Victoria Craig hosts this Financial Times news briefing featuring Peter Foster (World Trade Editor), Miles McCormick (U.S. Economics Correspondent), and Josh Franklin (U.S. Banking Editor) discussing major developments in trade policy and banking.

The episode covers the Supreme Court's landmark decision striking down Trump's emergency tariff powers, the implementation of a new 15% global tariff rate, and the complex refund process for businesses. The discussion then shifts to JPMorgan's unprecedented $2 billion weekly spending plan and CEO Jamie Dimon's strategy to compete with fintech disruptors.

Supreme Court Dismantles Trump's Emergency Tariff Powers

The Supreme Court struck down President Trump's use of International Emergency Economic Powers Act (IEPA) for tariffs, forcing replacement with a blanket 15% global rate effective tomorrow.

Tariffs on automobiles, steel, aluminum, and silicon chips imposed under different trade legislation remain intact, creating uneven impact across countries.

Asian exporting powerhouses will see reductions from 18-20% range to 15%, while countries heavily reliant on autos and steel face continued higher rates.

Trade Deals Survive Despite Tariff Restructuring

European Union's trade deal with the U.S. unlikely to be renegotiated despite European Parliament opposition, due to retaliation threats and Ukraine security concerns.

"If the EU tries to renegotiate or slow peddle the deal, then they'll come up against the same retaliation threat that forced them to do the deal in the first place" - Peter Foster.

India might attempt to 'soft walk' its 15% deal, potentially testing legal challenges or waiting for political changes after midterms.

Massive Refund Claims Create Fiscal Uncertainty

U.S. companies seeking refunds on $130 billion in unconstitutional IEPA tariffs, but Supreme Court provided no timeline guidance for lower courts.

Congressional Budget Office projected $3 trillion in tariff revenue over the coming decade to offset Trump administration's fiscal spending measures.

New York Federal Reserve reported 90% of tariff burden over the past year was placed on American consumers, potentially helping Democrats in midterm elections.

JPMorgan's $2 Billion Weekly Spending Blitz

Jamie Dimon plans record $2 billion weekly spending in 2025 on hiring, bank branches, AI technology, marketing, and real estate expansion.

JPMorgan's spending power stems from making $1 billion weekly in profits, part of banking industry's record $300 billion collective earnings across 4,300 U.S. banks.

Dimon describes spending as 'existential need' to compete with Apple, Walmart, Stripe, and Klarna rather than just traditional banks.

Banking analyst Mike Mayo calls JPMorgan 'the Goliath of Goliaths' under his 'big is better in banking' thesis.

Resources Mentioned

Fundamental Analysis For Dummies

US banks, which is a record amount. But Mike Mayo, who's one of the kind of most outspoken banking research analysis, he talks about the Goliath is winning strategy. So big is better in banking. And