Ironsides Macroeconomics 'It's Never Different This Time'

Ironsides Macroeconomics 'It's Never Different This Time'

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Tariffs are a Tax

The Supreme Court decided tariffs are a tax and the use of IEEPA violated the major questions doctrine.
Barry C. Knapp's avatar
Barry C. Knapp
Feb 23, 2026
∙ Paid

Here is a video summary of our February 21 note, Tariffs are a Tax

Figure 3: We were surprised the effective rate dropped sharply in December.

Barry C. Knapp

Managing Partner

Director of Research

Ironsides Macroeconomics LLC

908-821-7584

bcknapp@ironsidesmacro.com

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