Paul Sweeney

Henrietta is our go-to expert on all things policy and economics.

She is the managing partner and director of economic policy at Veta Partners.

Henrietta, the market had largely anticipated this.

We saw it with the reaction in certain retail stocks, companies that would benefit from the rollback of these tariffs.

How are you looking at this?

A lot to see here.

And it's not just American stocks that are benefiting.

I'm looking at, for instance, LVMH, Hennessy in Europe, climbing on the news up 4.4 percent in European trading.

So companies that rely on exports to the U.S.

also benefiting from this ruling.

Paul asks a really important question, Henrietta.

Basic.

It's very basic.

Are tariffs rolled back starting today?

How does this all add up to what the president was planning to say in his State of the Union next week?

Because affordability was something that the White House has signaled it's really going to start focusing on, especially with the midterm elections coming up.

Now that the tariffs are ruled illegal by the Supreme Court, how does he fold that into his larger platform?

We should note that the president has responded.

According to Caitlin Collins of CNN, who tweeted out or posted on social media, President Trump commented on the Supreme Court ruling striking down his tariffs while inside the White House breakfast with governors this morning, calling it a, quote, disgrace, I'm told.

He told those gathered that he has a backup plan.