The rocky legal future of Trump’s tariffs
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 31 March 2026
⏱️ 11 minutes
🧾️ Download transcript
Summary
Swiss lawmakers have assured senior UBS executives that they will water down stringent new rules and the Trump administration took its first step in opening the more than $10tn US retirement marketplace to private markets. Plus, as part of our series marking one year since so-called Liberation Day, the FT’s Stefania Palma explains the rocky legal future of US tariffs.
Mentioned in this podcast:
Swiss lawmakers signal compromise on $22bn UBS capital plan
Trump to take first steps in opening retirement funds to private markets
The Supreme Court sends tariffs on a turbulent descent
Listen to the FT News Briefing’s tariffs series here
Note: The FT does not use generative AI to voice its podcasts
Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Saffeya Ahmed, Victoria Craig, and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Tuesday, March 31st, and this is your FT News Briefing. |
| 0:08.8 | UBS might not be packing its bags after all, and American retirement funds could soon open to private capital investments. |
| 0:16.8 | Plus, we bring you the second installment in our series on U.S. President Donald Trump's tariffs. |
| 0:21.9 | This one is all about what happens now that the U.S. Supreme Court ruled them illegal. |
| 0:26.4 | So in the words of Justice Brett Kavanaugh, one of the justices who actually was in dissent, |
| 0:32.7 | when it came to the Aipa case, it is quite a mess. |
| 0:36.6 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:48.3 | Last year, UBS privately threatened to leave Switzerland if strict new banking rules were put into |
| 0:53.9 | place. |
| 0:54.8 | But a new push might change the bank's mind. Some Swiss lawmakers have assured the bank that |
| 1:00.1 | there will be a compromise that would water down the proposal. That's according to people |
| 1:04.7 | familiar with the situation. The reform package that UBS opposes would increase its capital |
| 1:10.6 | requirements by $22 billion. |
| 1:13.1 | The proposal is a response to Credit Suisse's collapse in 2023. UBS rescued Credit Suisse |
| 1:19.4 | in a state-orchestrated takeover. UBS declined to comment on the story, but has previously |
| 1:25.1 | warned the capital requirement reforms would put it at a |
| 1:28.3 | competitive disadvantage internationally. Now, if UBS were to leave, it would be a huge blow to |
| 1:34.2 | Switzerland. It is the country's last remaining global banking champion, and its balance sheet |
| 1:39.2 | is bigger than the country's domestic economy. The potential compromise is coming from a group of influential |
| 1:45.5 | lawmakers, but opposition parties on the left might still hold it up. |
| 1:55.8 | The Trump administration wants to open up U.S. retirement funds to private markets. It took the first step to do that |
| 2:02.2 | yesterday. This is all happening as concerns Mount about the stability of private credit. And here to tell us |
... |
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