14.7 psi is the ambient pressure all around us, right? psi gauge inserted into a tire is measuring the *difference in pressure* between in the tire and outside the tire. I think you were sort of guessing that yourself in your question. It seemed like you were thinking along the right lines.
If the tire was so empty that it was less pressure than outside, you could imagine a negative reading on the gauge even though there’s some pressure exerted by the air lingering in the tire.
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