The U.S. Supreme Court just kneecapped one of the most aggressive trade levers Washington has pulled in decades, and energy markets are now left sorting out what sticks and what doesn’t. In a 6–3 ruling, the Court struck down most of President Trump’s across-the-board tariffs imposed under the International Emergency Economic Powers Act. The majority opinion was this: the Constitution does not hand taxing authority to the executive branch. That wipes out the 10%-plus blanket tariffs rolled out since April 2025 and undercuts the…
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