Natalie Kitroweth

You know, Trump had threatened something like 125 percent tariffs on China.

He had put very high tariffs on China before they were ruled illegal.

And now China has this much lower rate.

So I wonder where that leaves us.

So, okay, just thinking about where all this leaves Trump on the global stage.

Moving forward, obviously the president now has just lost this major source of power that he's been relying on.

What the broad tariff authority had given him was leverage in dealmaking, not just on trade deals, right, but also in his foreign policy generally.

He's been achieving what he wants around the world in part by using tariffs as a cudgel to force countries to the table, to force them to give him things they want.

Now he doesn't have that.

What impact does that loss of leverage have?

Tyler, let's start with you.

That's interesting.

You're saying basically that the authorities that the president is now using as an alternative may themselves be challenged.

I just want to push, though, on something, which is that we're talking about the president having a weaker hand in negotiations, being more constrained.

And legally, that is functionally true, right?

He can no longer just wake up one day and slap 50 percent tariffs on major trading partners.

But I still think, though, that for a lot of people, it's just hard to believe that that's actually going to happen when you see Trump getting up there at his presser on Friday and essentially saying that's not going to work.

I am going to find ways to put tariffs in place and they're going to be even more severe.

You're saying this is something we haven't really seen in any major way until this ruling.

And we don't actually know how Trump is going to respond.