Morning! Today’s lead story is about the tariff uncertainty yet again.

A series of conflicting court rulings over the tariffs have left Washington, Wall Street, and the global trading community grappling with the implications of how far the president’s emergency powers extend and whether the administration can continue using tariffs as a cornerstone of its trade strategy.

Hint: It probably can’t. But maybe it can. Investors are like “ffs.”

At the center of the legal battle is Trump’s reliance on the International Emergency Economic Powers Act (IEEPA), a 1977 law granting the president special authority during national emergencies. Trump used the law to justify sweeping tariffs, but the U.S. Court of International Trade ruled this week that Trump had overstepped his authority, asserting that Congress had not granted him “unbounded authority” to use emergency powers for imposing tariffs. The ruling required the administration to roll back many of its tariffs within 10 days. Then just hours later, a federal appeals court temporarily stayed the decision, allowing Trump’s tariffs to remain in place while he appeals.

Jamieson Greer, the U.S. Trade Representative, warned that preventing the president from imposing tariffs could harm the country’s ability to safeguard its economic and national security. “This would embolden trading partners to further distort the conditions of competition for U.S. exporters while creating a foreign policy disaster scenario,” Greer said, sounding borderline like a Simpson’s character.

Throughout his presidency, Trump has leaned on tariffs as a political cudgel to force foreign nations into trade deals. His administration claimed success with this approach, citing trade negotiations with more than 18 countries. Yet, results have been limited: the only significant “framework” for a trade agreement is with Britain, which agreed to open its markets to U.S. beef and ethanol in exchange for reduced tariffs on its cars and steel.

Nobody in Britain trusts U.S. beef, by the way.

Despite these challenges, the White House remains optimistic. Press Secretary Karoline Leavitt dismissed concerns about the legal rulings. “Nations have faith in the negotiator in chief and will keep negotiating because they probably see how ridiculous this ruling is,” she stated.

I’m not sure that’s accurate. I think the negotiator in chief will keep shooting himself in the foot.

“He still has ‘other legal authorities he could potentially use’ to enact his trade agenda,” explained Timothy C. Brightbill, an international trade expert. Yet pursuing those options may take months, delaying Trump’s broader goal of striking trade agreements with multiple nations.

Forgive me, but I’m literally going to go golfing in Queens, now. It seems like the most constructive response to this story. Have a great weekend.

Say, is there a story that might cheer me up a bit?

Sure. The Knicks’ survived another day! I made a win-win blueberry cobbler just to make sure I would have a nice evening, regardless. Now it’s back to Indiana to continue to fight over who gets to go and get thrashed by the Oklahoma City Thunder in the finals.

Matt Davis lives in Manhattan with his wife and kid.

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