Podcast Summary: “Tariffs Are Dead, Long Live Tariffs”
Podcast: What Really Matters with Walter Russell Mead
Host: Tablet Magazine
Episode Date: February 25, 2026
Hosts: Walter Russell Mead, Jeremy Stern
Main Theme: The enduring power and future of tariffs in American politics, and how current global events reflect shifting strategies in U.S. trade, security, and diplomacy.
Episode Overview
This episode dissects the week’s major global news—the killing of a top Mexican cartel boss, recent developments in the Ukraine-Russia war, and possible U.S. military escalation against Iran—before focusing on the domestic and international implications of the Supreme Court’s ruling against Trump’s broad tariff authority. Walter Russell Mead explains how tariffs remain central to American economic policy despite political shifts and court decisions, and why their influence might persist well into the future.
Key Discussion Points & Insights
1. Mexico’s Cartel Crisis and Diplomatic Power Plays
[00:07 – 06:20]
- El Mencho’s Death: The Mexican government killed Nemesio “El Mencho” Cervantes, leader of the Jalisco New Generation cartel, leading to a surge in violence across Mexico.
- U.S.-Mexico Diplomatic Dynamics: Mead highlights that Mexico’s increasingly tough stance on cartels is likely a response to pressure from the Trump administration, indicating a shifting power balance.
- Interconnectedness of Drug Trade: Mead forcefully addresses America’s role in fueling cartel power, pointing to the insatiable U.S. demand for illegal drugs, not just as an internal issue but a moral one with severe cross-border consequences.
Quote:
"The reason that these societies… that these cartels are so strong is because Americans like cocaine and have been sniffing our way to… short term spikes of joy… The consequences for our neighbors and then coming back onto us are immense."
—Walter Russell Mead [05:07]
- Comparative Governance: Differentiates between localized crime in the U.S. and widespread, cartel-controlled structures in Mexico, warning Americans against simplistic judgments about their southern neighbors.
2. Ukraine’s Counterattack and the Attrition Deadlock
[06:22 – 15:55]
- Ukraine’s Resurgence: Ukraine is regaining territory, notably in the southeast and Zaporizhzhia region, facing severe Russian losses—over 1.2 million casualties, including more than 325,000 dead.
- Impact of Sanctions: Russian oil revenues are hampered by sanctions and tanker seizures, further straining Moscow’s war efforts.
- War’s Prolonged Stalemate: Mead notes Russia’s material advantages aren’t translating into major victories, suggesting a bitter war of attrition where neither side has a decisive upper hand.
- International Influences: The U.S. and Europe’s support (with interruptions like Hungary’s veto of EU funding) remain critical; white knight agencies like Starlink and private actors play crucial battlefield roles.
Quote:
"The Russians have stalled out and… have to be willing to take huge casualties to make minor and… inconsequential gains… There are so many external factors… that make it difficult to assess which country is actually going to be able to scrape up the resources to keep fighting longer."
—Walter Russell Mead [07:58]
- China’s Calculated Support: China benefits from Russia’s dependency, expanding its influence in Central Asia and watching Russia erode from overreach, while not needing to further escalate support.
Quote:
"Putin in trouble is good for China. It makes Russia more and more dependent on China in various ways… while [that’s] the case, China can continue to sort of expand its influence in Central Asia and elsewhere…"
—Walter Russell Mead [13:54]
3. Trump’s Iran Threats: Real News or Just Posturing?
[15:56 – 19:01]
- “Last-Ditch” Diplomacy: Reports swirl about Trump contemplating both targeted and large-scale strikes to force Iran to abandon its nuclear program.
- Mead’s Take: Dismisses the reporting as “not really news”—Trump’s intentions and buildup have long been clear, and skeptical of anonymous leaks framing this as a new development.
Quote:
"I don't think it's news... What we can all sort of get from this is, okay, the generals want reporters to know that they're warning Donald Trump that this could be a really dangerous thing if it goes wrong. In other words, the generals do not want to be publicly blamed..."
—Walter Russell Mead [17:01]
4. The Supreme Court, Trump’s Tariffs, and the Future of Economic Leverage
[19:01 – 29:18]
The Court Ruling’s Impact
[19:28 – 26:23]
- Supreme Court Ruling: The court struck down a key statute Trump used for wide-ranging tariff authority.
- Trump’s Response: Almost immediately pivoted to other authorities, raising some tariffs from 10% to 15% and signaling he’ll seek out other legal avenues to wield tariff power.
Quote:
"Trump likes tariffs… This statute is not the only one that gives him, you know, grounds to levy tariffs. And he's going to tariff, tariff, tariff while he can."
—Walter Russell Mead [20:09]
- Tariffs as a Tool of Power: Mead emphasizes Trump’s interdisciplinary approach to power, with tariffs serving both domestic leverage over CEOs and international leverage over other countries—going so far as to use them in negotiating unrelated objectives (“even tried to get Greenland that way by threatening tariffs”).
Quote:
"His tariff program gave him power over multiple dimensions… Even tried to get Greenland that way by threatening tariffs. Didn't work, but he tried."
—Walter Russell Mead [24:31]
- Expect Ongoing “Legal Creativity”: Trump and his lawyers will continue stretching statutory authority to maximize discretion.
Tariffs Beyond Trump: Farewell or Feature?
[26:23 – 29:18]
- Not Going Away: Mead predicts tariffs will remain a prominent part of U.S. trade and tax policy for years, regardless of political party.
- Fiscal Necessity: With large deficits and growing social obligations, both parties will be tempted to use tariffs as a revenue source, reframing them as a “national sales tax” that is less unpopular than direct domestic taxes.
Quote:
"There are downsides to all taxes and tariffs… but if we think of tariffs as more the back end of a national sales tax rather than… the front end of trade policy… there's a very strong big government democratic argument for raising revenue… So that makes me think it is unlikely to disappear."
—Walter Russell Mead [28:01]
Memorable Moments & Quotes
- U.S. Demand for Drugs:
“I think in the future people will look back at the sheer selfishness of generations of Americans who… put their own happiness above any concept of responsibility to their neighbors.” —Walter Russell Mead [05:26] - Ukraine Stalemate:
“This war is likely to continue to shift shape. There are so many external factors… that make it difficult to assess which country is actually going to be able to scrape up the resources to keep fighting longer.” —Walter Russell Mead [11:17] - Tariffs as Power:
“What he'll do… is he'll start looking actively for other ways to build his power internationally and nationally… If that door, you know, if he's having a hard time getting through that door, he'll check around and see what's going on with the back window.” —Walter Russell Mead [24:54]
Timestamps for Important Segments
- [00:07] Mexico cartel crackdown and the consequences for U.S.-Mexico relations
- [06:22] Ukraine’s counteroffensive, Russian attrition, foreign intervention
- [13:26] China’s evolving relationship with Russia and the Ukraine war
- [15:56] Trump’s strategy toward Iran: escalation or theater?
- [19:01] Supreme Court knocks down Trump’s preferred tariff authority
- [19:28] – [26:23] Deep dive: Trump’s maneuvering post-court decision and the mechanics of modern tariff policy
- [26:23] – [29:18] The case for tariffs as a permanent fixture in American fiscal policy
Closing Thoughts & Tone
Throughout, Walter Russell Mead combines historical perspective and wry analysis, characterizing Trump’s approach as both improvisational and relentless, and warning that tariffs, as a powerful and flexible tool for both revenue and leverage, aren’t leaving the American policy toolkit anytime soon.
Final Segment: “Tip of the Week” – Reflections on London
[29:18 – 31:35]
- Mead reflects affectionately on London’s ongoing cosmopolitan magic and his own evolving relationship with the city since childhood, emphasizing the power of place in memory and meaning.
Quote:
"Having a city that is, that is foreign, not in your country but where over time you've built memories and built friends… I just love it."
—Walter Russell Mead [31:18]
Summary prepared for listeners seeking an in-depth yet accessible overview of the episode’s major themes, arguments, and personalities, capturing the engaging, conversational style of Mead and Stern.