Following the Money of Tariffs and Vaccinations

Welcome to the Wall Street Week newsletter, bringing you stories of capitalism about things you need to know, but even more things you need to think about. I’m David Westin , and this week we told the stories of President Trump’s tariffs in the Supreme Court and a threat to pediatricians that goes well beyond the questions over vaccines. If you’re not yet a subscriber, sign up here for this newsletter.

Undoing the Trump Tariffs

This week, President Trump had his day in court — or at least his Solicitor General had his day defending the Trump tariffs before the Supreme Court of the United States. It’s always risky to predict outcomes in cases from the oral arguments; I’ve personally seen too many surprises over the years. But the President could not have been encouraged by Chief Justice Roberts’ saying that tariffs are “an imposition of taxes on Americans and that has always been the core power of Congress.” Or by Justice Gorsuch asking, “What would prohibit Congress from just abdicating all responsibility to regulate foreign commerce — for that matter, declare war — to the President?”

Jennifer Hillman of the Council on Foreign Relations has spent much of her career as a senior government trade lawyer, and she said the decision would come down to the core question of whether Congress meant to include tariffs when it gave the President extraordinary powers in times of emergency. If not, the administration may face the daunting task of refunding up to $100 billion in tariffs paid thus far for tariffs that were never legal in the first place.