Trump Renews Criticism of Tariff Ruling; Markets Shaky

President Trump laid into the Supreme Court on Friday for ruling against him on tariffs, and he kept up the attacks on the "ridiculous and poorly crafted" decision on Monday. In Truth Social posts, Trump reiterated his assertion that he does not need the approval of Congress to levy tariffs, and he warned nations not to "play games" in the aftermath of the decision. Those who do will "be met with a much higher Tariff, and worse, than that which they just recently agreed to," he wrote.

Trump has begun replacing the invalidated tariffs by invoking different sections of trade law, and on Monday he warned that "they can all be used in a much more powerful and obnoxious way, with legal certainty, than the Tariffs as initially used." However, Trump would need to get the approval of Congress after 150 days to keep in place the 15% across-the-board tariff he instituted over the weekend.

The uncertainty seems to be rattling markets, reports Reuters. The Dow was down nearly 700 points Monday morning, and CNBC suggests the volatility won't end anytime soon. "The big question for the economy is what happens after this window," Michael Landsberg of Landsberg Bennett Private Wealth Management tells the outlet. "The push and pull with tariffs is likely to be a distracting theme for markets for the remainder of the year, albeit with less volatility than the initial shock last April."