Latest / NO FILTER / Federal court blocks Trump_s _Liberation Day_ tariffs. What_s next_(MP3_160K)

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Federal court blocks Trump_s _Liberation Day_ tariffs. What_s next_(MP3_160K) · NO FILTER

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  Speaker 1: It is Dave one hundred and twenty nine of the
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  Speaker 1: second Trump administration, and there is major news tonight. Just
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  Speaker 1: hours ago, a federal court struck down Donald Trump's reciprocal tariffs.
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  Speaker 1: Those are the ones he declared back on April second,
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  Speaker 1: his so called liberation Day. The court said his effort
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  Speaker 1: to justify them with broad claims of national emergencies exceeded
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  Speaker 1: his legal authority.
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  Speaker 2: Can you believe it?
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  Speaker 1: The ruling caused stop futures to jump. I'm going to
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  Speaker 1: say this to you twice. The Trump policy that was
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  Speaker 1: put in place got struck down by the courts.
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  Speaker 2: And what do the markets do? Jumped? They were excited
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  Speaker 2: about it.
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  Speaker 1: This is obviously a major blow to Trump's economic agenda.
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  Speaker 1: Amid the administration has already filed an appeal. Trump is
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  Speaker 1: also facing pushback from his number one supporter.
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  Speaker 2: You know him, Elon Musk.
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  Speaker 1: He has pretty much been opposed to those very tariffs,
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  Speaker 1: and now it appears he is opposed to Trump's big,
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  Speaker 1: beautiful bill and this could be driving a wedge between
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  Speaker 1: the two men. Musk has complained that the budget proposal
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  Speaker 1: would undermine DOJ's work, that his cost cutting team has
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  Speaker 1: been treated like Washington, DC's and I'm quoting him whipping Boy,
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  Speaker 1: and he is not too happy about the spending increases either.
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  Speaker 1: But earlier today, when the President was asked about Musk's criticism,
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  Speaker 1: didn't completely disagree. Watch this.
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  Speaker 3: We will be negotiating that bill, and I'm not happy
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  Speaker 3: about certain aspects.
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  Speaker 2: Of it, but I'm thrilled by other aspects of it.
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  Speaker 2: That's the way they go. It's very big.
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  Speaker 3: It's the big, beautiful bill.
• 1:30
  Speaker 1: But the beautiful is because of all of the things
• 1:32
  Speaker 1: we have, the biggest thing being, i would say, the.
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  Speaker 2: Level of tax cutting that we're going to be doing.
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  Speaker 2: How are you going to pay for it?
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  Speaker 1: House Speaker Mike Johnson, on the other hand, defended the bill,
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  Speaker 1: writing this in part quote, the House made sure to
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  Speaker 1: build on Doje's success. Dose found savings in discretionary spendings
• 1:53
  Speaker 1: such as funding agencies, while our bill secured over one
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  Speaker 1: point six trillion dollars in savings in mandatory spending such
• 2:01
  Speaker 1: as medicaid. Both a historic and take huge steps towards
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  Speaker 1: addressing our debt and deficit. Here's an important reminder that's
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  Speaker 1: not true.
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  Speaker 2: The pen Wharton.
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  Speaker 1: Budget model estimates the House version of this bill are
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  Speaker 1: you listening to me? Would increase the deficit by three
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  Speaker 1: point three trillion.
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  Speaker 2: Dollars over ten years.
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  Speaker 1: All right, let's get smarter with our nightcap panels tonight.
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  Speaker 1: David Gera is here Bloomberg correspondent and hosts of the
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  Speaker 1: Big Take podcast. Former Democratic Congressman Max Rose of New York.
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  Speaker 1: He's a senior advisor to Vote Vets. And my dear
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  Speaker 1: friend Malli john Fast, special correspondent for Vanity Fair and
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  Speaker 1: MSNBC contributor and a new author of a book that
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  Speaker 1: I just read while I was out, and I urge
• 2:43
  Speaker 1: you to read it, not because she's my friend, not
• 2:45
  Speaker 1: because I adorner, because the book's incredible, How to Lose
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  Speaker 1: Your Mother A daughter's memoir.
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  Speaker 2: It is out next week or a David, let's.
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  Speaker 1: Talk about the court, the international trade ruling.
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  Speaker 2: What is your take on this?
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  Speaker 4: Well, we'll see what happens here with this appeal.
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  Speaker 5: But I followed the arguments as they were made a
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  Speaker 5: couple of days ago, and again as you articulated the
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  Speaker 5: grievance here with by very interesting consorttion with fourteen Democratic
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  Speaker 5: states and a group of small businesses kind of helmed
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  Speaker 5: by a conservative group. Was that the present is using
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  Speaker 5: more powers than he's.
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  Speaker 4: Allotted to do all of this.
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  Speaker 5: He's been relying on this law from the nineteen seventies
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  Speaker 5: to put these tariffs in place, and they've said, effectively,
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  Speaker 5: he can't do that. And the argument the States have
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  Speaker 5: made is he's putting in place effectively attacks on those states.
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  Speaker 5: So that was something this court was sympathetic to. You
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  Speaker 5: talk about the market reaction, I think that it infuse
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  Speaker 5: us into this some semblance of certainty about his policy.
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  Speaker 4: But what we've lived through over these last couple of weeks.
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  Speaker 5: Is him going back and forth, as you know, on
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  Speaker 5: what the tariffs are going to be, but they're not
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  Speaker 5: going to be.
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  Speaker 4: This doesn't affect all of the ones that he's put
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  Speaker 4: in place.
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  Speaker 5: It affects the kind of broad based ones, the reciprocal
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  Speaker 5: ones as well. I think that markets are reacting to
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  Speaker 5: another branch of government institution pushing back on something the
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  Speaker 5: present's doing here. But what I want to stress here is, fundamentally,
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  Speaker 5: and I've said this all along, Congress could play big role
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  Speaker 5: here doing this. So we look at the courts doing
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  Speaker 5: all of this. Historically it has been the role of
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  Speaker 5: Congress to determine what tariff policy. What trade policy is here?
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  Speaker 5: We see the courts kind of stepping up, but fundamentally,
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  Speaker 5: historically it's something that the come, all.
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  Speaker 1: Right, but stay with me for a second, Max. Could
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  Speaker 1: this be the president's off ramp? Right, he's argued for
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  Speaker 1: years and years and years tariff tariff's tariffs, but he
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  Speaker 1: knows these tariffs are crushing the markets.
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  Speaker 2: He knows these tariffs are crushing business.
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  Speaker 1: Right when this ruling happened, a source called me and said,
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  Speaker 1: Scott Bessen is somewhere quietly crime tier Joy.
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  Speaker 2: You think you, thank you, thank you?
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  Speaker 1: Could this be even though the administration is appealing it.
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  Speaker 1: Could this be Trump's elegant off ramp that he could
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  Speaker 1: say I wanted to impose the tariffs, this is what
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  Speaker 1: I think we should do, but the courts stop me,
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  Speaker 1: and in the end markets go up.
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  Speaker 2: Businesses like ish that's what Trump actually loves.
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  Speaker 3: I would say his elegant off ramp would probably be
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  Speaker 3: some type of pharmaceutical cocktail to address his unprecedented level
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  Speaker 3: of craziness. They're going to appeal this and time and
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  Speaker 3: again we've seen that the Supreme Court is a fully
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  Speaker 3: owned subsidiary now of extremist Maganism. So I don't think
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  Speaker 3: that there's an off ramp politically speaking to the extraordinarily
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  Speaker 3: level of economic chaos that this administration and this one
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  Speaker 3: man has catalyzed. And when you look at the swing
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  Speaker 3: Republican districts that are held in suburban areas throughout the country,
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  Speaker 3: it's that level of chaos that they actually detest more
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  Speaker 3: than anything else. So I think this is sticking and
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  Speaker 3: I don't think there's any offramp to it.
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  Speaker 1: Okay, but Molly, I'm coming you in a second. But David,
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  Speaker 1: I want to come back these tariffs. The argument was
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  Speaker 1: these tariffs were going to pay.
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  Speaker 2: For all sorts of stuff.
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  Speaker 1: They were going to bring in billions and billions of dollars.
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  Speaker 1: So if we don't implement the tariffs, whether it's the
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  Speaker 1: court's decision or the President backs off, where does the
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  Speaker 1: money come to pay for the big, beautiful bill.
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  Speaker 5: I have no good answer for that, but he is
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  Speaker 5: counting on that, and it gets to the kind of
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  Speaker 5: the heart of the matter when it comes to this
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  Speaker 5: tariff policy. That's been one motivating factor that the President
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  Speaker 5: has cited. Another has been to kind of penalize other
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  Speaker 5: countries to hold into account for any matter of policy
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  Speaker 5: decisions they've made.
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  Speaker 4: But you're right to point out the fact.
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  Speaker 5: That the argument that he made, the Republicans in the
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  Speaker 5: House made all along was this is going to be
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  Speaker 5: a big driver of money coming into this country. They
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  Speaker 5: continue to talk about that in this kind of fantastic ways,
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  Speaker 5: citing all the billions of dollars have come in thus far.
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  Speaker 4: It hasn't.
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  Speaker 5: And I think that that's a huge X factor and
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  Speaker 5: hugely complicates where this bill goes now when it goes
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  Speaker 5: to the side.
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  Speaker 1: But you heard in that SoundBite right there when Trump
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  Speaker 1: said there's things in the bill I don't like, but
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  Speaker 1: what I love are the tax cuts, tax cuts, tax cuts.
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  Speaker 1: If he's not bringing in billions from the tariffs, if
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  Speaker 1: Doge didn't cut trillions, which the plan was to cut
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  Speaker 1: two trillion, then how do these tax cuts get paid for?
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  Speaker 2: It's a very good question.
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  Speaker 6: But the other thing about this bill, the big beautiful bill,
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  Speaker 6: is this is the you know what tourist whoever make
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  Speaker 6: we're gonna make a sist.
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  Speaker 2: Yes, we're done calling it.
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  Speaker 1: Okay, we're officially done calling it.
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  Speaker 6: It is the purest distillation of MAGA, right. It is
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  Speaker 6: everything Trump ran on they have put together a bill.
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  Speaker 6: I mean, Mike Johnson serves at the pleasure of Donald Trump.
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  Speaker 6: So the idea that Trump doesn't like things in this.
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  Speaker 2: He whipped the vote. What doesn't he like? He set
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  Speaker 2: this up.
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  Speaker 6: And the other thing is, I just want to say,
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  Speaker 6: this a bill that both grows the deficit, cuts food
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  Speaker 6: stamps for children. Right, there are some states, there are
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  Speaker 6: three states where children twenty five percent of all kids
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  Speaker 6: on food stamps will be affected.
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  Speaker 3: Right.
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  Speaker 2: It also cuts medicaid. I mean it is like this.
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  Speaker 6: If it is enacted in this form, it will be
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  Speaker 6: a seismic change to the way we live and the
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  Speaker 6: services we get from our government.
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  Speaker 2: Then how do Republicans win.
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  Speaker 1: Let's say they get this bill passed and it's implemented,
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  Speaker 1: how do they win the midterms?
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  Speaker 2: How do they win the White House next time around?
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  Speaker 2: What's in this bill?
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  Speaker 1: If everyone voting owns a private prison, well then guess
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  Speaker 1: what Republicans are going to win forever. But with the
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  Speaker 1: exception of that faction, who does this bill serve?
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  Speaker 3: It doesn't serve the majority of Americans. So what you're
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  Speaker 3: going to see Republicans very quickly do is start talking
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  Speaker 3: about how they're not woke. Remember that argument, and it's
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  Speaker 3: not enough. But it's important that Democrats don't lose. So
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  Speaker 3: what do I mean by that? First of all, they
• 8:30
  Speaker 3: have to stop stepping all over cultural third rails, almost intentionally,
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  Speaker 3: as if they're trying to lose elections. But secondly, and
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  Speaker 3: you see them doing this right now.
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  Speaker 2: Who's they Republicans are Democrat? Democrats all right?
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  Speaker 3: See them elevating incredibly strong candidates across the country. It
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  Speaker 3: looks like twenty eighteen all over again. Many of them
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  Speaker 3: are veterans, many of them have incredible public service records everywhere,
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  Speaker 3: from Rebecca Bennett in in New Jersey, John Mendoza in
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  Speaker 3: the Southwest. I mean, it's extraordinary the candidates that we
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  Speaker 3: see right now. And that's how the Democrats are going
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  Speaker 3: to win. It's as simple as that Republicans are out
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  Speaker 3: of their damn mind, and that doesn't look good for politics.
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  Speaker 1: I want to go back to the courts because tonight
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  Speaker 1: one of the presidents most senior advisors, Stephen Miller, tweeted,
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  Speaker 1: the judicial coup is out of control. How ugly is
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  Speaker 1: this administration's war on the courts about to get? Because
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  Speaker 1: thus far to David's original point, Congress has pretty much
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  Speaker 1: done bupkus and and and and the courts if any
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  Speaker 1: group had been the only to stand up and the
• 9:42
  Speaker 1: only ones to stand up to Trump and journalists.
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  Speaker 6: Yeah, and I see, I see this case going to
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  Speaker 6: the Supreme Court, and I see a world in which
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  Speaker 6: the Supreme Court does not Robbert damp Trump.
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  Speaker 2: Remember, the people on.
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  Speaker 6: The side of this case, this tariff case are Charles
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  Speaker 6: Koch Are Leonard Lea. This crew does not mess around,
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  Speaker 6: right and they and they know how to bring a
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  Speaker 6: case in front of the court. And the court has
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  Speaker 6: quite a lot of respect and admiration for these two
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  Speaker 6: men for any.
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  Speaker 2: Number of dubious reasons.
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  Speaker 6: So I'm not convinced that Trump wins in court here.
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  Speaker 2: Look, Stephen Miller can.
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  Speaker 6: Say whatever he wants, but at the end of the day,
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  Speaker 6: this is all the legal framework for this was always
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  Speaker 6: so suspect. And anyone who read Project twenty twenty five
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  Speaker 6: this summer saw that everything was like emergency, this emergency
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  Speaker 6: that and that wouldn't stand up too much scrutiny that
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  Speaker 6: the Trump's Trump.
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  Speaker 2: World didn't think they needed to.
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  Speaker 6: But I think on this they're not gonna win, all right.
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  Speaker 2: Res