The Supreme Court's Tariff Ruling and the New Risk Regime

The Supreme Court's Tariff Ruling and the New Risk RegimeOn Friday, the Supreme Court ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the president authority to impose tariffs, striking down the reciprocal, fentanyl, and immigrationrelated regimes enacted under the law. President Trump responded with a new blanket tariff — first 10%, then 15% — reviving trade policy uncertainty with implications for both markets and economic activity.The Trade Policy Uncertainty Index, whic ...