Trump's Tariff Defeat Has Bigger Consequences Than It Appears - The Global Gambit - Pyotr Kurzin

The US Supreme Court has ruled that Donald Trump cannot use emergency powers to impose sweeping global tariffs. At first glance, this looks like a legal setback for the White House.

But this ruling is not the end of America’s trade war. It is the beginning of a new phase.

In this video, I break down what the Court actually decided, why it matters far beyond constitutional technicalities, and how it reshapes the way the United States can deploy economic power. We look at the International Emergency Economic Powers Act (IEEPA), the limits now placed on executive authority, and what alternative tools — from Section 122 to Section 232 and Section 301 — remain available.

More importantly, we examine the global implications.

• What does this mean for US–China competition?
• How will the European Union respond?
• Does a more legally constrained trade strategy weaken American leverage — or make it more durable?

Trade policy in Washington is no longer about liberalization. It is about leverage, reciprocity and industrial power. And that shift is bipartisan.

The Supreme Court may have removed one of Trump’s fastest trade weapons. But the structural move toward protectionism, strategic competition and managed interdependence is not reversing.

This isn’t a retreat. It’s a recalibration.