WEBVTT - SCOTUS Strikes Down Trump Tariffs: Reactions, What to do Next 0:00:00.080 --> 0:00:03.400 Today's show sponsored by Lear Capital, the precious metals leader 0:00:03.440 --> 0:00:07.040 since nineteen ninety seven and only company I trust and 0:00:07.120 --> 0:00:11.600 recommend to my family, friends and viewers. Visit Lear Alex 0:00:11.960 --> 0:00:22.799 dot com. 0:00:22.840 --> 0:00:25.680 Ready to break the narrative, get the real story with 0:00:25.800 --> 0:00:29.479 no filters and no apologies. Cut through the noise with 0:00:29.600 --> 0:00:34.120 real conversation, real conviction, and real news. It's time for 0:00:34.280 --> 0:00:38.319 truth without spin. It's the Alex Marlow Show. 0:00:38.520 --> 0:00:39.479 I'm Alex Marlow. 0:00:39.520 --> 0:00:41.720 This is the Alex Marlow Show, and I am live 0:00:41.760 --> 0:00:44.000 today on location. I got a couple of speeches to 0:00:44.360 --> 0:00:46.680 a group of great conservatives later in the day, but 0:00:46.720 --> 0:00:48.360 the news does not wait for me to give speeches, 0:00:48.360 --> 0:00:49.880 because I will tell you right now. 0:00:49.880 --> 0:00:52.000 This is a big news day. Is a big news day, 0:00:52.000 --> 0:00:52.639 and not in a good way. 0:00:52.640 --> 0:00:54.680 We got a big mess on our hands, those of 0:00:54.720 --> 0:00:57.480 you who are just coming to this new Supreme Court 0:00:57.520 --> 0:01:02.320 strikes down trump Tariff's to three majority. Roberts, Gorsich, and 0:01:02.440 --> 0:01:06.720 Barrett all side with the Libs. Roberts and Barrett do 0:01:06.840 --> 0:01:09.640 seem to live to disagree with Trump from time to time, 0:01:09.880 --> 0:01:12.440 and Gorsich has this libertarian streak, so you can bet 0:01:12.480 --> 0:01:15.440 he's not a huge tariffs guy. We've got some very 0:01:15.440 --> 0:01:18.200 strange stuff in this decision, but some stuff that I 0:01:18.200 --> 0:01:20.520 think we were kind of anticipating. And later on in 0:01:20.560 --> 0:01:22.160 the show, I'm going of John Carney with me, my 0:01:22.280 --> 0:01:24.679 economic and finance not just editor at bry Bert News, 0:01:24.760 --> 0:01:26.360 but my guru, the guy who I trust more than 0:01:26.360 --> 0:01:28.680 anyone else on this topic. He is going to break 0:01:28.720 --> 0:01:30.839 down what he thinks is a solution, which I tasked 0:01:30.880 --> 0:01:32.840 him with a long time ago. You've got to come 0:01:32.920 --> 0:01:35.160 up with a solution so we can tell people that 0:01:35.319 --> 0:01:36.920 this goes away. And I had a feeling some of 0:01:36.959 --> 0:01:39.000 these tariffs we're going to go away, that it is 0:01:39.040 --> 0:01:41.280 not the end of the world. But it's very noteworthy 0:01:41.560 --> 0:01:45.520 that this decision comes after the tariffs are obviously working 0:01:45.600 --> 0:01:47.960 to the point where just last week I was saying, 0:01:48.000 --> 0:01:51.120 we probably need to now have a external revenue service 0:01:51.480 --> 0:01:53.640 because we have so much money that's coming into the 0:01:53.680 --> 0:01:56.920 treasury from the tariffs, and now all of a sudden, 0:01:57.200 --> 0:01:58.880 we have to go back to the drawing board on 0:01:59.120 --> 0:02:00.520 some of the tariffs. But I'm going to give you 0:02:00.520 --> 0:02:03.280 the details before I give you the hot takes. So 0:02:03.720 --> 0:02:06.440 these were the president's tariffs that were imposed under the 0:02:06.520 --> 0:02:12.120 International Emergency Economic Powers Acts AIPA is what people say 0:02:12.400 --> 0:02:15.920 who like saying all of the acronyms is a one word. 0:02:15.960 --> 0:02:18.400 I don't think we need it, but maybe we do. IEPA. 0:02:18.480 --> 0:02:21.480 They're unlawful because the statue doesn't authorize tariffs, which is 0:02:21.520 --> 0:02:24.720 something that is kind of typical of what the Trump 0:02:24.760 --> 0:02:27.160 administration has done in the first year with some stuff, 0:02:27.160 --> 0:02:30.239 which I really love this. They move fast and break things, 0:02:30.680 --> 0:02:33.120 and they enact policy and they go for it and 0:02:33.120 --> 0:02:35.240 they take a big swing, and they know every once 0:02:35.280 --> 0:02:37.080 in a while the court's going to block them. But 0:02:37.120 --> 0:02:39.359 they've tried to overwhelm the system by putting a bunch 0:02:39.360 --> 0:02:41.600 of stuff in, so they knew there was a possibility 0:02:41.639 --> 0:02:44.560 that this could happen, and it did. Unfortunately, so which 0:02:44.600 --> 0:02:48.680 tariffs were covered. Ruling knocks out two big buckets, the 0:02:48.800 --> 0:02:53.480 broad reciprocal tariffs aimed at trade deficits, and the fentanyl 0:02:53.520 --> 0:02:56.679 link tariffs that were imposed on Canada, Mexico and China. 0:02:56.760 --> 0:02:58.840 Because remember it's important to note this, we don't know 0:02:58.919 --> 0:03:01.320 this off enough that China is trying to kill us 0:03:01.320 --> 0:03:04.079 literally with fentandel. There's no other explanation for it. They're 0:03:04.120 --> 0:03:06.600 allaring Fritz going to our country. I don't know Mexico 0:03:06.680 --> 0:03:09.440 is competent or cares enough other than the theaters in 0:03:09.480 --> 0:03:12.000 bed with cartels. But China literally is trying to kill 0:03:12.040 --> 0:03:15.120 Americans via a war via fentandel, and we try to 0:03:15.160 --> 0:03:17.320 teariff them try to stop. That seems kind of mild 0:03:17.480 --> 0:03:20.520 and it's purely illegal, at least under this particular act. 0:03:20.840 --> 0:03:25.680 These represented about seventy percent of the second term tariff, 0:03:25.720 --> 0:03:28.400 so not everything. So some of the tariffs that I 0:03:28.440 --> 0:03:31.360 talked about last week on the podcast with Howard Lutnik, 0:03:31.360 --> 0:03:33.680 which was also a live event. Those of you missed that, 0:03:33.880 --> 0:03:36.360 highly recommend. As I always say every day, there's always 0:03:36.400 --> 0:03:38.920 one reason to subscribe to my feeds because there's always 0:03:38.920 --> 0:03:40.840 more content over there for you to diet a more 0:03:40.880 --> 0:03:43.240 thorough dive and stuff I'm thinking about and stuff I 0:03:43.280 --> 0:03:46.280 care about. But some of the stuff on lutnixx plate 0:03:46.960 --> 0:03:48.440 not covered. This is a lot of the stuff on 0:03:48.600 --> 0:03:50.960 Besson's plate. But again Best is super smart guy, so 0:03:50.960 --> 0:03:53.160 he'll be prepared for this. So we'll give you where 0:03:53.200 --> 0:03:54.839 this goes from here coming up. 0:03:55.480 --> 0:03:55.960 But this was. 0:03:56.000 --> 0:03:58.920 Expected to raise one point five trillion dollars over the 0:03:58.960 --> 0:04:02.640 next decade and now they're gone because three people in 0:04:02.680 --> 0:04:05.840 the Supreme Court sided with the Lips, So very noteworthy 0:04:05.880 --> 0:04:07.920 that that's where we're at and whether or not this 0:04:08.000 --> 0:04:10.520 is the right legal decision. Carney is an attorney, so 0:04:10.560 --> 0:04:12.760 he'll weigh in on that too. You'll get all sorts 0:04:12.800 --> 0:04:16.240 of opinions across the board, but policy wise, pretty devastating 0:04:16.600 --> 0:04:19.200 for the country. So why they ruled that way, Roberts 0:04:19.360 --> 0:04:24.880 joining Groces and Barrett, They basically implied the Major Questions doctrine, 0:04:25.160 --> 0:04:27.760 So the Major Questions doctrine saying the tear of power 0:04:27.760 --> 0:04:30.920 is extraordinary and belong to the Congress, and if Congress 0:04:31.000 --> 0:04:32.920 is meant to grant that power through AEPA, it would 0:04:32.960 --> 0:04:36.839 have done so expressly, not implicitly, through language allowing the 0:04:36.839 --> 0:04:40.520 president to regulate importation. So Trump saying I'm president, I 0:04:40.520 --> 0:04:44.400 can regulate importation. This is why I'm good. And the 0:04:44.440 --> 0:04:47.000 scotis just saying no, no, no, you don't get to 0:04:47.000 --> 0:04:50.760 do that. Congress does that, and it is we don't 0:04:50.760 --> 0:04:52.919 do it. You don't do what Congress does it, basically 0:04:53.000 --> 0:04:56.039 saying that this was crossing over into congresses territory, of 0:04:56.120 --> 0:05:00.240 which is I obviously Clarence Thomas and Justice Alito, the 0:05:00.240 --> 0:05:03.800 two biggest defenders of the Constitution disagreed. So they're not 0:05:03.839 --> 0:05:06.839 just conservatives. These are a strict construction list who defend 0:05:06.839 --> 0:05:12.200 the Constitution at all costs. They disagreed, so it's, you know, noteworthy, 0:05:12.279 --> 0:05:15.919 that's the case. So Sodamayor, Kagan and Jackson had the 0:05:16.040 --> 0:05:20.840 same result. They use something called the ordinary statutory interpretation, 0:05:21.560 --> 0:05:24.560 so they did not invoke any major questions with it. 0:05:24.640 --> 0:05:27.400 They just said, I guess it was a less of 0:05:27.400 --> 0:05:30.159 a nuance or less interesting ruling, more of a we 0:05:30.279 --> 0:05:33.880 just disagree with Trump on everything sort of vibes. Kavanaugh, Thomas, 0:05:33.880 --> 0:05:36.960 and Alito were in descent. Cavanaugh warned the unwinding the 0:05:37.080 --> 0:05:41.040 duties and handling refunds could be a mess. And that's right, 0:05:41.080 --> 0:05:45.880 you heard me say handing out refunds. So now the 0:05:45.920 --> 0:05:47.880 movement is going to be this could be a media thing, 0:05:47.880 --> 0:05:49.880 could be a legal thing. Again, we'll get this answer 0:05:49.920 --> 0:05:51.479 at the bottom of the hour. What I bring in karting, 0:05:51.960 --> 0:05:56.120 But the revenue is at risk that we've already collected. 0:05:56.800 --> 0:05:59.640 So Reuters, because they're very clever over there, they got 0:05:59.640 --> 0:06:02.599 a lot of my very clever news wire. They did 0:06:02.600 --> 0:06:04.400 the math and they figure we've already taken in one 0:06:04.480 --> 0:06:07.360 hundred and seventy five billion from this specific type of tariff, 0:06:07.360 --> 0:06:09.400 which we were told would not work, and now we've 0:06:09.400 --> 0:06:12.240 got one hundred and seventy five billion delta, and we 0:06:12.320 --> 0:06:16.520 may need to give that back. And that's going to 0:06:16.600 --> 0:06:18.360 be what the people hate this country. And this is 0:06:18.360 --> 0:06:20.960 why it's so noteworthy all these news cycles over the 0:06:21.000 --> 0:06:23.760 last few weeks with the sports where you've got all 0:06:23.760 --> 0:06:26.480 these sports stars admitting how much they hate this country 0:06:26.600 --> 0:06:29.760 and either playing for communists China or going overseas and 0:06:29.760 --> 0:06:32.280 trashing our country, and all these people who clearly think 0:06:32.279 --> 0:06:34.360 America is a terrible place, acting like we got the 0:06:35.160 --> 0:06:37.520 Gestapo and Jim Crow and all that stuff is still here. 0:06:37.800 --> 0:06:39.760 So the people hate our country are going to root 0:06:39.800 --> 0:06:42.800 for us to give back the one hundred and seventy 0:06:42.800 --> 0:06:46.080 five billion dollars we've already collected. So clearly just pretty 0:06:46.080 --> 0:06:49.680 devastating if that would be the case, and also really messy. 0:06:49.800 --> 0:06:53.839 And I think that that's something that clearly caught Thomas's, 0:06:54.000 --> 0:06:57.200 Alito and Kavanaugh's attention, is that this is going to 0:06:57.240 --> 0:06:59.920 be you know, it's gonna be It's gonna be hard 0:07:00.120 --> 0:07:01.880 to figure out just how to do that. The court 0:07:01.960 --> 0:07:06.120 did not decide how refunds should work or how the 0:07:06.160 --> 0:07:08.440 refunds would be given out, So that will create more 0:07:08.440 --> 0:07:11.280 new cycles, probably extending the new cycle, and they're going 0:07:11.360 --> 0:07:13.120 to leave that, I guess, to lower courts to sort 0:07:13.160 --> 0:07:15.080 that out. And so I don't know how long this 0:07:15.160 --> 0:07:17.840 is going to take to fully unwind. But we don't 0:07:17.880 --> 0:07:20.840 know whether or not is expected from this decision as 0:07:20.920 --> 0:07:23.280 of now for my interpretation, whether or not there's going 0:07:23.360 --> 0:07:25.160 to be refunds that are gonna be mandated, and if 0:07:25.160 --> 0:07:27.720 they are manded how to do it. But this is 0:07:27.760 --> 0:07:29.880 more than half of the revenue the tears have generated 0:07:29.960 --> 0:07:32.720 thus far, and it could potentially go away in a 0:07:32.800 --> 0:07:35.320 time where we've got an affordability crisis, we've got a 0:07:35.320 --> 0:07:37.760 budget deficit, and just note I think at least half 0:07:37.760 --> 0:07:40.800 of the country still wants Trump to fail at all 0:07:40.880 --> 0:07:43.680 costs and would rather America lose money so long as 0:07:43.680 --> 0:07:46.440 Trump looks like he took an l okay. So what's 0:07:46.440 --> 0:07:48.040 going to happen next? And this is going to be 0:07:48.040 --> 0:07:49.800 the question for a long period of time, and we'll 0:07:49.840 --> 0:07:51.960 return to it the Bond of the Hour In the 0:07:52.040 --> 0:07:55.800 third segment of the show with John Carney. But operationally, 0:07:56.040 --> 0:07:58.840 the IEPA tariffs should come off the books once the 0:07:58.840 --> 0:08:03.320 decisions implement implemented, and so they'll be guidance some when 0:08:03.360 --> 0:08:05.960 that takes place. But the administration is going to try 0:08:05.960 --> 0:08:09.000 to replace some of the tariffs using other trade statutes. 0:08:09.560 --> 0:08:12.200 That's where it's going to get interesting complicated. It's going 0:08:12.240 --> 0:08:13.520 to take a lot of time for all of us 0:08:13.560 --> 0:08:17.240 short through this, but there's more procedural requirements and constraints 0:08:17.320 --> 0:08:19.720 with other means, which is why Trump opted for this, 0:08:20.080 --> 0:08:22.720 because this is stuff that could get applied quickly. Cash 0:08:22.800 --> 0:08:26.280 flow starts coming in quickly, Trump starts touting w's and 0:08:26.600 --> 0:08:27.800 that's how he wanted. 0:08:27.560 --> 0:08:28.000 To do it. 0:08:28.120 --> 0:08:29.800 There are other options that they're just going to have 0:08:29.800 --> 0:08:33.480 more procedural requirements, more constraints, and take longer to implement, 0:08:33.600 --> 0:08:36.720 which is they're prepared. So I assume we'll be getting 0:08:36.720 --> 0:08:39.520 announcements right away, certainly as soon as the State of 0:08:39.559 --> 0:08:42.559 the Union, maybe even before then. We'll say the Union 0:08:42.559 --> 0:08:46.199 A dresses on Tuesday, and importers are going to press 0:08:46.240 --> 0:08:50.319 the refund claims. They're going to try to get refunds 0:08:50.320 --> 0:08:53.280 as soon as humanly possible, so they'll go through trade courts, 0:08:53.720 --> 0:08:57.920 and I think there's going to be a I have 0:08:57.960 --> 0:08:59.840 no idea how this canna go. I really don't. This 0:08:59.920 --> 0:09:01.360 is where I You're looking for good answers for me 0:09:01.400 --> 0:09:03.600 and how to get the refunds. I don't know if 0:09:03.640 --> 0:09:06.400 this is going to happen, and I don't know what 0:09:06.440 --> 0:09:10.120 it could look like. But I do think that overall 0:09:10.840 --> 0:09:13.559 this could get implemented right away. It's going to overwhelm 0:09:13.600 --> 0:09:16.800 the news right away. It's going to be a something 0:09:16.800 --> 0:09:19.760 that will be another huge challenge for this administration and 0:09:19.800 --> 0:09:23.000 also the American public because this was a pretty easy 0:09:23.040 --> 0:09:25.520 way to start making things more affordable in this country 0:09:25.720 --> 0:09:28.360 is to start generating money because of our massive trade deficit. 0:09:28.440 --> 0:09:31.680 As I spoke about Secretary Lutnik last week on the show. 0:09:32.000 --> 0:09:34.559 What we spoke about is that we had this mindset 0:09:34.679 --> 0:09:36.520 for as long as I've been alive, which is four 0:09:36.559 --> 0:09:39.280 four decades in this country, that having a trade deficit 0:09:39.360 --> 0:09:42.360 is perfectly acceptable and it should be completely limitless. How 0:09:42.440 --> 0:09:44.680 much we have does not matter how much trade deficit 0:09:44.720 --> 0:09:46.800 we got. We can have a bunch of it doesn't 0:09:46.800 --> 0:09:49.080 make a difference. It's all good in the end. Well, 0:09:49.120 --> 0:09:50.240 how has that gone for us. 0:09:50.559 --> 0:09:51.160 Not great. 0:09:51.480 --> 0:09:54.400 Trump tried to fix that, and the robes of the 0:09:54.400 --> 0:09:58.080 Supreme Court said, no, you cannot do it this particular way. 0:09:58.160 --> 0:10:01.080 Are they right from a constitutional standpoint? I can't say. 0:10:01.120 --> 0:10:03.480 But what I can say not good news for the country. 0:10:03.520 --> 0:10:04.320 But what do we do next? 0:10:04.360 --> 0:10:10.880 We'll answer that question next on the Alex Marlow Show. 0:10:12.920 --> 0:10:15.920 If a red light therapy device is cheap, there's a reason, 0:10:16.080 --> 0:10:19.080 and it's not a good one. Most red light devices 0:10:19.080 --> 0:10:21.120 on the market are built to hit a low price point, 0:10:21.600 --> 0:10:26.160 not to deliver real results. 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It's the first one 0:11:09.200 --> 0:11:13.160 that actually worked. SunPower led backs it with a money 0:11:13.160 --> 0:11:16.760 back guarantee and a two year warranty, something most competitors 0:11:16.800 --> 0:11:20.880 just can't offer. And it's made in America. Use code 0:11:20.920 --> 0:11:24.600 Marlowe for ten percent off today. Stop settling for low 0:11:24.679 --> 0:11:29.520 quality devices and upgrade to real medical grade relief. All right, 0:11:29.520 --> 0:11:31.400 We're back on the marlow Show, and I gotta say, 0:11:31.559 --> 0:11:33.440 I feel like let's take a little bit of a 0:11:33.480 --> 0:11:37.760 breather from the economic stuff for a second, and let's 0:11:37.760 --> 0:11:40.040 spend a little bit of time talking about some things 0:11:40.040 --> 0:11:41.760 that are fun, because we should have some fun on 0:11:41.800 --> 0:11:45.280 the show, shouldn't we. It feels like at this moment 0:11:45.520 --> 0:11:48.679 in time that we've got an opportunity to play some 0:11:48.720 --> 0:11:51.960 really fun clips of Democrats being stupid. So let's not forget, 0:11:52.080 --> 0:11:54.679 let's not despare, because there are a lot of Democrats 0:11:54.679 --> 0:11:57.520 who are completely crazy and we should be playing them. 0:11:57.640 --> 0:12:01.000 This is someone named Lee Fink, who is a Minnesota 0:12:01.040 --> 0:12:05.640 state legislature and this individual is a trans person. And 0:12:05.760 --> 0:12:08.880 heed this to say about kids getting access to adult 0:12:08.960 --> 0:12:11.079 reading material, will say reading Let's play. 0:12:11.160 --> 0:12:15.280 Cup four mentioned the Paxton case and the ags in 0:12:15.320 --> 0:12:20.800 many states are very clear about that. They're almost jubilant 0:12:21.120 --> 0:12:25.360 about being able to use these laws to ban young 0:12:25.440 --> 0:12:29.880 people from accessing content that could be educational if they 0:12:29.920 --> 0:12:34.120 are queer, and you are principal, you have LGBT students 0:12:34.160 --> 0:12:37.320 in your school, and we also know that they're not 0:12:37.440 --> 0:12:43.319 receiving sex education for queer kids. We know that purient 0:12:43.559 --> 0:12:49.320 interest could be for many people, the very existence of 0:12:49.440 --> 0:12:50.400 transgender kids. 0:12:52.080 --> 0:12:59.680 So basically, we need pornographic material because it is because 0:12:59.800 --> 0:13:04.880 we need transgender kids to understand if they're trans. So 0:13:05.000 --> 0:13:07.160 this is the biggest admission I think of grooming I 0:13:07.200 --> 0:13:09.719 think we've ever seen, is this is actually revealing. The 0:13:09.760 --> 0:13:13.719 whole game they're doing is that they want to expose 0:13:14.360 --> 0:13:20.520 minors to adult material so that they become trans because 0:13:20.559 --> 0:13:23.040 they believe I guess trans is also now biological. 0:13:23.160 --> 0:13:23.480 It's not. 0:13:24.360 --> 0:13:26.040 It just has always been inside of you. I guess 0:13:26.080 --> 0:13:27.920 this is the point they're making. And so if they 0:13:27.960 --> 0:13:31.120 give just of access to X rated adult content, then 0:13:31.160 --> 0:13:32.880 they'll be able to know their trans And that's a 0:13:32.880 --> 0:13:37.760 good thing, because why it's just the the truly that 0:13:37.840 --> 0:13:41.640 this is we've turned over the entire country to insane people, 0:13:41.640 --> 0:13:45.240 all right, I'm gonna do something. This is one where 0:13:45.679 --> 0:13:48.400 I am cautioning you guys in the booth because we've 0:13:48.400 --> 0:13:49.920 got some F bombs here that are coming. 0:13:50.520 --> 0:13:51.680 But this is a new candidate. 0:13:51.760 --> 0:13:55.360 We got new candidate among us, some name Julia Stratton, 0:13:55.840 --> 0:13:58.840 and she's got an ad for Senate. And this I 0:13:58.840 --> 0:14:01.920 think reveals exactly where the Democrats are when it comes 0:14:02.000 --> 0:14:06.040 to depths. Right now, let's play this cut cup five police. 0:14:06.400 --> 0:14:12.840 Trump vote Juliana, Trump Vote Juliana, Trump Vote Juliana. 0:14:13.120 --> 0:14:14.160 They said, it's not me. 0:14:14.520 --> 0:14:17.120 I'm Juliana Stratton, and I'm proud to have lived my 0:14:17.240 --> 0:14:20.000 whole life on the South Side of Chicago. I'm not 0:14:20.080 --> 0:14:22.320 scared of a want to be dictator. I'm running for 0:14:22.400 --> 0:14:25.680 Senate to stand up to Donald Trump. I'll abolish ice 0:14:25.800 --> 0:14:28.400 and hold Trump accountable for the crimes he's committed. 0:14:28.600 --> 0:14:33.560 Just like they said, Trump Trump, Trump, Vote Juliana. 0:14:34.160 --> 0:14:35.800 That's why I approved this message. 0:14:37.080 --> 0:14:37.880 I underplayed this. 0:14:37.880 --> 0:14:41.720 This is the lieutenant governor of Illinois and she's running 0:14:41.720 --> 0:14:44.480 for Senate and her whole message is f Trump and 0:14:44.520 --> 0:14:47.040 he's a want to be dictator. As if a lieutenant 0:14:47.080 --> 0:14:50.240 governor of a state could say F Trump and that 0:14:50.280 --> 0:14:52.640 would be the whole ad in a dictatorship, and then 0:14:52.640 --> 0:14:55.040 the dictator would just allow for it. They never get that, 0:14:55.080 --> 0:14:57.760 but their audience doesn't demand that they get it. But 0:14:57.880 --> 0:15:00.760 they've completely abandoned any sort of depth, have no quality 0:15:00.800 --> 0:15:03.320 of arguments. All they have is anger and emotion, and 0:15:03.360 --> 0:15:05.360 they feel like that that's the way to motivate people 0:15:05.360 --> 0:15:07.160 to win, and just should scare you because if they 0:15:07.240 --> 0:15:10.560 do win, then it's a it's a big deal, no wonder. 0:15:10.600 --> 0:15:13.040 The Bears might be moving to Indiana. How fun would 0:15:13.080 --> 0:15:15.440 that be if the Chicago Bears fans had to go 0:15:15.480 --> 0:15:17.000 over to Indiana to go to the stadium. 0:15:17.360 --> 0:15:18.000 That'd be cool. 0:15:18.120 --> 0:15:21.040 The'd be Almost as good is when the Angels out 0:15:21.080 --> 0:15:22.800 here in Anaheim, which is a very close where I 0:15:22.840 --> 0:15:25.520 am today, when they change their name to the Los 0:15:25.520 --> 0:15:28.800 Angeles Angels, which I always thought was awesome because Los 0:15:28.840 --> 0:15:32.440 Angeles of course means the Angels, so the Angels Angels. 0:15:32.520 --> 0:15:35.320 I thought that was pretty cool. That was pretty cool choice. 0:15:35.360 --> 0:15:37.840 But I think putting the Bears stadium, it's kind of like, 0:15:38.120 --> 0:15:40.160 don't the Giants and the Jets play in New Jersey. 0:15:40.880 --> 0:15:43.560 It's all amusing, it's all amusing. All right, I'm sad 0:15:43.640 --> 0:15:45.600 that that's where they're at. But we will make fun 0:15:45.600 --> 0:15:47.640 of them over and over and over again. But if 0:15:47.640 --> 0:15:49.920 they get power, just don't forget. These are very bad 0:15:49.960 --> 0:15:52.480 people who are have a huge power on a huge 0:15:52.480 --> 0:15:53.040 power trip. 0:15:53.320 --> 0:15:54.120 Let's play cut one. 0:15:54.120 --> 0:15:56.960 This is Susan Rice, one of the most powerful people 0:15:57.000 --> 0:16:00.960 in Joe In Barack Obama's adminished ration and in the 0:16:01.000 --> 0:16:02.160 whole Democrat establishment. 0:16:02.200 --> 0:16:02.720 Play cut one. 0:16:04.520 --> 0:16:07.320 But when it comes to the elites, you know, the 0:16:08.000 --> 0:16:11.880 corporate interests, the law firms, the universities, the media. I 0:16:11.960 --> 0:16:16.000 agree with you, Preed it is not Ah, it's not 0:16:16.040 --> 0:16:19.640 going to end well for them. For those that decided 0:16:19.960 --> 0:16:22.080 that it was. You know that they would act in 0:16:22.120 --> 0:16:25.800 their perceived very narrow self interest, which I would underscore 0:16:25.800 --> 0:16:30.400 is very short term self interest and you know, take 0:16:30.400 --> 0:16:33.920 a knee to Trump. I think they're now starting to realize. 0:16:33.960 --> 0:16:35.280 Wait a minute. 0:16:35.440 --> 0:16:37.440 She's saying that she's talking to pre Bahara, who is 0:16:37.440 --> 0:16:39.160 a guy who's a pretty good attorney and then just 0:16:39.400 --> 0:16:42.080 got completely trumped arrange and now is a podcaster. 0:16:42.400 --> 0:16:43.400 It happens to people. 0:16:43.920 --> 0:16:46.400 So she's saying, first of all, she's actually the elites 0:16:46.480 --> 0:16:50.600 are with Trump, not with Obama, and Biden, Democrats, et cetera. 0:16:51.200 --> 0:16:54.080 But she's actually threatening them that if you're in the media, 0:16:54.360 --> 0:16:57.000 or if you're a corporation and you bent the need 0:16:57.000 --> 0:16:59.760 of Trump, which means you heard definition, bent the needed 0:16:59.760 --> 0:17:03.280 Trump is what you work cooperatively with the democratically elected 0:17:03.280 --> 0:17:06.040 president of the United States. That's where she's at, and 0:17:06.040 --> 0:17:08.159 she's threatening them, and it actually gets worse from there. 0:17:08.200 --> 0:17:10.080 We're gonna get back to economic news. I gotta get 0:17:10.080 --> 0:17:12.080 out here, right John, all right, we'll be right back 0:17:12.160 --> 0:17:16.119 on the All right, we're live, John, John, we're the 0:17:16.240 --> 0:17:17.000 chit chatting here. 0:17:17.080 --> 0:17:19.320 We're getting cue. We don't get any cues this break. 0:17:19.359 --> 0:17:21.280 It was busy today. It is a wild day. We 0:17:21.359 --> 0:17:22.080 got the tariffs coming. 0:17:22.119 --> 0:17:24.440 John Carney's here men, Economic and Finance editor The Bright 0:17:24.480 --> 0:17:27.159 Bar Business Die just the number one business newsletter you 0:17:27.200 --> 0:17:30.359 can read if you want to understand Meganomics, and you should, 0:17:30.440 --> 0:17:33.119 regardless of your politics, read every day by the Treasury Secretary, 0:17:33.320 --> 0:17:37.040 among others in the Cabinet and the White House. All right, John, 0:17:37.480 --> 0:17:39.560 we get a lot of news. But before we dig 0:17:39.600 --> 0:17:41.880 into the tariffs in the Supreme Court decision, you're also 0:17:42.440 --> 0:17:45.320 a trained attorney with a lot of greed so that's 0:17:45.400 --> 0:17:47.639 very helpful in this case. I got two quick ones 0:17:47.680 --> 0:17:50.840 to bounce off you. First, we also got GDKEY numbers today. 0:17:51.080 --> 0:17:52.720 A little disappointing, but how much. 0:17:52.560 --> 0:17:53.040 What do we think? 0:17:53.119 --> 0:17:55.439 Yeah, so the GDP number was disappointment. Came in at 0:17:55.480 --> 0:17:59.760 one point four percent, dragged down by maybe two percent. 0:18:00.400 --> 0:18:04.359 The BA says one percentage point by the government shutdown, 0:18:05.160 --> 0:18:07.440 so they think and a lot of that will probably 0:18:07.480 --> 0:18:11.040 get added back in the first quarter of this year. 0:18:11.200 --> 0:18:14.520 So yeah, it wasn't a great number. A lot of 0:18:14.520 --> 0:18:17.160 it had to do with the government shutdown. Another big 0:18:17.200 --> 0:18:19.200 part of it was not just government shutdown, but actually 0:18:19.280 --> 0:18:25.320 the government contracting consumers and business were doing pretty well actually, 0:18:25.480 --> 0:18:29.960 and trade helped boost GDP in this number as well. 0:18:30.040 --> 0:18:33.040 But what you know, it was government partly because of 0:18:33.080 --> 0:18:36.040 the shutdown and also just because Donald Trump has been 0:18:36.080 --> 0:18:40.359 shrinking the government that led to the number being so bad. 0:18:40.600 --> 0:18:42.840 Okay, so a nice segue to Streme Court trade decision 0:18:43.040 --> 0:18:45.679 is America's trade deficit according to you, John and us. 0:18:45.720 --> 0:18:47.960 In the bright part, Business Digest had its best quarter 0:18:48.040 --> 0:18:51.440 in thirty three years. Yet I read a million nostalgia 0:18:51.480 --> 0:18:54.000 media headlines in the last forty hours that the tariffs 0:18:54.000 --> 0:18:56.240 aren't working and we're not closing the trade deficit. 0:18:56.440 --> 0:18:59.639 Yeah, So what happened was the trade deficit was actually 0:18:59.760 --> 0:19:03.000 very high coming into this year, and then it exploded 0:19:03.160 --> 0:19:07.160 even higher in the beginning of the year before Trump's tariffs. 0:19:07.359 --> 0:19:11.080 A lot of businesses, you know, I'm not gonna like 0:19:11.400 --> 0:19:13.439 insult them for this. This was a smart move. They 0:19:13.480 --> 0:19:16.040 knew tariffs were coming, so they bought every import they 0:19:16.040 --> 0:19:18.080 could get their hands on ahead of time. So you 0:19:18.080 --> 0:19:20.000 had a high trade deficit in the beginning of the year, 0:19:20.359 --> 0:19:23.040 but once the tariffs came on, you actually saw a 0:19:23.160 --> 0:19:26.320 decline in the trade deficit that was pretty serious, so 0:19:26.520 --> 0:19:31.640 year over year and quarter over quarter, So just concentrating 0:19:31.640 --> 0:19:34.040 on that last quarter that we just got the data 0:19:34.160 --> 0:19:36.879 in compared to the year before, the trade deficit was 0:19:36.960 --> 0:19:42.040 down around forty percent, and the goods only trade deficit 0:19:42.080 --> 0:19:45.320 that's the one the tariff's effect was down twenty six percent. 0:19:45.600 --> 0:19:49.040 So we saw a huge decline in the fourth quarter 0:19:49.080 --> 0:19:51.359 of this year compared to the fourth quarter of last year. 0:19:51.760 --> 0:19:56.080 That really does say the tariffs seemed to have cut imports. 0:19:56.320 --> 0:19:58.639 Of course, some of that may be because of the 0:19:58.640 --> 0:20:01.520 front running that I was talking about, So what we 0:20:02.000 --> 0:20:04.560