The Supreme Court's $100 billion-plus tariff ruling is out and it flatly rejected the White House argument, saying that the International Emergency Economic Powers Act "does not authorize the President to impose tariffs." An adverse ruling for the White House opens up a hole of well over $100 billion in the annual budget, since the tariffs are, in effect, offsetting part of the cost for the One Big Beautiful Bill Act tax cuts. The outcome of the case, therefore, has important implications for the fiscal deficit, interest rates, President Donald Trump's legislative agenda and potentially the midterm elections.