee join 'Mornings with Maria' to discuss the tech sector and break down the impact of the Supreme Court's upcoming tariff decision on the U.S. stock market.
Victor Owen Schwartz never imagined he would one day find himself challenging a president in the highest court in the land.
But after President Donald Trump's sweeping tariffs threatened the survival of his wine importing business, Schwartz became a plaintiff in a case that would ultimately reach the Supreme Court — and prevail.
Shortly after the ruling, Trump announced a 10% global tariff and vowed to use other avenues to keep the duties in place. A day later, he raised the tariff to 15%.
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A photo of Victor Owen Schwartz of VOS Selections.
Because his business depends on global sourcing, Schwartz was uniquely exposed. With wines and spirits arriving from 16 countries across five continents, nearly every corner of his supply chain was touched by the new tariffs.
On Friday, the nation’s highest court dealt Trump a significant blow to his trade policy. Schwartz watched the decision unfold over Zoom with his lawyers, the fate of his nearly 40-year-old business hanging in the balance.
"We are relieved and very excited to get back to doing what we love, bringing handmade authentic wines and spirits to American consumers," Schwartz said. "It’s impossible to describe the feeling of elation, of seeing that, yes, we were right, and the court agrees with us, and a feeling that justice prevailed," he told Fox News Digital.
Schwartz was a plaintiff in one of two cases brought before the Supreme Court. The challenges — Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc. — were filed by an educational toy manufacturer and Schwartz’s family-owned wine and spirits importer, both contesting the legality of Trump’s tariffs.
The disputes followed Trump's "Liberation Day" tariffs in April, a sweeping package of import duties he said would address trade imbalances and reduce reliance on foreign goods.
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President Donald Trump delivers remarks on reciprocal tariffs during an event in the Rose Garden in 2025. (Brendan Smialowski/AFP/Getty Images / Getty Images)
"Last spring, thousands of American small businesses like mine were thrown into chaos," Schwartz said, referring to the "Liberation Day" tariffs. "The administration’s unprecedented tariffs, which my business was forced to pay upfront, threatened our very existence," he added.
Unlike previous tariffs enacted by Congress, which businesses could plan around, Schwartz said Trump's sweeping duties felt unpredictable and arbitrary. He argued the new duties forced small companies to "gamble with our livelihoods by trying to predict the unpredictable," calling them "an unconstitutional act of government overreach."
Beyond the legal fight, Schwartz said the strain on cash flow was especially acute.
"A very important thing to realize in running any business, certainly a small business, is the impact on cash flow," he said. "When you have to pay those tariffs up front before you have sold a single bottle of wine, that's a major impact. Cash flow is the lifeblood of a company."
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Victor Owen Schwartz of VOS Selections challenged the president and won in the Supreme Court. (Courtesy of Victor Schwartz)
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The Trump administration has argued that aggressive tariffs are necessary to confront what it calls years of unfair global trade, underscoring how central trade policy is to Trump’s broader economic strategy.
While questions remain about what comes next for U.S. trade policy, Schwartz said he is focused on moving forward and receiving the "government's refund of these improperly collected taxes."
