Have tariffs really been rolled back — or just repackaged under a different legal label?

In Episode 85 of Trade Splaining, we unpack the fallout from the US Supreme Court ruling on tariffs — and why, despite the headlines, not much may have actually changed.

We then turn to a fast-moving and underreported risk: how the Middle East conflict is disrupting global fertilizer supply chains — and what that could mean for food prices worldwide.

We’re joined by Peter S. Goodman (New York Times) to break down why this matters more than most people think.

• Why US tariffs were struck down — and how they came back almost immediately

• What happens to the $133 billion in tariff revenues now in legal limbo

• Whether trade policy has actually shifted — or just changed legal justification

• Why supply chains continue to reconfigure rather than truly de-risk

• How a third of global fertilizer supply depends on the Persian Gulf

• Why urea prices spiked ~45% in a week — and what that signals

• How fertilizer shortages translate into lower yields and higher food prices

• Why globalization isn’t going away — despite rising geopolitical tensions

• The economic incentives preventing a real shift toward resilience

• The legal basis for tariffs may have changed — but the policy hasn’t

• Tariffs remain a central tool of economic and geopolitical leverage

• Supply chains are adapting, but not necessarily becoming more resilient

• Global food systems remain highly exposed to geopolitical shocks

• Efficiency continues to win over resilience — until crisis hits

From tariffs to fertilizers, this episode highlights just how interconnected today’s global economy really is.

Disruptions in one region — whether legal, political, or military — can quickly ripple across supply chains, prices, and everyday life.

And despite all the talk of “deglobalization,” the system remains deeply interdependent — and fragile.

If you enjoyed the episode: 👉 Follow / Subscribe on your preferred platform 👉 Share with a fellow trade nerd 👉 Help us (and the algorithm) by leaving a rating or review

tariffs, US trade policy, Supreme Court tariffs ruling, Middle East conflict, Strait of Hormuz, fertilizer supply, urea prices, global food prices, supply chains, globalization, trade policy podcast

Episode 84 is here — and yes, 84 is the atomic number of polonium, 1984 is Orwellian, and Van Halen absolutely peaked. You’re welcome.

We’re joined again by friend of the pod Dmitry Grozoubinski, Executive Director of the Geneva Trade Platform and author of Why Politicians Lie About Trade. And we ask the big question:

👉 Has the global trading system fundamentally changed — or are we just living through noisy turbulence?

We break down:

• Why Rob’s 2025 prediction that “everything will look mostly the same” is… under pressure

• Whether tariff chaos has permanently destroyed predictability

• Why certainty matters more than tariff levels

• The EU–Mercosur deal and what it really signals

• The weakening of Most Favoured Nation (MFN) treatment

• Why customs, sanctions, and rules of origin are about to get much more complicated

• And Dmitry’s predictions for 2026 (spoiler: more tariff threats, fewer illusions)

Is this the end of the rules-based system? Or just a new phase where national security openly trumps trade orthodoxy?

Also: airplanes turning around because of toilets. Again.

Listen responsibly.

Is everything national security now?

In Episode 83 of Trade Splaining, Ardi & Rob kick off 2026 by diving head-first into the growing chaos at the intersection of trade policy, geopolitics, and national security exceptions — the legal loophole that ate the global trading system.

We break down why trade is no longer just about efficiency or tariffs, but increasingly about power, leverage, and security theatre — from Greenland and semiconductors to Japan–China tensions and WTO rule-stretching.

Then we’re joined (again) by two of our favourite adults in the room:

• Dr. Mona Paulsen (LSE)

• Prof. Greg Messenger (University of Bristol)

Together, we unpack:

• Why “national security” now seems to cover everything except furniture

• Whether today’s chaos is a temporary shock — or a return to how trade always worked

• What businesses should actually watch for amid policy incoherence

• Whether the US is still a reliable anchor for the global trading system

• And why the real question isn’t what Washington does — but what everyone else does next

Plus:

• A new 2026 format (more depth, fewer Lake Geneva anecdotes — we promise)

• Sleep-bro optimisation culture (yes, really)

• AI, soft skills, and why getting your boss coffee is apparently back

• Donuts, laundry, and the National Security Exception™ as a life philosophy

🎙️ No opinions. Just vibes. And trade law.

👉 Listen now wherever you get your podcasts. 📩 Questions? trade.splaining@gmail.com 🔔 Like, subscribe, follow — appease the algorithm.

#TradeSplaining #GlobalTrade #NationalSecurity #Geopolitics #TradePolicy #WTO #SupplyChains #ListenResponsibly