Fulcrum editor Lee Hwok-Aun speaks with Stephen Olson, Visiting Senior Fellow at ISEAS – Yusof Ishak Institute, on the implications of the US Supreme Court declaring Trump’s IEEPA-based tariffs illegal.

2:35 – The crux, surprising and expected elements of the Supreme Court

5:47 – Section 122 tariffs (15% for 150 days) – what should Southeast Asian countries do?

12:39 – Section 232 tariffs (based on “national interest”) – outlook and implications

19:28 – Section 301 tariffs (based on “unfair trade practices”) – outlook and implications

23:00 – Premises and outcomes of US trade policy: shifts since Liberation Day

28:31 – Domestic constraints on Trump’s foreign policy

33:09 – Will the tariff’s effects start to bite in 2026, and what are the political ramifications?

35:56 – Financial markets – impact on Trump’s policy and disconnect from real economy?

38:30 – New global order / Carney’s speech

41:47 – What should ASEAN do?

43:22 – China-US rivalry and upcoming Trump-Xi summit

Dialogues at Fulcrum is a podcast published by the ISEAS – Yusof Ishak Institute.