EU has reached a trade deal with the US

[RoeVWade]

12. Well, there's this

Trump’s trade deals are illegal, Piper Sandler warns, predicting a Supreme Court smackdown by June 2026. Piper Sandler flatly declares in a new research note. The investment bank analyzed ongoing court battles and legislative authority, and concluded that Trump’s reliance on the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs and cut bilateral deals far exceeds the powers granted by Congress.



iF the Supreme Court rules against Trump, all trade deals and announced tariff changes made under the IEEPA—including minimum 10% import rates and threatened reciprocal tariffs—would be declared instantly illegal. Refunds could flow to companies and individuals who have paid unlawfully imposed tariffs, if they file claims with the CIT.

The massive, headline-grabbing $550 billion Japanese investment pledge is cited by Piper Sandler as an example of economic promises lacking clarity, specifics, or legal durability.

https://fortune.com/2025/07/25/trump-trade-deals-illegal-piper-sandler-tariffs-supreme-court/