Gavin Bade

That is not an appropriate use of this law.

You're going to have to come up with another legal justification for these tariffs.

I think it's a big setback, so he's going to have to, you know, recalibrate his approach to economic diplomacy here.

Well, first and foremost, I think they've brought in a lot of money to the Treasury, right?

At last count, you know, tariffs as a whole have brought in about $250 billion.

Most of that has been through the IEPA tariffs.

You've also forced up costs for a lot of American businesses, right?

And for American consumers.

A lot of factory owners saying, I used to get a widget that I use in my factory.

I used to get it for less money.

Now I have to pass those costs on to consumers.

There's a couple reasons for this.

One is that many companies

were anticipating the tariffs and trying to front run them.

So you'll remember that Trump in April on Liberation Day said, we're going to put all these tariffs in place.

And then after a bunch of stock market upheaval, bond market upheaval, he paused them for a long time.

And so when he paused those tariffs, a lot of companies tried to bring in as much as they could, fill their warehouses so they wouldn't have to pay tariffs in the future.

That really ballooned the trade deficit in a few months of 2025.

Then after the tariffs got in place, you saw that trade deficit narrow a little bit, but you still saw more than us importing less.

What happened instead is that we just switched the places that we were importing from.