Overview
- The Supreme Court ruled 6–3 that the International Emergency Economic Powers Act does not authorize sweeping tariffs, narrowing presidential trade authority.
- President Trump said he will pursue "legally permissible tariffs" and asserted he does not need to go to Congress.
- ECB President Christine Lagarde said trade uncertainty is disrupting business and called for quick clarity on rules to avoid lawsuits and refunds.
- Lagarde said studies show most tariff costs have fallen on U.S. importers and ultimately consumers as margins were squeezed and prices rose.
- She voiced support for Fed Chair Jerome Powell and central‑bank independence as the interview referenced a DOJ inquiry and unconfirmed talk of Kevin Warsh as a possible replacement.