[Opinion] A breakdown of the court’s tariff decision

USD/BRL Down 5.69% YTD to R$5.1766 as Tariff Invalidation Structurally Weakens Dollar

USD/BRL R$5.1766 −0.99% DXY 97.80 −0.04% Selic 15.00% unchanged YTD Performance −5.69% $ weakening The Big Three 1 Dollar plunges nearly 1% to R$5.1766 — its lowest close since late May 2024 — as the Supreme Court’s tariff ruling triggered a global rush into risk assets. The real outperformed most EM peers despite the DXY […]

A breakdown of the court’s tariff decision

Empirical SCOTUS is a recurring series by Adam Feldman that looks at Supreme Court data, primarily in the form of opinions and oral arguments, to provide insights into the justices’ decision making and what we can expect from the court in the future. “We decide whether the International Emergency Economic Powers Act (IEEPA) authorizes the President to impose tariffs.” That is the first sentence of Chief Justice John Roberts’ opinion for the cour…

Don’t Be Fooled By the Corrupt Court’s Tariff Decision

The depth of the Supreme Court’s corruption has forced us to find new language to describe its actions. Today’s decision, undoing Trump’s massive array of tariffs that upended the global financial system, is a case in point. We say the Court “struck down” these tariffs. But that wording is inadequate and misleading. These tariffs were always transparently illegal. Saying the actions were “struck down” suggests at least a notional logic which the…