Kevin Hassett just dropped some heavy commentary on executive trade powers. According to him, the administration holds full authority to declare emergencies and regulate trade through tariffs or quotas when threats emerge. His logic? If there's an emergency situation, you need tools to manage trade flows—and tariffs plus quotas are the primary levers available.

What's particularly interesting is his mention of a "backup plan" even if the Supreme Court pushes back on their approach. This suggests they've war-gamed potential legal challenges and have alternative regulatory pathways ready to deploy.

For markets, this kind of policy flexibility creates uncertainty. Tariff adjustments can shift capital flows overnight, impact corporate earnings across sectors, and alter risk appetite for both traditional and digital assets. Worth monitoring how this plays out.