Latest Edition
Volume I · May 2026
Tariffs, Trade Wars & the Ghost of Smoot-Hawley
Published May 1, 2026
This month, trade policy dominated the headlines. Sweeping new tariffs, retaliatory measures from trading partners, and fears of a global economic slowdown brought back memories of a dark chapter in American economic history — one that turned a recession into a catastrophe. Here's what's happening, and what history tells us about where it leads.
Today's Story
New Tariff Regime Sparks Retaliation from Major Trading Partners
- Broad tariffs imposed on imported goods from dozens of countries, ranging from 10% to 145% on some categories
- China, the EU, and Canada announce retaliatory measures targeting American agricultural exports
- Markets react with volatility; economists warn of inflationary pressure and supply chain disruptions
- Administration argues tariffs protect American manufacturing and are a negotiating tool
The Precedent
In 1930, Congress passed the Smoot-Hawley Tariff Act, raising duties on over 20,000 imported goods. Meant to protect American farmers and manufacturers during the Depression, it triggered a global trade war — U.S. imports fell 66%, exports collapsed, and what might have been a severe recession hardened into the Great Depression. Over 1,000 economists signed a letter begging Hoover not to sign it. He signed it anyway. The lesson economists draw: tariffs provoke retaliation, reduce trade for everyone, and the costs fall disproportionately on consumers and farmers.
Today's Story
Federal Judiciary Challenges Executive Branch on Multiple Fronts
- Federal judges issue injunctions blocking several executive orders within hours of signing
- Administration challenges jurisdiction of district courts over national policy questions
- Debate intensifies over scope of presidential emergency powers
- Some officials suggest courts lack authority to review certain executive actions
The Precedent
In 1952, President Truman seized the nation's steel mills during the Korean War, arguing emergency powers gave him the authority. The Supreme Court ruled 6-3 in Youngstown Sheet & Tube Co. v. Sawyer that he was wrong. Justice Robert Jackson's concurring opinion established the framework still used today to evaluate presidential power claims — and concluded that executive power is at its lowest when acting against congressional intent. Every modern debate about presidential emergency power references this case.
Today's Story
Immigration Enforcement at Historic Levels; Courts Divided
- Record deportation numbers reported; enforcement operations conducted in sanctuary cities
- Legal challenges mount over due process rights of detainees
- Congress unable to pass comprehensive immigration reform for the third decade in a row
- Public opinion deeply divided along partisan lines
The Precedent
In 1942, President Roosevelt signed Executive Order 9066, authorizing the forced relocation of 120,000 Japanese Americans — two-thirds of them U.S. citizens — into internment camps. The Supreme Court upheld it in Korematsu v. United States (1944). In 1988, Congress formally apologized and paid reparations. The Korematsu decision was formally repudiated by the Supreme Court in 2018. It stands as the starkest example of what can happen when national security fears override constitutional rights — and the courts fail to push back.
Today's Story
Federal Workforce Faces Largest Reduction in Modern History
- Tens of thousands of federal workers terminated or placed on administrative leave
- Entire agencies proposed for elimination or significant restructuring
- Civil service protections challenged; merit-based hiring rules under review
- Courts issue conflicting rulings on legality of mass terminations
The Precedent
Before 1883, federal jobs were handed out as political patronage — the "spoils system" meant every new president could fire the entire government and install loyalists. The assassination of President Garfield by a disgruntled office-seeker shocked Congress into passing the Pendleton Civil Service Reform Act, creating merit-based federal employment. The modern civil service — stable, professional, non-partisan — was built on that foundation. The current debate over dismantling those protections is, in essence, an argument about whether to return to the spoils system.
★ May 2026's Amazing American
Captain Maria Reyes
Fire Captain, San Antonio Fire Department · San Antonio, Texas
Captain Maria Reyes
San Antonio Fire Department, Station 11 · 14 years of service
On the morning of May 3rd, Captain Maria Reyes of San Antonio’s Station 11 led her crew into a fully involved apartment fire on the city’s west side — a four-story building with residents trapped on upper floors. With stairwells compromised by smoke and structural damage, Reyes made the call to use aerial ladders for a simultaneous multi-floor rescue, personally directing three separate extractions while maintaining radio command of her crew below.
Fourteen residents were brought out safely, including a grandmother and two young children found unconscious from smoke inhalation on the third floor. Reyes stayed on scene for eleven hours. When a local reporter asked how she kept her composure, she said: “You train for it every day so that when the day comes, you don’t have to think. You just move.”
Captain Reyes has served with SAFD for fourteen years, the last four as a company officer. She mentors junior firefighters in Spanish-language training programs she developed herself, expanding the department’s reach into communities where language barriers had historically slowed emergency response times.
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Tariffs, Trade Wars & the Ghost of Smoot-Hawley
May 2026 · Current Edition
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