William Alan Reinsch
Well, it’s finally here. The moment trade wonks everywhere have been waiting for—the Supreme Court’s decision on the International Emergency Economic Powers Act (IEEPA) tariffs. There is still a lot of dust to settle, but this column will get into the middle of it and look at three things: the decision itself, what might happen next domestically, and how foreign governments might react.
The court’s decision was clear, although the justices’ reasoning differed—the argument over which rationale to use to come to the same conclusion took up many of the 170 pages in opinions by seven justices. That probably explains the delay in issuing the decision. Justice Neil Gorsuch’s 46-page concurrence, for example, was longer than the majority’s opinion. In the end, six justices agreed on a relatively simple outcome: IEEPA does not permit tariffs.
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