The MeidasTouch Podcast

Episode: Uh Oh! Trump’s Own Lawyers Turn Against his Tariff Plan!!

Date: February 23, 2026
Hosts: Ben, Brett, and Jordy Meiselas

Overview of the Episode

In this episode, the Meiselas brothers dive into the legal and economic chaos surrounding Donald Trump’s latest move: imposing a sweeping 15% tariff against the entire world under Section 122 of the Trade Act of 1974. The brothers break down why Trump’s own legal past statements effectively undercut his current argument, why these tariffs are likely doomed in court, and how the move signals both economic and legal desperation. Along the way, the MeidasTouch crew emphasize the hypocrisy, legal self-sabotage, and damaging economic implications of Trump’s latest trade policy.

Key Discussion Points & Insights

1. Background: Trump’s New Tariff and Legal Whiplash

• [02:45] The hosts explain that after the Supreme Court struck down Trump’s previous tariffs imposed under a 1977 statute (“IEEPA”), Trump immediately tried to re-impose tariffs using another law: Section 122 of the Trade Act of 1974.
• Section 122 allows, under rare circumstances, a temporary (max 150 days) global tariff up to 15%—but only to remedy a true “balance of payments” emergency, which isn’t the situation now.

2. Legal Inconsistency & “Admitting Defeat”

• Trump’s legal team previously argued in federal court that Section 122 cannot lawfully be used for situations like the current “trade deficit”—thus undercutting Trump’s ability to now use it.
• Quote [05:45], Attribution: Trump’s own lawyers:

  “Nor does section 122 have any obvious application here, where the concerns the President identified … arise from trade deficits, which are conceptually distinct from balance of payment deficits.”

• By invoking Section 122 after his lawyers said it didn’t apply, Trump sets up his own defeat in future lawsuits.

3. “Admitting a Depression That Doesn’t Exist”

• Section 122 was drafted after the “Nixon Shock” era, designed only for severe, fundamental international payment crises—like a currency crisis or mass capital flight—never invoked even in 2008 or other real crises.
• [09:10] The hosts note that by claiming the U.S. economy is in such a crisis to justify the tariff, Trump is essentially admitting to a “Great Depression level crisis”—contradicting his public statements of an economic boom.

4. Trump’s Contradictory Claims Exposed

• Trump publicly boasts of “trillions” pouring into the U.S., which flatly contradicts needing the “balance of payments” emergency rationale for new tariffs.
• Quote [16:17], Donald Trump:

  “I would say right now more than $18 trillion. The biggest number ever ... By the time my first year ends, we're going to have over $20 trillion of investment coming into the United States.”

• Trump repeats similar claims, undermining the legal predicate for his own tariffs.
• [17:13], Trump on Air Force One:

  “Trillions of dollars have come into our country and everything is better... they're pouring, pouring money into the United States.”

5. Economic Chaos and Punitive Moves

• [17:45] Trump also removed the “de minimis” tariff exemption on imports under $800, meaning everyday consumers will pay more.
• Comment from “Mike in the Box” [18:30]:

  “Trump's tariffs are not economic policy—they’re a primitive coping mechanism for him, employed by a psychopathic toddler to soothe his pain when he feels fragile and wounded.”

6. Will Tariff Revenue be Refunded? The Government Ducks

• Treasury Secretary Scott Besant refuses to commit to refunding $134 billion in revenue if the tariffs are held illegal, despite previous DOJ promises to federal courts.
• [21:35], Interviewer:

  “Will you refund the roughly $134 billion in revenue taken by these emergency tariffs?”

• Scott Besant:

  “...I got a feeling the, the American people won't see it.”
  (23:17)

• Host reaction: categorizes this as “stealing from Americans.”

7. Expert Interview: Economist Justin Wolfers’ Take

• [23:36], Justin Wolfers:

  “Section 122 says you can issue a tariff of up to 15%, but it can only last for 150 days … you get absolutely no leverage from this.”
  “Trump’s new 10% across the board tariff, what is it? ... It’s a tax. It’s a tax on Americans. What we now have is … a pro-tax Republican president ... a tax that takes a bigger chunk out of the pay packets of the poor than the rich.”

• Wolfers: Tariffs don’t bring jobs home or result in meaningful leverage with trading partners, as other countries can just wait out the 150-day limit.

Notable Quotes and Memorable Moments

• Trump’s own lawyers undermining him

  “Nor does section 122 have any obvious application here … trade deficits … are distinct from balance of payment deficits.” (05:45)

• Trump bragging how much money is pouring in

  “We’re over $18 trillion. ... We have AI factories. We’re leading China by a lot.” (16:17)
  “Trillions of dollars have come into our country and everything is better.” (17:13)

• Journalistic Take

  “Tariffs are not economic policy—they’re a primitive coping mechanism for him, employed by a psychopathic toddler...” (18:30)

• Treasury Secretary Scott Besant’s refusal to refund

  “I got a feeling the American people won't see it.” (23:17)

• Economist Justin Wolfers on the tariffs’ inefficacy

  “There’s only one thing it is. It’s a tax. It’s a tax on Americans. ... It takes a bigger chunk out of the pay packets of the poor than it does of the rich.” (23:36–25:45)

Important Timestamps (MM:SS)

• 02:45 – Start of in-depth analysis on Trump’s legal whiplash
• 05:45 – Hosts quote Trump’s lawyers undermining current strategy
• 16:17 – Trump’s own contradictory statements on economic “trillions”
• 17:13 – Trump further boasts about money pouring into the US
• 17:45 – Elimination of de minimis tariff exemption explained
• 21:35 – Discussion on possibility of tariff refund (Scott Besant interview)
• 23:13 – Besant refuses to promise tariff refunds
• 23:36 – Justin Wolfers, University of Michigan economist, critiques the policy

Tone and Language

The MeidasTouch brothers keep their signature blend of sharp legal/policy analysis and sarcastic, passionate, democracy-defending banter. They call out hypocrisy with humor, cite expert witnesses and Trump’s own record exhaustively, and focus on empowering listeners with facts while skewering what they characterize as Trump’s economic “fraud.”

Summary Conclusion

This episode is a deep-dive exposé on the legal and practical failures of Trump’s latest trade move, spotlighting the absurdity that results when political messaging collides with courts and economic reality. The MeidasTouch brothers lay out, using receipts and vivid analogies, how Trump’s “tariff tantrum” is not just doomed—but a self-inflicted legal own goal that ultimately hurts the American public.