Interesting take from Veda Partners on the tariff situation. Their analysis points to a potential constitutional clash ahead.

Here's the core argument: if tariffs are projected to pull in roughly $3 trillion over ten years (that's the Congressional Budget Office's number), then we're essentially talking about a massive tax on Americans. And constitutionally speaking, tax authority sits with Congress, not executive orders.

The Supreme Court angle matters more than people think. We've seen executive overreach get slapped down before when it crosses into legislative territory. This isn't just about trade policy anymore—it's about whether one branch can effectively levy what amounts to a decade-long $3T revenue scheme without going through proper channels.

For markets, the uncertainty is the real killer. Companies can't plan capex, supply chains stay frozen, and risk premiums stay elevated until there's clarity. Whether SCOTUS intervenes or not, the constitutional question itself creates another layer of unpredictability that nobody priced in when these tariffs first dropped.