1 00:00:00,080 --> 00:00:04,719 Speaker 1: Okay, my friend's breaking news moments ago. The Supreme Court 2 00:00:04,960 --> 00:00:10,119 they just ruled that Trump's tariffs are illegal. They ruled 3 00:00:10,160 --> 00:00:14,320 six to three, with Justice Samuel Alito, Clarence Thomas, and 4 00:00:14,400 --> 00:00:20,480 Brett Cavanaugh dissenting. This, my friends, this marks on literally 5 00:00:20,559 --> 00:00:24,800 the biggest loss for the Trump administration. So let me 6 00:00:24,920 --> 00:00:30,640 show you exactly what Chief Justice Roberts wrote in the opinion. 7 00:00:31,160 --> 00:00:34,799 In it, he writes, Supreme Court rules that Trump's sweeping 8 00:00:34,840 --> 00:00:39,520 emergency tariffs are illegal. The article further goes on to 9 00:00:39,640 --> 00:00:43,640 say the decision is arguably the most important loss the 10 00:00:43,679 --> 00:00:48,359 second Trump administration has sustained at the conservative Supreme Court, 11 00:00:48,560 --> 00:00:52,520 which last year repeatedly sided with the president in a 12 00:00:52,600 --> 00:00:56,960 series of emergency rulings on immigration, the firing of leaders 13 00:00:56,960 --> 00:01:01,960 of independent agencies, and deep cuts to government spending. The 14 00:01:02,079 --> 00:01:04,879 article goes on say the Chief Justice John Roberts wrote 15 00:01:04,920 --> 00:01:09,040 the majority opinion, and the court agreed six to three 16 00:01:09,159 --> 00:01:13,680 that the tariffs exceeded the law. Here's the quote. The 17 00:01:13,719 --> 00:01:19,120 President asserts the extraordinary power to unilaterally impose tariffs on 18 00:01:19,319 --> 00:01:23,640 unlimited amount, duration, and scope. Roberts wrote for the court, 19 00:01:24,359 --> 00:01:28,920 further saying, in light of the breath history and constitutional 20 00:01:29,000 --> 00:01:34,439 context of that asserted authority, he must identify clear congressional 21 00:01:34,480 --> 00:01:39,719 authorization to exercise it. And finally, the article says the 22 00:01:39,760 --> 00:01:43,799 emergency authority Trump attempted to rely on the court said 23 00:01:44,319 --> 00:01:47,200 fall short. Now, let me turn around and say, if 24 00:01:47,239 --> 00:01:50,359 you've been watching this show, and I know that you have, 25 00:01:50,519 --> 00:01:53,319 but if you haven't, then you have not heard me 26 00:01:53,359 --> 00:01:59,120 turn around and say, tariffs are taxes. I further go 27 00:01:59,159 --> 00:02:05,400 on to say another word slogan, consumers pay tariffs. Remember 28 00:02:05,439 --> 00:02:10,159 those slogans, because let me show you Trump's reported reaction 29 00:02:10,319 --> 00:02:15,039 to it in it, he writes news. President Trump commented 30 00:02:15,080 --> 00:02:18,479 on the Supreme Court ruling striking down his tariffs while 31 00:02:18,520 --> 00:02:22,319 inside the White House breakfast with governors this morning, calling 32 00:02:22,360 --> 00:02:26,639 it a disgrace. I'm told he told those gathered that 33 00:02:26,759 --> 00:02:30,439 he has a backup plan. Now, let me be crystal 34 00:02:30,479 --> 00:02:33,439 clear about something too, As somebody who sat beside this 35 00:02:33,560 --> 00:02:36,719 man for a decade and a half. People could say 36 00:02:36,759 --> 00:02:40,000 whatever they want about him, they can criticize him all 37 00:02:40,039 --> 00:02:45,560 he wants, there is always a backup plan. Now. Just 38 00:02:45,680 --> 00:02:49,439 last night in Georgia, Trump said that without tariffs, our 39 00:02:49,520 --> 00:02:51,479 country would be in trouble. 40 00:02:52,280 --> 00:02:55,080 Speaker 2: Play the clip the country, And to think I have 41 00:02:55,240 --> 00:02:59,520 to be in the United States Supreme Court for many, 42 00:02:59,560 --> 00:03:04,639 many months waiting for a decision on tariffs. Without tariffs, 43 00:03:05,400 --> 00:03:09,159 this country would be in such trouble right now. Without tariffs, 44 00:03:09,240 --> 00:03:12,240 this country would be like your company was two years ago. 45 00:03:13,560 --> 00:03:14,840 What a difference it made. 46 00:03:15,159 --> 00:03:18,879 Speaker 1: Well, let me be crystal clear about something. All of 47 00:03:18,919 --> 00:03:22,759 these talking points, all of these slogans that have come 48 00:03:22,800 --> 00:03:27,199 out of this right now, we're in a bigger We're 49 00:03:27,199 --> 00:03:29,639 in a bigger world of trouble than just the fact 50 00:03:29,680 --> 00:03:32,360 that Trump, when he's speaking, will not be able to 51 00:03:32,400 --> 00:03:35,479 talk about tariffs, will not be able to then threaten 52 00:03:35,599 --> 00:03:38,599 countries by saying you don't do what I say. I'm 53 00:03:38,599 --> 00:03:41,680 going to impose one hundred percent tariff. We the consumers 54 00:03:42,639 --> 00:03:45,919 have been paying that tariff amount. And two things that 55 00:03:46,000 --> 00:03:50,800 we know. One prices on non commodities. I'm not talking 56 00:03:50,840 --> 00:03:54,919 about gold, silver or things like that, or oil. I'm 57 00:03:54,960 --> 00:04:00,479 talking about things like I don't know. My EarPods never 58 00:04:00,560 --> 00:04:04,360 go down. They raised those prices based upon tariffs. And 59 00:04:04,400 --> 00:04:08,520 more importantly, so those EarPods cost me two hundred dollars, 60 00:04:08,960 --> 00:04:13,280 say fifty dollars of it went to tariffs. How do 61 00:04:13,319 --> 00:04:16,040 I get my money back. How do the companies that 62 00:04:16,160 --> 00:04:20,279 actually have been paying money into this tariff fund that 63 00:04:20,360 --> 00:04:23,519 sits on some I don't know, imaginary shelf, how do 64 00:04:23,680 --> 00:04:28,399 they now get this tariff money back? He also turned 65 00:04:28,439 --> 00:04:33,959 around and said that tariffs were his favorite word. Can 66 00:04:34,000 --> 00:04:36,240 probably have to now find a new favorite word. But 67 00:04:36,360 --> 00:04:38,759 that's what he said. Play the clip. 68 00:04:39,240 --> 00:04:43,079 Speaker 2: It's called tariffs. I said, my favorite word in the 69 00:04:43,120 --> 00:04:45,360 whole dictionary is tariff. And I got in trouble with 70 00:04:45,360 --> 00:04:46,759 Look at all the fake is back there. 71 00:04:46,759 --> 00:04:47,199 Speaker 1: Look at him. 72 00:04:48,759 --> 00:04:49,720 Speaker 2: I got in trouble. 73 00:04:50,160 --> 00:04:50,920 Speaker 1: No, I got in. 74 00:04:50,879 --> 00:04:54,319 Speaker 2: Trouble with him because I said tariff is my favorite 75 00:04:54,319 --> 00:04:56,879 word and the whole dictionary this or what about family? 76 00:04:56,959 --> 00:05:01,639 What about God? What about wife? 77 00:05:01,839 --> 00:05:03,160 Speaker 3: It's my fifth favorite way? 78 00:05:03,360 --> 00:05:07,439 Speaker 1: Okay, what about what about friends? What about what about me? 79 00:05:07,959 --> 00:05:14,639 Right now, look, let me show you how NBC is 80 00:05:14,639 --> 00:05:17,600 actually breaking down the effects of this ruling, because I 81 00:05:17,600 --> 00:05:21,160 think they did a phenomenal job this time. Let me 82 00:05:21,160 --> 00:05:23,079 show you in it. They turn around and they say, 83 00:05:23,279 --> 00:05:27,240 the economic impact of Trump's tariffs have been estimated at 84 00:05:27,279 --> 00:05:31,240 some three trillion dollars over the next decade. Now, remember 85 00:05:31,319 --> 00:05:34,040 as over the next ten years, according to the Congressional 86 00:05:34,079 --> 00:05:38,199 Budget Office. The Treasury has collected more than one hundred 87 00:05:38,199 --> 00:05:42,160 and thirty three billion dollars from the import taxes that 88 00:05:42,279 --> 00:05:46,360 the president has imposed under the Emergency Powers Law. Federal 89 00:05:46,439 --> 00:05:50,720 data from December shows many companies, including the big box 90 00:05:50,800 --> 00:05:54,839 warehouse chains like Costco, have already lined up in court 91 00:05:55,199 --> 00:05:59,519 to demand refunds. It further goes on to say the 92 00:05:59,639 --> 00:06:03,160 decision does not affect all of Trump's tariffs, leaving in 93 00:06:03,199 --> 00:06:07,639 place once he imposed on steel and aluminum using different laws, 94 00:06:07,680 --> 00:06:11,600 for example, but it upends his tariffs in two categories. 95 00:06:11,920 --> 00:06:17,120 One is country by country or reciprocal tariffs, which range 96 00:06:17,120 --> 00:06:20,639 from thirty four percent for China to a ten percent 97 00:06:20,720 --> 00:06:23,800 baseline for the rest of the world. The other is 98 00:06:23,839 --> 00:06:26,600 a twenty five percent tariff Trump imposed on some goods 99 00:06:26,600 --> 00:06:30,560 from Canada, China, and Mexico for what the administration said 100 00:06:30,680 --> 00:06:35,480 was their failure to curb the flow of fentanyl. And finally, 101 00:06:35,680 --> 00:06:38,360 they break it down to say companies that had to 102 00:06:38,399 --> 00:06:41,399 pay the tariffs may be able to seek a refund 103 00:06:41,480 --> 00:06:46,399 from the Treasury Department. Hundreds have already sued. The court 104 00:06:46,439 --> 00:06:49,600 did not directly address that issue, but Cathanol in the 105 00:06:49,680 --> 00:06:54,160 Descent said the effect on the US Treasury could be significant. 106 00:06:54,839 --> 00:06:58,000 Here's the quote. The court says nothing today about weather, 107 00:06:58,319 --> 00:07:01,319 and if so, how them and should go about returning 108 00:07:01,399 --> 00:07:05,279 the billions of dollars that it has collected from importers? 109 00:07:05,560 --> 00:07:08,879 He wrote, I want to be crystal clear about something here. 110 00:07:09,240 --> 00:07:12,160 This is no joke, all right. How are we going 111 00:07:12,199 --> 00:07:15,360 to who is going to monitor it? How is that 112 00:07:15,399 --> 00:07:17,399 money going to get back to people? How is it 113 00:07:17,439 --> 00:07:21,319 going to be calculated? I have no idea. And here's 114 00:07:21,360 --> 00:07:25,000 the worst part, neither do they. And welcome back to 115 00:07:25,040 --> 00:07:27,800 The Michael Cohen Show on our continued journey to a 116 00:07:27,839 --> 00:07:32,800 million subscribers. Let's get there, seriously, Let's get there, hit subscribe, watch, comment, 117 00:07:32,800 --> 00:07:36,639 and share because this stuff, this stuff's gotta stop now. 118 00:07:36,639 --> 00:07:39,199 I also want, of course, let everybody know another programming 119 00:07:39,240 --> 00:07:42,279 note that while Maya Kulpa political Beatdown are no longer 120 00:07:42,360 --> 00:07:45,600 shown on the Midas Touch Network, those shows they're not 121 00:07:45,680 --> 00:07:48,480 going anywhere. I promise you that, and that they will 122 00:07:48,519 --> 00:07:51,079 be available on my YouTube channel right here at The 123 00:07:51,079 --> 00:07:55,800 Michael Cohen Show or wherever you listen to podcasts. So look, 124 00:07:56,160 --> 00:07:59,800 that's definitely not how Trump wanted to start this Friday 125 00:07:59,879 --> 00:08:02,639 night that I could promise you all right. He did 126 00:08:02,680 --> 00:08:05,319 not want to start off his Friday with this, but 127 00:08:06,199 --> 00:08:10,319 he actually seemed to have anticipated this bad news because 128 00:08:10,319 --> 00:08:14,319 this morning there was a working breakfast for governors, and 129 00:08:14,360 --> 00:08:16,360 while it was all set up for the event to 130 00:08:16,360 --> 00:08:20,120 be covered live by the press, Trump he quickly shut 131 00:08:20,160 --> 00:08:24,720 it down and told them all to just leave. Play 132 00:08:24,759 --> 00:08:25,160 the clip. 133 00:08:37,600 --> 00:08:41,000 Speaker 3: Well, thank you very much, everybody, Thank you very much. 134 00:08:41,039 --> 00:08:43,000 And I guess we're going to be asking the press 135 00:08:43,039 --> 00:08:46,679 to leave, and that way we're gonna talk very candidly 136 00:08:47,600 --> 00:08:50,000 and take questions. I think at the end it wasn't 137 00:08:50,039 --> 00:08:52,879 supposed to be. I just said to says, what about questions, sir? 138 00:08:52,960 --> 00:08:54,039 Speaker 2: You can do whatever you want. 139 00:08:54,759 --> 00:08:56,519 Speaker 3: I don't know if she says that to other people 140 00:08:56,559 --> 00:09:00,120 that she's represented over the years. But thank you very 141 00:09:00,200 --> 00:09:02,960 much for being here. It's a great honor. And the media, 142 00:09:03,080 --> 00:09:12,759 thank you. You can leave now. 143 00:09:17,879 --> 00:09:20,399 Speaker 4: President Trump at breakfast with the governors. You heard him 144 00:09:20,440 --> 00:09:22,519 there saying that he's going to deliver some remarks and 145 00:09:22,519 --> 00:09:25,559 then take questions from the room now from the media, 146 00:09:25,759 --> 00:09:28,120 and then asking the media to leave. 147 00:09:28,480 --> 00:09:31,360 Speaker 1: Yeah, because he is going to ask them to help 148 00:09:31,440 --> 00:09:34,879 him to figure out the alternate plan. I mean, how 149 00:09:34,919 --> 00:09:36,919 many times have you heard me turn around and say 150 00:09:36,960 --> 00:09:39,879 that the name of the game as it relates to 151 00:09:39,919 --> 00:09:44,679 Trump is he wants to win every single aspect of 152 00:09:45,639 --> 00:09:49,960 his campaign promises or his slogans. And this morning Trump 153 00:09:50,000 --> 00:09:53,600 also posted on truth Social blaming Democrats for the low 154 00:09:53,679 --> 00:09:56,720 GDP growth. Let me show you what he wrote in it. 155 00:09:56,799 --> 00:10:00,360 He wrote, the Democrats shut down crossed the USA at 156 00:10:00,480 --> 00:10:04,440 least two points in GDP. That's why they are doing 157 00:10:04,480 --> 00:10:09,639 it in many form Again no shutdowns also lower interest 158 00:10:09,720 --> 00:10:15,759 rates too late. Powell is the worst president DJT Now, 159 00:10:15,759 --> 00:10:17,320 I don't have to turn around and to tell you 160 00:10:18,519 --> 00:10:23,360 it's always the Democrat's fall when things don't go the 161 00:10:23,360 --> 00:10:25,679 way that he wants. But Kevin has it well. He 162 00:10:25,799 --> 00:10:30,039 was quick, like real quick to jump on Fox and 163 00:10:30,080 --> 00:10:32,600 to back him up. Play the clip. 164 00:10:32,919 --> 00:10:35,840 Speaker 3: GDP up only one point four percent on an annual 165 00:10:35,879 --> 00:10:36,919 basis fourth quarter. 166 00:10:37,360 --> 00:10:39,480 Speaker 1: That's not what President Trump wants to say, is it. 167 00:10:40,679 --> 00:10:43,720 Speaker 5: Well, you know, the Democrats shut down took about two 168 00:10:43,759 --> 00:10:47,039 percent off the number, according to the Council of Economic Advisors. 169 00:10:47,360 --> 00:10:50,639 So if you're really thinking about, like what trajectory is 170 00:10:50,679 --> 00:10:53,159 the economy on right now, it's way north of three 171 00:10:53,519 --> 00:10:55,320 and if you look at the average of the three 172 00:10:55,360 --> 00:10:59,679 quarters since President Trump took office, you know, abstracting from 173 00:10:59,679 --> 00:11:02,159 the first quarter where it was you know, mostly Joe 174 00:11:02,200 --> 00:11:05,240 Biden's quarter, then we're looking at growth of three point 175 00:11:05,240 --> 00:11:07,720 two percent on average over the year. And so I 176 00:11:07,720 --> 00:11:09,799 think if you add back in the government shutdown number, 177 00:11:09,840 --> 00:11:12,279 which will bounce back at the first quarter, I think 178 00:11:12,279 --> 00:11:14,720 you could say that Trump's economy is running pretty close 179 00:11:14,759 --> 00:11:15,639 to three percent. 180 00:11:15,840 --> 00:11:19,639 Speaker 1: Okay, but it's not. And smiling Bob, he reminds me 181 00:11:19,679 --> 00:11:22,240 of that old adage, you know, like if the queen 182 00:11:22,320 --> 00:11:25,200 had balls, she'd be the king. Well, you could say 183 00:11:25,200 --> 00:11:28,440 whatever you want. It is not north of three percent. 184 00:11:28,799 --> 00:11:32,080 It is a one point four percent GDP growth. You 185 00:11:32,080 --> 00:11:36,039 could blame whoever you want, You could make whatever allegations 186 00:11:36,120 --> 00:11:41,279 you want. It's just not predicated in reality. Now, while 187 00:11:41,279 --> 00:11:44,519 in Georgia, Trump actually tried to call out Biden for 188 00:11:44,679 --> 00:11:48,879 sleeping on the job. This is great play the clip. 189 00:11:49,120 --> 00:11:53,519 Speaker 2: I apologize for that, Kelly, I apologize. So it's the 190 00:11:53,559 --> 00:11:56,159 worst inflation for the Actually I think they're wrong. I 191 00:11:56,159 --> 00:11:58,639 think it is actually a history. We had the worst 192 00:11:58,679 --> 00:12:03,559 inflation in history under sleepy Joe Biden. You were sleeping 193 00:12:03,879 --> 00:12:07,159 while you were working. Now he was sleeping while you 194 00:12:07,200 --> 00:12:10,039 were trying to get a job. You weren't working, and 195 00:12:10,120 --> 00:12:13,360 now we have the most people working in history. 196 00:12:13,559 --> 00:12:16,919 Speaker 1: Yeah, let me end by just saying the following. All right, 197 00:12:18,480 --> 00:12:24,440 a lot of people are very concerned with where this 198 00:12:24,519 --> 00:12:27,679 decision is going to go. I will tell you that 199 00:12:27,759 --> 00:12:32,840 the stock market is exploding right now because tariffs. Again 200 00:12:32,919 --> 00:12:39,679 I'm going to repeat myself, consumers pay tariffs. Tariffs are taxes. 201 00:12:40,120 --> 00:12:44,240 These big box stores, the costcos, the Walmarts, the Amazons, 202 00:12:44,279 --> 00:12:48,000 and so on, they are now going to see a 203 00:12:48,080 --> 00:12:53,039 reduction in this policy plan that was never really even 204 00:12:53,159 --> 00:12:57,000 a policy predicated on nothing, and nobody knew how the 205 00:12:57,000 --> 00:12:59,919 hell it was going to work anyway. Now we're against 206 00:13:00,039 --> 00:13:03,759 stuck in a situation. How are we going to return 207 00:13:03,799 --> 00:13:06,879 the money to the people like us, the consumers who 208 00:13:06,919 --> 00:13:10,159 have paid this one hundred and thirty three billion dollars. 209 00:13:11,759 --> 00:13:14,840 It's going to be something, ain't it? And as always 210 00:13:15,519 --> 00:13:19,039 thanks for listening. Hey everyone, First of all, thanks for watching. 211 00:13:19,120 --> 00:13:22,240 I mean, we're going to be posting daily episodes with 212 00:13:22,440 --> 00:13:26,519 reactions and talking about politics. We'll be talking about everything 213 00:13:26,559 --> 00:13:30,360 in fact, so please like and subscribe, join, us on 214 00:13:30,399 --> 00:13:31,080 this journey