Tariff Talk: What’s Real and What’s Noise

Recently, the U.S. Supreme Court ruled that certain broad tariffs imposed under emergency powers exceeded executive authority, stating that Congress holds power over sweeping tariff taxes. In response, the administration announced a new global tariff increase under a different legal pathway, initially at 10% and later adjusted to 15%.

Markets moved in response, as they often do when uncertainty increases. But it’s important to separate a headline from a long-term shift.  

What This Actually Means