Everybody’s attention has been focused on the Iran War ,1 but I want to draw your attention back to a different war — the prior Trade War . Eighteen months ago, the Trump administration was elected to its second term. After November 2024, there was a lot of noise about what people thought would happen. When Liberation Day rolled around in 2025, many observers, including long-standing Wall Street supporters, were shocked. The first tariffs were on Canada and Mexico, voiding the deal the president himself had renegotiated; then came 100% tariffs on China, then a long list of other tariffs. There was a problem with this executive-branch muscle-flexing: It was ( obviously ) unconstitutional. Article I, Section 8 of the U.S. Constitution specifically delegates the power to lay and collect duties, taxes, and excises to Congress.2 This was an unambiguously executive-branch overreach—arguably done in bad faith.3 The U.S.…