Six months ago, economists warned of severe macro consequences from President Trump's tariff agenda. Now the inverse is taking hold: fears about the fiscal fallout if most are rolled back.

Why it matters: Financial markets came to terms with a new reality: that tariffs of the scale now in place are on track to generate significant revenue over time, improving the nation's gloomy fiscal outlook. • That is now far from a sure thing as global trade enters a new phase of chaos, with the potential that the government might ultimately have to return the billions in tariff revenue collected thus far.

Driving the news: Late Friday, an appeals court ruled that Trump exceeded his authority when he took the unprecedented step to impose tariffs under the International Emergency Economic Powers Act

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