The high court's decision to take up the case comes shortly after a New York prosecutor and three Democratic-led congressional committees previously won decisions before a US court of appeals in October and New York's 2nd Circuit Court earlier this month.
Trump's legal team argued that the subpoenas - which seek to have Trump produce personal financial records - are politically motivated. As is the case with the House Democrats' impeachment proceedings - which is happening concurrently, but is a separate legal matter - Trump has refused to comply with the order.
“It is the first time that Congress has subpoenaed personal records of a sitting president,” 45's lawyers' argued in their appeal, "and, it
is the first time a court has upheld any congressional subpoena for any sitting President’s records of any kind."
The House committees on Oversight, Financial Services and Intelligence issued subpoenas to Trump's accounting firm Mazars USA and financial entities Deutsche Bank and Capitol One earlier this year, seeking financial documents that 45's legal team have labeled "sweeping" in scope.
Another case involves a grand jury subpoena issued by Manhattan District Attorney Cyrus Vance to Mazars USA, demanding eight years of Trump's tax records.
That said, this is also the first time a US president's "personal conduct" has been brought before the Supreme Court, according to the Washington Post.
Jay Sekulow, one of Trump's attorney's, issued a response to the Supreme Court's Friday decision via Twitter.
In addition to five of the the Supreme Court justices having been appointed by Republican presidents, two of those individuals, Justices Brett Kavanaugh and Neil Gorsuch, were appointed to the bench by Trump.