The US Supreme Court has dealt a significant blow to former President Donald Trump's trade strategy by ruling that his recent tariff announcements overstepped his authority. This ruling undermines Trump's ability to impose tariffs swiftly, a tactic he often used to pressure foreign nations. Michael Smart, managing director at Rock Creek Global Advisors, noted that Trump has lost a critical tool in his trade arsenal. Additionally, a lower court recently rejected Trump's 10 percent global tariffs, further complicating his trade efforts. As midterm elections approach, even Republican lawmakers are expressing concerns about the unpopularity of these tariffs. Meanwhile, Trump's foreign policy challenges are intensifying, particularly with Iran, where tensions are high, and the ceasefire is precarious. Economists warn that the economic impact of these conflicts could be substantial, with costs potentially exceeding the Trump administration's estimate of $25 billion. Linda Bilmes, a Harvard professor, emphasized that the financial ramifications of ongoing conflicts cannot be hidden indefinitely.