Good morning. In focus today, we’re searching for silver linings, looking beyond lending for profit growth at Canada’s Big Six banks, and sizing up the U.S. Supreme Court’s tariff ruling.

Tumbler Ridge: OpenAI did not mention the shooter’s posts, which had caught the attention of employees because they involved gun violence, in a meeting with B.C. officials the day after the mass shooting.

De minimis: Six months after a tariff exemption expired, small businesses are scrambling to cope with a labyrinth of rules.

Corruption: Canada’s export agency says it lost money on a US$450-million loan to a scandal-plagued South African state transport company.

1. The latest on the ruling: U.S. President Donald Trump is vowing to swiftly replace the tariffs struck down by the Supreme Court and preparing for battle with Corporate America.

Trump said on the weekend that he will raise a temporary tariff to 15 per cent from 10 per cent on U.S. ​imports from all countries. The European Union requested “full clarity” from the U.S., trading partners in Asia were weighing their options, and countries with recently signed deals are seeking guidance on whether the judgement upends their new arrangements.

Friday’s 6-3 ruling, which found that the President acted illegally in using one of his emergency economic powers to impose sweeping tariffs on trade partners last year, effectively removes Trump’s favoured strategy of threatening to unilaterally impose tariffs as a means of bullying countries into immediate acquiescence.

Trump has several fallback options − he announced a new global tariff hours after the ruling – but the tools available to him come with degrees of limitations or supervision, a challenge to a president who has wielded executive power in an “almost imperial” manner, economics reporter Mark Rendell and U.S. correspondent Adrian Morrow write.

Never one to back down from a challenge, Trump’s immediate reaction to the ruling was to heap scorn on the Supreme Court justices he nominated, calling them “fools” and “disloyal to our constitution.”

2. The good and the bad: The tariffs affected by Friday’s ruling include those based on the “national emergency” Trump alleged was being posed by fentanyl coming from Canada – as well as the global “Liberation Day” or “reciprocal” tariffs imposed last spring.

For Canada, the ruling doesn’t change much in the immediate future – although The Globe’s Tony Keller argues “cracks are starting to show” in Trump’s mercurial tariff agenda.

The sector-specific import taxes on Canadian products such as metals, autos and lumber remain in place. And the current free-trade agreement between the two countries still exempts most Canadian imports into the U.S. from levies.

But the ruling removes the U.S. administration’s ability to threaten restoring the “fentanyl tariff” as leverage in the upcoming United States-Canada-Mexico free-trade agreement talks, in which the three countries must decide whether to extend the deal.

Marker watchers are warning Friday‘s ruling could drive Trump into a more sector-specific approach that hits regions of the country in harder ways than others.

In fact, Canada should now prepare for the U.S. to use “new, blunter mechanisms” to reassert pressure, said Candace Laing, chief executive of the Canadian Chamber of Commerce.

And the bigger takeaway, said Fitch Ratings chief economist Olu Sonola, is not just “lower tariffs,” but “higher tariff-regime uncertainty.”

3. Getting our money back: To Trump, perhaps even more consequential than the framework of the U.S. Constitution are the boundaries set by Corporate America.

Major business groups – including those representing Walmart Inc., Ralph Lauren Corp. and American Eagle Outfitters, Inc. – are pressing Washington for timely reimbursement for importers, who were responsible for more than US$130 -billion in collected duties as of December.

Thousands of companies have already filed protective lawsuits at the Court of International Trade, which has jurisdiction over trade issues, hoping to get in front of the line for a refund. And businesses that passed down the cost of tariffs should prepare for clients and consumers seeking their own money back, Ted Murphy, a lawyer at Washington-based Sidley Austin LLP, wrote in a note to clients.

“Those that raised prices or added surcharges because of the tariffs will face questions about how refunds will be shared with customers or, conversely, how suppliers plan to pass refunds back down the chain,” he said.

Pierre-Benoît Gauthier, vice-president of investment strategy at IG Wealth Management in Montreal, told The Globe that the most likely outcome for U.S. companies seeking refunds would be “a long legal and administrative process,” which large companies were likely well-equipped to handle, but which could put smaller importers at a disadvantage.

4. At home: Not to put too fine a point on the matter, but Canada could use a break. Friday’s quarterly gross domestic product report is expected to show a flatlining economy as the manufacturing sector continues to suffer under existing tariffs.

There is reason for optimism, even if we need a microscope to see it. The Bank of Canada’s most recent Business Outlook Survey showed leaders aren’t expecting trade conditions to worsen (hey, we’ll call that a win), the labour market is showing signs of improvement, and auto makers bounced back in December after facing semi-conductor disruptions, RBC economists said.