President Donald Trump suffered a major setback today at the Supreme Court, which rejected his claim of sweeping tariff authority under the International Emergency Economic Powers Act (IEEPA). Trump could have avoided that embarrassing defeat if he was not so keen on asserting broad,

President Trump was the first to invoke the International Emergency Economic Powers Act of 1977 to set tariffs on imported goods from more than 100 countries.

The Supreme Court undermined Trump’s tariffs, and he’s already doubled down with different new tariffs. Expect the ground to keep shifting but prices high.

With his move to impose new global tariffs, US President Donald Trump isn’t just trying to repair a trade policy dismantled by a Supreme Court rebuke. He’s also declaring the world’s largest economy is facing a profound balance-of-payments crisis.