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Full Episode
All righty, folks, as you can see, I'm not broadcasting from the studio right now. I'm actually in a room in the presidential complex in Budapest, Hungary. I just finished interviewing Prime Minister Viktor Orban. That interview is going to be available in very, very short order. Plus, tomorrow's show is going to be a speech that I'm giving here.
in Hungary in just a few hours, complete with Q&A and all the rest. Just a quick warning, we have lots of content that will emerge next Monday, Tuesday. I am off next Monday, Tuesday because of the Jewish holiday of Shavuot. That is the one where the Jews received the Torah on Mount Sinai. But as to the actual news of the day, I didn't want to leave you hanging.
We have a bunch of news that we recorded just before we left for the airport yesterday, but also a bunch of news broke while we were on the plane. So here is the big news of the day. The big news of the day is that the Court of International Trade, which is a court that nobody has ever heard of,
blocked President Trump's tariffs in a sweeping ruling, according to Reuters, that found the president overstepped his authority by imposing across-the-board duties on imports from U.S. trading partners.
The court essentially suggested that the law under which the president of the United States was declaring these tariffs was not, in fact, capable of carrying those tariffs because, essentially, the president used the International Emergency Economic Powers Act of 1977, the IEEPA. It gives the president the power to regulate imports during certain emergency situations, according to CBS News.
But those emergency situations do not actually extend to things like, you know, a trade deficit. Big trade deficits do not amount to a national emergency, and that's what the court found. And the court isn't wrong here. If the president actually wants to do tariffs, there are other legal mechanisms, presumably, that he will pursue. But this should be in the purview of Congress.
It always should have been in the purview of Congress. You don't want any president being able to unilaterally simply decide that there are massive tariffs across the board on all of America's trading partners. You just don't want that. OK, that is not the balance of powers that was envisioned by the Constitution, by the founders, by the framers. That is not what they wanted.
It's not something that I want either. And whether you like the tariffs or you don't like the tariffs is actually sort of irrelevant to the question of whether the president ought to have the unilateral ability to do as President Trump did on Liberation Day and simply declare a 46 percent tariff on Vietnam or 145 percent tariff on China. Like the Congress should have to sign in at some point.
Now, does this mean that all the tariffs are going to go away permanently? No. The markets spiked on the news of all of this. The Dow Jones Industrial Average futures market immediately jumped significantly. It then came back down to earth a little bit as the markets realized, oh, wait a second, it may be, in fact, that President Trump is still going to be able to do some of these tariffs.
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