The Supreme Court just delivered a constitutional knockout.

In Learning Resources, Inc. v. Trump, the Court ruled 6-3 that the President exceeded his authority by imposing global tariffs without Congress. The decision is simple but seismic: under Article I of the Constitution, only Congress can levy taxes and duties.

Here's what was struck down:
→ 10-50% "reciprocal" tariffs on nearly all countries
→ 25% "fentanyl" tariffs on Canada and Mexico
→ 10% tariffs on China

Over $133 billion collected in tariffs now faces repayment claims. Companies are preparing massive lawsuits. The administrative chaos has just begun.

But here's the real investor takeaway: the era of unilateral trade policy is over. Trump is already pivoting to Section 122 of the 1974 Trade Act—imposing a new 10% global tariff, but only for 150 days. That means markets now operate on a countdown clock.

Short-term: lower inflation pressure, stronger foreign currencies, relief for importers.
Long-term: political warfare in Congress, legal uncertainty, and a new kind of volatility.

The rules just changed. Adapt accordingly.
vir.group/blog/uk/verkhovnyi-s