<h1>Tariff authority overreach raises legal uncertainty, keeping tariffs in place while judicial review affects trade and borrowing.</h1> A federal appeals court ruled that the President overstepped legal authority in announcing sweeping tariffs, although the tariffs remain in place pending further proceedings. That ruling raises questions about judicial review of tariff authority and separation of powers, while ongoing tariff implementation has disrupted manufacturing, heightened market uncertainty, and may affect government borrowing and perceptions of central bank independence.