“If the Supreme Court rules against the United States of America on this…  WE’RE SCREWED!” said Donald Trump on Truth Social last month. 

Well, the Supreme Court has finally now ruled, and it is indeed a very serious blow to Trump’s economic agenda. The International Emergency Economic Powers Act, which the White House used to impose his sweeping levies, “does not authorise the President to impose tariffs,” said the court. 

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Quite what this setback means for Trump’s tariffs remains unclear. There’s already much talk of the United States having to pay back duties to foreign companies, but that is a fraught legal question. Another highly contentious subject is what........

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