Today in the newsletter: Fertilizer prices are crushing rural farmers. Also, attacks on Gulf state aluminum smelters leave America exposed.
tariffs
The Tariff Refund Nightmare
In principle, Americans are owed $166 billion in refunds of Trump’s illegal tariffs. But actually collecting is like unscrambling an egg.
Will Americans Keep Paying a ‘Tariff Tax’?
Companies are seeking refunds from the federal government following the Supreme Court ruling—but consumers may still be stuck with higher prices.
Trump’s Kiss of Life
Canada’s Mark Carney, Denmark’s Mette Frederiksen, and maybe even Britain’s Keir Starmer can thank Trump for reviving their sagging fortunes. Viktor Orbán, not so much.
How Trump Lost the Courts
With every passing day, another federal judge issues a scathing order to contain Trump’s autocracy and Trump keeps alienating the Supreme Court.
Canada Fighting Different Wars on Two Fronts
Prime Minister Mark Carney has expressed support for and shunned participation in the Iran war, bringing a new dimension to already contentious USMCA review talks.
Congress? Maybe Check Back in 2027.
The State of the Union address made sure that Republicans will preside over a year of inaction in our nation’s legislature.
The SOTU Clips That Should Prove Disastrous for Trump and the GOP
Democrats should stream and broadcast the president’s odes to our economy over and over again.
Bestowing Medals, Vilifying Democrats, Clinging to Tariffs
No wonder Trump’s State of the Union took two hours.
The Looming Chaos of Tariff Refunds
Companies, consumers, and hedge funds all want a piece of the revenue from the tariffs the Supreme Court invalidated. That will create unnecessary economic damage.

