Are Trump’s tariffs worth the cost? Why this lawmaker says yes.

Yahoo Finance Video y Julie Hyman

Tue, February 24, 2026 at 9:00 PM GMT+9

After reconvening last week, the US Supreme Court (SCOTUS) ruled to strike down President Trump’s sweeping trade tariff policies. Trump has since announced a global tariff of 15%.

Before the court ruling, the Tax Foundation estimated that President Trump’s tariff policies could cost each US household roughly $1300. The additional 15% tariff adds about $700 to that total.

US House of Representatives (R-NY) Rep. Mike Lawler sits down with Market Catalysts host Julie Hyman to discuss Trump’s tariff strategy, arguing that it strengthens the broader economy.

To watch more expert insights and analysis on the latest market action, check out more Market Catalysts.

For more on the Supreme Court’s tariff ruling, check out these videos:

Trump responds to SCOTUS tariff ruling: It’s ‘deeply disappointing’

SCOTUS struck down Trump’s tariffs. Now what?

Supreme Court tariff ruling: Here’s everything you need to know

SCOTUS tariff ruling: Markets need to understand ‘2 things’

Trump tariffs ‘overstepped’ constitutional bounds: Ex-Watergate prosecutor

What the tariff ruling means for already-negotiated trade deals

SCOTUS ruling: What a remedy to Trump tariffs could look like

Could Trump use a reconciliation bill to push for new tariffs?

Video Transcript

00:00 Speaker A

One, is this the best way to negotiate those new trade deals? And secondly, what makes it worth it? In other words, if you look at Tax Foundation estimates before this latest Supreme Court overturning, they were looking at an average co cost to US households as a result of these tariffs of I think $1,300 for this year. Post the changes now and the new tariffs that the president’s put in place, they’re looking at what about $700 in additional cost this year related to tariffs.

00:35 Speaker A

And even if you view it as temporary, we, I mean, you well known the strain that US households and some of your constituents are under. So how do you sort of sell it to them as it’s worth it, right? To get some of these trade deals that you’re talking about?

00:56 Speaker B

Well, first of all, you have to look at the economy on the whole. Uh we were digging out of a disaster under Joe Biden uh and Democrats in Washington that gave us record inflation, that jacked up the cost of living uh on every American by several thousand dollars. Uh we have been able to start to reverse that and bring it down. We delivered the largest tax cut in American history including in my case, lifting the cap on salt, the average New Yorker is seeing a $4,000 tax cut, uh as they go to file their taxes this year.

01:40 Speaker B

Inflation is down from where it was under Biden, but there’s still more work to do. Uh you look at the economy, it is growing. uh Q three uh growth significantly better than the prognosticators in the media and elsewhere. uh and the job market is growing. But of course, there is more work to do. When you look at housing, for instance, the average mortgage cost was up $1,000 a month under Joe Biden. We are reversing that. Uh you look at healthcare costs.

02:16 Speaker B

Obamacare has not actually produced what Democrats said it would in terms of reducing the cost of insurance premiums. We have put forth legislation that would actually bring down insurance premiums by 11%. Every Democrat voted against it. So there is a lot of work ahead of us on housing, on healthcare, on energy, on grocery prices that we continue to focus on. Uh I think, you know, many of the prognosticators said that tariffs would devastate the stock market, they would devastate the economy.

02:51 Speaker B

That has not proven to be true. Uh in fact, the stock market has continually hit record highs uh and is hovering around 50,000. So, you know, all of the prognostications here have not actually worked out the way many pundits have said it would. The question is what is the right path forward to not only grow our economy, but bring manufacturing back. You look at a state like New York, New York has been devastated by manufacturing leaving the state over 40 years.

03:30 Speaker B

Upstate New York, uh you know, you have economic deserts uh along the I-90 corridor, precisely because of some of these policies by prior administrations that allowed uh manufacturing to leave the state. So the question and the country, and the question is how do we actually reverse that? Tariffs are a vehicle to force trade renegotiations. We have seen it with the EU, we have seen it with China, we’ve seen it with Japan and Korea, uh and there’s more work to do.

04:09 Speaker B

As I’ve said, if it’s a permanent, uh, you know, uh, tariff policy, I don’t support that, but as a vehicle by which to force change and bring uh, you know, onshoring of businesses back into the US, that is a positive step and you’ve seen trillions of dollars of economic investment in the country, uh, as a result of it.

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