Ed Ludlow

Ed, what are you watching underneath the hood?

Yeah, let's get to our top story.

President Trump is looking to rebuild his tariff trade policy after the Supreme Court struck down his use of the International Emergency Economic Powers Act, or IEPA, to impose sweeping global tariffs.

In response, his administration signed an executive order

to impose a 10% tariff on imports using an alternative legal authority.

And over the weekend, the president announced on Truth Social that he intends to raise that rate to 15%, or quote, a much higher tariff and worse.

Let's get the latest with Bloomberg senior tech editor, Mike Shepard.

Shep, what's the state of play as of right now?

Well, Ed, it is moving pretty quickly now.

The administration is really trying to ensure that all of the trade agreements that it reached with trading partners around the world over the past year don't come undone.

They spent the weekend really insisting that the EU and other trade blocs and nations must abide by those agreements.

And they tried to offer some assurance that the setback that was dealt to the administration on Friday was temporary.

and that this 15% tariff we heard the president talk about on Saturday by Truth Social was really just going to be a bridge to more lasting tariffs that would be imposed eventually through other authorities.

Now, those authorities are going to take months to investigate and to actually execute and carry out.

And that is going to add a whole lot of uncertainty for those trading partners, including the European Union, which is indicating that it's holding off

on final approval and ratification by the parliament of the deal it struck with Trump last year.

And India, which had just reached a hard-fought agreement with the administration a few months ago, they are now holding off on a meeting that was scheduled for later this week to iron out final details there.

And then, of course, Ed, there is China.

The president is going to meet with Xi Jinping in China a little more than a month from right now.

And the question is whether Trump has lost some leverage heading into that meeting with Xi.