Mexico killed its most-wanted drug lord. A wave of violence followed.
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What is the main topic discussed in this episode?
Good morning. The Supreme Court's ruling on Trump's tariffs raises new uncertainties. Axios talks us through what could happen next.
It was really easy for the president to wield tariffs as a threat on almost any issue. And now it's a little bit more complicated.
Mexico's most wanted drug lord is killed, setting off a wave of violence inside the country.
What were the implications of the Supreme Court's ruling on Trump's tariffs?
And the Winter Olympics draws to a close. The Athletic looks back at Team USA's medal haul. It's Monday, February 23rd. I'm Yasmeen Khan, and this is Apple News Today. Businesses, diplomats and politicians spent the weekend trying to make sense of the implications of the Supreme Court's decision last Friday to strike down the Trump administration's tariffs and the subsequent angry response from the president.
The Supreme Court's ruling on tariffs is deeply disappointing. And I'm ashamed of certain members of the court, absolutely ashamed for not having the courage to do what's right for our country.
After lashing out at the justices, Trump announced a 10 percent global tariff on imports, which later went up to 15 percent. The court's majority opinion said that the power to tax and impose tariffs belonged to Congress. Chief Justice John Roberts went further, adding that the framers did not give any part of the taxing power to the executive branch. Trump has a plan B, which relies on a different, untested argument based around a part of the 1974 Trade Act. Courtney Brown is a senior economics reporter at Axios and explained it to us.
Section 122, which dates back to the 1970s, says a president can impose tariffs if there is a balance of payments crisis, a big plunge in the dollar, for instance, related to a trade deficit. And there are some lawyers that have been quite vocal over the weekend in my inbox and On Twitter, other social networks, on television saying that I'm not sure that really fits the condition of the United States right now.
That probably means more legal challenges.
What happened during the military raid that killed Mexico's most-wanted drug lord?
But it might not matter as these tariffs lapse after 150 days without congressional approval. As businesses try to make sense of how this new tariff affects them, many will be wanting a refund on what they've already paid. Around $140 billion has been generated by the tariffs, according to one estimate, and it'll now be up to lower courts to decide what the administration's obligations are.
Justices said in the oral arguments that that process would be, quote, a mess. And I think that's right. I think it will be a little bit of a mess. The U.S. has done something like this before. The U.S. has sent refunds for tariffs paid, but not to this large a scale. And so there are so many questions about whether small businesses will have to go to court and try to get a refund or whether it will happen automatically. They're just no one knows.
A forecast from researchers at Yale suggested the tariff rate would only be about 2% lower than what it was before the Supreme Court ruling, thanks to Trump's retaliatory announcement. U.S. Trade Representative Jameson Greer told ABC that Trump remained convinced by the value of tariffs, even as polls suggest public disapproval.
The reality is we want to maintain the policy we have, have as much continuity as possible, make sure that business understands this is the direction we've been going. We're going to continue going this way. And there's been a through line to President Trump, Biden and President Trump again, that we're going to have tariffs, we'll have tariffs on China, we'll protect U.S. industry. It's actually not as big a change as people might think that it is.
Brown, from Axios, told us that not much is likely to change for businesses working with countries that Trump has signed recent trade deals with, provided both sides honor the agreement. But it could still create uncertainty for those yet to be finalized. Officials for both the European Union and India are considering postponing ratification with the U.S. until the White House offers more clarification on its policy. Some analysts predict that, as before, the cost of these tariffs will be absorbed largely by U.S.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:05–0:28
2
What were the implications of the Supreme Court's ruling on Trump's tariffs?
0:28–2:16
3
What happened during the military raid that killed Mexico's most-wanted drug lord?
2:16–7:37
4
How did President Trump respond to the Supreme Court's decision on tariffs?
7:37–14:14
Speakers
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