Trade Policy: Tariffs, Legal Challenges, and Economic Impact

A CIT ruling struck down Section 122 tariffs but with limited practical impact. Data-driven analysis shows Trump's tariffs haven't reduced trade deficits. The WTO-IMF regulatory gap on currency manipulation is identified as a structural driver of the tariff surge. Manufacturing indexes from Philly and Kansas City Feds fell in May, with Philly entering contraction, while Q2 GDP nowcast is strong at 4.3%.