Fox News Hourly Update

Episode: The Supreme Court Rules Against President Trump's Tariffs
Date: February 20, 2026
Host: Dave Anthony (FOX News Podcasts)
Theme: Supreme Court ruling against former President Trump’s use of tariffs, economic and political reactions, and major national updates

Episode Overview

This episode focuses on the U.S. Supreme Court’s landmark decision to overturn President Trump’s imposition of tariffs under the International Emergency Economic Powers Act (IEEPA). The hosts break down the legal reasoning, the political and economic reactions, and its broader implications, while also touching on current economic data, U.S.-Iran relations, and disaster relief efforts.

Key Discussion Points & Insights

1. Supreme Court Strikes Down Trump Tariffs

• Context & Ruling

  • The Supreme Court, in a 6-3 decision, ruled that President Trump exceeded his authority by imposing tariffs under IEEPA.
  • Chief Justice John Roberts, writing for the majority, asserted that the Constitution gives Congress, not the executive branch, the power to levy taxes and duties ([00:12]).
  • The decision highlighted the lack of historical precedent; no previous president had used the IEEPA for tariffs.

• Majority & Dissent

  • Majority opinion emphasized separation of powers.
  • Justices Thomas, Alito, and Kavanaugh dissented; Kavanaugh notably warned tariff refunds would “likely be a mess” ([02:40]).

• Notable Quote

  • Jessica Rosenthal:

    "The Constitution specifies that Congress has the power to collect taxes, duties, and excises... the executive branch has no taxing power, pointing to a lack of historical precedent as well." ([00:12])

2. Political & Economic Reactions

• Domestic Political Response

  • No immediate reaction from President Trump, though he had previously supported tariffs at a Georgia rally.
  • Senate Minority Leader Chuck Schumer celebrated the ruling as “a victory for the wallets of every consumer.”
  • Senator Elizabeth Warren expressed ongoing concern that the ruling could allow corporations to “sue for tariff refunds and then just pocket the money for themselves.” ([00:41])

• International Response

  • Ontario Premier Doug Ford welcomed the decision as a step in the right direction for Canada.

• Notable Quote

  • Elizabeth Warren (paraphrased by Jessica Rosenthal):

    "[Warren] writes no Supreme Court decision can undo the massive damage Trump tariffs have done for small businesses and American families." ([00:41])

3. Impact on the Economy

• GDP Growth

  • U.S. GDP grew by just 1.4% in Q4 2025, compared to 4.4% the previous quarter. A 43-day government shutdown is cited as a major factor ([01:28]).
  • President Trump, via Truth Social, blamed Democrats, claiming the shutdown "cost 2 percentage points of GDP growth" ([01:40]).

• Inflation

  • Reports indicate a rise in both month-over-month and annual inflation rates ([01:40]).

• Market Reaction

  • Markets initially dropped after the ruling, but the Dow and Nasdaq subsequently rallied with gains of 124 and 256 points, respectively ([02:40]).

• Notable Quote

  • Lauren Simonetti:

    "The economy grew at an annualized rate of just 1.4% at the end of last year, down sharply from the 4.4% growth in the prior quarter... the government shut down for 43 days." ([01:28])

4. Other Major National Updates

• U.S.-Iran Tensions

  • President Trump reportedly considering military action against Iran if Iranian leaders do not agree to a nuclear deal within 10-15 days ([02:40]).
  • U.S. officials insist on zero nuclear enrichment, but Iranian officials dispute the demands in ongoing negotiations ([03:21]).

• Disaster Recovery in Ohio

  • President Trump pledges $10 million in federal aid to East Palestine, Ohio, for recovery efforts after the 2023 train derailment and chemical spill—a continued focus post-Biden administration ([03:53]).

Notable Quotes & Memorable Moments

• On the Court’s Reasoning

  • Jessica Rosenthal ([00:12]):

    "Chief Justice John Roberts wrote for the majority, the Constitution specifies that Congress has the power to collect taxes, duties and excises, that this power lies only with Congress and that the executive branch has no taxing power..."

• On the Aftermath

  • Dave Anthony ([02:40]):

    "We're still awaiting President Trump's reaction to the Supreme Court ruling against him on tariffs... striking down President Trump invoking what's called the IEEPA..."

• On Economic Impact

  • Lauren Simonetti ([01:28]):

    "The economy grew at an annualized rate of just 1.4%... the government shut down for 43 days."

• On Foreign Affairs

  • Jackie Heinrich ([03:21]):

    "For days, U.S. officials have said Iran is ignoring U.S. red lines on zero nuclear enrichment… President Trump has said in no uncertain terms, though, that he will accept nothing less."

• On Disaster Relief

  • Jeff Manasso ([03:53]):

    "President Trump on Truth Social saying he's committing $10 million to the community of East Palestine, Ohio, to further its recovery from the 2023 train derailment..."

Timestamps for Key Segments

• Supreme Court Ruling Overview: 00:02–00:41
• Political & International Reactions: 00:41–01:28
• Economic Data & Reactions: 01:28–02:00; 02:40
• Market Update: 02:40
• Trump–Iran Nuclear Standoff: 03:21–03:47
• Ohio Disaster Aid: 03:53–04:25
• Olympic Hockey Brief: 04:25–04:37

Summary

This episode delivers a concise yet comprehensive analysis of a major Supreme Court ruling rebuking Trump’s use of emergency powers for trade tariffs, with detailed attention to legal interpretations, partisan responses, and economic effects. It also covers fresh updates on U.S. foreign policy regarding Iran, and federal aid for disaster recovery, capturing key turning points in American law and politics for February 2026.