Last week’s Supreme Court ruling in Learning Resources Inc. v. Trump decisively held that the International Emergency Economic Powers Act (IEEPA for the cognoscenti) does not grant the president the power to impose tariffs. But for every reason investors should cheer this unintentional endorsement of free trade, there are worries about the path ahead.

America’s investment outlook is better than it might have been with a less decisive ruling, but only slightly. Much will depend now on the decisions of Congressional Republicans and key foreign trade ministers. Meanwhile, consider the uncertainties.

What, if anything, is clearer in your mind?