Transcript
Nicole Wallace (0:01)
Department of Rejected Dreams. If you had a dream rejected IKEA can make it possible.
Donny Deutsch (0:05)
So I always dreamed of having a man cave, but the wife doesn't like it.
Stephanie Ruhle (0:09)
What if I called it a woman cave?
Ad (0:11)
Okay, so let's not do that.
Nicole Wallace (0:13)
But add some relaxing lighting and a
Nicole Wallace (0:14)
comfy IKEA hofburg ottoman and now it's a cozy retreat.
Stephanie Ruhle (0:18)
Nice.
Donny Deutsch (0:18)
A cozy retreat, man. Cozy retreat, sir.
Nicole Wallace (0:22)
Okay, find your big dreams, small dreams and cozy retreat dreams in store or online@IKEA US.
Ari Melber (0:28)
Dream the possibilities.
Ad (0:30)
Shipping, billing, admin, payroll, marketing. You're managing all the things, so why waste time sending important documents the old fashioned way? Mail and ship when you want, how you want with stamps.com print postage on demand 247 and schedule pickups from your office or home. Save up to 90% with automated rate shopping. That's why over 1 million small businesses trust stamps.com go to stamps.com and use code podcast to try stamps.com risk free for 60 days.
Nicole Wallace (1:05)
Hi again everyone. It's five o' clock in New York. We're back with special breaking coverage of the Supreme Court's rare and stinging rebuke of Donald J. Trump. As the Supreme Court strikes down Trump's use of emergency powers to impose his sweeping tariff regime, they are telling him in no uncertain terms that only Congress, not the President, has the power to impose taxes on the American people. The ruling was a 6:3 decision, with the Chief, Chief Justice John Roberts and Justices Neil Gorsuch and Amy Coney Barrett joining all three liberal justices. In the decision written by Chief Justice Roberts, the Court states this, quote, the framers did not vest any part of the taxing power in the executive branch. The President asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration and scope. We claim no special competence in matters of economics or foreign affairs. We claim only, as we must, the limited role assigned to us by Article 3 of the Constitution. Fulfilling that role, we hold that the International Emergency Economic Powers act does not authorize the President to impose tariffs. Donald Trump reacted to the news badly in a mercurial, rambling press conference. If he was anyone else in entertainment or sports, people would be worried about him. This afternoon, he said he would be imposing a 10% global tariff instead. And in response to losing in front of the Supreme Court, he claimed out of nowhere that the United States Supreme Court is controlled by foreign interests. Donald Trump also falsely claimed that he can do anything he wants with IEEPA saying, quote, I can destroy the trade, I can destroy the country. I'm even allowed to impose a foreign country destroying embargo. I can embargo, I can do anything I want. So I'm allowed to destroy the country, but I can't charge them a little fee. President of the United States said that today. As Donald Trump noted in those remarks, the tariffs he imposed using other authorities are still in effect. And the budget lab at Yale finds that consumers will still face an eye popping average effective tariff rate of 9.1%, which remains the highest since 1946, excluding last year. Of course. While many questions still remain unanswered, such as whether businesses and consumers will receive refunds for the tariffs they've already paid, which the Supreme Court said today were illegal, one thing is clear. Today's ruling is a long overdue setback for Donald Trump, someone who clearly expected the Supreme Court to enable him to assert executive power as ever he pleases, no matter how unconstitutional the it may be. We have gathered our best and brightest. They are our own primetime colleagues. As we continue our special coverage of this seemingly long overdue check on Donald Trump's attempt to wield power. Our senior business analyst, the host and anchor of the 11th hour, Steph rules here. Our chief legal correspondent, the host and anchor of the Beat, Ari Malber, my time slot neighbor, is here. Plus the co host of the weeknight, former chair of the rnc, Michael Steele, is with us. Michael, I start with you because you're the farthest away from where I sit. Donald Trump revealed actually in 2020 what he expects from his Supreme Court. When he kept wanting the election challenges to just get to the Supreme Court, just get to the Supreme Court, it was clear that in his head those are his fixers. That was clear again today in his rebuke of all six justices. But he really had the most vitriol for the three Republicans and especially the two he appointed.
