Greetings N2K reader!

Get me your world famous News Haiku^TM competition  entry by noon today — about Nvidia being the world’s first $5 trillion company — and I’ll consider it for inclusion in tomorrow’s poll to pick the winner! Now: The news!

—Matt Davis, Need2Know Chedditor

News You Need2Know

What’s the stock market up to, eh?

$SPX ( ▲ 0.37% )   $DJI ( ▲ 0.48% )   $NDX ( ▲ 0.65% )

Companies mentioned in today’s newsletter

  $NVDA ( ▼ 1.75% )   $GOOGL ( ▲ 2.44% )   $MCD ( ▲ 2.16% )   $IFF ( ▲ 4.08% )   $CMA ( ▲ 1.02% )  

Conservative Supreme Court justices appear skeptical of tariffs

The Supreme Court is taking a close look at the legality of President Donald Trump’s tariff policies, introduced under the guise of emergency powers. Several conservative justices, alongside their liberal colleagues, expressed skepticism about Trump's unilateral decision-making yesterday.

Central to the debate is Trump’s use of the 1977 International Emergency Economic Powers Act to impose tariffs on imports. While Trump argued this law gave him authority in emergencies, the challengers counter that it doesn’t explicitly allow tariffs, stating, “no president before has used it this way.” Justice Amy Coney Barrett critically asked, “Has there ever been another instance in which a statute has used that language to confer the power?” Meanwhile, Justice Neil Gorsuch questioned if handing taxation powers — constitutionally defined as Congress’s responsibility — to the president undermines the nation’s legal foundation: “Is the constitutional assignment of the taxing power to Congress...just different?”

This case isn’t just about tariffs but broader concerns regarding the limits of executive power. Trump considered showing up for the hearing, but no president has ever done that before. Instead he took to social media to say how important it is for the justices to make a finding in his administration’s favor. It seems that’s unlikely.

Meanwhile it’s an emergency that I buy this $400 jacket I found at the curated vintage store. That’s my story and I’m sticking to it.

Song of the day: Shad, ‘Islands’

Canadian rapper Shad addresses social inequality and hope on this lead single from his new album, “Start Anew,“ which explores themes of renewal after societal and personal challenges. Critics describe the track as a standout. I must say I rather enjoyed it.