00:00Let's be 100% clear, the Trump administration sees tariffs as a critical part of its economic
00:08policy. The issue that was heard and decided by the Supreme Court was not whether that's a good
00:15idea or a bad idea, it's whether or not the power that was used by the US administration
00:20to issue these reciprocal tariffs, which was the IEEPA, was actually legally enforceable,
00:29and what they found was it's beyond power and is not legally enforceable. That doesn't mean the tariff
00:35policy approach changes, it means that they'll go after tariffs in a different way. And it's not
00:41as though the only power they were using anyway was the IEEPA, they were using other powers. They
00:48were using Section 232 and 301, and these have been used before. The problem they have with those is
00:57not whether they're legally effective or not. There's actually a process that needs to be
01:01followed in order to deliver it and actually is a deliberative process as well.
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