Good morning. A federal appeals court ruled Aug. 29 that most of the Trump administration’s tariffs on global trading partners are illegal. That means yet another uptick in tariff uncertainty for businesses.

“While the court’s decision introduces fresh uncertainty, tariffs are likely to remain in place for at least a month until a final ruling—which itself is highly uncertain,” Gregory Daco, EY-Parthenon chief economist, told me.

The court’s ruling wouldn’t take effect until Oct. 14, and the Trump administration is expected to appeal the case to the U.S. Supreme Court, which may hear arguments this year or in 2026. On Tuesday, President Trump said he will ask the Court for an “expedited ruling” to overturn the appeals court decision.

Daco said this ambiguity reinforces the importanc

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