Good morning - join me in getting ready for the 10 AM landmark Supreme Court oral arguments on the cases that will decide if Pres. Trump has constitutionally valid authority to impose his broadest tariffs. You can listen in live to the Court here 1/ supremecourt.gov/oral_arguments… ICYMI, here's the memo I wrote explaining the stakes. This is an very consequential cases deciding limits on presidential power w/ big implications for accountable governance. Tariff rates arent the core issue...there are other authorities for that. 2/ rethinktrade.org/wp-content/upl…

The Fed. Circ. Appeals court just ruled on Trump's tariff authority, affirming the Crt of Intl Trade that the Int'l Emergency Economic Power Act doesnt provide authority for the expansive "reciprocol" & "fentanyl" tariffs. But nuanced...6 key things: 1)The tariffs stay in place🧵 at least until mid-Oct. The ruling is stayed to allow the administration to decide whether to appeal to the Sup Court. AG Bondi said they are. When they file for certiori, the ruling will be stayed/tariffs stay until Sup Court decdes. Here's the ruling 2/ storage.courtlistener.com/recap/gov.usco…

BREAKING: Trump admin just whacked tariff collection & import inspection w/ a waiver of Customs rules! This undercuts promised May 2 end of de minimis loophole tariff evasion for China’s goods & “Liberation Day” revenue. Why? DHL is bragging re “constructive dialogue” w/ admin.🧵 The change is stealthy. Per image above, on April 28, the admin quietly did a Fedl Register notice waiving longstanding Customs rules requiring “Formal Entry” for goods valued $250+ subject to ‘penalty’ tariffs, which post April 2 is almost everything 2/
federalregister.gov/documents/2025…

Here’s my promised deep dive 🧵on Trump’s tariff plan. Every time I’ve been about to post, the policy changed… Yesterday Trump announced a 90-day implementation pause on certain tariffs and upped China rate - but the agenda is still based on the April 2 plan. Let’s dig in👇👇 1/ The market drops partly reflect powerful corporate/financial interests not wanting change. But it’s also from tariff MALPRACTICE. I unpack why April 2 moves have been all downside/no upside. But, now, most critical is maximum TRANSPARENCY in negotiations during pause. 2/

There are lots of hot takes on Trump’s April 2 tariffs, some wildly uninformed and/or silly. I will share my own concerns. But first, here’s what we actually know so far about tariff rates, covered countries, excluded goods, and the de minimis loophole: 🧵 1/ TARIFFS: 10% add'l on every nation but MX & Can where goods meeting USMCA rules are duty-free, non-conforming get a 25% duty, & Can oil is 10%

57 nations have higher rates listed in EO Annex I. There is no stacking on the 10%. So China=34% EU=20%,etc. 2/ whitehouse.gov/presidential-a…

🧵about Trump’s 2/1/2025 tariff “plan”… Tariffs are a powerful, effective tool to deliver certain goals. But Trump’s Canada/China/Mexico tariffs make zero sense. And even undermine tariffs’ legit uses, as the UAW president rightly notes. 1/11

https://x.com/UAW/status/1885867801480724548

The official stated purpose of 25% tariffs on all Mexican and Candian goods and 10% on all Chinese goods (added to 20ish% existing tariffs on 2/3 of Chinese imports) is pressure re. fentanyl trafficking and unauthorized migration 2/11 whitehouse.gov/presidential-a…

HOLY SH!T: Bipartisan congressional commission urges end to China’s favorable US #trade status! Why is US-China Economic & Security Review Commission suggestion to suspend #China Permanent Normal Trade Relations (PNTR) a big dang deal? Read on🧵@USCC_GOV uscc.gov/annual-report/… 2/ During the epic 2000 battle over China being granted endless PNTR “most favored nation” status to join WTO, Pres. Clinton, blocs of Dems and GOP in Congress and The Very Serious People slammed anyone against “China PNTR” as idiots & protectionists with no vision for the future