Speaker 1: Okay, my friend's breaking news moments ago. The Supreme Court
they just ruled that Trump's tariffs are illegal. They ruled
six to three, with Justice Samuel Alito, Clarence Thomas, and
Brett Cavanaugh dissenting. This, my friends, this marks on literally
the biggest loss for the Trump administration. So let me
show you exactly what Chief Justice Roberts wrote in the opinion.
In it, he writes, Supreme Court rules that Trump's sweeping
emergency tariffs are illegal. The article further goes on to
say the decision is arguably the most important loss the
second Trump administration has sustained at the conservative Supreme Court,
which last year repeatedly sided with the president in a
series of emergency rulings on immigration, the firing of leaders
of independent agencies, and deep cuts to government spending. The
article goes on say the Chief Justice John Roberts wrote
the majority opinion, and the court agreed six to three
that the tariffs exceeded the law. Here's the quote. The
President asserts the extraordinary power to unilaterally impose tariffs on
unlimited amount, duration, and scope. Roberts wrote for the court,
further saying, in light of the breath history and constitutional
context of that asserted authority, he must identify clear congressional
authorization to exercise it. And finally, the article says the
emergency authority Trump attempted to rely on the court said
fall short. Now, let me turn around and say, if
you've been watching this show, and I know that you have,
but if you haven't, then you have not heard me
turn around and say, tariffs are taxes. I further go
on to say another word slogan, consumers pay tariffs. Remember
those slogans, because let me show you Trump's reported reaction
to it in it, he writes news. President Trump commented
on the Supreme Court ruling striking down his tariffs while
inside the White House breakfast with governors this morning, calling
it a disgrace. I'm told he told those gathered that
he has a backup plan. Now, let me be crystal
clear about something too, As somebody who sat beside this
man for a decade and a half. People could say
whatever they want about him, they can criticize him all
he wants, there is always a backup plan. Now. Just
last night in Georgia, Trump said that without tariffs, our
country would be in trouble.
Speaker 2: Play the clip the country, And to think I have
to be in the United States Supreme Court for many,
many months waiting for a decision on tariffs. Without tariffs,
this country would be in such trouble right now. Without tariffs,
this country would be like your company was two years ago.
What a difference it made.
Speaker 1: Well, let me be crystal clear about something. All of
these talking points, all of these slogans that have come
out of this right now, we're in a bigger We're
in a bigger world of trouble than just the fact
that Trump, when he's speaking, will not be able to
talk about tariffs, will not be able to then threaten
countries by saying you don't do what I say. I'm
going to impose one hundred percent tariff. We the consumers
have been paying that tariff amount. And two things that
we know. One prices on non commodities. I'm not talking
about gold, silver or things like that, or oil. I'm
talking about things like I don't know. My EarPods never
go down. They raised those prices based upon tariffs. And
more importantly, so those EarPods cost me two hundred dollars,
say fifty dollars of it went to tariffs. How do
I get my money back. How do the companies that
actually have been paying money into this tariff fund that
sits on some I don't know, imaginary shelf, how do
they now get this tariff money back? He also turned
around and said that tariffs were his favorite word. Can
probably have to now find a new favorite word. But
that's what he said. Play the clip.
Speaker 2: It's called tariffs. I said, my favorite word in the
whole dictionary is tariff. And I got in trouble with
Look at all the fake is back there.
Speaker 1: Look at him.
Speaker 2: I got in trouble.
Speaker 1: No, I got in.
Speaker 2: Trouble with him because I said tariff is my favorite
word and the whole dictionary this or what about family?
What about God? What about wife?
Speaker 3: It's my fifth favorite way?
Speaker 1: Okay, what about what about friends? What about what about me?
Right now, look, let me show you how NBC is
actually breaking down the effects of this ruling, because I
think they did a phenomenal job this time. Let me
show you in it. They turn around and they say,
the economic impact of Trump's tariffs have been estimated at
some three trillion dollars over the next decade. Now, remember
as over the next ten years, according to the Congressional
Budget Office. The Treasury has collected more than one hundred
and thirty three billion dollars from the import taxes that
the president has imposed under the Emergency Powers Law. Federal
data from December shows many companies, including the big box
warehouse chains like Costco, have already lined up in court
to demand refunds. It further goes on to say the
decision does not affect all of Trump's tariffs, leaving in
place once he imposed on steel and aluminum using different laws,
for example, but it upends his tariffs in two categories.
One is country by country or reciprocal tariffs, which range
from thirty four percent for China to a ten percent
baseline for the rest of the world. The other is
a twenty five percent tariff Trump imposed on some goods
from Canada, China, and Mexico for what the administration said
was their failure to curb the flow of fentanyl. And finally,
they break it down to say companies that had to
pay the tariffs may be able to seek a refund
from the Treasury Department. Hundreds have already sued. The court
did not directly address that issue, but Cathanol in the
Descent said the effect on the US Treasury could be significant.
Here's the quote. The court says nothing today about weather,
and if so, how them and should go about returning
the billions of dollars that it has collected from importers?
He wrote, I want to be crystal clear about something here.
This is no joke, all right. How are we going
to who is going to monitor it? How is that
money going to get back to people? How is it
going to be calculated? I have no idea. And here's
the worst part, neither do they. And welcome back to
The Michael Cohen Show on our continued journey to a
million subscribers. Let's get there, seriously, Let's get there, hit subscribe, watch, comment,
and share because this stuff, this stuff's gotta stop now.
I also want, of course, let everybody know another programming
note that while Maya Kulpa political Beatdown are no longer
shown on the Midas Touch Network, those shows they're not
going anywhere. I promise you that, and that they will
be available on my YouTube channel right here at The
Michael Cohen Show or wherever you listen to podcasts. So look,
that's definitely not how Trump wanted to start this Friday
night that I could promise you all right. He did
not want to start off his Friday with this, but
he actually seemed to have anticipated this bad news because
this morning there was a working breakfast for governors, and
while it was all set up for the event to
be covered live by the press, Trump he quickly shut
it down and told them all to just leave. Play
the clip.
Speaker 3: Well, thank you very much, everybody, Thank you very much.
And I guess we're going to be asking the press
to leave, and that way we're gonna talk very candidly
and take questions. I think at the end it wasn't
supposed to be. I just said to says, what about questions, sir?
Speaker 2: You can do whatever you want.
Speaker 3: I don't know if she says that to other people
that she's represented over the years. But thank you very
much for being here. It's a great honor. And the media,
thank you. You can leave now.
Speaker 4: President Trump at breakfast with the governors. You heard him
there saying that he's going to deliver some remarks and
then take questions from the room now from the media,
and then asking the media to leave.
Speaker 1: Yeah, because he is going to ask them to help
him to figure out the alternate plan. I mean, how
many times have you heard me turn around and say
that the name of the game as it relates to
Trump is he wants to win every single aspect of
his campaign promises or his slogans. And this morning Trump
also posted on truth Social blaming Democrats for the low
GDP growth. Let me show you what he wrote in it.
He wrote, the Democrats shut down crossed the USA at
least two points in GDP. That's why they are doing
it in many form Again no shutdowns also lower interest
rates too late. Powell is the worst president DJT Now,
I don't have to turn around and to tell you
it's always the Democrat's fall when things don't go the
way that he wants. But Kevin has it well. He
was quick, like real quick to jump on Fox and
to back him up. Play the clip.
Speaker 3: GDP up only one point four percent on an annual
basis fourth quarter.
Speaker 1: That's not what President Trump wants to say, is it.
Speaker 5: Well, you know, the Democrats shut down took about two
percent off the number, according to the Council of Economic Advisors.
So if you're really thinking about, like what trajectory is
the economy on right now, it's way north of three
and if you look at the average of the three
quarters since President Trump took office, you know, abstracting from
the first quarter where it was you know, mostly Joe
Biden's quarter, then we're looking at growth of three point
two percent on average over the year. And so I
think if you add back in the government shutdown number,
which will bounce back at the first quarter, I think
you could say that Trump's economy is running pretty close
to three percent.
Speaker 1: Okay, but it's not. And smiling Bob, he reminds me
of that old adage, you know, like if the queen
had balls, she'd be the king. Well, you could say
whatever you want. It is not north of three percent.
It is a one point four percent GDP growth. You
could blame whoever you want, You could make whatever allegations
you want. It's just not predicated in reality. Now, while
in Georgia, Trump actually tried to call out Biden for
sleeping on the job. This is great play the clip.
Speaker 2: I apologize for that, Kelly, I apologize. So it's the
worst inflation for the Actually I think they're wrong. I
think it is actually a history. We had the worst
inflation in history under sleepy Joe Biden. You were sleeping
while you were working. Now he was sleeping while you
were trying to get a job. You weren't working, and
now we have the most people working in history.
Speaker 1: Yeah, let me end by just saying the following. All right,
a lot of people are very concerned with where this
decision is going to go. I will tell you that
the stock market is exploding right now because tariffs. Again
I'm going to repeat myself, consumers pay tariffs. Tariffs are taxes.
These big box stores, the costcos, the Walmarts, the Amazons,
and so on, they are now going to see a
reduction in this policy plan that was never really even
a policy predicated on nothing, and nobody knew how the
hell it was going to work anyway. Now we're against
stuck in a situation. How are we going to return
the money to the people like us, the consumers who
have paid this one hundred and thirty three billion dollars.
It's going to be something, ain't it? And as always
thanks for listening. Hey everyone, First of all, thanks for watching.
I mean, we're going to be posting daily episodes with
reactions and talking about politics. We'll be talking about everything
in fact, so please like and subscribe, join, us on
this journey