Category: 3-EconSometimeCommentary

When President Trump announced his sweeping new tariffs this year, many trade law experts were startled. Typically, presidents don't have the authority to impose broad tariffs with a snap of their fingers.

But Trump's advisors have an unusual new legal theory. They say that as long as there's a national emergency of some kind, Trump may be able to create whatever tariffs he wants. This is a creative interpretation of a 1977 law called the International Emergency Economic Powers Act, or IEEPA. To justify his latest tariffs, the president declared national emergencies involving illegal immigration, the fentanyl crisis, and the trade deficit.

But no president has ever tried to use the law in this way.

Now, the fate of Trump's tariffs — and the creative legal theory behind them — lies with the courts. About a dozen lawsuits have challenged his tariffs, claiming that they are unlawful and possibly even unconstitutional. And some judges have started to agree.

On today's show: What are the President's powers when it comes to tariffs? Where do they come from? What are their limits? And, what will be the fate of Trump's tariffs?

For more on Trump's tariffs:
- The 145% tariff already did its damage
- Do trade deficits matter?
- What "Made in China" actually means

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On this episode, Stefanie Haeffele chats with Abigail Hall on her latest book, How to Run Wars: A Confidential Playbook for the National Security Elite, which provides a satirical instruction manual for warfare. They discuss the various methods and approaches to bringing academic work to a broader audience, highlight the need for humility in providing commentary, emphasize the importance of Abigail’s research in the increasingly militarized modern world and the role of satire in critiquing and resisting abuses of power, and more.

Dr. Abigail R. Hall is an Associate Professor of Economics at the University of Tampa and a Senior Affiliated Scholar at the Mercatus Center at George Mason University. She has published numerous books, including her most recent satirical book, How to Run Wars: A Confidential Playbook for the National Security Elite co-authored with Christopher J. Coyne (2024). She holds a PhD in Economics from George Mason University and is an alum of the Mercatus PhD Fellowship. Her research focuses on U.S. defense policy and militarism.

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Virtual Sentiments, a podcast series from the Hayek Program, is streaming. Subscribe today and listen to season three, releasing now!

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A famous essay argues that “not a single person on the face of this earth” knows how to make a pencil. How true is that? In this 2016 episode, we looked at what pencil-making  can teach us about global manufacturing — and the proper role of government in the economy.

The post An Economics Lesson from a Talking Pencil (Update) appeared first on Freakonomics.

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Everyone loves to complain about it — but preparing a meal that tastes good at 35,000 feet is harder than you might think. Zachary Crockett will have the fish.

 

• SOURCES:
  • Molly Brandt, innovation chef for North America at Gategroup.
  • Chris Kinsella, chief commercial officer for North America at Gategroup.
  • Guillaume de Syon, professor of history at Albright College.

 

• RESOURCES:
  • "No Thanks, Grandma, I’m Saving Room for Airplane Food," by Christine Chung (New York Times, 2023).
  • "The Golden Age of airplane food is over. The future: Snacks and sustainability." by Natalie Comptom (The Washington Post, 2019).
  • "Why does food taste different on planes?" by Katia Moskvitch (BBC, 2015).
  • "And to Penny-Pinching Wizardry," by Claudia Deutsch (New York Times, 2001).
  • "The Pioneering Years: Commercial Aviation 1920–1930," by Rich Freeman (U.S. Centennial of Flight).

Over the past decade, politicians from both parties have courted American voters with an enticing economic prospect – the dream of bringing manufacturing and manufacturing jobs back to America. They've pushed for that dream with tariffs and tax breaks and subsidies. But what happens when one multinational company actually responds to those incentives, and tries to set up shop in Small Town, USA?

Today on the show – how a battery factory ignited a political firestorm over what kind of factories we actually want in our backyard. And what happens when the global economy meets town hall democracy.

This episode of Planet Money was produced by Emma Peaslee and Sylvie Douglis. It was edited by Marianne McCune and Jess Jiang. It was fact-checked by Sierra Juarez. It was engineered by Robert Rodriguez. Alex Goldmark is our executive producer.

Read Viola Zhou's reporting on the Gotion battery factory.

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Music: NPR Source Audio - "Collectible Kicks," "Arturo's Revenge," and "Liquid Courage"

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Nicholas Cullinan, the new director of the British Museum, seems to think so. “I’m not afraid of the past,” he says — which means talking about looted objects, the basement storerooms, and the leaking roof. We take the guided tour.

The post Can a Museum Be the Conscience of a Nation? appeared first on Freakonomics.

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Today on the show – our crypto president. Just before President Donald Trump began his second administration in January, he and his business partners launched the $TRUMP coin. It's a memecoin that quickly raked in hundreds of millions of dollars. And there's a lot of earning potential still left on the table. Is that even legal?

We bring you two stories from our daily show, The Indicator about President Trump and his ties to crypto. First, the Trump coin. We explain what it is, how the real Donald Trump profits from it, and yes, whether this whole crypto scheme is within the law. Then we take a look at Stablecoins: how they work, how they make money, and for whom.

The original episodes from The Indicator were produced by Cooper Katz McKim and Corey Bridges. They were engineered by Harry Paul and Robert Rodriguez. They were fact-checked by Sierra Juarez. Kate Concannon edits the show. This episode of Planet Money was produced by James Sneed and edited by Emma Peaslee. Alex Goldmark is Planet Money's executive producer.

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Every year, America celebrates its independence with millions of dollars worth of explosives imported from China. Zachary Crockett lights a fuse and backs away quickly.

 

• SOURCES:
  • JJ Brau, fireworks coordinator for J&M Displays.
  • Mark Johnson, vice president of J&M Displays.

 

• RESOURCES:
  • "The explosive history of fireworks, from ancient China to Revolutionary America," by Joe Hernandez (NPR, 2024).
  • "July 4 fireworks fiasco solved – technically," by Jonathan Horn (The San Diego Union-Tribune, 2016).
  • "The Fireworks King," by Damian Paletta and Emily Rauhala (The Washington Post, 2018).
  • "Exploding The Mystery Of Blue Fireworks," by Short Wave (2013).
  • "How Do Fireworks Make Shapes?" by Natalie Wolchover (Live Science, 2011).

 

• EXTRAS:
  • "Agreement Between The City of Rapid City and J&M Displays, Inc. for Annual Fireworks Displays" (2023).

Over the last few months U.S.-China trade relations have been pretty hard to make sense of – unless you look at what's happening through the lens of game theory. Game theory is all about how decisions are made, based not just on one side's options and payoffs, but on the choices and incentives of others.

So, are Donald Trump and Xi Jinping competing in a simple game of chicken? Or is the game more like the prisoner's dilemma? On today's show, we try to decide which of four possibilities might be the best model for this incredibly high-stakes game. And we take a look at who is playing well and who might need to adjust their strategy.

For more on the U.S.-China trade war:

- The 145% tariff already did its damage
- What happened to U.S. farmers during the last trade war
- What "Made in China" actually means

This show was hosted by Keith Romer and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Kwesi Lee with help from Robert Rodriguez and Cena Lofreddo. Additional production help from Sylvie Douglis. Alex Goldmark is Planet Money's executive producer.

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Austan Goolsbee, president of the Federal Reserve Bank of Chicago, is less reserved than the average banker. He explains why vibes are overrated, why the Fed’s independence is non-negotiable, and why tariffs could bring the economy back to the Covid era.

The post “Fault-Finder Is a Minimum-Wage Job” appeared first on Freakonomics.

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