I'm no fan of tariffs. I wasn't a fan when Trump started imposing them in his first term, I wasn't a fan when Biden left a bunch of them in place when he came into office, and I'm still not a fan under Trump 2.0.
But their effect on the economy hasn't been as deleterious as predicted. Firms have done more trans-shipping through neutral countries. Corporations have swallowed costs to avoid passing all of them on to consumers. But consumers have paid more for some stuff. In the end tariffs are taxes and American companies and consumers pay them. Tariffs have allowed Republicans to raise taxes without changing the tax brackets, which would force them to admit that they have raised taxes. Just like letting Biden-era extensions of Obamacare subsidies were a raising of taxes by another name (we recall that when Roberts signed off on Obamacare in the pivotal decision back in 2013 it was based on the government's constitutionally granted authority to levy taxes). Note also that snake in the grass Lindsay Graham has been saying that Republicans are open to "means testing" of Social Security benefits, another backdoor tax. Republicans are happy to raise taxes so long as they don't admit that's what they're doing.
But tariffs have had a negligible impact on where manufacturing happens, which will continue to be the case.
But I digress. The main thing about the Supreme Court decision is that it constrains Trump's ability to claim emergency powers when there's not an emergency. Unlike in Russia, he can't just make things up.
Just as the Supreme Court stopped Biden from bending reality to its will (most notably on student loan relief -- a policy goal to which I am sympathetic), it's not letting Trump have free reign. For that, the Supreme Court deserves a gold star. May it earn more.
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