Today there is an epic-level big news: the U.S. Customs and Border Protection (CBP) has backed down! Because the Supreme Court ruled that the tariffs collected earlier were unlawful, they now have to refund the money. How big is this amount? 166 billion US dollars! Pigeon King is online: originally, this batch of electronic refunds was supposed to be issued right away, but at the very last moment, it was pushed back again to May 12. Although it’s only delayed by a single day, this customs administration is also quite something—the reason for the lateness wouldn’t be mentioned in a single word. Old Trump’s “magic weapon” is broken: what keeps Wall Street awake the most is that with this Supreme Court hammer, the tool called the “International Emergency Economic Powers Act” (IEEPA) is directly abolished! This was Trump’s “sword of authority,” a way to bypass Congress and add tariffs at will. Now that the sword is broken, you can’t add tariffs just because you want to—no way! The strongest “cashback” in history: 166 billion! This is the largest “fiscal reversal” in U.S. trade history. This means a big wave of real money will soon flow back from the treasury into merchants’ pockets.