President Trump’s Post Supreme Court Ruling - Tariff Options.
The Supreme Court (SC) ruling on the Administration’s use of emergency powers to impose tariffs will be binary.
If it goes in favour of the Administration expect an upsurge in tariffs for anything anywhere.
If the SC rules against the use of IEEPA there is no perfect substitute among the 5 alternative Acts and powers for implementation of tariffs in either existing or future deals. Over 70% of existing “deals” (tariffs imposed in 2025) will be affected.
Both outcomes promise further disruption with the major effects being felt by the US Treasuries and the US$, though equites will not be immune.