The Supreme Court, executive power and market implications

Dec 16, 2025

In this discussion, Sarah Isgur, Senior Editor at The Dispatch and Supreme Court expert, teams up with Peter Harrell, a Georgetown Law scholar and former White House aide. They dive into the Supreme Court's challenges to President Trump’s executive power regarding tariffs and independent agencies. Topics include the tension between Congress and the presidency, potential court outcomes, and the implications for market stability. Peter also provides insights for businesses on adapting to changes in tariff authority, making it a must-listen for anyone following legal and economic trends.

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INSIGHT

Tariff Case Is Multi-Layered

The tariff case tests whether the 1977 IEPA statute really authorizes broad presidential tariff powers.
Sarah Isgur highlights layers: statutory authorization, limits on delegation, and institutional legitimacy concerns.

INSIGHT

Court Likely To Limit Broad IEPA Claims

Peter Harrell argues it's unlikely the Court will grant the president an unbounded tariff or taxation authority under IEPA.
He expects the Court will likely constrain or reject the administration's broad interpretation.

INSIGHT

Acceptance Could Expand Economic Powers

If the Court accepted the administration's reading, the president's power could extend beyond goods to taxing capital flows.
Peter warns the statute's broad wording could be interpreted to regulate or tax many forms of property.

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In this episode of J.P. Morgan’s Making Sense, Joyce Chang, chair of Global Research, is joined by Sarah Isgur, senior editor at The Dispatch and Supreme Court expert, and Peter Harrell, visiting scholar at Georgetown Law and Fellow at the Carnegie Endowment for International Peace. Together, they unpack the Supreme Court cases challenging President Trump’s use of executive power, focusing on trade, tariffs and presidential authority over independent agencies and the Federal Reserve Bank. The discussion explores the legal and economic implications of these cases, the evolving balance between Congress and the executive branch and the potential consequences for markets, businesses and governance.

This episode was recorded on November 19, 2025.

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