Hey guys, Catherine Rampel here. I'm the economics editor at the Bullwork and the author of the

Receipts Newsletter. I recently had the pleasure of interviewing Mike Frommon, who was the former

U.S. trade representative under Barack Obama and is now the president of the Council on Foreign

Relations to talk a little bit about his thoughts on the landmark Supreme Court ruling,

striking down Trump's tariffs.

Take a watch.

Thank you so much, Mike, Ambassador Fruman, for joining us.

Thanks for having me.

Mike is fine.

Mike is fine.

Okay.

I always defer to the guest.

I figure I'll let you correct me.

Only my children are required to call me Your Excellency.

Why don't we start with your just giving me your top line reaction to the court's decision today?

So first, I think it's important to just note that the court made a decision.

And by a majority of 6-3, that the court provided, I thought, important oversight of the administration.

And regardless of what it thinks about the substance, at a time when a lot of people are questioning institutions and whether the checks and balances of our system are working, this is an example of checks and balances working as the founders intended. So I think that's a very positive thing. On the,

on the decision itself, what was significant about it is a very clear decision that IEPA,

the International Economic Emergency Economic Powers Act, cannot be used to impose tariffs.

And the court looked at the fact that it had never been used that way, that there's no mention of the word tariffs,

the taxing power lies with the Congress.

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