1/ There’s a strong chance the Supreme Court will release its IEEPA Tariff opinion this morning, so I want to go over why th...
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1/ There’s a strong chance the Supreme Court will release its IEEPA Tariff opinion this morning, so I want to go over why the case is so important and what I’ll be looking for in the opinion. TLDR: the Constitution’s separation of powers is at stake. **

2/ Obviously, one reason the case matters is because Trump 47’s tariffs are substantively massive enough to reshape global trade patterns. The IEEPA tariffs at issue in the case accounted for about $133.5 billion out of $250 billion in revenue (through mid-December). **

3/ If these tariffs are ruled illegal, presumably that $133B will need to be returned to the importers who paid it, that’ll be a big deal. Going forward, the admin will use other legal tools to cover some of the same goods, but those tools are mostly slower and mor…

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