The Supreme Court says most of Trump's tariffs are illegal.

So is this the real liberation day?

Welcome to the Reason Roundtable.

This is your libertarian review of news and culture from the editors at Reason Magazine

and Friends.

I'm your host, Peter Souterman, and today I am joined by my colleagues,

Catherine Mangu Ward, Nick Gillespie, and special guest

reasons very own trade and tariffs correspondent Eric Bame.

I don't think that's your actual title, but there are weeks when it should be.

Close enough.

Eric, let's start with you.

The Supreme Court issued this ruling.

It was a long time coming, but it was also rush, right?

Like people, they expedited this ruling last week. And it basically said most of Trump's tariffs are illegal.

So does that mean the tariffs are over? It's done. Tell us what this means.

Yeah, that's right. So this ruling dealt with the tariffs that Trump had imposed under the International Emergency Economic Powers Act, IEPA. That's most of the tariffs that Trump had imposed under the International Emergency Economic

Powers Act, IEPA. That's most of the tariffs that Trump implemented last year, not quite all of

them, but the vast majority of them, that were implemented under two different national emergencies

having to do with fentanyl coming into the country and also this kind of cockamamie idea that trade deficits are

somehow a national emergency. The Supreme Court didn't actually deal with the question of whether

any of the stuff counts as an emergency or not because they didn't need to. They overruled the

tariffs on sort of two grounds, on statutory grounds and also on constitutional grounds. We can get

...