Money Stuff: The Podcast Voluntary Nudge Nudge: IEEPA, TROW, FX
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Sep 5, 2025 Engage with the complexity of U.S. tariff policies, especially the recent legal scrutiny over Trump-era tariffs and their impact on government revenue. Discover how private equity is reshaping risk management with deal-contingent hedges while hedge funds take on a vital role. Explore the strategic partnership between Goldman Sachs and T. Rowe Price, addressing the challenges traditional asset managers face. Also, get insights into the revival of deal-making trends, highlighting August as a key month for acquisitions.
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Limits Of Presidential Tariff Power
- The appeals court ruled that the president cannot use IEEPA to invent blanket import taxes because regulatory power is not tax power.
- The ruling stayed pending Supreme Court review, so tariffs remain in place for now.
Refunding Tariffs Is Legally Tricky
- If the Supreme Court finds tariffs illegal, courts may avoid refunds because unwinding tens of billions monthly is disruptive.
- That tension pits constitutional tax separation against pragmatic fiscal consequences.
Tariffs Versus Long‑Run Fiscal Health
- Tariff revenue removal would harm near-term budget projections but might help long-run growth if tariffs are economically harmful.
- Fiscal sustainability depends more on economic capacity than on short-term import tax receipts.