Henrietta Treyz

They have a number of trade deals that they have signed.

I believe there's about eight at this point, and many of them include a reciprocal tariff of 10 percent in the case of the UK or 19 percent in the case of Indonesia.

Those tariffs are illegal.

The Supreme Court has told the Customs and Border Patrol people this authority is not permitted.

So it's the importers who are going to rise up and say, I'm not paying.

It doesn't matter what the countries independently decide or whatever the White House says.

appreciate the question paul i am widely wildly out of consensus on this but what i just described on section 122 is just one of the many alternates and alternatives that the president has section 301 which is you know 350 billion dollars worth of tariffs on china we could re-up that

and apply it to the EU, the UK or Brazil.

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.