Global Daily: Plan B-52

US stocks closed higher on Friday following news that the Supreme Court had ruled 6-3 to uphold a lower court decision that found Trump’s signature tariff policy to be illegal. The court found that Trump acted beyond his authority by imposing tariffs under the International Emergency Economic Powers Act with the majority holding that tariffs are a branch of taxation and that the Constitution grants powers over taxation to Congress, not to the President. Critically, the Court found that IEEPA makes no specific mention of delegating tariff powers to the Executive and that there exists no precedent of IEEPA being used to levy tariffs.