"No plan survives contact with the enemy"
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"No plan survives contact with the enemy"
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About this listen
Another week, another US tariff regime.
As expected, the US Supreme Court has ruled that the emergency tariff regime operated by President Donald Trump since April 2025 is unconstitutional. Just as expected was Trump's immediate swapping of his emergency powers for alternative executive authorisation. With this, introduced a global 10% tariff and promised to raise this soon to 15%.
Where does this leave the tariff-relief deals he struck during 2025? At their weekly meeting, Medley Advisors' analysts discussed this latest twist, what it means for Europe and the USMCA and how markets were more interested in Matt Schumer's X-hosted essay on AI.
In this edited version of the meeting, Michael Redmond was the host and was followed (in order) by Brian Jackson, Pepijn Bergsen, Tim Jones, Fernando Posadas and Dan Schwartz.
"No plan survives contact with the enemy," said Brian Jackson. "I think this is very descriptive of a lot of the best-laid plans of, let's say, the technocrats or bureaucrats in the Trump administration because Trump sometimes wants to be a lot more flexible than what a lawyer tells him".