Edgar Morgenroth

So, at this Supreme Court hearing, where basically Trump's tariffs had been challenged as to whether he could actually impose them.

Normally, it would actually be Congress who would have to approve of tariffs.

So, that's been challenged, and the Supreme Court heard evidence from the Trump team that

as to why they think it's illegal for the president to impose these tariffs.

Yes, and I guess it's part of the function of the court to ask such questions.

And when you look at the deliberations and the questioning,

it all seems to hinge around whether these tariffs are seen as foreign policy or whether they're seen as fiscal policy, fiscal policy being kind of taxes.

And as an economist, I would say the tariffs are really a kind of a tax, an import tax, and therefore they're a fiscal measure, and that would definitely have to be decided by Congress.

The Trump team is arguing that, no, this is foreign policy,

And therefore, the president has the powers to impose these.

So I think under previous regimes or previous governments, previous presidents in the U.S., it would have been a government crisis and the tariffs that have been imposed would at least in the first instance be gone.

With Trump, you just don't know.

He could just simply ignore a court, and he seems to have done this previously, and

or else he could turn to Congress and the Republicans in Congress and lean on them very heavily to pass his tariffs there.

So I don't think these tariffs are gone, given the nature of Donald Trump.

He will try and persist with this one way or another, and he may create some precedence in doing so.

Yeah, I mean, he's been kind of trying to use the system to get what he wants all the time.

And he will find some measure and try again.

And then it may yet again be challenged in the courts.

But in the meantime...