Shares of GM are up 3.1% today. Stellantis is up 4.8% and Ford is up 3.5%. That’s a big tell on how the Supreme Court arguments around tariffs are going. Chief Justice Roberts called them ‘taxes’ today.

Another conservative — Gorsuch — voiced a warning of “a one-way ratchet toward the gradual
but continual accretion of power in the executive branch and away from
the people’s elected representatives.”

Justice Barrett — a potential swing vote – said. “And so is it your contention that every country
needed to be tariffed because of threats to the defense and industrial
base? I mean, Spain? France? I mean, I could see it with some countries
but explain to me why, as many countries, needed to be subject to the
reciprocal tariff policy, as are.”

The WSJ’s editorial board has been unrelenting in attacking tariffs and urging the Supreme Court to block them.

In GM shares, you can see the price ratchet up as the skeptical questions from the court rolled in.