The Friday Switch
Open full sizeDebits & Credits, October 28, 2026. Laughs are nonrefundable.
Transcript. Panel 1, a warehouse manager holds a rolled carpet and a White House fact sheet: Section 338 tariff update, plywood removed, carpet added. Manager: “They took the plywood off the 50% list and put the carpet on. Effective October 30.” Panel 2, the manager stares at an HTS classification screen for an iron or steel valve, listing valves, check valves, and waste products, duty rate 50% either way. Manager: “Is the valve a ‘waste product’ until Friday? The duty is 50% either way.” Panel 3, Debit reads a Federal Register notice on court review of substance over form in tariff classification. Debit: “Substance over form. Or form over a 1930 statute. The Court will decide which one is still breathing.”
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This alert is for general information only and is not tax, legal, investment, or accounting advice. Consult your own advisers before acting. Carlos A. Schmidt, MBT, MBA, CPA · carlos@lapresallc.com · (917) 558-6393.