Hello everyone. Welcome to PWC TaxBite podcast series. My name is still Peter, but I'm very

pleased that I could manage to get Giovanni Ghesels in my virtual recording studio. Giovanni,

I don't think you need an introduction. You are well known. You are

experts in the field of trade, tariffs and many other items. And yeah, at the time of recording

of this podcast and around the first week off of March, you were also quite famous. You appear on

television. You appear in interviews, so that must

mean Giovanni, yeah, something is happening in the trade world and of course we don't

need to look far.

There is the recent US Supreme Court case on US tariffs and that's exactly what I wanted to, amongst others, talk with you

about today. Maybe for the audience, yeah, maybe good to give a bit of more context, the U.S.

Supreme Court took its decision. Can you recap a bit? What was the case about? What did the court decide and what is the impact, Giovanni?

Yes, thank you, Peter, for that introduction.

So yes, indeed, our friends across the ocean have stirred again the global trade pots and yeah, we see quite some changes there.

So we have what happened now a few weeks ago

So basically as soon as president Trump took office and yeah actually already in running for president

He made it very clear that he wanted to put America first and that he sees tariffs as an instrument of enforcing their agenda,

but also bringing production back to the US and being less dependent.

They have a large trade deficit.

They are a net importer of goods from around the world.

And he wanted to change that.

And he sees tariffs as an instrument.

And actually, very quickly,

...