President Trump has inaugurated a tariff regime that many viewed as radical, yet it has led to a surprising shift in attitudes among political and financial circles, who now express relief at a potential pause. Trump has also taken aggressive steps to deregulate, instructing departments to review regulations that may conflict with constitutional standards, indicating a strategic shift towards more aggressive legal maneuvering. This tactic could result in extensive litigation as Trump challenges regulatory norms, while simultaneously aiming for trade negotiations with 75 countries.
President Trump has imposed a tariff regime that would have horrified much of the political and financial establishment just a few months ago, and now, they are happy that he did not do more.
For better or for worse, Trump set off a firestorm, and then made people happy even as he kept many of the tariffs he wanted. He showed remarkable flexibility and an ability to extricate himself from a mess of his own creation.
Trump ordered departments to review every regulation that might be unconstitutional, conflict with Supreme Court rulings, or impose costs exceeding the benefits.
Expect a flood of litigation with demands that the court define the contours of previous decisions. Trump's asking for everything here, at some risk: He could wind up getting very little.
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