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Fox News Hourly Update

Episode: Reaction pours in from both sides of aisle over SCOTUS tariff ruling
Date: February 20, 2026
Host: Elisa Brady, with reporting and analysis from Shannon Bream, Jenny Kosola, Jackie Heinrich, and others

Overview

This episode centers on the Supreme Court’s landmark ruling against former President Trump’s use of emergency powers to impose sweeping tariffs. The decision has provoked strong reactions from both political parties and carries significant economic implications. The update also covers developments in U.S.-Iran nuclear talks, a legal settlement involving Jeffrey Epstein’s estate, and the latest on the U.S. economy and markets.

Key Discussion Points & Insights

1. Supreme Court Strikes Down Trump-Era Tariffs

Main Ruling:
The Supreme Court ruled against President Trump’s invocation of the emergency powers act to levy broad tariffs, determining he overstepped statutory authority.
- "Many Trump tariffs have been struck down. The U.S. supreme Court ruling against his use of an emergency powers act to levy far reaching tariffs. Three dissenters arguing there was room in the statute's language to allow it."
  (Elisa Brady, 00:03)

Analyzing the Decision

Bipartisan Majority:
Justices appointed by both Republicans and Democrats formed the 6-3 majority, though they approached their conclusions differently.
- "Those six who agree the president can't do this, they get there in different ways... Congress would have to clarify this in some other way..."
  (Shannon Bream, 00:16)
Legal Path Forward:
The Court said the president must seek specific congressional authorization to use these powers for tariffs, not rely on broad emergency authority.

Political Reactions

Trump’s Response:
Trump expressed disappointment but indicated his team foresaw this outcome and is “planning for workarounds.”
- "He did say they were kind of planning for this and that they had thought about some workarounds, making sure that those trade deals stay in place."
  – Spencer Cox, reporting on Trump’s reaction (00:50)
Democratic Praise & Further Demands:
Democrats are hailing the Court’s decision as a win for consumers and businesses, and some also call for tariff refunds—even though that’s not part of the ruling.
- Gavin Newsom’s jab:
  "Time to pay the piper, Donald," and accused Trump of an "illegal cash grab." (00:58)
Hakeem Jeffries vs. Rand Paul:
- After House Minority Leader Hakeem Jeffries called the president a wannabe king, Republican Senator Rand Paul wrote this ruling will also prevent a future president from using emergency powers to enact socialism. (00:58)

2. U.S. Economy Update

Slower Growth:
Economic growth reduced sharply in Q4 2025, expanding only 1.4% vs. 4.4% in Q3.
- "Economic growth slowed in the fourth quarter, expanding just 1.4% weaker than predicted and down from 4.4% in the third quarter."
  (Jenny Kosola, 01:31)
White House Response:
President blames the government shutdown and advocates for lower interest rates, though inflation complicates prospects for Fed rate cuts.

3. U.S.-Iran Nuclear Tensions

Military Posture:
The USS Gerald R. Ford is en route to the Middle East as Trump considers a military strike if nuclear negotiations with Iran fail.
- "The world's largest aircraft carrier, the USS Gerald R. Ford, will soon arrive in the Middle east as President Trump weighs a military strike on Iran if no agreement is reached in nuclear talks."
  (Elisa Brady, 02:15)
Stalled Talks & Red Lines:
U.S. insists on "zero nuclear enrichment." Iran counters that no such agreement has been reached.
- "President Trump has said in no uncertain terms that the US Will accept nothing less than zero nuclear enrichment. But now Iran is saying, 'Nobody has said that.'"
  (Jackie Heinrich, 02:26)
Escalation Warnings & Timeline:
Trump warns of a "very short window" (10-15 days) for Iran to reach a deal, amid reports Iran is rebuilding nuclear sites.
- "President Trump told reporters yesterday. Iran has a very short window to agree to a deal, about 10 to 15 days, amid new claims... that Iran is preparing for war and rebuilding its nuclear sites."
  (Jackie Heinrich, 02:52)
Potential for "Limited Initial Strike":
Confirmed by Trump as an option to force Iran to the table.

4. Prince Andrew & Jeffrey Epstein Estate Developments

Prince Andrew Update:
The former royal is under investigation in the UK for possible misconduct in public office connected to the Epstein files. He was arrested and released hours later.
Epstein Estate Settlement:
Epstein’s estate agrees to a $35 million settlement in a federal class action lawsuit alleging two associates helped facilitate Epstein’s trafficking; the men admit no wrongdoing.
- "It's not the first time the disgraced Epstein's estate has settled claims; it previously paid 121 million to a restitution fund."
  (Jenny Kosola, 03:37)

5. Markets Update

Stock Indices:
- Dow: Up ~20 points
- NASDAQ: Up 146 points
  (Elisa Brady, 04:04)

Memorable Quotes & Moments

Shannon Bream (00:16):
"The president should use, if he wants to, the tariffs that are clearly spelled out for him under current federal statutes. But if he wants the power under this particular statute, he's going to have to get a modification from Congress to do it."
Gavin Newsom (quoted by Elisa Brady, 00:58):
"Time to pay the piper, Donald," as he calls the tariffs an "illegal cash grab."
Rand Paul (quoted, 00:58):
"This ruling will also prevent a future president from using emergency powers to enact socialism."
Jackie Heinrich (02:52):
"President Trump told reporters yesterday. Iran has a very short window to agree to a deal, about 10 to 15 days, amid new claims from a prominent Iranian opposition figure that Iran is preparing for war and rebuilding its nuclear sites."

Timestamps for Key Segments

00:03 – Supreme Court ruling and background (Elisa Brady)
00:16 – Legal analysis and future implications for tariffs (Shannon Bream)
00:44 – Trump’s reaction and political responses, including Gavin Newsom and Rand Paul quotes
01:31 – U.S. economic update (Jenny Kosola)
02:15 – U.S.-Iran nuclear talks and military positioning (Elisa Brady & Jackie Heinrich)
03:07 – Reports on possible military strike, updates on Iran (Jackie Heinrich)
03:37 – Epstein estate settlement and Prince Andrew investigation (Jenny Kosola)
04:04 – Market summary (Elisa Brady)

Tone and Language

The episode maintains an urgent, news-driven tone, prioritizing timely updates and direct quotations from public figures and analysts. The language remains factual and concise, with occasional pointed remarks (particularly in direct political quotes).

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Transcript16 lines

[00:03]
Elisa Brady
Many Trump tariffs have been struck down. Elisa Brady, Fox News. The U.S. supreme Court ruling against his use of an emergency powers act to levy far reaching tariffs. Three dissenters arguing there was room in the statute's language to allow it.
[00:16]
Shannon Bream
And though you have this cobbling together of some Republican appointees and Democrat appointees, those six who agree the president can't do this, they get there in different ways. They get to this conclusion in different ways, but agree on the end result. And basically what it sounds like is Congress would have to clarify this in some other way. The president should use, if he wants to, the tariffs that are clearly spelled out for him under current federal statutes. But if he wants the power under this particular statute, he's going to have to get a modification from Congress to do it.
[00:44]
Elisa Brady
Fox's Shannon Bream. When the decision came out, President Trump was in a meeting with governors, including Utah Republican Spencer Cox.
[00:51]
Spencer Cox
He just expressed his disappointment. He did say that they were kind of planning for this and that they had thought about some workarounds, making sure that those trade deals stay in place.
[00:59]
Elisa Brady
The president is now set to hold a press briefing. Democrats are hailing the decision as a win for consumers and businesses. Some also calling for refunds of tariffs struck down, which isn't part of the ruling. California Governor Gavin Newsom just posting time to pay the piper, Donald accusing the president of an illegal cash grab. But after House Minority Leader Hakeem Jeffries called the president a wannabe king, Republican Senator Rand Paul wrote this ruling will also prevent a future president from using emergency powers to enact socialism. The economy taps the brakes.
[01:32]
Jenny Kosola
Economic growth slowed in the fourth quarter, expanding just 1.4% weaker than predicted and down from 4.4% in the third quarter.
[01:42]
Elisa Brady
Fox's Jenny Kosola the president blaming the government shutdown and calling again for lower interest rates. But the latest inflation report could further complicate that for the Fed with an uptick in December, America is listening to FOX News.
[02:00]
Shannon Bream
This is Ainsley Earhart. Thank you for joining me for the 52 episode podcast series the Life of
[02:05]
Ainsley Earhart
Jesus, a listening experience that will provide hope, comfort and understanding of the greatest story ever told. Listen and follow now@foxnewspodcasts.com or wherever you listen to podcasts.
[02:16]
Elisa Brady
The world's largest aircraft carrier, the USS Gerald R. Ford, will soon arrive in the Middle east as President Trump weighs a military strike on Iran if no agreement is reached in nuclear talks.
[02:26]
Jackie Heinrich
For days now, US Officials have been saying that Iran is ignoring US Red lines on nuclear enrichment, floating some unserious proposals to keep these talks going. President Trump has said in no uncertain terms that the US Will accept nothing less than zero nuclear enrichment. But now Iran is saying. Nobody has said that.
[02:45]
Elisa Brady
Fox's Jackie Heinrich the White House. Iran has also resisted talks on its ballistic missile program and support for terrorist proxy groups.
[02:53]
Jackie Heinrich
President Trump told reporters yesterday. Iran has a very short window to agree to a deal, about 10 to 15 days, amid new claims from a prominent Iranian opposition figure that Iran is preparing for war and rebuilding its nuclear sites. Despite engaging in these talks with the
[03:07]
Elisa Brady
US the president confirming today he would consider a limited initial strike aimed at forcing Iran into a deal. Britain's former Prince Andrew remains under investigation after being arrested and released hours later yesterday. He's under suspicion of misconduct in public office over emails in the Jeffrey Epstein files raising concern about confidential information while Andrew was serving as a UK Trade envoy. Epstein's estate reaches a settlement in a class action lawsuit involving two associates who serve as co executors of the estate.
[03:37]
Jenny Kosola
The agreed upon number in the federal class action suit is $35 million. That lawsuit alleged the two men, one who served as Epstein's personal lawyer and another his accountant, were helping to facilitate Epstein's trafficking of women and girls. Neither of the men are criminally convicted, nor do they admit any wrongdoing. It's not the first time the disgraced Epstein's estate has settled claims it previously paid 121 million to a restitution fund.
[04:04]
Elisa Brady
Fox's EB and Brown stocks holding on to some gains for now. The Dow is up about 20 points, the NASDAQ up 146. I'm Lisa Brady, FOX News.