Gavin Bade

The first one, it's under what's called Section 122.

And this allows the president to impose tariffs for up to 150 days.

It's very time limited.

He said we will impose a 10% tariff across the globe.

So kind of reinstituting his global minimum tariff that he had done under IEP.

The International Emergency Economic Powers Act.

So that tariff authority will act as a stopgap while they get other tariffs ready.

And those other tariffs will come under what's called Section 301 of the Trade Act.

That is also a very legally defensible option.

There are many tariffs already on the books under Section 301.

It's also what Trump used in his first term for tariffs on China.

But the whole thing is you have to do an investigation.

You have to gather evidence.

You have to write a report.

So that all takes time.

Trump wants to do these things immediately.

So he has this kind of one-two step.

Okay, we've got our temporary tariffs, and then we will come back and have the longer-lasting ones later.

I don't think it'll affect a lot in the short term, right?

No one's going to make major investment decisions or maybe even shipping decisions based on this.