PBD Podcast Trump's State of the Union + Supreme Court Tariff Troubles | PBD #746
23 snips
Feb 25, 2026 
Kenneth Rogoff, economist and former IMF chief economist, offers sharp analysis on tariffs, trade fights, and global finance. They unpack the legal clash over presidential tariff power and potential importer refunds. Conversations also cover U.S.–China tensions, supply-chain pain for small businesses, and AI’s impact on markets and national security.
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Court Ruling Was Procedural Not Substantive
- Tom Ellsworth clarified the Supreme Court's decision targeted the president's authority and procedure, not tariffs per se.
- He noted Congress could retroactively ratify the tariffs to restore certainty and bargaining power.
Uncertainty From Tariffs Hurts Small Importers
- Kenneth Rogoff highlighted how tariff unpredictability hits small importers hardest through administrative fees and paperwork beyond duty rates.
- He emphasized that uncertainty, not only tariff levels, damages small businesses' operations and planning.
Target Tariffs To Clear National Security Needs
- Kenneth Rogoff recommended focusing tariffs on genuine national security items and using established procedures rather than free-form executive action.
- He argued process constraints protect against capricious economic moves while preserving tools for true security needs.