•The Supreme Court ruled against Trump's sweeping tariffs imposed under the 1977 International Emergency Economic Powers Act (IEEPA).
•Despite the ruling, trade policy uncertainty persists as Trump seeks alternative legal avenues to impose new tariffs.
•Trump initially announced 10% levies using Section 122 of the Trade Act of 1974, then increased it to 15% the next day.
•Questions remain about the legality of using Section 122 for trade deficits, potential refunds for past tariffs, and the fate of existing trade deals.
•The administration plans to launch Section 301 investigations, a sturdier alternative, to maintain leverage in trade negotiations.
