The Supreme Court just dropped a bombshell on President Trump’s tariff agenda: a 6–3 ruling led by Chief Justice John Roberts says the IEEPA emergency powers law can’t be used to impose sweeping tariffs—setting up a huge fight over refunds, markets, and who really controls trade policy. We break down the dissent (Kavanaugh, Thomas, Alito), the shocker votes (Gorsuch, Barrett), Wall Street’s reaction, and Trump’s backup plan heading into Tuesday’s State of the Union showdown.

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