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).