Kimberly Adams

One of the many, many rationales that the administration had for tariffs in the first place was the idea of shrinking that trade deficit, which is apparently now a balance of payments thing, but whatever.

We've got new data from the Bureau of Economic Analysis showing that despite everything,

the trade deficit hasn't actually shrunk that much.

Why hasn't, why haven't the tariffs worked and what now?

I was talking to folks over at the JPMorgan Chase Institute and they have access to like this whole other set of data from their private clients.

And so they can really see how money is moving.

And they put out a report on what mid-sized businesses have been doing and found that mid-sized businesses, I guess they had it like employees, like 50 to 499 employees revenues, like under a billion dollars, something like that.

But that their tariff payments have gone up three times, but their international payments have remained about the same.

So they're paying the same amount to their foreign suppliers.

They're just paying more in tariffs.

They haven't actually started shifting more of that spending domestically.

They have moved that spending around.

There's a little bit less spending in China in particular just because they had the worst of the worst of the tariffs.

But they're pretty much just shifting it to other countries.

So the other...

rationale, which was floated that the administration has put out that, oh, this is going to make these companies spend more on American businesses.

That hasn't turned out to be true either.

All right.

So this tariff decision is not the only big Supreme Court decision we've been waiting on that could have a big impact on the economy.

What else are you watching from our highest court in the land?