But analysts noted this morning that the court is due to issue rulings on Tuesday of this week. The expectation on Wall Street is that the court will rule that the president does not have the power under the International Emergency Economic Powers Act (IEEPA) to impose tariffs on routine international trade. If that happens, Trump’s threats could become meaningless, at least in the short-term.
“Threatened U.S. tariffs … may be overturned by the U.S. Supreme Court,” UBS advised clients in a note this morning.
At ING, Carsten Brzeski and Bert Colijn said, “If the Supreme Court rules against all earlier IEEPA tariffs, Trump’s latest announcement [about Greenland] would be void, and he would have to find other tariffs. Something that would take more time.”
