Henrietta Treyz

I agree.

This is just a tremendous day, a huge win for the Constitution, for folks who cover tax policy, for anybody who remembers the Revolutionary War.

We fought against specifically a taxation power that Congress did not have any say over.

So this is, in my opinion, the largest and most impactful macroeconomic ruling the courts have ever delivered.

So just a tremendous day.

It is in line with what the market was expecting.

You can see that investors were very prepared to rip the retail stocks, everybody who's been exposed to the 40% transshipping tariffs, the ad hoc 50% tariffs on Brazil, the wide-ranging threats of 200% tariffs on French wine that have just been spewing out of the White House for 12 months now.

So it's really an exhilarating day, an incredible day for the Constitution.

Absolutely.

I think there's two ways to look at this.

First of all, this is exceptional news for President Trump.

Americans hate the tariffs.

They know their taxes.

They know that they're driving inflation and they don't like them.

So now that that authority has been stripped away from him, the president no longer has to collect these taxes.

It's up to him to decide whether he wants to migrate into new and different authorities like Section 122 that give him the ability to impose tariffs at a 15 percent rate for the next five months.

If he wants to do that, he can go ahead on.

But the American public will be very grateful that the Supreme Court struck these tariffs down and even more grateful if he keeps them off.

So that's one way of looking at it.

And Republicans on Capitol Hill are staring down the barrel of a very ugly affordability narrative election cycle.