Tariffs are an economically costly, revenue-raising tax on American consumers. Relief from the IEEPA tariffs will benefit American consumers, but risks remain that the administration will pursue similar levies through other statutory authorities.

Until lawmakers recommit to traditional procedural guardrails, we should expect the appropriations process to become weaker as an oversight mechanism and deficits to grow ever larger.

Last week on Capitol Hill, we discussed a risk that is becoming more real every day that Congress delays fixing the debt: fiscal dominance—when rising federal debt pushes the Federal Reserve to prioritize financing government spending over controlling inflation.