Speaker 1: Today's show sponsored by Lear Capital, the precious metals leader
Speaker 1: since nineteen ninety seven and only company I trust and
Speaker 1: recommend to my family, friends and viewers. Visit Lear Alex
Speaker 1: dot com.
Speaker 2: Ready to break the narrative, get the real story with
Speaker 2: no filters and no apologies. Cut through the noise with
Speaker 2: real conversation, real conviction, and real news. It's time for
Speaker 2: truth without spin. It's the Alex Marlow Show.
Speaker 3: I'm Alex Marlow.
Speaker 1: This is the Alex Marlow Show, and I am live
Speaker 1: today on location. I got a couple of speeches to
Speaker 1: a group of great conservatives later in the day, but
Speaker 1: the news does not wait for me to give speeches,
Speaker 1: because I will tell you right now.
Speaker 3: This is a big news day. Is a big news day,
Speaker 3: and not in a good way.
Speaker 1: We got a big mess on our hands, those of
Speaker 1: you who are just coming to this new Supreme Court
Speaker 1: strikes down trump Tariff's to three majority. Roberts, Gorsich, and
Speaker 1: Barrett all side with the Libs. Roberts and Barrett do
Speaker 1: seem to live to disagree with Trump from time to time,
Speaker 1: and Gorsich has this libertarian streak, so you can bet
Speaker 1: he's not a huge tariffs guy. We've got some very
Speaker 1: strange stuff in this decision, but some stuff that I
Speaker 1: think we were kind of anticipating. And later on in
Speaker 1: the show, I'm going of John Carney with me, my
Speaker 1: economic and finance not just editor at bry Bert News,
Speaker 1: but my guru, the guy who I trust more than
Speaker 1: anyone else on this topic. He is going to break
Speaker 1: down what he thinks is a solution, which I tasked
Speaker 1: him with a long time ago. You've got to come
Speaker 1: up with a solution so we can tell people that
Speaker 1: this goes away. And I had a feeling some of
Speaker 1: these tariffs we're going to go away, that it is
Speaker 1: not the end of the world. But it's very noteworthy
Speaker 1: that this decision comes after the tariffs are obviously working
Speaker 1: to the point where just last week I was saying,
Speaker 1: we probably need to now have a external revenue service
Speaker 1: because we have so much money that's coming into the
Speaker 1: treasury from the tariffs, and now all of a sudden,
Speaker 1: we have to go back to the drawing board on
Speaker 1: some of the tariffs. But I'm going to give you
Speaker 1: the details before I give you the hot takes. So
Speaker 1: these were the president's tariffs that were imposed under the
Speaker 1: International Emergency Economic Powers Acts AIPA is what people say
Speaker 1: who like saying all of the acronyms is a one word.
Speaker 3: I don't think we need it, but maybe we do. IEPA.
Speaker 1: They're unlawful because the statue doesn't authorize tariffs, which is
Speaker 1: something that is kind of typical of what the Trump
Speaker 1: administration has done in the first year with some stuff,
Speaker 1: which I really love this. They move fast and break things,
Speaker 1: and they enact policy and they go for it and
Speaker 1: they take a big swing, and they know every once
Speaker 1: in a while the court's going to block them. But
Speaker 1: they've tried to overwhelm the system by putting a bunch
Speaker 1: of stuff in, so they knew there was a possibility
Speaker 1: that this could happen, and it did. Unfortunately, so which
Speaker 1: tariffs were covered. Ruling knocks out two big buckets, the
Speaker 1: broad reciprocal tariffs aimed at trade deficits, and the fentanyl
Speaker 1: link tariffs that were imposed on Canada, Mexico and China.
Speaker 1: Because remember it's important to note this, we don't know
Speaker 1: this off enough that China is trying to kill us
Speaker 1: literally with fentandel. There's no other explanation for it. They're
Speaker 1: allaring Fritz going to our country. I don't know Mexico
Speaker 1: is competent or cares enough other than the theaters in
Speaker 1: bed with cartels. But China literally is trying to kill
Speaker 1: Americans via a war via fentandel, and we try to
Speaker 1: teariff them try to stop. That seems kind of mild
Speaker 1: and it's purely illegal, at least under this particular act.
Speaker 1: These represented about seventy percent of the second term tariff,
Speaker 1: so not everything. So some of the tariffs that I
Speaker 1: talked about last week on the podcast with Howard Lutnik,
Speaker 1: which was also a live event. Those of you missed that,
Speaker 1: highly recommend. As I always say every day, there's always
Speaker 1: one reason to subscribe to my feeds because there's always
Speaker 1: more content over there for you to diet a more
Speaker 1: thorough dive and stuff I'm thinking about and stuff I
Speaker 1: care about. But some of the stuff on lutnixx plate
Speaker 1: not covered. This is a lot of the stuff on
Speaker 1: Besson's plate. But again Best is super smart guy, so
Speaker 1: he'll be prepared for this. So we'll give you where
Speaker 1: this goes from here coming up.
Speaker 3: But this was.
Speaker 1: Expected to raise one point five trillion dollars over the
Speaker 1: next decade and now they're gone because three people in
Speaker 1: the Supreme Court sided with the Lips, So very noteworthy
Speaker 1: that that's where we're at and whether or not this
Speaker 1: is the right legal decision. Carney is an attorney, so
Speaker 1: he'll weigh in on that too. You'll get all sorts
Speaker 1: of opinions across the board, but policy wise, pretty devastating
Speaker 1: for the country. So why they ruled that way, Roberts
Speaker 1: joining Groces and Barrett, They basically implied the Major Questions doctrine,
Speaker 1: So the Major Questions doctrine saying the tear of power
Speaker 1: is extraordinary and belong to the Congress, and if Congress
Speaker 1: is meant to grant that power through AEPA, it would
Speaker 1: have done so expressly, not implicitly, through language allowing the
Speaker 1: president to regulate importation. So Trump saying I'm president, I
Speaker 1: can regulate importation. This is why I'm good. And the
Speaker 1: scotis just saying no, no, no, you don't get to
Speaker 1: do that. Congress does that, and it is we don't
Speaker 1: do it. You don't do what Congress does it, basically
Speaker 1: saying that this was crossing over into congresses territory, of
Speaker 1: which is I obviously Clarence Thomas and Justice Alito, the
Speaker 1: two biggest defenders of the Constitution disagreed. So they're not
Speaker 1: just conservatives. These are a strict construction list who defend
Speaker 1: the Constitution at all costs. They disagreed, so it's, you know, noteworthy,
Speaker 1: that's the case. So Sodamayor, Kagan and Jackson had the
Speaker 1: same result. They use something called the ordinary statutory interpretation,
Speaker 1: so they did not invoke any major questions with it.
Speaker 1: They just said, I guess it was a less of
Speaker 1: a nuance or less interesting ruling, more of a we
Speaker 1: just disagree with Trump on everything sort of vibes. Kavanaugh, Thomas,
Speaker 1: and Alito were in descent. Cavanaugh warned the unwinding the
Speaker 1: duties and handling refunds could be a mess. And that's right,
Speaker 1: you heard me say handing out refunds. So now the
Speaker 1: movement is going to be this could be a media thing,
Speaker 1: could be a legal thing. Again, we'll get this answer
Speaker 1: at the bottom of the hour. What I bring in karting,
Speaker 1: But the revenue is at risk that we've already collected.
Speaker 1: So Reuters, because they're very clever over there, they got
Speaker 1: a lot of my very clever news wire. They did
Speaker 1: the math and they figure we've already taken in one
Speaker 1: hundred and seventy five billion from this specific type of tariff,
Speaker 1: which we were told would not work, and now we've
Speaker 1: got one hundred and seventy five billion delta, and we
Speaker 1: may need to give that back. And that's going to
Speaker 1: be what the people hate this country. And this is
Speaker 1: why it's so noteworthy all these news cycles over the
Speaker 1: last few weeks with the sports where you've got all
Speaker 1: these sports stars admitting how much they hate this country
Speaker 1: and either playing for communists China or going overseas and
Speaker 1: trashing our country, and all these people who clearly think
Speaker 1: America is a terrible place, acting like we got the
Speaker 1: Gestapo and Jim Crow and all that stuff is still here.
Speaker 1: So the people hate our country are going to root
Speaker 1: for us to give back the one hundred and seventy
Speaker 1: five billion dollars we've already collected. So clearly just pretty
Speaker 1: devastating if that would be the case, and also really messy.
Speaker 1: And I think that that's something that clearly caught Thomas's,
Speaker 1: Alito and Kavanaugh's attention, is that this is going to
Speaker 1: be you know, it's gonna be It's gonna be hard
Speaker 1: to figure out just how to do that. The court
Speaker 1: did not decide how refunds should work or how the
Speaker 1: refunds would be given out, So that will create more
Speaker 1: new cycles, probably extending the new cycle, and they're going
Speaker 1: to leave that, I guess, to lower courts to sort
Speaker 1: that out. And so I don't know how long this
Speaker 1: is going to take to fully unwind. But we don't
Speaker 1: know whether or not is expected from this decision as
Speaker 1: of now for my interpretation, whether or not there's going
Speaker 1: to be refunds that are gonna be mandated, and if
Speaker 1: they are manded how to do it. But this is
Speaker 1: more than half of the revenue the tears have generated
Speaker 1: thus far, and it could potentially go away in a
Speaker 1: time where we've got an affordability crisis, we've got a
Speaker 1: budget deficit, and just note I think at least half
Speaker 1: of the country still wants Trump to fail at all
Speaker 1: costs and would rather America lose money so long as
Speaker 1: Trump looks like he took an l okay. So what's
Speaker 1: going to happen next? And this is going to be
Speaker 1: the question for a long period of time, and we'll
Speaker 1: return to it the Bond of the Hour In the
Speaker 1: third segment of the show with John Carney. But operationally,
Speaker 1: the IEPA tariffs should come off the books once the
Speaker 1: decisions implement implemented, and so they'll be guidance some when
Speaker 1: that takes place. But the administration is going to try
Speaker 1: to replace some of the tariffs using other trade statutes.
Speaker 1: That's where it's going to get interesting complicated. It's going
Speaker 1: to take a lot of time for all of us
Speaker 1: short through this, but there's more procedural requirements and constraints
Speaker 1: with other means, which is why Trump opted for this,
Speaker 1: because this is stuff that could get applied quickly. Cash
Speaker 1: flow starts coming in quickly, Trump starts touting w's and
Speaker 1: that's how he wanted.
Speaker 3: To do it.
Speaker 1: There are other options that they're just going to have
Speaker 1: more procedural requirements, more constraints, and take longer to implement,
Speaker 1: which is they're prepared. So I assume we'll be getting
Speaker 1: announcements right away, certainly as soon as the State of
Speaker 1: the Union, maybe even before then. We'll say the Union
Speaker 1: A dresses on Tuesday, and importers are going to press
Speaker 1: the refund claims. They're going to try to get refunds
Speaker 1: as soon as humanly possible, so they'll go through trade courts,
Speaker 1: and I think there's going to be a I have
Speaker 1: no idea how this canna go. I really don't. This
Speaker 1: is where I You're looking for good answers for me
Speaker 1: and how to get the refunds. I don't know if
Speaker 1: this is going to happen, and I don't know what
Speaker 1: it could look like. But I do think that overall
Speaker 1: this could get implemented right away. It's going to overwhelm
Speaker 1: the news right away. It's going to be a something
Speaker 1: that will be another huge challenge for this administration and
Speaker 1: also the American public because this was a pretty easy
Speaker 1: way to start making things more affordable in this country
Speaker 1: is to start generating money because of our massive trade deficit.
Speaker 1: As I spoke about Secretary Lutnik last week on the show.
Speaker 1: What we spoke about is that we had this mindset
Speaker 1: for as long as I've been alive, which is four
Speaker 1: four decades in this country, that having a trade deficit
Speaker 1: is perfectly acceptable and it should be completely limitless. How
Speaker 1: much we have does not matter how much trade deficit
Speaker 1: we got. We can have a bunch of it doesn't
Speaker 1: make a difference. It's all good in the end. Well,
Speaker 1: how has that gone for us.
Speaker 3: Not great.
Speaker 1: Trump tried to fix that, and the robes of the
Speaker 1: Supreme Court said, no, you cannot do it this particular way.
Speaker 1: Are they right from a constitutional standpoint? I can't say.
Speaker 1: But what I can say not good news for the country.
Speaker 3: But what do we do next?
Speaker 1: We'll answer that question next on the Alex Marlow Show.
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Speaker 1: We're back on the marlow Show, and I gotta say,
Speaker 1: I feel like let's take a little bit of a
Speaker 1: breather from the economic stuff for a second, and let's
Speaker 1: spend a little bit of time talking about some things
Speaker 1: that are fun, because we should have some fun on
Speaker 1: the show, shouldn't we. It feels like at this moment
Speaker 1: in time that we've got an opportunity to play some
Speaker 1: really fun clips of Democrats being stupid. So let's not forget,
Speaker 1: let's not despare, because there are a lot of Democrats
Speaker 1: who are completely crazy and we should be playing them.
Speaker 1: This is someone named Lee Fink, who is a Minnesota
Speaker 1: state legislature and this individual is a trans person. And
Speaker 1: heed this to say about kids getting access to adult
Speaker 1: reading material, will say reading Let's play.
Speaker 4: Cup four mentioned the Paxton case and the ags in
Speaker 4: many states are very clear about that. They're almost jubilant
Speaker 4: about being able to use these laws to ban young
Speaker 4: people from accessing content that could be educational if they
Speaker 4: are queer, and you are principal, you have LGBT students
Speaker 4: in your school, and we also know that they're not
Speaker 4: receiving sex education for queer kids. We know that purient
Speaker 4: interest could be for many people, the very existence of
Speaker 4: transgender kids.
Speaker 1: So basically, we need pornographic material because it is because
Speaker 1: we need transgender kids to understand if they're trans. So
Speaker 1: this is the biggest admission I think of grooming I
Speaker 1: think we've ever seen, is this is actually revealing. The
Speaker 1: whole game they're doing is that they want to expose
Speaker 1: minors to adult material so that they become trans because
Speaker 1: they believe I guess trans is also now biological.
Speaker 3: It's not.
Speaker 1: It just has always been inside of you. I guess
Speaker 1: this is the point they're making. And so if they
Speaker 1: give just of access to X rated adult content, then
Speaker 1: they'll be able to know their trans And that's a
Speaker 1: good thing, because why it's just the the truly that
Speaker 1: this is we've turned over the entire country to insane people,
Speaker 1: all right, I'm gonna do something. This is one where
Speaker 1: I am cautioning you guys in the booth because we've
Speaker 1: got some F bombs here that are coming.
Speaker 3: But this is a new candidate.
Speaker 1: We got new candidate among us, some name Julia Stratton,
Speaker 1: and she's got an ad for Senate. And this I
Speaker 1: think reveals exactly where the Democrats are when it comes
Speaker 1: to depths. Right now, let's play this cut cup five police.
Speaker 5: Trump vote Juliana, Trump Vote Juliana, Trump Vote Juliana.
Speaker 3: They said, it's not me.
Speaker 6: I'm Juliana Stratton, and I'm proud to have lived my
Speaker 6: whole life on the South Side of Chicago. I'm not
Speaker 6: scared of a want to be dictator. I'm running for
Speaker 6: Senate to stand up to Donald Trump. I'll abolish ice
Speaker 6: and hold Trump accountable for the crimes he's committed.
Speaker 1: Just like they said, Trump Trump, Trump, Vote Juliana.
Speaker 6: That's why I approved this message.
Speaker 3: I underplayed this.
Speaker 1: This is the lieutenant governor of Illinois and she's running
Speaker 1: for Senate and her whole message is f Trump and
Speaker 1: he's a want to be dictator. As if a lieutenant
Speaker 1: governor of a state could say F Trump and that
Speaker 1: would be the whole ad in a dictatorship, and then
Speaker 1: the dictator would just allow for it. They never get that,
Speaker 1: but their audience doesn't demand that they get it. But
Speaker 1: they've completely abandoned any sort of depth, have no quality
Speaker 1: of arguments. All they have is anger and emotion, and
Speaker 1: they feel like that that's the way to motivate people
Speaker 1: to win, and just should scare you because if they
Speaker 1: do win, then it's a it's a big deal, no wonder.
Speaker 1: The Bears might be moving to Indiana. How fun would
Speaker 1: that be if the Chicago Bears fans had to go
Speaker 1: over to Indiana to go to the stadium.
Speaker 3: That'd be cool.
Speaker 1: The'd be Almost as good is when the Angels out
Speaker 1: here in Anaheim, which is a very close where I
Speaker 1: am today, when they change their name to the Los
Speaker 1: Angeles Angels, which I always thought was awesome because Los
Speaker 1: Angeles of course means the Angels, so the Angels Angels.
Speaker 3: I thought that was pretty cool. That was pretty cool choice.
Speaker 1: But I think putting the Bears stadium, it's kind of like,
Speaker 1: don't the Giants and the Jets play in New Jersey.
Speaker 1: It's all amusing, it's all amusing. All right, I'm sad
Speaker 1: that that's where they're at. But we will make fun
Speaker 1: of them over and over and over again. But if
Speaker 1: they get power, just don't forget. These are very bad
Speaker 1: people who are have a huge power on a huge
Speaker 1: power trip.
Speaker 3: Let's play cut one.
Speaker 1: This is Susan Rice, one of the most powerful people
Speaker 1: in Joe In Barack Obama's adminished ration and in the
Speaker 1: whole Democrat establishment.
Speaker 3: Play cut one.
Speaker 5: But when it comes to the elites, you know, the
Speaker 5: corporate interests, the law firms, the universities, the media. I
Speaker 5: agree with you, Preed it is not Ah, it's not
Speaker 5: going to end well for them. For those that decided
Speaker 5: that it was. You know that they would act in
Speaker 5: their perceived very narrow self interest, which I would underscore
Speaker 5: is very short term self interest and you know, take
Speaker 5: a knee to Trump. I think they're now starting to realize.
Speaker 3: Wait a minute.
Speaker 1: She's saying that she's talking to pre Bahara, who is
Speaker 1: a guy who's a pretty good attorney and then just
Speaker 1: got completely trumped arrange and now is a podcaster.
Speaker 3: It happens to people.
Speaker 1: So she's saying, first of all, she's actually the elites
Speaker 1: are with Trump, not with Obama, and Biden, Democrats, et cetera.
Speaker 1: But she's actually threatening them that if you're in the media,
Speaker 1: or if you're a corporation and you bent the need
Speaker 1: of Trump, which means you heard definition, bent the needed
Speaker 1: Trump is what you work cooperatively with the democratically elected
Speaker 1: president of the United States. That's where she's at, and
Speaker 1: she's threatening them, and it actually gets worse from there.
Speaker 1: We're gonna get back to economic news. I gotta get
Speaker 1: out here, right John, all right, we'll be right back
Speaker 1: on the All right, we're live, John, John, we're the
Speaker 1: chit chatting here.
Speaker 3: We're getting cue. We don't get any cues this break.
Speaker 3: It was busy today. It is a wild day. We
Speaker 3: got the tariffs coming.
Speaker 1: John Carney's here men, Economic and Finance editor The Bright
Speaker 1: Bar Business Die just the number one business newsletter you
Speaker 1: can read if you want to understand Meganomics, and you should,
Speaker 1: regardless of your politics, read every day by the Treasury Secretary,
Speaker 1: among others in the Cabinet and the White House. All right, John,
Speaker 1: we get a lot of news. But before we dig
Speaker 1: into the tariffs in the Supreme Court decision, you're also
Speaker 1: a trained attorney with a lot of greed so that's
Speaker 1: very helpful in this case. I got two quick ones
Speaker 1: to bounce off you. First, we also got GDKEY numbers today.
Speaker 1: A little disappointing, but how much.
Speaker 3: What do we think?
Speaker 7: Yeah, so the GDP number was disappointment. Came in at
Speaker 7: one point four percent, dragged down by maybe two percent.
Speaker 7: The BA says one percentage point by the government shutdown,
Speaker 7: so they think and a lot of that will probably
Speaker 7: get added back in the first quarter of this year.
Speaker 7: So yeah, it wasn't a great number. A lot of
Speaker 7: it had to do with the government shutdown. Another big
Speaker 7: part of it was not just government shutdown, but actually
Speaker 7: the government contracting consumers and business were doing pretty well actually,
Speaker 7: and trade helped boost GDP in this number as well.
Speaker 7: But what you know, it was government partly because of
Speaker 7: the shutdown and also just because Donald Trump has been
Speaker 7: shrinking the government that led to the number being so bad.
Speaker 1: Okay, so a nice segue to Streme Court trade decision
Speaker 1: is America's trade deficit according to you, John and us.
Speaker 1: In the bright part, Business Digest had its best quarter
Speaker 1: in thirty three years. Yet I read a million nostalgia
Speaker 1: media headlines in the last forty hours that the tariffs
Speaker 1: aren't working and we're not closing the trade deficit.
Speaker 7: Yeah, So what happened was the trade deficit was actually
Speaker 7: very high coming into this year, and then it exploded
Speaker 7: even higher in the beginning of the year before Trump's tariffs.
Speaker 7: A lot of businesses, you know, I'm not gonna like
Speaker 7: insult them for this. This was a smart move. They
Speaker 7: knew tariffs were coming, so they bought every import they
Speaker 7: could get their hands on ahead of time. So you
Speaker 7: had a high trade deficit in the beginning of the year,
Speaker 7: but once the tariffs came on, you actually saw a
Speaker 7: decline in the trade deficit that was pretty serious, so
Speaker 7: year over year and quarter over quarter, So just concentrating
Speaker 7: on that last quarter that we just got the data
Speaker 7: in compared to the year before, the trade deficit was
Speaker 7: down around forty percent, and the goods only trade deficit
Speaker 7: that's the one the tariff's effect was down twenty six percent.
Speaker 7: So we saw a huge decline in the fourth quarter
Speaker 7: of this year compared to the fourth quarter of last year.
Speaker 7: That really does say the tariffs seemed to have cut imports.
Speaker 7: Of course, some of that may be because of the
Speaker 7: front running that I was talking about, So what we
Speaker 7: you know, until today, I would have told you what
Speaker 7: we need to do is look to see what happens
Speaker 7: to the tariffs of the next year, to see if
Speaker 7: they're going to be as effective as they were in
Speaker 7: the last quarter. But we may not get to because
Speaker 7: the Supreme Court just knocked down all of those terrors.
Speaker 1: Okay, so the I want to get to the tariffs now,
Speaker 1: and I think this is important and I want to
Speaker 1: focus on what happens next mostly. But as an attorney,
Speaker 1: what do we know about the decisions themselves at this point?
Speaker 1: Were there any surprises? And just give us a brief
Speaker 1: summary from your vandpoint as a legal mind of what
Speaker 1: the rationale was.
Speaker 7: Sure, I've watched it very closely. I watched because I
Speaker 7: listened to the oral arguments. I've read all the briefs
Speaker 7: in the case. It seems to me that the dissenters,
Speaker 7: who are the most conservative justices on the court, Kavanaugh, Alito,
Speaker 7: and Thomas, were right that actually the law does grant
Speaker 7: the the President of the power to do tariffs.
Speaker 8: But they lost.
Speaker 7: They had six votes against them. The main thing I
Speaker 7: would say that the decision was on is not a
Speaker 7: crazy thing. What the Roberts' opinion here says more or
Speaker 7: less is, Look, this law has been around for fifty years.
Speaker 7: Nobody ever tried to impose tariffs under this particular law,
Speaker 7: and we don't think you can do it. We think
Speaker 7: you need Congress's authorization to do it. I think that's
Speaker 7: really important that Congress can re by changing one word
Speaker 7: in the statute. If they just add tariff to the
Speaker 7: list of things that the President is able to do
Speaker 7: under the Emergency Economic Powers Act, he will absolutely be
Speaker 7: able to do this. So it's not like Trump's powers
Speaker 7: were unconstitutional or anything like that.
Speaker 3: It's just that the.
Speaker 7: Majority of the courts said they don't think he has
Speaker 7: the power to do it under the AIFA statute. That's
Speaker 7: easily repairable. It's probably wrong, but you know that's the
Speaker 7: way the Suprame Court works. It's now the law of
Speaker 7: the land.
Speaker 3: Okay.
Speaker 1: So is there any way is the decision vulnerable at all?
Speaker 1: Is there any way to just tweak something simple and
Speaker 1: then all of um, we're back on or do you
Speaker 1: feel like the solution is going to be more complicated?
Speaker 7: Well, so, if we had a more reliable US Senate,
Speaker 7: I would just say, you know, that's it. Guys put
Speaker 7: tariffs into the statute, but we can't pass you know,
Speaker 7: simple things like voter id vas through the Senate because
Speaker 7: of Republican opposition. So that's unfortunate. We need better lawmakers
Speaker 7: the law, like the US Senate absolutely should put tariffs
Speaker 7: into the Emergency Act. That would fix everything. But the
Speaker 7: other thing is there's about a half dozen other statutes
Speaker 7: that specifically authorize the president to impose terriffs. They did
Speaker 7: it under AEPA because there's less procedural hurdles and they
Speaker 7: believed it allowed them more flexibility. They can do it
Speaker 7: under these other statutes. So a lot of the tariffs
Speaker 7: that will get knocked down because you can't do them
Speaker 7: under AEPA are probably going to come back pretty quickly
Speaker 7: because the Trump administration has not you know, they didn't
Speaker 7: just like sit on their hands and wait for the
Speaker 7: Supreme Court to decide this. They've been preparing how to
Speaker 7: respond if the court went this way. It's not a surprise.
Speaker 7: The consensus view was that the tariffs were in trouble.
Speaker 7: I've said that many times myself, that they were in trustle.
Speaker 3: Yes, yeah, yeah, we thought so.
Speaker 1: And especially you know, this is one thing for me
Speaker 1: maybe I was to cash about this, but after researching
Speaker 1: breaking the law as long as I did, and knowing
Speaker 1: that Gorsis really is a libertarian, Barrett really does like
Speaker 1: to go. She always takes the safer route on the
Speaker 1: controversial decisions. Roberts lives to defy Trump. I just I'm
Speaker 1: kind of surprised. I mean, I thought it could be
Speaker 1: seven too, Like, I'm glad we kept Kevin of kavanaughh around. Like,
Speaker 1: to be honest with you, that was kind of where
Speaker 1: I was going. So now what next? And you say,
Speaker 1: the administration you've written this out, so if you go
Speaker 1: to Brightbard dot com, get the bright Bard app get
Speaker 1: the whole thing. But you say, the Trump administration's got
Speaker 1: a hidden ace to rebalance the trade.
Speaker 3: How do we do this?
Speaker 7: Yeah, so there's a the president is absolutely This is
Speaker 7: one of the ironies is the president could actually ban imports.
Speaker 7: They Kavdough points out that.
Speaker 3: This is ridiculous.
Speaker 7: You can't charge a one dollar terrify on something, but
Speaker 7: you could absolutely say no, you can't import it at all.
Speaker 7: That seems kind of crazy, but that's where the Supreme
Speaker 7: Court's decision leads you. So what the administration could do
Speaker 7: is basically ban imports from any country that runs that
Speaker 7: we run a trade deficit with, that runs a trade
Speaker 7: surplus against US, and say we will allow imports if
Speaker 7: you pay us, if your national government pays us a fee,
Speaker 7: you have to pay us a fee equal to I
Speaker 7: don't know, you know, a number twenty percent of your
Speaker 7: trade surplus, fifty percent of your trade surplus, one hundred percent,
Speaker 7: and make it two hundred percent for really bad actors,
Speaker 7: and then you're allowed to export things into the United States. Again,
Speaker 7: that's absolutely allowed under AEPA. In fact, the Supreme Court
Speaker 7: decision makes it clear the president can block imports under
Speaker 7: a EPA. So I think that they can move to
Speaker 7: this licensing thing. I've written it up at Briper Business Digest.
Speaker 7: It's also a new idea. You know, it's not one
Speaker 7: that's been tested, but I do know that you know,
Speaker 7: you know, Alex, you know this. We've got some readers
Speaker 7: in the in the White House and in the Treasury
Speaker 7: and in the US Commerce Department, and they have so
Speaker 7: they're aware of this idea and they and they're definitely
Speaker 7: have read up on it. But that's not the only idea.
Speaker 7: There's also, like I said, a lot of other statutes,
Speaker 7: and it's and that one survived this Supreme Court decision
Speaker 7: because we already have tariffs under these statutes and two
Speaker 7: that can then be imposed on other countries under these
Speaker 7: other statutes.
Speaker 3: So it's the.
Speaker 7: Tariffs aren't completely going away, and a lot of them
Speaker 7: can be restored in the ways that I've described.
Speaker 1: One thing that's just interesting here there's been a lot
Speaker 1: of trust that's been lost is I'm pretty sure Greg
Speaker 1: flagged that Brett Kavanaugh wrote in his descent that the
Speaker 1: tariffs not be ah may not be a wise policy.
Speaker 1: Like he ends up siding with Trump, but he comments
Speaker 1: on the policy like.
Speaker 3: What are we doing here?
Speaker 1: It's the I thought, are we interpreting the law or
Speaker 1: are we hot taking on politics here? I mean, it's
Speaker 1: one of the things that when you get that job,
Speaker 1: it is one lane.
Speaker 3: You got to stay in that lane. Correct.
Speaker 7: Yeah. Look, we've seen this with the Federal Reserve, We've
Speaker 7: seit it with the Supreme Court. Nobody stays in their
Speaker 7: lane anymore. Somehow they feel like Donald Trump gave them
Speaker 7: a license to start, you know, making policy everywhere. It's unfortunate.
Speaker 7: I kind of understand why Kavanaugh might have wanted to
Speaker 7: do that. He may have been hoping. Remember when they're
Speaker 7: writing these opinions in the sense.
Speaker 3: They're convincing each other.
Speaker 7: Yeah, so he may have been like, like, maybe I
Speaker 7: could get Gorsic, Maybe I could get you know, as
Speaker 7: you said, it's like a libertarian. Maybe I could get
Speaker 7: him on board. Maybe I can get Amy Cony Barrett
Speaker 7: on board. I think this thing was a closer. Uh,
Speaker 7: you know, even though it comes out six' three, TODAY
Speaker 7: i think it may have been closer because it has
Speaker 7: taken several weeks for you, know a lot longer than
Speaker 7: people thought for this to come. Out, remember right, afterwards everybody,
Speaker 7: decided oh that's. It The Supreme court is definitely going
Speaker 7: to strike This downy struck it, down but in a divided.
Speaker 7: Court and even six' three is a little bit confusing
Speaker 7: because there are there's really actually three.
Speaker 3: Or four opinions.
Speaker 7: Within this so there's the There's the, roberts opinion but
Speaker 7: the liberal judges wrote their own version of why this should.
Speaker 1: Be, overturned, yeah well which. Is Different but john and
Speaker 1: we all got me in together. For now we'll do
Speaker 1: much more content. On this but your main solution is
Speaker 1: you threaten. Other countries we're just going to ban, your
Speaker 1: goods and all of a sudden they're going to come
Speaker 1: to the table and they're going.
Speaker 3: To cooperate. We're, okay so but Let's say trump doesn't.
Speaker 1: Do that what do you think is other options forty
Speaker 1: five seconds that you think are on.
Speaker 8: The.
Speaker 7: Table, Yeah absolutely so there's section three, twenty three which
Speaker 7: is two. Thirty, two rather we already have tariffs under.
Speaker 7: THESE statutes a whole bunch of other statutes are actually
Speaker 7: listed In the. Cabinet opinion the administration has already imposed
Speaker 7: tariffs under. These statutes in, some cases they're just going
Speaker 7: to impose more of them over the next. Few months
Speaker 7: but the problem is these, take longer and often have
Speaker 7: different procedural hurdles and sometimes have time limits, on them
Speaker 7: so you only get to you have to reimpose them
Speaker 7: every year.
Speaker 3: Or So john carney.
Speaker 1: Amazing stuff don't, miss anything he writes today bright our.
Speaker 1: Business digest so we'll get the weight to the world on, Your,
Speaker 1: Shoulder john, thank you. My friend, All right gold and
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Speaker 3: Bye?
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Speaker 1: Nice up such a great team and a big breaking.
Speaker 1: News Day, greg evans our. Executive producer sean McConnell runs.
Speaker 1: The Boards, Roger Rick Roger, Wicker Junior, Rick Locke, Gerrit Chollie,
Speaker 1: Matt Sebel, Brandon Couples, misty Callahan And. John cassio i'll
Speaker 1: make vital contributions to. The SHOW and i say this
Speaker 1: when there's, tougher days it's really important to note that
Speaker 1: things can get so so. Much Worse and i've got
Speaker 1: audio evidence to. That point earlier in, THE show i
Speaker 1: played a Clip Of susan rice literally threatening the elites
Speaker 1: who bent the Need, of trump meaning actually we're willing
Speaker 1: to work. With him somehow it got more sensational. From
Speaker 1: there this is Former top Obama Advisor susan rice's play.
Speaker 5: Cut two if these corporations think That the democrats when
Speaker 5: they come back, in power are going to, you know
Speaker 5: play by the, old, rules uh and, you know and
Speaker 5: and say oh, never mind we'll we'll forgive you for
Speaker 5: all the people, you fired all the and principles, you've
Speaker 5: violated all, you know the laws, YOU'VE skirted i think
Speaker 5: they've got another. Thing coming this is not going to
Speaker 5: be an instance of, you know forgive.
Speaker 3: And, forget yeah it's not gonna be.
Speaker 1: Forgiven forget we're gonna be coming after the people who
Speaker 1: were part OF the, maga movement and that includes you
Speaker 1: don't think that's Isolated To stephen Miller And donald Trump
Speaker 1: And eric Trump And. Don junior of. Course not they will,
Speaker 1: debank you they will. Deplatform you they are coming. For
Speaker 1: you which is why we need to be engaged now more.
Speaker 1: Than ever people taking the, black pill getting discouraged because
Speaker 1: we don't win every single time we lace them up
Speaker 1: and go out on the field is not acceptable because
Speaker 1: the stakes are just. Too high let me play. Another
Speaker 1: clip this is What ilhan omar wants. To do not
Speaker 1: to say she'll personally be in power beyond what she,
Speaker 1: is now but. Who knows let's play cut.
Speaker 3: Ten PLEASE.
Speaker 9: What i will say is that there is a an
Speaker 9: easier conversation happening today than, you know six seven years
Speaker 9: AGO when i Got to congress about what we need
Speaker 9: to do, with ice which is still.
Speaker 5: Abolish it and there is a.
Speaker 9: Lot of conversation about what the dismensle meant Of the
Speaker 9: Department Of homeland security should.
Speaker 6: Look like.
Speaker 1: And this is her suggesting flat out she wants to
Speaker 1: abolish ice In the Department Of. Homeland security that's what.
Speaker 1: She's saying she doesn't think we Should have Immigrations and.
Speaker 1: Customs enforcement that's, the point THAT'S what i. Stands for
Speaker 1: she not believe we should Have a Department Of. Homeland
Speaker 1: security she believes the country should be have an open
Speaker 1: border and we should be run over by all the smalling.
Speaker 1: Migrants imaginable so we get a more leering centers and
Speaker 1: less safety security and less affordability for Tax paying. American
Speaker 1: citizens that's not her. Main constituency it's the people who
Speaker 1: are running the leering centers with no children.
Speaker 3: In them so that is.
Speaker 1: The point and that's why we've got to stay focused
Speaker 1: here and not get, to discouraged because again we get
Speaker 1: such beautiful Moments from trump. As well let's play. Cut
Speaker 1: nine this was him kicking out the media at the.
Speaker 1: Governor's breakfast check.
Speaker 8: This out we're going to be asking the press to leave.
Speaker 8: That way we're gonna talk very candidly and. TAKE questions
Speaker 8: i think at the end it was supposed. TO be
Speaker 8: i just Said, to susie what, about? Questions sir you
Speaker 8: can do whatever. YOU want i don't know if she
Speaker 8: says that to other people that she's represented over, The
Speaker 8: years but thank you very much for. Being here it's a,
Speaker 8: great honor and, the media. Thank you you can.
Speaker 1: Leave now and he does it with. A smile that's
Speaker 1: my favorite part. About it we're gaining so. MUCH power
Speaker 1: i was THINKING About Ccp Barbie. EILEEN goo, i mean
Speaker 1: she's been whining over the Backlash that american fans aren't
Speaker 1: totally embracing her like the. Media has this is the
Speaker 1: woman who grew Up, in America Went, stanford university benefited
Speaker 1: from All the america's well and large ass and skills
Speaker 1: and talent, and coaching and then took a giant bag
Speaker 1: FROM the ccp to Compete for china And, the olympics and,
Speaker 1: very well she got golds, last time is that many golds?
Speaker 1: This time but she's got two more medals this, time
Speaker 1: around and she's very sad that she's a. Punching, bag
Speaker 1: well if you're someone who is going to take a
Speaker 1: lot of money from a communist regime that is engaged
Speaker 1: in human rights atrocities at, this moment right the second
Speaker 1: they're doing it and are trying To murder americans By
Speaker 1: importing fentanel into our country to, destroy us then people
Speaker 1: are going to say something is not only going to
Speaker 1: be magazine covers. For YOU and i think that's great
Speaker 1: because the fact that she's feeling the heat. At all
Speaker 1: she didn't feel any heat, at all not one iota
Speaker 1: of heat the last time she was In. The olympics
Speaker 1: and the reason why she didn't feel any heat is
Speaker 1: because we did not have the foothold in.
Speaker 3: The media we had not completely.
Speaker 1: Broken it as we've tried to do a, bright PART
Speaker 1: and i Think reelecting trump and going from there has
Speaker 1: been a huge part. Of it and it's a very,
Speaker 1: big thing and we can't underestimate so many of the
Speaker 1: good things that. We've done i've been going through some
Speaker 1: of the accomplishments again that through the first Year the,
Speaker 1: trump administration from the doging to the big, beautiful bill
Speaker 1: to the peace around the world that's. Breaking out all
Speaker 1: of these things we've. Underestimated it the fact that border
Speaker 1: crossings are down, To zero homan's rounding up all these illegal, alien.
Speaker 3: Predators all these things are.
Speaker 1: So wonderful and if we lose sight of that because
Speaker 1: we get discouraged By One supreme court ruling or when
Speaker 1: new cycle doesn't go, our way it is completely unacceptable
Speaker 1: because we're going to be handing over the Country To
Speaker 1: susan RICE and aoc And iohan omar and. The rest
Speaker 1: that's all. For today thanks for listening. And watching Scott's
Speaker 1: covering trump's live speech right now, on radio so check.
Speaker 3: That out go, in peace, for love and serve