On February 20, the Supreme Court ruled 6-3 that the International Emergency Economic Powers Act does not authorize the President to impose tariffs. In Part 1 of our emergency coverage, we break down the textual holding that all six majority justices agreed on — why "regulate" has never meant "tax" anywhere in the U.S. Code, why IEEPA's fifty-year history cuts against the government, and why the greater-includes-the-lesser argument doesn't work when you're comparing regulation to taxation. We also explain why we split this into two episodes: the distinction between the binding holding and the plurality's major questions doctrine analysis matters enormously a distinction a lot of the commentary is missing.