TARIFF TURNAROUND

Last week, two courts ruled, for very different reasons, that President Trump’s “Liberation Day” tariffs are illegal. One decision has been frozen by an appellate court, the other stayed by the judge that wrote the opinion as the Administration appeals, probably to SCOTUS. That said, 4.2% unemployment and 2.5% inflation hardly suggest an emergency. The tariff wars will continue via other methods, but they’re more complicated and far less sweeping.