Key takeaways • The Supreme Court might soon overturn most of Trump’s tariffs. • If those tariffs ceased to exist, prices would fall, growth would accelerate, and employment would rise. • But Trump can probably reinstate any overturned tariffs on a different legal basis.

The Supreme Court may soon upend President Donald Trump’s trade war.

Various state governments and small businesses are challenging the legality of most of Trump’s tariffs. Their case reached the Supreme Court a week ago. In oral arguments, a majority of justices appeared to side with the plaintiffs — and it isn’t hard to see why they might have such sympathies.

To justify the bulk of his tariffs, Trump has invoked the International Emergency Economic Powers Act (IEEPA), a statute that empowers the president to “r

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