Legal & Regulatory Analysis - A court ruling challenged the legality of many of President Trump's tariffs, leading to an appeal to the Supreme Court [1] - The Constitution grants 100% of the authority to impose tariffs to the legislative branch, which can delegate some power to the executive branch, but not too broadly [4] - The President used the International Emergency Economic Powers Act for tariffs, but questions arise whether Congress granted the power for the tariffs on those goods at that magnitude for that period of time [5] - Even if Congress affirms the tariffs through a procedural vote, the delegation of power might still be unconstitutional if it's too broad [7][8] - The tariffs are imposed on almost every type of good out of 7,800 types of goods and originating in close to 200 countries, which is considered too broad for Congress to delegate [8] Market & Investment Implications - Investors should consider that these tariffs may not be permanent [3] - The executive branch's agility is reshaping the separation of powers, impacting the stability and predictability of trade policies [2] - The constitutional balance of power among the three branches prevents substantial shifts of power without a constitutional amendment [10]