Free Trade

Lots of Trump's Tariffs Expire on Friday. It's Thursday Afternoon, and No One Knows What Will Replace Them.

The U.S. economy is not a reality show. The Trump administration should stop acting like it is.

Eric Boehm | 7.23.2026 4:30 PM

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(Chris Kleponis - CNP/Polaris/Newscom)

Consider one of the biggest challenges facing American businesses in the midst of President Donald Trump's global trade war: As of Thursday afternoon, no one knew what tariffs would be charged on which imports entering the country as soon as Friday morning.

Trump is no stranger to improvisational, make-it-up-as-you-go policy, but even by his standards, this is pretty ridiculous.

To understand the wild uncertainty facing American businesses this week, you have to back up a few months. In February, the Supreme Court struck down many of the tariffs Trump had imposed last year when it ruled that the International Emergency Economic Powers Act (IEEPA) did not grant presidents the power to impose........

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