So, the US Supreme Court finally got around to announcing their ruling that Trump's "emergency" tariffs were in fact illegal. His imposition of tariffs under the International Emergency Economic Powers Act is unconstitutional and must stop, they concluded. This came as no surprise to anyone - including Trump, I imagine - although the 6-3 ruling did mean that three of the Republican justices on the court (including two that Trump himself appointed) voted against a core precept of Trump's protectionist policy. The Republican members of the Court usually make a habit of voting along party lines, not according to the actual legal logic of the case, but this time they made an exception.
Predictably, Trump was apoplectic, bad-mouthing and slandering the judges who voted against him. At one point, he went full Ozymandias, crowing that he could, if he wanted, completely destroy whole countries and their economies. It was hard to see it as anything other than an old washed-up guy shaking his little fists at the heavens.
The reaction among American businesses and abroad was largely muted, even wistful. People, even many Republicans, are just so over Trump. Dealing with a fractious toddler, day in, day out, is just exhausting and soul-destroying. People are just trying to remain patient - and hopefully solvent - trusting that, eventually, this too shall pass.
Although technically a big blow to Trump's agenda, the Court decision will probably have few real-world implications, and Trump has vowed to find other ways to achieve the same ends. It's more of a moral victory than anything else. International trade is still in disarray, and uncertainty has, if anything, increased not decreased. The ruling does not affect sectoral tariffs on steel, aluminum, autos and lumber, which are levied under Section 232 of the 1974 Trade Act, tariffs that affect Canada's more than any others. And few people really expect to see any of the $130 billion or so in refunds - Trump vows to tie such remedies up in court for years to come, a common ploy of his.
Tellingly, Trump already had a new tariff plan ready, albeit a less drastic and flexible one, utilizing other obscure US laws. Most people understood well that the court ruling did not mean that tariffs would suddenly go away: tariffs are the be-all-and-and-all of Trump's policy. At this point, I'm not even sure he remembers why they are important to him - they have become a matter of principle, a knee-jerk reaction to anything he doesn't like.
It would be fascinating to know how all this will be remembered by future historians. It's hard to fathom, even for us - imagine how future generations will look back on it.
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