But what will actually happen when the clock strikes midnight on what some are calling "Liberation Day 2.0" is anyone's guess. A series of comments from Trump and his officials this week — even within a 12-hour span Wednesday — were notable for the variety of scenarios they have on the table.

The decision by the U.S. Court of Appeals for the Federal Circuit extends a similar ruling it made after another federal court struck down the tariffs May 28, saying Trump had overstepped his authori...