"During recent arguments, Chief Justice John Robertsone of the conservative justices Trump presumably thought would have his backquestioned the authority behind the tariffs, stating the vehicle is imposition of taxes on Americans, and that has always been the core power of Congress. Justice Sonia Sotomayor twisted the knife further, challenging the administration's semantic gymnastics: You want to say that tariffs are not taxes, but that's exactly what they are."
"And then Justice Neil Gorsuchanother conservative appointeedelivered what might be the legal equivalent of a pick-six, asking what happens when a president simply vetoes legislation trying to take these powers back. It was the judicial version of you thought we were friends? All things considered, not the President's best day. A conservative court that he stacked didn't exactly wrap him in assuring arms."
A mortgage industry veteran and owner of a $1 billion independent mortgage banking company recounts multiple major shocks including the 2008 crisis, conservatorship, waves of quantitative easing, worsening LLPAs, adverse market fees, pandemic housing chaos, two percent refinances, the fastest modern rate spike, and record-low affordability. Recent Supreme Court arguments questioned presidential tariff authority, with Chief Justice Roberts calling tariffs an imposition of taxes, Justice Sotomayor insisting tariffs are taxes, and Justice Gorsuch raising concerns about presidential vetoes. A ruling that tariffs are illegal could force a debt issuance shock, raise borrowing costs across the economy, and worsen an already recessionary housing industry. The potential loss could be roughly $750 billion, creating significant fiscal and market consequences.
Read at www.housingwire.com
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