Henrietta Treyz

All of those have been threatened.

But think about what functionally that means.

It means that individual businesses will have to go out again, get their trade lawyers on the payroll to comply with brand new, potentially even unused authorities that they'll have to comply with once again.

Is it a

15% tariff rate under Section 122.

Does it exist now?

When's the president going to put it on?

What do I need to worry about with the national security tariff?

The confusion and the uncertainty, which were the buzzwords following Liberation Day in April, are going to come roaring back in the event the president decides to migrate away from IEPA and move into new and different authorities.

I think it would be extraordinarily disruptive.

And again, with my eye on the election cycle and the affordability narrative, the president, I think, is already on a very tight leash and he's not going to have the leeway to fully reimpose anywhere near the revenue that has been collected by so far.

So I don't think these tariffs will ever come back at their current level.

And I think they will be much more restrained going forward.

Man, I mean, that is a pretzel of some logic they're going to have to work through here because, of course, the president has been saying that the tariffs have been a huge boon to the U.S.

economy.

None of that is true.

We just saw a very soft GDP print.

We see that manufacturing jobs have lost 72,000 in the last year since Liberation Day.

We see that prices have increased across a lot of the retail.

space.