Donald Trump is rewriting the Washington rulebook and reshaping the global economy.

If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help.

I'm Stephanie Flanders, head of government and economics at Bloomberg.

Every week I'll bring you a smart, focused conversation with reporters and experts from Washington,

Wall Street and beyond. Listen to new episodes every Wednesday and follow Trumponomics wherever

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A single best idea. Paul Sweeney just told me it's going to be a long speech.

I guess the president has wound up. We're all going to have to get comfortable with our popcorn and a beverage of your choice. For a lengthy State of the Union, Joe Matthew,

Kaylee Lines, will have great conversation, deeper, thicker, better conversation than so many others.

I think they do a great job at that.

Our conversation today was on trade.

Douglas Irwin definitive on the American history of trade and

tariff. Doug Irwin of Dartmouth College on the next legal battles. The new tariffs, which are 10%,

he's promised 15%, but they haven't issued the executive order on that quite yet. Those who

probably be subject to legal challenge.

And that's because the statute allows for the president to impose tariffs in the cases of a balance

of payments deficit or disequilibrium. And it's not clear that in an era of floating exchange

grades, whether such a thing exists anymore. Now, the other side is that the tariffs can only

be in effect for 150 days

and then require congressional approval. So there's a lot of uncertainty about how this is going

to play out over the next couple months. Doug Irwin of Dartmouth, Nathan Dean stopped by running

policy, U.S. policy for Bloomberg intelligence. He had a very cogent summary of what to look for this evening. There's three themes that we're telling our clients to watch out for. The first is geopolitics. And the reason why this is so important is for everything else President Trump says tonight, there's a process. We can work the process and there's time to respond. But geopolitics, that can change in an instance. So obviously keep an eye on what he says there. The other is tariffs. He's going to double down on tariffs. I don't think you're going to see any new information coming out from tariffs, but he's going to double down and he's going to have to look to the Supreme Court in the eye and say, why did you essentially reverse my AEPA tariffs? But when it comes to affordability, you know, we're seeing a lot of headline risks and opportunities.

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