Gavin Bade

I think in a way they've been doing that in fits and starts already, right?

We've seen in the last few months, Trump has really carved a lot of holes, a lot of exemptions in these IEPA tariffs.

You know, when he enters into a new trade agreement with another nation, he often will exempt many of their products from tariffs, right?

Just yesterday, we signed a trade deal with Indonesia.

A lot of their farm goods like, you know, coconut oil, palm oil,

Those will be able to come in under duty-free, no tariffs under this new deal.

So they've already been pushing those back a little bit.

But I don't think that you'll see them just throw up their hands and say, we're not doing tariffs anymore, right?

They're going to reinstitute most of these tariffs.

They want the revenue from it.

They want to have the political symbolism of sticking up for U.S.

manufacturers and U.S.

workers.

But I do think you'll find that they're not going to be quite as aggressive as they were before.

And yeah, there may be a few more holes in this tariff regime as they try to reconstitute it.

Using IEPA for tariffs was really a silver bullet for the Trump administration.

It allowed them to impose these things at a drop of a hat.

It allowed them really unilateral authority over access to the U.S.

market, which is just such a prized thing for every country in the world, right?

And so I'm going to be very interested to see not just how they react economically, but