So today the Supreme Court took up arguments about whether the president can actually use IEEPA—that International Emergency Economic Powers Act—to slap tariffs on basically everyone. Pretty huge deal for markets.

An international trade expert from the Council on Foreign Relations, Inu Manak, broke down three critical angles to watch in this case. The outcome could reshape how executive power gets wielded on trade policy going forward.

Why does this matter? Because tariff decisions don't just stay in courtrooms—they ripple through commodities, currencies, and risk assets fast. When the legal framework around economic sanctions and trade restrictions gets challenged at the highest level, volatility follows. Worth keeping on your radar if you're tracking macro factors that move markets.