Billions in Tariff Refunds — Who Gets the Money?
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What is the main topic discussed in this episode?
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Welcome to Profiteer Markets.
I'm Ed Elson. It is February 24th. Let's check in on yesterday's market vitals. The major indices fell after tariff uncertainty resurfaced. Renewed AI jitters also rattled investors. Software companies were hit especially hard after a viral post from Citrini Research reignited concerns about AI's impact on the economy. Meanwhile, Bitcoin continued to slide and gold and silver both rose. Okay, what else is happening? For a fleeting moment, it looked like the courts had put an end to Trump's tariffs. In a 6-3 ruling on Friday, the Supreme Court decided that Trump can't use emergency powers to impose sweeping tariffs. Stocks and treasury yields rose on the news. Trump then called the decision, quote, ridiculous and extraordinarily anti-American, and then he moved to plan B.
Within hours of the ruling, he announced a blanket 10% tariff on all imports, and then he said he'd bump it up to 15% on Saturday. This time, he's leaning on Section 122 of the Trade Act of 1974, which gives the president authority to restrict imports for up to 150 days. Stocks gave back their gains on Monday as investors digested the whiplash. So many important questions remain. What exactly has changed here? What will happen with tariff refunds? Will consumers and small businesses get any relief? Lots of questions here to help us answer some of these. We have a panel of experts today. We've got Peter Harrell, visiting scholar at the Institute of International Economic Law at Georgetown Law School, and also Ryan Peterson, CEO of Flexport.
Peter, Ryan, thank you very much for joining us on Prof G Markets. Peter, we will start with you. A lot has happened over the past three days. Give us your initial reactions to the Supreme Court's ruling and also Trump's reaction to the ruling.
Yes, we got the Supreme Court decision on Friday. I don't think the Supreme Court decision really came as a surprise for those of us who had listened to the Supreme Court hearing back in November. It seemed like a majority of the justices were skeptical of Trump using this 1970s era emergency powers law for his tariffs. So not really a surprise there.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–12:51
2
What recent Supreme Court ruling affects Trump's tariffs?
12:51–14:04
3
How did Trump respond to the Supreme Court's decision?
14:04–14:25
4
What are the implications of the new 10% and 15% tariffs?
14:25–15:19
5
What questions remain about tariff refunds?
15:19–16:17
6
Who are the experts discussing tariff implications?
16:17–35:38
Speakers
6 identifiedMore from Prof G Markets
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