The U.S. Supreme Court has stripped Donald Trump of his 'license to kill' in the economic arena, particularly in terms of imposing import tariffs without restriction. This power was a significant tool in his economic warfare strategy and also served to boost government revenue. With this reduction of power, Trump will need to look for alternative methods to influence trade policy, which might include turning to other tax laws related to foreign trade or possibly resorting to more aggressive tactics. Brazil, in particular, should be aware of these changes, which may pose more significant risks than any drastic tariff hikes.

In the immediate political landscape, Trump is expected to face challenges leading up to the November elections, which could impact the congressional race. The decision by the Supreme Court also slightly increases the chance for political or institutional contestation regarding his previous decisions, a scenario that has, up until now, been nearly absent. While these developments might be unsettling for Trump, it is yet uncertain how they will influence his overall protectionist and interventionist trade agenda or affect global commerce and the economy, which have seen minimal impacts thus far.

Ultimately, while the Supreme Court's ruling could change the dynamics of Trump's trade policy, it remains to be seen whether this will lead to a significant shift in the broader context of international trade. The potential for conflict or retaliation on the global stage remains, but immediate effects appear limited as the situation evolves with the intricacies of trade law and political maneuvering.