The legality of the declaration of national emergencies and subsequent tariff impositions was denied by the US Court of Appeals for the Federal Circuit in the last 24 hours or so. It was a 7-4 ruling with comments along the lines that Congress had not historically intended to grant a president unlimited authority to impose tariffs.
The tariffs are still in effect to allow time for an appeal to the supreme court. There were some 'republican' judges in the Court of Appeals who voted against the tariffs, how the Supreme Court will vote is yet to be seen, but if the Supreme Court votes against, then that will possibly remove some of the potential headwinds for CSL given the pharmaceutical tariffs may never eventuate, +/- the 10% baseline tariffs disappearing. It is likely that this will at least slow down imposition of new tariffs while the mess gets sorted out. If the status quo lasts until November 2026 and the Republicans do poorly in the mid-terms then it may not be possible for further tariffs to be implemented. A long way to go, but I think this is a positive sign for CSL on the tariff front.
CSL Price at posting:
$212.89 Sentiment: Buy Disclosure: Held
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