Janus Henderson’s Daniel Siluk assesses the Supreme Court’s decision to block the use of IEEPA for broad-based tariffs, reshaping trade leverage and bond market dynamics
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The 6–3 ruling invalidates sweeping “reciprocal” tariffs, limiting executive authority and modestly reducing trade-policy tail risks for risk assets.
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Potential refunds of previously collected duties could create a sizable one-off fiscal cost, dependent on lower-court rulings.
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Any refund-related Treasury issuance may steepen the yield curve, pressuring long-end yields even as trade uncertainty eases.
Does reduced tariff volatility offset renewed fiscal supply risk? The full note examines cross-asset implications.
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