Good Thursday. Here’s what we’re watching:

• The leeway in President Trump’s tariff order.

• President Trump authorizes tariffs.

• What happens when the bond market and the Fed disagree?

• Cigna struck a big deal for Express Scripts.

• The White House plans to unveil its tariffs today.

• Protesters want Visa to stop processing sales of assault-style rifles.

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The leeway in President Trump’s tariff order.

President Trump has backed trade restrictions for much of his public life, but his tariff orders have some wiggle room. This leeway could come in useful if his administration needs to step back in the face of economic or political pressure.

First, the secretary of commerce, Wilbur Ross, has leeway to exempt certain steel and aluminum imports from the restrictions if he determines that the United States lacks the capacity to produce them. There is also a national security exemption, notable since national security concerns are the legal basis for the tariffs.

The Secretary has also recommended that I authorize him, in response to specific requests from affected domestic parties, to exclude from any adopted import restrictions those steel articles for which the Secretary determines there is a lack of sufficient U.S. production capacity of comparable products, or to exclude steel articles from such restrictions for specific national security-based considerations.

Second, the order leaves the door open to discussions with allies other than Mexico and Canada, which are currently exempt. It says that a country that has a security relationship with the United States is welcome to discuss ways to allay the United States’ national security concerns. If successful, the president might decide to modify or remove the tariffs.

Any country with which we have a security relationship is welcome to discuss with the United States alternative ways to address the threatened impairment of the national security caused by imports from that country. Should the United States and any such country arrive at a satisfactory alternative means to address the threat to the national security such that I determine that imports from that country no longer threaten to impair the national security, I may remove or modify the restriction on steel articles imports from that country and, if necessary, make any corresponding adjustments to the tariff as it applies to other countries as our national security interests require.

— Peter Eavis