Ana Swanson

So obviously this had been somewhat expected for other countries that were following the Supreme Court ruling, but it has still caused a lot of immediate doubt and confusion with countries that have been agonizing about these tariffs all year.

So you had countries that had just finalized their trade deal the day before.

Now the underlying terms of trade, the tariffs that those deals are based on, are gone and replaced with something

entirely different.

And some of those countries have made concessions that are controversial with their own people.

So this has just introduced a lot of uncertainty for the months to come.

And Andrew, what about the corporate world?

I do think there's an important point there just to jump in.

So, you know, some people had speculated earlier that maybe they would save that extra 5% increase and use it as leverage or negotiation later.

But at 15%, the rate does get you close to what it was overall before.

So at 10%, it was a little bit lower than the rate had been previously.

Now it's like pretty close.

So within an average percentage point of what it was before.

Of course, this one is flat, whereas the previous rate varied a lot by country.

So there are huge differences for different countries.

Yeah, absolutely.

So there was always a plan B because before plan A, the president was presented with this menu of options for his tariffs.

And he had chosen this International Emergency Economics Powers Act because it was the most flexible.

It allowed him to raise and lower tariffs at a whim.

But he always had a lot of other options.