The Supreme Court’s tariff decision landed about where conventional wisdom said it would: The justices ruled 6–3 that the International Emergency Economic Powers Act simply doesn’t give the president the sweeping authority the Trump administration claimed. That’s not a political rebuke. It’s a legal one, and a narrow one at that. Chief Justice John Roberts put the bottom line plainly: “We hold that IEEPA does not authorize the President to impose tariffs.” That’s it. Not that tariffs are unconstitutional. Not that Trump’s trade agenda is illegitimate. Just that this particular statute doesn’t do the work the administration wanted it to...