Tariff Wall Rebuilt: Legal Reset, Fiscal Pressure

The featured quick take examines how the Supreme Court’s ruling on IEEPA tariffs reshapes—but does not end—U.S. trade policy 

• While IEEPA-based tariffs were struck down, the administration is pivoting to Section 122 (15% temporary blanket tariff) and Section 301 probes, likely restoring an effective tariff rate near 13%–14%.

• Sector tariffs under Section 232 remain intact, preserving barriers on autos, steel and aluminium.

• Refund liabilities potentially exceeding $100bn, alongside a ~$1.8tn fiscal deficit, could pressure Treasuries and lift yields.

Does legal clarity reduce uncertainty—or merely repackage it? The full brief explores trade and market spillovers.