Here we go again. American markets have already faced endless shocks this year: the April 2 “liberation day” tariffs; US President Donald Trump’s attacks on the Federal Reserve; and this week’s government shutdown.
Now another drama looms: on November 5, the Supreme Court will consider whether Trump’s tariffs, introduced under the 1977 International Emergency Economic Powers Act (IEEPA), are legal — or not.
If they are deemed to be illegal, there is a chance the White House may have to repay billions of dollars of tariff revenue to businesses, creating trade and fiscal chaos. It could also undermine Trump’s approach to geoeconomics, the use of economic policy for statecraft, since he currently assumes he can act without asking Congress.
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