Three of the six members of the US Supreme Court’s GOP-appointed supermajority expressed skepticism at arguments by Donald Trump’s lawyers in support of a key weapon in his global trade war. They joined Democratic-appointed justices in assailing Trump’s use of a law that on its face doesn’t seem to allow for many of the tariffs he’s imposed.

The supermajority, which includes three Trump picks, has spent much of the year putting its imprimatur on most of the president’s efforts to centralize power in the Oval Office. In many of those White House victories, they deferred (albeit provisionally) to Trump on matters that have historically and constitutionally been considered the purview of Congress.

It’s a trend that made today’s turnabout by Chief Justice John Roberts, a key force behind decisions buttressing the “unitary executive” theory favored by Trump’s adjutants, all the more striking. The tariffs issued under an emergency-powers law, Roberts told the lawyers, were an “imposition of taxes on Americans and that has always been the core power of Congress.” 

The Supreme Court’s favorability ratings are at a three decade low, as a significant number of Americans contend politics and not the law are guiding its rulings. Though today’s oral arguments don’t bode well for Trump this time, and could lead to the unwinding of billions of dollars in levies, the administration and legal experts have noted that a defeat will not be seismic, inasmuch as Trump can simply use other, more complicated legal tools to keep the trade war going. —David E. Rovella

What You Need to Know Today

Employment at US companies increased in October by 42,000 after a revised 29,000 decline a month earlier, according to ADP Research data released Wednesday. The numbers from the private company beat the median estimate in a Bloomberg survey of economists, which called for a 30,000 gain.

The ADP report is one of the few monthly snapshots of the labor market as the longest government shutdown in US history delays the releases of official economic data. While helping to temper concerns of a faster deterioration in job market, the modest payrolls increase last month is consistent with a general softening in labor demand.

The Canadian government is set to launch special initiatives to attract top international researchers and H-1B visa holders, while slashing the number of foreign students it plans to bring into the country each year.

Prime Minister Mark Carney’s first budget unveiled a plan to attract international talent, earmarking C$1.7 billion ($1.2 billion) to recruit more than 1,000 highly skilled researchers. The government also said it would launch an accelerated pathway for H-1B visa holders in the coming months. The effort to poach specialized talent comes as Trump increases fees for H-1B visas to $100,000.

A judge denied Pfizer’s request to temporarily block Novo Nordisk’s $10 billion bid to acquire the obesity startup Metsera, saying the US pharmaceutical company’s objections to the deal don’t warrant a delay.

Delaware Chancery Judge Morgan Zurn concluded Wednesday that Pfizer didn’t level legitimate complaints about Novo’s effort to supplant it as New York-based Metsera’s buyer and refused to bar the Danish company from proceeding with the transaction. Pfizer, which raised its original bid earlier this week, is fighting onmultiple fronts to retain its hold on Metsera.

Qualcomm gave a bullish revenue forecast for the current period. Sales at the largest maker of smartphone processors will be roughly $12.2 billion in the fiscal first quarter, which runs through December, the company said in a statement Wednesday. Profit will be about $3.40 a share, minus certain items. Analysts had estimated revenue of $11.6 billion and earnings of $3.26 a share.

The outlook suggests that demand remains strong in the high-end Android phone market, which generates much of Qualcomm’s revenue. At the same time, Chief Executive Officer Cristiano Amon is working to transform the company into a more diversified seller of chips for cars, personal computers and data centers. And that effort is showing signs of paying off.

What You’ll Need to Know Tomorrow

For Your Commute

Enjoying Evening Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

• Markets Daily for what’s moving in stocks, bonds, FX and commodities
• Breaking News Alerts for the biggest stories from around the world
• Opinion Today for an afternoon roundup of our most vital opinions

Explore all newsletters at Bloomberg.com.