The Supreme Court dealt a blow to Donald Trump’s tariff strategy, ruling 6–3 that the president can’t use emergency powers under IEEPA to impose sweeping tariffs. Even two Trump-appointed justices joined the majority.

But the tariffs didn’t stop. Within hours, the administration invoked the 1974 Trade Act to impose new ones—and Trump doubled down in his State of the Union. So what actually changed? And what does the fight over presidential power mean for US businesses, consumers, and the economy heading into the midterms?