Whatever else happened in markets last week — and there was plenty — it was all overshadowed by a single event on Friday afternoon. The US Supreme Court, in a 6–3 ruling, struck down the bulk of President Trump's emergency tariffs, finding that IEEPA does not authorise the President to impose import duties. Trump immediately announced a replacement 15% global levy under Section 122 of the Trade Act, though that mechanism carries a 150-day time limit. It is a landmark constitutional moment, and markets are still digesting what comes next.

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