The Supreme Court told the White House its tariff plan went too far. The White House heard something different: try again with a different law.
That's the move now playing out across the trade desk - and the tariffs aren't disappearing. They're being rebuilt under older statutes the court left alone.
The original tariffs leaned on the International Emergency Economic Powers Act, or IEEPA - a 1977 law written for sanctions and national emergencies. The Court ruled it doesn't stretch to broad tariffs on imports from most of the world.
But IEEPA was never the only tool - Section 232 lets the president tax imports for national security reasons.
Section 301 targets unfair trade practices, while Section 122 handles trade imbalances and Section 338 covers countries that discriminate against US goods.
Each one has its own process, and each one has held up in court before.
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The catch with the older laws is they take time. Section 232 needs a Commerce Department investigation, Section 301 needs a US Trade Representative review, and Section 122 caps tariffs at 15% with a 150-day limit without Congress signing off.
That means the tariff machine restarts in pieces - by industry, by country, by reason. Steel and aluminum can go one way, Chinese goods can go another.
The headline rate that hit everything at once is harder to recreate this way.
For investors, that's a different kind of risk. Instead of one big policy that lives or dies in court, you get a slower rollout that's tougher to challenge - and easier to track if you know which sector is up next.
The first signal will be how fast Commerce and the USTR move on the new investigations. The second is whether Congress steps in to extend or limit the president's authority.
Both are already in motion, and the tariffs the market thought were gone aren't gone - they're coming back with different paperwork.
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