The Legality of Trump’s Tariffs and U.S. Trade Power

As the Supreme Court takes up one of the most consequential trade cases in decades, former Biden administration official and Yale-trained lawyer Peter Harrell joins Jacob L. for a real-time breakdown of what’s at stake. Together, they cut through the legal jargon to reveal how a 1977 emergency powers statute became the foundation for Donald Trump’s sweeping tariff regime—and why the Court’s decision could reshape U.S. trade, markets, and global power. A crash course in law, economics, and political brinkmanship. -- Timestamps: (00:00) - Introduction (00:45) - Supreme Court and Tariff Legality (05:09) - Understanding IEPA and Its Implications (15:30) - Potential Outcomes and Impacts (22:24) - US-Mexico-Canada Trade Relations (26:27) - Mexico's Trade Challenges (26:35) - Trump Administration's Legal Battles (27:49) - Supreme Court's Role in Tariff Decisions (28:20) - Foreign Governments' Reactions (30:36) - Impact of US Elections on Trade Policy (34:46) - Historical Context of Tariffs (38:25) - Trump's Trade Deals with Cambodia and Malaysia (43:24) - Future of US Tariff Policy (48:39) - Implications for Small and Medium-Sized Businesses -- Referenced in the Show: Peter Harrell - https://carnegieendowment.org/people/peter-harrell?lang=en Twitter - https://x.com/petereharrell -- Jacob Shapiro Site: jacobshapiro.com Jacob Shapiro LinkedIn: linkedin.com/in/jacob-l-s-a9337416 Jacob Twitter: x.com/JacobShap Jacob Shapiro Substack: jashap.substack.com/subscribe -- The Jacob Shapiro Show is produced and edited by Audiographies LLC. More information at audiographies.com -- Jacob Shapiro is a speaker, consultant, author, and researcher covering global politics and affairs, economics, markets, technology, history, and culture. He speaks to audiences of all sizes around the world, helps global multinationals make strategic decisions about political risks and opportunities, and works directly with investors to grow and protect their assets in today’s volatile global environment. His insights help audiences across industries like finance, agriculture, and energy make sense of the world. --