Paul Krugman

We understood the ability to interdict shipping is something Iran has done for 40 years.

It's key terrain.

They've used it as leverage.

The world is seeing what they'll do to fight back in that context.

And so we've heard them talk about taking various measures, and we're planning for all of them.

It's overwhelmingly obvious that this is all about harassing Powell, harassing the Fed, saying, got to cut rates.

Powell has fought back and the Fed is defying, and this is actually looking like a big flop for the administration.

I think there's essentially zero people who believe this was actually about suspicion of criminal wrongdoing.

I'm Paul Sweeney.

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We've been discussing, of course, the Supreme Court's ruling against those IEPA tariffs has thrown into question what that is going to mean for some of the tariff revenue that the U.S.

government has already collected.

As you can see there, IEPA really accounts for the majority of the trade remedy revenue that the U.S.

is raking in.