Independent Thinking Trump's tariffs: Are they here to stay?
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Feb 27, 2026 Creon Butler, director of Chatham House’s Global Economy and Finance Programme, gives economic analysis of tariffs. Heather Hurlburt, a Washington-based Chatham House analyst, explains political and policy drivers. They discuss why tariffs appeal to Trump, legal and administrative headaches from the Supreme Court ruling, revenue versus deficit tradeoffs, and how global supply chains and partner responses may shift.
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Why Tariffs Appeal To Trump
- Tariffs serve three political purposes for Donald Trump: extracting revenue, driving re-industrialization, and concentrating executive power.
- Heather Hurlburt explains tariffs are as much a political instrument for unilateral control as an economic tool.
Tariffs Produced Mixed Economic Results
- The tariff program had mixed outcomes: raised revenue, forced asymmetric deals, and promised investment that hasn't yet materialized.
- Creon Butler highlights lack of clear FDI increases and risks of geopolitical overreach like the Greenland episode.
Court Check Changed Politics Not Intent
- The Supreme Court ruling limited the president's initial legal basis and signalled judicial red lines around executive authority on trade.
- Heather Hurlburt says the decision reinforced public distaste for tariff-driven instability while not changing Trump's intent.