In this episode of Goldman Sachs Exchanges, Allison Nathan interviews Alec Phillips, Chief US Political Economist at Goldman Sachs Research, about a recent court ruling that blocked much of President Trump's proposed tariff policies. Alec explains the court's decision, which was based on the idea that the administration's authority to impose such large and unlimited tariffs is inconsistent with the non-delegation doctrine. They discuss the administration's potential responses, including using other authorities to impose tariffs, such as Section 122 of the Trade Act of 1974 or Section 301 investigations. The conversation also covers the implications for ongoing trade negotiations and the fiscal package working its way through Congress, highlighting the uncertainty the ruling introduces into the market.
