一片涨声中，特朗普迎来大考

Core Viewpoint - The article discusses the significant impact of the upcoming judicial battle regarding tariffs imposed by the Trump administration, highlighting the concerns of small businesses and the potential implications for U.S. trade policy and presidential powers [1][2][5]. Group 1: Market Reactions - Following the U.S.-China trade negotiations, major U.S. stock indices experienced substantial gains, with the Nasdaq rising by 4.35%, the S&P 500 by 3.26%, and the Dow Jones by 2.81%, marking new closing highs since March [1]. - Large tech stocks saw significant increases, with Amazon up over 8%, Meta over 7%, and other major companies like Apple, Tesla, and Nvidia also showing strong performance [1]. - The Nasdaq China Golden Dragon Index surged by 5.40%, reaching its highest level since April 4, with notable gains in popular Chinese stocks [1]. Group 2: Judicial Battle Overview - A historic judicial battle is set to take place on May 13, focusing on whether President Trump has the authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA) [2]. - The lawsuit, initiated by a New York wine importer and several small businesses, challenges the constitutionality of the president's tax authority, arguing it should reside with Congress [2][3]. - The U.S. International Trade Court, which specializes in national tariff and trade disputes, will hear the case, potentially involving a panel of three judges for constitutional issues [3]. Group 3: Implications of the Ruling - The outcome of the case could significantly affect the Trump administration's trade policies, either expanding presidential powers if the court upholds the IEEPA or disrupting existing trade strategies if it rules against the administration [4][5]. - Even if the court denies the use of IEEPA, the administration may seek alternative legal avenues to achieve its policy goals, though these may not replicate the broad authority claimed under the act [5]. Group 4: Small Business Concerns - Most lawsuits against the tariff policy have been filed by small businesses, which fear substantial operational impacts from the tariffs [5]. - Large corporations tend to remain silent due to concerns over potential government retaliation, while small businesses, lacking the financial strength to absorb costs, feel compelled to take legal action [5][6]. - The Trump administration has dismissed calls for relief for small businesses, suggesting that domestic production would yield significant profits, a stance that many small business owners find unrealistic [6][7].