Trump says sometimes there's no choice

Summary

Trump stated he ‘doesn’t want to use it, but sometimes has no choice,’Zhitong coinciding with his recent assertion that he does not need Congressional approval to impose tariffsSina Finance. This rhetoric aligns with emerging narratives that the US faces bankruptcy without aggressive tariff revenue.

Impact Analysis

Listen, this ‘I have no choice’ line isn’t just a throwaway comment—it’s the preamble to an executive order. Connect the dots: he’s already claiming the Supreme Court backs his tariff authority and explicitly said he doesn’t need Congress Sina Finance. Now he’s framing a controversial move as an existential necessity to avoid ‘bankruptcy’ .

The market is treating this as standard protectionist noise, but the signal here is speed and unilateralism. If he bypasses the legislative process using emergency powers, we get immediate implementation, not a 6-month debate. That means the inflation shock hits faster than the Fed is modeling.

Bottom line: I’m worried about importers and retailers who haven’t hedged supply chains yet—they’re going to get crushed. This strengthens the case for a hard ‘US-first’ rotation. Long domestic industrials, short consumer discretionary with high Asia exposure. And keep an eye on the long end of the curve; volatility is mispriced if he pulls the trigger this week.