The Rest Is Money 255. Trump trade tariffs - who is calling the shots?
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Feb 26, 2026 Conversation covers the fallout from the Supreme Court limiting presidential tariff power and what that means for US trade policy. They explore the mechanics and reach of a proposed 15% global tariff and the legal fights over refunds. UK manufacturers’ warnings and the political pressure on UK-US trade plans get highlighted. The economic and business risks, plus potential winners from tariff litigation, are discussed.
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Trump's Optimism Masks Tariff Pain
- Donald Trump's optimistic State of the Union rhetoric contrasts with Americans' lived experience because tariffs have raised consumer costs and stickier inflation.
- Robert Peston highlights Trump's claim that tariffs aren't paid by Americans as factually wrong and politically risky for him.
Prepare For Rapid Tariff Rule Changes
- Expect short-term legal and policy shifts: Trump moved from emergency powers to section 122 of the Trade Act to impose a 15% global tariff for 150 days.
- Businesses should prepare for rapid regulatory change and pricing uncertainty while monitoring legal outcomes.
Court Cut Trump's Targeted Tariff Power
- The Supreme Court ruling removed Trump's ability to impose targeted tariffs under emergency powers, limiting his bully-card leverage against specific countries.
- Robert Peston notes future routes require formal investigations or blanket global tariffs, reducing bespoke punishments.