00:00Between frenzied rounds of trade talks and a Supreme Court case,
00:04President Trump's love of tariffs like the kind he rolled out over the past year
00:08remains in effect today.
00:09To understand how we got here, let's rewind to April 2025.
00:13Trump stood in the White House Rose Garden and declared what sounded like a new U.S. national holiday
00:19he called Liberation Day.
00:20The announcement of his so-called reciprocal tariffs kicked off months of chaotic trade policy
00:25with threats against allies and adversaries and new deals with America's largest trading partners.
00:31But importers that paid these duties didn't agree that Trump's tariffs were legal,
00:35so they sued the government in a case that went all the way to the Supreme Court.
00:39And about 10 months after his big announcement, the Supreme Court ruled against the president.
00:44With a swing of the gavel, Trump's favorite tool for immediate economic leverage was gone,
00:49and the race for tariff refunds was on.
00:52Because Trump is still committed to his protectionist approach to delivering on his
00:56America First agenda, he quickly shifted to other powers at his disposal to use tariffs.
01:01But some of those are temporary, and others require an investigation that can take months
01:06before tariffs can be implemented.
01:08So while the Liberation Day tariffs are gone, it's going to take the global economy more than
01:13a year to digest the tools of trade that Trump plans to use next.
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