Powell Probe Stirs GOP Concern; Trump Vows 25% Tariff on Iran's Trading Partners

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Jan 13, 2026

John Tucker, a Bloomberg reporter, shares insights on the grand jury subpoena of the Federal Reserve, highlighting a rare bipartisan defense of Jerome Powell against political pressures. Alistair Bull, a senior editor at Bloomberg News, delves into the potential roadblocks for Fed nominations posed by Republican pushback, signaling a significant shift in Senate dynamics. They also discuss Trump's controversial proposal for a 25% tariff on Iran's trading partners, raising questions about global trade disruptions and enforcement challenges.

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INSIGHT

Probe Threatens Fed Independence

The DOJ's grand jury subpoena of the Fed without DOJ approval sparked rare bipartisan pushback protecting central bank independence.
Senator Tom Tillis vowed to block Fed nominees, potentially freezing Trump's ability to reshape the Fed.

INSIGHT

Minnesota Sues Over ICE Deployment

Minnesota sued DHS and Kristi Noem over a surge of ICE officers, calling it a politically motivated federal intrusion.
The lawsuit followed a fatal ICE shooting that sparked national protests and heightened scrutiny of deployments.

INSIGHT

Tariff Threat Could Roil Trade

President Trump's 25% tariff threat targets countries trading with Iran, risking disruption to major partners like China and India.
Implementation details were unclear, raising questions about feasibility and trade-truce consequences.

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On today's podcast:
1) President Trump faced rare opposition from key Republican lawmakers after Federal Reserve Chair Jerome Powell accused the Department of Justice of launching a grand jury investigation to pressure and intimidate the central bank. Senator Thom Tillis, a key Republican on the Banking Committee who isn’t running for reelection, vowed quickly Sunday night to oppose any Trump nominees to the Fed until the matter is resolved. Other Republican senators, including former Bridgewater Associates CEO Dave McCormick, offered more measured pushback on Monday. Tillis’s threat is a potential roadblock to Trump’s plans to bend the bank to his will. Opposition from Tillis would likely deadlock any Fed nominee on the Senate Banking Committee, which is divided 13-11 between the two parties. And under current Senate rules, it takes 60 votes to successfully discharge a contentious nomination from a committee and Democratic senators are highly unlikely to come to Trump’s aid.
2) Minnesota officials are suing over the “unprecedented surge” of US immigration authorities in the state, taking the Trump administration to court days after a federal agent shot and killed a Minneapolis woman. In a lawsuit filed Monday, the state accused the Department of Homeland Security and Secretary Kristi Noem of deploying thousands of officers in Minneapolis and Saint Paul out of a “desire to punish political opponents and score partisan points.” The state is arguing that the deployment unconstitutionally violates its sovereignty and is retaliation against its Democratic-elected leadership. Minnesota officials allege the administration’s policies — such as having officers wear masks — violate state laws and that agents are illegally using excessive force and making warrantless arrests of people they suspect aren’t authorized to be in the US.
3) President Trump said he is imposing a 25% tariff on goods from countries “doing business” with Iran, ratcheting up pressure on the government in Tehran that has been rocked by widespread protests. Trump posted on social media on Monday that the new duty would be “effective immediately,” without providing details about the scope or implementation of the charges. The action has the potential to disrupt major US trading relationships across the globe. Iran’s partners include not only neighboring states, but large economies including India, Turkey and China.

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