Summary of "Letters from an American" – May 28, 2025 Episode
Hosted by Heather Cox Richardson
Judicial Battle Over Trump's Tariffs
In the May 28, 2025 episode of Letters from an American, Heather Cox Richardson delves into the ongoing legal challenges facing former President Donald J. Trump concerning his imposition of tariffs. A significant development occurred when a three-judge panel from the U.S. Court of International Trade ruled that Trump’s extensive use of tariffs under the International Emergency Economic Powers Act (IEEPA) was unconstitutional.
Political Analyst discusses the ruling, stating, “The U.S. Constitution gives exclusively to Congress the power to impose tariffs” (00:36). The judges, appointed by Presidents Ronald Reagan, Barack Obama, and Trump, emphasized that while the IEEPA allows the president to adjust tariffs during national emergencies, Trump's actions exceeded constitutional limits. Since assuming office on January 20, 2025, Trump declared multiple national emergencies to justify various tariffs, which the court found to be an overreach.
The court’s decision effectively blocks all tariffs imposed by Trump under the IEEPA, marking the end of his tariff initiatives. The Political Correspondent notes, “Congress manifestly is not permitted to abdicate or to transfer to others the essential legislative functions with which it is thus vested” (01:30). Although the Trump administration plans to appeal the decision, the ruling underscores a broader principle that limits executive authority beyond legislative boundaries.
Wall Street Reacts: The Rise of "Taco Trade"
The episode highlights how Trump's tariff policies have influenced financial markets. Political Analyst introduces the term "taco trade" (Trump Always Chickens Out), a phrase coined by Robert Armstrong of the Financial Times earlier in the month (02:00). This term describes Trump's pattern of threatening substantial tariffs and subsequently retracting them, creating opportunities for investors. Armstrong explains, “Investors have figured out that they can buy stocks cheaply immediately after Trump's initial tariff announcement and then sell higher when stocks rebound after he changes his mind” (02:26).
Since taking office, Trump has altered tariff policies over 50 times, leveraging market volatility to benefit the Trump family’s business interests. The Political Correspondent elaborates on this strategy, noting the financial gains achieved through these inconsistent tariff maneuvers (02:45).
International Business Ventures Amidst Turmoil
Despite the legal setbacks and economic controversies, Trump's business empire continues to expand internationally. Recently, Eric Trump partnered with Vietnam’s Prime Minister Pham Minh Chinh to inaugurate a $1.5 billion luxury real estate project featuring three 18-hole golf courses near Hanoi (02:50). This move is particularly noteworthy as Vietnam is a significant exporter to the United States. In an attempt to mitigate the impact of a 46% tariff imposed on Vietnamese goods, Vietnamese officials expedited a deal with the Trump Organization, bypassing their own regulatory procedures (03:17).
Additionally, the Trump Organization is forging new partnerships in Serbia, Indonesia, and the Middle East, demonstrating resilience and adaptability in the face of judicial and economic challenges (03:30).
Controversial Use of Presidential Pardons
A prominent theme in the episode is Trump's ongoing use of presidential pardons. Recently, he granted clemency to 25 individuals, including former Representative Michael Grimm and former Connecticut Governor John Rowland, both convicted of tax fraud (03:44). Notably, Trump also commuted the life sentences of Larry Hoover, a Chicago gang leader responsible for a sprawling criminal empire across 31 states (03:37).
Political Analyst comments, “Trump's pardons of Republicans convicted of tax crimes seem in keeping with his favoring of the wealthy” (04:34). However, the commutation of Hoover's sentence presents a paradox, juxtaposing the administration's strict stance on undocumented immigrants and their alleged connections to gangs. Officials argue for the deportation of migrants suspected of gang affiliation, even without criminal records, citing national security concerns. Yet, Trump’s leniency towards a high-profile gang leader raises questions about the consistency and motivations behind his pardon decisions (04:36).
Aligning with the Far-Right Base and QAnon Ideology
As Trump faces legal and political setbacks, he seeks to consolidate support among his far-right base. Following the court’s decision on tariffs and after reacting angrily to a reporter’s inquiry about the "taco trade," Trump posted a provocative meme on social media. The image featured him walking down a dark, wet city street with Pepe the Frog—a far-right symbol—hovering in the background. Accompanying the image were the bold statements, “HE’S ON A MISSION FROM GOD” and “NOTHING CAN STOP WHAT IS COMING,” phrases commonly associated with the QAnon conspiracy movement (05:50).
Political Correspondent interprets this move as Trump’s attempt to reinforce his dominance and appeal to extremist factions, reminiscent of his earlier exhortation to the Proud Boys in September 2020 to “stand back and stand by” during efforts to overturn the 2020 election results (05:20). Heather Cox Richardson connects these actions to Trump’s broader strategy of maintaining influence over right-wing vigilante groups and conspiracy theorists, signaling a continued alignment with destabilizing political elements.
Heather Cox Richardson's insightful analysis in this episode of Letters from an American underscores the complex interplay between legal constraints, economic strategies, and political maneuvering characterizing Trump's post-presidential landscape. The discussions highlight the enduring impact of Trump's decisions on both national policy and international relations, as well as the intricate relationships between his business interests and political base.
Produced at Soundscape Productions, Dedham, MA. Recorded with music composed by Michael Moss.