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Supreme Court Strikes Down Trump's Tariffs

The US Supreme Court ruled that President Donald Trump’s sweeping global tariffs were illegal, ending a core pillar of his trade strategy.

In a 6–3 decision led by Chief Justice John Roberts, the Court held that IEEPA, a 1977 statute historically used for sanctions and other emergency economic controls, does not authorize the president to impose broad tariffs of this scale absent clear congressional approval.

The Court leaned on the “major questions” doctrine, treating global tariffs as an action of vast economic and political significance that requires explicit authorization from Congress, not an implied reading of emergency powers.

You can read more on the matter here.

What’s going on?

• Canada Backs $116 Million Nickel Mine Deal in Manitoba (theDeepDive)

• UK police seek information from ex-protection officers of king's brother Andrew (Reuters)

• Japan Commits $36 Billion to US Energy and Minerals in First Tranche of $550 Billion Deal (theDeepDive)

• Amazon service was taken down by AI coding bot (FT)

• Snubbed by Detroit, Canada Turns to Chinese Automakers (theDeepDive)

• Economic Growth Slowed in Fourth Quarter, Hurt by Government Shutdown (WSJ)

• Big Tech Eyes Canadian Uranium Mine to Power AI Data Centers (theDeepDive)

• Tax season presents a boom-or-bust test for U.S. auto sales (CNBC)

What’s the latest?

• Trade War: The U.S. Supreme Court struck down many of Trump’s tariffs in a 6–3 ruling, saying IEEPA does not grant unilateral tariff authority and requires clear congressional authorization. The decision casts uncertainty over billions in collected duties, with businesses now seeking refunds, while the CBO had projected tariffs could generate roughly US$300B annually; net customs receipts hit a record US$195B in fiscal 2025. Markets reacted cautiously, with gold still up about 0.5%, and analysts expect the White House may pivot to narrower, sector-specific tariffs.

• Real Estate: Mattamy Homes introduced a temporary Price Protection Program in Ontario and Alberta, refunding buyers if a preconstruction home’s base price falls within 30 days before closing; upgrades are excluded from calculations. The incentive applies to condos and low-rise homes across most communities and runs until March 8, targeting hesitant end users amid weak demand. The backdrop includes record-low new home sales in the GTA and expectations of declining housing construction, partly tied to excess condo inventory. Industry reaction is mixed, with some calling it a novel buyer incentive and others noting protection depends on identical model pricing rather than broader market declines.

• US Economy: U.S. GDP growth slowed sharply to a 1.4% annualized rate in Q4, down from 4.4% in Q3, with the federal shutdown cutting roughly 1 percentage point from growth. Consumer spending rose 2.4%, softer than the prior quarter’s 3.5%, while federal outlays plunged nearly 17%. Trade had minimal impact after earlier import distortions tied to tariff timing. Despite full-year 2025 growth of 2.2%, job creation remained weak, with fewer than 200,000 jobs added and unemployment at 4.3%.

• Gold: Gold rose 0.5% to US$5,025 after touching US$5,063, supported by weaker U.S. GDP despite a Supreme Court ruling striking down Trump’s tariff plan. Markets still price in two 25-bp Fed rate cuts this year, starting in June, while Goldman Sachs targets US$5,400 gold by end-2026. Silver jumped 3.4% to US$81.02, platinum gained 2.8% to US$2,127.73, and palladium added 2% to US$1,718.08.

• Retail Sales: Canada’s retail sales slipped 0.4% in December to $70B, led by a 1.6% drop at motor vehicle and parts dealers, while core retail sales fell 0.3% and volumes were flat. Weakness was concentrated in building materials (−4.0%) and furniture/electronics (−1.7%), partly offset by gains in sporting goods (+1.0%). Statistics Canada’s flash estimate for January shows a 1.5% rebound, suggesting consumer spending may stabilize after a modest Q4 GDP drag. Economists say the data supports the Bank of Canada’s pause, pending confirmation from coming months.

What If Morocco Is the Next Big Mining Story?

The stock market and stuff

• Newmont Issues Default Notice To Barrick On Nevada JV (theDeepDive)

• Eldorado Gold Q4 2025: Higher Revenue On Price Surge Failed On Flat Earnings (theDeepDive)

• Foran Mining Begins Wet Commissioning At McIlvenna Bay (theDeepDive)

• Teck Resources Posts Stronger Q4 2025 As Copper Prices Surge (theDeepDive)

• Orla Mining Outlines $3.3 Billion NPV For Proposed Underground Expansion At Camino Rojo (theDeepDive)

• Newmont Q4 2025 Sales Rally On Higher Prices But Net Income Still Fell (theDeepDive)

In the juniors

• Defiance Silver Reports High Grade Drill Results at San Acacio (JMN)

• Amarc Resources Confirms Discovery of Third New Porphyry Copper-Gold System at JOY (JMN)

• Sorrento Resources Provides Update on Bottom Brook Drill Program, Newfoundland (JMN)

FULL DISCLOSURE: First Majestic Silver is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Majestic Silver. The author has been compensated to cover First Majestic Silver on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.