Digital Dominance

This was yet another wild and eventful week for the Market. Where to start? Well, we found out this: President Trump didn’t have the powers to impose those global tariffs. That, from the U.S. Court of International Trade which struck down the tariffs imposed under the International Emergency Economic Powers Act. The trio of judges on the panel found the President overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners. These include the 10% baseline tariffs, the 20% incremental tariff on China and the 25% tariffs on non-USMCA compliant imports from Mexico and Canada. No surprise, the Trump administration immediately filed an appeal, and the appeals court gave it a stay. That means for the next 10 days, everything remains in place. The tariffs will be charged. This case appears destined to land on the Supreme Court which could make this a long, drawn-out process. It’s yet another confusing fakeout for investors. That’s sort of the way this trade war has been since inception...