A few days ago, Fortune magazine reported on a research note from the investment bank Piper Sandler, whose analysts forecast a dismal legal outlook for United States presidential tariffs enacted by executive order under the International Emergency Economic Powers Act (IEEPA) of 1977. Naturally I seized on this like a Rottweiler would a Milk-Bone. The American news media continues to argue over the economic effects of the tariffs, treating them as a given, while their obvious unconstitutionality is left to lawyers and to a beleaguered remnant of American libertarians.