Episode 134 – The Best of Times and the Worst of Times: A Tale of Trump’s Tariffs

In this episode of Current Account, Clay is joined by Chris Padilla, Senior Advisor at Brunswick Group and former U.S. Under Secretary of Commerce for International Trade, to revisit U.S. trade policy. After a turbulent 2025 marked by sweeping tariffs, new negotiation frameworks, and significant legal uncertainty, trade may feel quieter entering 2026, but remains a central priority for the Trump administration.

Drawing on his years of government and corporate experience, Chris offers perspective on the issues likely to dominate trade policy this year, from the durability of recent agreements with China, the EU, Japan, and Korea to the broader geopolitical shifts driven by tariff realignments and new partnerships.

The conversation also covers the ongoing U.S.-Mexico-Canada Agreement (USMCA) review, an area of heightened uncertainty as political tensions rise among member countries. Clay and Chris discuss how the process could unfold, whether renewal or restructuring is more realistic, and what the implications may be for North American supply chains. They also examine the pending Supreme Court decision on the Trump administration’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs - an outcome with major consequences for U.S. trade strategy.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.