The Supreme Court’s landmark ruling striking down President Trump’s tariffs goes beyond dismantling a central pillar of the administration’s trade policy. It also significantly constrains the executive branch’s ability to impose tariffs unilaterally, shifts authority in tariff decision-making back to Congress and alters the strategic calculus of U.S. economic statecraft.
Trump’s nomination of Kevin Warsh to chair the Federal Reserve places the central bank at a crucial juncture. Warsh’s sudden conversion from an inflation hawk to an advocate of Trump’s interest rate cuts, combined with fiscal fragility and perilous macroeconomic conditions, creates a looming threat to the Federal Reserve’s cherished independence.
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