Mark Hamrick and Peter Tchir break down the latest trade headlines. Peter talks about the possibility of the Supreme Court ruling against tariffs, which are projected to reach $300 billion in revenue by the end of the year. He thinks we need to “break the rules” on rare earth minerals and bring jobs back to the U.S. Mark argues that the tariff impacts are a “known quantity” and covers their impact on inflation, and thus potentially on Fed rates. He calls them the “primary tool” of the Trump administration and says we need to reset expectations on trade deals.