Brian Kelsey, a senior attorney at the America First Policy Institute who helped write a brief to the Supreme Court defending the tariffs, argues that IEEPA gives Trump the authority to impose tariffs (Kelsey is a former Tennessee state senator who received a pardon from Trump earlier this year):

President Donald Trump on Thursday acknowledged that U.S. consumers are paying more for goods because of the tariffs he has set, a shift in rhetoric even as he insisted that the policy has benefited Americans overall.

China’s exports have declined for the first time since the US unleashed its “liberation day” tariffs in April, highlighting the impact of months of trade tensions even as the two powers struck a truce.

Nowhere is the toll of Trump’s trade policies more apparent than in Canada’s manufacturing heartland in the provinces of Ontario and Quebec.

The IKEA brand owner said operating profit for the financial year ended August 31 was 1.7 billion euros ($1.98 billion), down from 2.3 billion euros the year before, while revenue fell to 26.3 billion euros from 26.5 billion euros, after it cut prices.

Honda has reported a 37% drop in profit for the first fiscal half through September. The impact of tariffs from President Donald Trump and unfavorable currency rates offset strong motorcycle sales.

Competition, whether from overseas rivals or second-hand goods, has kept the price of furniture relatively low. New tariffs may boost U.S. makers — and raise prices.

Trump touted his tariffs as a key factor in making trade deals with other countries and said it would be devastating if they were overturned. He emphasized the need for the executive branch to be able to enact tariffs quickly without relying on Congress and emphasized how much money has been taken in.