- The Supreme Court blocked Trump’s use of emergency tariff powers, effectively ending his big unilateral tariff push and giving him an easy political exit from the trade war.
- U.S. firms are racing to get refunds — about $166 billion is owed and more than $35 billion is already being returned — a one‑time boost that could lift corporate earnings this season.
- Trump has pivoted toward dealmaking (including a China visit that yielded purchases like 200 Boeing planes), shifting the focus from shock tariffs to predictable, incremental trade agreements.
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