Podcast Summary: The Five

Episode: Supreme Court Strikes Down Trump’s Tariffs
Date: February 21, 2026
Host & Panelists: Martha MacCallum, Paul Morrow, Jessica Tarlov, Jesse Watters, Greg Gutfeld (FOX News Podcasts)

Episode Overview

This episode centers on the Supreme Court’s decision to strike down President Trump’s sweeping tariffs under the Emergency Powers Law. The panel debates the legal, economic, and political repercussions, including the immediate and alternative steps taken by Trump. The discussion covers reactions from Democrats, the strategic impact for Trump, and the broader context for U.S. trade policy and governance. Additional segments include a discussion on San Francisco’s new crackdown on public drug use, Susan Rice’s statement on accountability for corporations under future Democratic control, a light segment on the Baywatch reboot, and the panel’s “Fan Mail Friday” and “One More Thing.”

Main Segment: Supreme Court Strikes Down Trump’s Tariffs

Setting the Stage ([00:42]–[01:47])

• Martha MacCallum summarizes the Supreme Court’s 6–3 decision, noting it was a setback for Trump’s economic agenda but highlights his resilience.
• Trump immediately responds by implementing a 10% global tariff under the Trade Act of 1974, set to expire in five months unless Congress extends it.

Trump's Reaction ([01:47]–[03:05])

• Donald Trump (clip):

  “The Supreme Court's ruling on tariffs is deeply disappointing. And I'm ashamed of certain members of the Court, absolutely ashamed for not having the courage to do what's right for our country… Foreign countries… are ecstatic… but they won't be dancing for long.” (01:49)

• Trump criticizes the Court and vows to fight on via alternative legislative tools.
• When asked if justices are still invited to the State of the Union:

  “They are invited. Barely. I think it's an embarrassment to their families, you want to know the truth?” (03:05)

Democratic Response and Context ([03:11]–[03:39])

• California Governor Gavin Newsom calls Trump’s tariffs “an illegal cash grab” (03:11).
• Greg Gutfeld, Paul Morrow, Jesse Watters discuss the decision as beneficial for the U.S. economy and an important check on presidential power.

Legal Mechanics and Trump’s Strategic Options ([04:52]–[06:42])

• Paul Morrow:
  • Surprised at Trump’s outrage, describing available workarounds—especially Section 232 (1962 Trade Act) for targeted national security tariffs (primarily against China).

  • “The mistake… was that he put an across the board tariff and then tried to say it was an emergency. It is an emergency relative to specific countries. But when you do it to everybody, the argument… gets undermined...” (04:52)

• Suggests the Supreme Court decision may help counter narratives that the Court is 'in Trump’s pocket' when future cases (e.g., voting rights) arise.

Economic and Strategic Debate ([06:42]–[09:11])

• Jessica Tarlov:
  • Sees Trump's response as doubling down on a losing economic policy.

  • “We know that the average American household paid an extra thousand dollars last year because of these tariffs… 90% of the cost was transferred right over to the average American.” (07:44–07:59)

  • Questions restitution of $175B collected via tariffs, responses from trading partners, and campaign strategy implications.
• Martha MacCallum highlights the historic inertia in U.S. trade policy post-WWII and the tendency to avoid bold moves without executive action.

Strategic Merit of Blanket Tariffs ([09:49]–[12:16])

• Jesse Watters:
  • Defends Trump’s use of sweeping tariffs as a foreign policy tool, arguing it forces rapid trade negotiations and reshoring.

  • “This is what Jessica doesn't understand about the strategy… it knocks every other country out of their seat. They rush to Washington, D.C. and sign these deals as fast as possible. The deals are still in place. Foreign investment is still pouring in…” (09:49)

• Critiques the Court for slowing trade actions (“telling a landscaper you can't use a leaf blower, you have to use a rake”), says U.S. needs agility in economic retaliation.
• Notes potential benefits of investigation-based tariffs for targeted protection and strategic carve-outs.

Philosophical and Media Critique ([12:16]–[14:35])

• Greg Gutfeld:
  • Frames the ruling as adjusting, not ending, Trump’s leverage.
  • Criticizes media and political narratives that painted the SCOTUS as “in Trump’s pocket.”

  • “For the people that are gloating, they were probably the same people who backed the student loan bailout… there’s always a workaround, but shut up is what I’m saying.” (12:36–13:02)

  • Suggests Republicans are pragmatic—tariffs are merely a tool, not an ideology.

Constitutional Considerations and Parting Shots ([14:35]–[15:11])

• Gutfeld & Tarlov banter over Gorsuch’s concurrence and the broader risk of executive overreach under “emergency” justifications.
• Humorous aside on “trans dogs” and progressive priorities.

  • “If you don’t trans your dog, that’s the apocalypse.” (14:41, Greg Gutfeld)

Segment 2: San Francisco's Crackdown on Public Drug Use ([16:24]–[24:00])

Announcement and Policy Overview ([16:24]–[16:54])

• Paul Morrow and Greg Gutfeld discuss Mayor Daniel Lurie’s plan to arrest open-air drug users, placing them in care facilities.

Panel Reactions ([17:28]–[18:35])

• Jessica Tarlov:
  • Supports the move, seeing broad support among city residents and describing Lurie’s approach as blending compassion with public safety.

  • “You don’t have to choose between clean, safe neighborhoods and compassion for those struggling on the streets.” (17:28)

• Greg Gutfeld:
  • Jokes about partisan responses, suggests the left’s definition of compassion has allowed city decay.

  • “If it comes out that I’m for it, then the Dems will decide it’s evil. If anybody at Fox News likes this, they’re going to hate it… it's a really stupid idea. It's created by the woke to exploit the rich to pay for trans surgeries for dogs." (18:35–19:14)

Practical and Policy Concerns ([20:27]–[21:44])

• Martha MacCallum questions where those arrested will go, noting past resistance to moving homeless into shelters.
• Paul Morrow details the “devil in the details”: not fully carceral—addicts can leave, but repeated use can prompt rearrest.

Political Angle and Realistic Outcomes ([22:07]–[23:46])

• Jesse Watters:
  • Argues Democrats are only applauding the crackdown because it’s by a Democrat; if Trump did it, the left “would be calling him Hitler.”
  • Suggests this proves real change is possible and necessary in U.S. cities.
• Universal hope on the panel that similar policy spreads and begins to restore beleaguered urban areas.

Segment 3: Susan Rice’s "Retribution" Warning ([24:44]–[31:13])

Susan Rice's Statement ([24:47]–[25:17])

• Greg Gutfeld summarizes Rice’s warning that Democrats will aggressively hold corporations “accountable” if they regain power.

  “It’s not going to end well for them. They’re going to be caught with more than their pants down. They’re going to be held accountable…” (Susan Rice, [24:56])

Panel Interpretation ([25:17]–[27:04])

• Gutfeld:
  • Reads Rice’s comments as a threat against businesses that don’t toe the party line.
  • Argues Democrats already misuse federal power for retribution.
• Martha MacCallum:
  • Observes corporations shifting away from DEI initiatives in favor of merit and shareholder accountability, especially after backlash post-George Floyd.

Internal Logic and Partisan Irony ([28:08]–[31:13])

• Jessica Tarlov:
  • Chides Republicans for “fake outrage,” pointing to Trump’s own record of targeting opponents.

  • “Take the L, as Donald Trump should on the tariffs… Obviously, the outrage over this is completely fake.” (28:08)

  • Notes lack of mainstream coverage on Trump personalizing government buildings.
• Paul Morrow:
  • Sees Rice’s statement as self-defeating and opening herself up to legal retaliation:

    “If this is something, then realistically, you could play the same game. You're going to come after us, Susan Rice… we can come after you.” (29:56)

Light Segment Highlights

Baywatch Reboot ([31:34]–[34:21])

• Jesse Watters, Greg Gutfeld, and panel reminisce about 90s Baywatch, discuss the casting call, and joke about changing beauty standards.
• Gutfeld:

  “We want hot bodies. We don’t want tattooed jugs of flesh under a blue wig. It’s over.” (33:09)

Fan Mail Friday ([34:41]–[36:14])

• Panelists share things they enjoy they “should have outgrown” (Olympic wear, Hello Kitty, comic book art, drawing boobs).
• Fears that would make a hellish amusement park: rats, seafood, early mornings, deep puddles, germy ball pits, snakes.

One More Thing ([38:09]–[41:28])

• Greg shares “Prairie Dog News” as a mock segment.
• Jesse spotlights Lithuania’s Shrovetide.
• Jessica covers London’s National Pancake Day.
• Martha shows a viral turkey chase video, offers turkey defense tips.
• Paul celebrates the USA Women's Olympic Hockey team’s success, noting their anthem and pride.

Notable Quotes and Memorable Moments

• Donald Trump:

  “Foreign countries that have been ripping us off for years are ecstatic… but they won’t be dancing for long.” ([01:49])

• Paul Morrow:

  “The mistake… was that he put an across the board tariff and then tried to say it was an emergency.” ([04:52])

• Jessica Tarlov:

  “We know that the average American household paid an extra thousand dollars last year because of these tariffs.” ([07:44])

• Jesse Watters:

  “This is what Jessica doesn’t understand about the strategy… it knocks every other country out of their seat. They rush to Washington, D.C. and sign these deals as fast as possible.” ([09:49])

• Greg Gutfeld:

  “It was entirely about leverage… For the people that are gloating, they were probably the same people who backed the student loan bailout… there's always a workaround, but shut up is what I’m saying.” ([12:36–13:02])

• San Francisco segment:

  “You don’t have to choose between clean, safe neighborhoods and compassion for those struggling on the streets.” – Jessica Tarlov ([17:28])

• Greg Gutfeld (humor):

  “Just do your heroin indoors. That’s all we’re asking.” ([23:56])

• Susan Rice statement:

  “They’re going to be caught with more than their pants down. They’re going to be held accountable…” ([24:56])

Key Timestamps

• [00:42] Martha sets the episode’s focus
• [01:47] Trump’s post-ruling reaction (clip)
• [03:11] Democrat responses, Newsom’s dig
• [04:52] Paul explains legal strategies and alternatives
• [06:57] Jessica on economic impact, Gorsuch’s concurrence
• [09:49] Jesse defends Trump’s tariff strategy
• [12:36] Greg on leverage and media narratives
• [16:24] San Francisco drug arrest policy discussion
• [17:28] Jessica praises Lurie’s balanced approach to public drug use
• [22:07] Jesse frames drug crackdown’s political angle
• [24:47] Susan Rice “retribution” discussion begins
• [25:17] Greg interprets Rice’s warning as a threat
• [31:34] “Baywatch” reboot lighthearted discussion
• [34:41] “Fan Mail Friday” – personal quirks and childhood favorites
• [38:09] “One More Thing” – fun animal and global news

Tone & Style

The five panelists maintain their signature blend of news analysis, heated debate, and sharp humor. The episode features robust conservative viewpoints, lively banter, and characteristic irreverence—punctuated by direct panelist and guest quotes to preserve the original spirit.

This summary covers all critical content and offers a guided walkthrough for those who missed the episode, preserving the participants’ perspectives, key arguments, and the episode’s energetic atmosphere.