Last week, in V.O.S. Selections v. Trump , the en banc U.S. Court of Appeals for the Federal Circuit held, 7-4, that the International Emergency Economic Powers Act (IEEPA) did not authorize the Trump Administration to impose broad reciprocal and other tariffs. Next stop: One First Street.

Some seem to think it is virtually certain that the Supreme Court will invalidate some, if not all, of the Trump tariffs. Here at the VC, my co-blogger Ilya Somin has done yeoman's work unpacking the various arguments against the tariffs and responding to counter-arguments.

While I hope these arguments are successful, I believe V.O.S. Selections presents a close question under current law. I explain why in today's WSJ . Here's a taste:

This is the third court ruling against the Trump tariffs, and it's

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