Steven Woldenberg

It takes more than a temporary change in our trading policy to throw us into a recession.

We just have so much diversification, so many assets, so much wealth that it takes something like a once-in-100-year pandemic or the bursting of a financial bubble like we saw in 2008 to throw us into a recession.

And what I learned about trade policy, and I want to be fair to President Trump, is that we do have these legal trade authorities that he used in the first term, which sometimes can be beneficial for...

global trade and for penalizing our trading partners like we saw with China when they're not acting in a fair manner.

So I think that we'll probably see prices stabilize, particularly if the president starts to remove some of the tariffs that have proven to be unpopular.

It's a real question as far as what the White House and the Republicans in Congress are going to do in advance of the midterms.

Republicans in the House are obviously concerned about losing to Democrats and potentially even the Senate.

Some people are speculating that you'll see a bill coming out of Congress that will rebate some of the costs of tariffs directly to American households.

And the second thing is we're going to see a bunch of legal challenges to the tariffs that will determine exactly what happens moving forward.

So you've heard of these Section 122 tariffs the president announced after the Supreme Court decision.

It's incorrect.

Their decision's incorrect.

But it doesn't matter because

We have very powerful alternatives that have been approved by this decision.

Those are universal tariffs of 15%.

The tariffs can only be in effect for 150 days and then require congressional approval.

We don't have such a crisis.

So a strict reading would strike it down.

There will be a court ruling on whether or not he can use those.

And there's also a question as far as the rebates.