SCOTUS Nixes Tariffs

IEEPA Does Not Authorize Trump Tariffs -- President Trump cannot impose tariffs under the International Emergency Economic Powers Act (IEEPA) the US Supreme Court has ruled in Learning Resources Inc. v. Trump. In its ruling Friday morning, Chief Justice John Roberts Friday writes; "The President asserts the extraordinary power to unilaterally impose tariffs of unlimited amount, duration, and scope. In light of the breadth, history, and constitutional context of that asserted authority, he must identify clear congressional authorization to exercise it."

Roberts read a 10-minute summary of the decision Friday morning with no oral dissents. SCOTUSblog reports a 6-3 decision with Justices Clarence Thomas, Samuel Alito and Brett Kavanaugh dissenting. Solicitor Gen. John Sauer and attorney Neal Katyal, who argued against the tariffs, were present in court for the opinion.

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Disappointing GDP – Gross Domestic Product (GDP) grew at an annual rate of just 1.4% for the fourth quarter of 2025, according to the Bureau of Economic Analysis. That’s less than expected according to APR’s Marketplace, which notes the government shutdown last autumn and softer-than-expected holiday spending did not help. Annual GDP growth was 4.4% for the previous quarter.

Meanwhile … Touring a steel plant in Rome, Georgia, Thursday President Trump said this: “What word have you not heard the last few weeks? Affordability. Because I won. I won affordability.”

Trump cited lower gas and used car prices, NPR’s Morning Edition reports.

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10 Days in February/March – President Trump at his first Board of Peace meeting in Washington Thursday “weighed” a limited strike against military or government targets in Iran if he does not get a nuclear deal with the country, The Wall Street Journal reports.

“We’re going to make a deal or get a deal one way or another,” Trump said.

He said he would decide within the next 10 days. Later, his timeline was expanded to two weeks.

“Only President Trump knows what he may or may not do,” said White House spokeswoman Anna Kelly.

This all came amidst a military buildup with 12 warships in the region, including a second strike group led by the USS Gerald R. Ford.

“There’s another beautiful armada floating beautifully toward Iran right now,” Trump said.

About the board … The Board of Peace in its first meeting pledged $7 billion from member countries to contribute to the rebuilding of Gaza, even as disarming Hamas “remains a challenge,” according to Semafor. Chairman for Life Donald J. Trump said the US will donate $10 billion to the board, though he did not suggest where the tax money would come from (or where the money might end up after he leaves the White House, while remaining chairman, in 2029).

Amidst concerns that the Board of Peace, which has been joined by such countries as Hungary, Argentina, Israel, Saudi Arabia and Kazakhstan, but not France, Germany, Denmark, the UK or Canada will replace the United Nations, CfL Trump suggested it will ensure the UN will “run properly” and hinted at future involvement elsewhere. –TL

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THURSDAY 2/19/26

(Ex-) Royal Arrest – Police arrested Andrew Mountbatten-Windsor, ‘Randy Andy’ Thursday morning after the latest release of Epstein Files by the US Department of Justice revealed that the Andrew formerly known as Prince had released sensitive government documents and commercial information to convicted sex offender Jeffrey Epstein while serving as the UK’s trade envoy. The Guardian quotes former UK Prime Minister Gordon Brown saying, “I have submitted a five-page memorandum to the Metropolitan, Surrey, Sussex, Thames Valley and other relevant UK police constabularies.”

Ex-Prince Andrew’s brother, King Charles, said the “law must take its course.”

Police searched Andrew Mountbatten-Windsor’s former house at the Royal Lodge in Windsor, as well as addresses in Berkshire and Norfolk, according to the newspaper. The former prince turned 66 Thursday.

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The Art of Dragging Out Peace Talks – It has been repeated many times by critics of the current administration that President Trump had promised to bring peace to Ukraine on day-one of his second term. Thanks to a deal Moscow is dangling in front of the White House, it looks like it will not happen without Ukraine’s surrender of all the Donbas region and probably questionable security guarantees from the US and NATO.

After two days of trilateral negotiations between Russia and Ukraine, with US special envoy Steve Witkoff and White House son-in-law Jared Kushner mediating, even Ukrainian diplomats indicated a bit of progress (perhaps the progress is that they were at the same table with the Kremlin and Washington?).

That might not matter if President Trump bites at Kremlin negotiators led by Vladimir Medinsky who have placed $14 trillion worth of business deals between Russia and the US on the table in exchange for the US dropping its sanctions. The Kremlin’s offer was reported by NPR’s Charles Maynes on Morning Edition.

Meanwhile, Ukrainian President Volodymyr Zelenskyy says the talks brought the sides closer to a detailed framework for ceasefire monitoring, according to The Kyiv Independent, but the “political track” remains contentious, especially on the issue of territory.

Zelenskyy told Piers Morgan on YouTube’s Piers Morgan Uncensored: "Thousands, dozens of thousands of Ukrainians have been killed on this direction, defending this part of Ukraine. We have to understand that Donbas is part of our independence. It’s a part of our values. It’s not about the land. It’s not only about territories. It’s about people.” –TL

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WEDNESDAY 2/18/26

‘Difficult’ Peace Talks – Results of the second day of trilateral talks with the US mediating peace negotiations between Ukraine and Russia might be called “mixed,” though on the positive side of mixed. The second day of negotiations in Geneva, Switzerland, ended after approximately two hours, according to news reports.

Russian chief negotiator Vladimir Medinsky described the talks “difficult but practical” and said the next session is expected “soon,” while Ukrainian President Volodymyr Zelenskyy said his countries are ready to monitor a ceasefire, if there is political will to enforce it, The Kyiv Independent reports.

“They have basically agreed on almost everything,” Zelenskyy said, leaving open the question of what sticking points remain as the Russia’s war on Ukraine approaches its fifth year.

Monitoring would definitely involve the US, Zelenskyy said, calling this a constructive signal.

“We can see that some ground work has been laid, but positions remain different, as the negotiations were difficult,” Zelenskyy said.

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The Paramount View – CNN’s Anderson Cooper announced he is leaving CBS News’ 60 Minutes Tuesday, as millions of fans of CBS’ The Late Show with Stephen Colbert flocked to that show’s YouTube channel to watch the host’s interview with US Senate candidate and Texas Democratic state Rep. James Talarico. By early Wednesday, Colbert’s interview with Talarico had chalked up 5.3 million views on YouTube.

Colbert told viewers Monday that CBS attorneys had warned him “in no uncertain terms” that he “could not have” Talarico, who is campaigning for the Democratic nomination for the seat currently held by Sen. John Cornyn (R-TX), “on the broadcast.” This came after Federal Communications Commission Chairman Brendan Carr suggested that talk shows might no longer be exempt from the “equal time” rule requiring all candidates in a political race be given the chance to appear.

On Tuesday’s Late Show, Colbert displayed a copy of a statement released by CBS attorneys that the show “was not prohibited by CBS from broadcasting the interview with Rep. James Talarico. The show was provided legal guidance that the broadcast could trigger the FCC equal-time rule for two other candidates, including Rep. Jasmine Crockett, and presented options for how the equal time for other candidates could be fulfilled. The Late Show decided to present the interview through its YouTube channel with on-air promotion on the broadcast rather than potentially providing the equal-time options.”

Colbert countered the attorneys’ Tuesday statement, telling his Tuesday night audience that “every word” of Monday night’s script that revealed CBS attorneys’ prohibition of the Talarico interview was “approved by CBS’s lawyers who, for the record, approve every script that goes on the air.”

The host then “curbed” the attorneys’ contradicting printed statement in a dog-poop bag. The Late Show with Stephen Colbert is scheduled to end in May, and it’s clear Colbert is prepared for a potential early exit.

Applying the equal time rule to broadcasts of The Late Show or Jimmy Kimmel Live would require five interviews prior to the Texas primary March 3, including Talarico and fellow Democrat and US Rep. Crockett. Cornyn is being challenged in a who’s-MAGAier race on the GOP side by Texas Attorney Gen. Ken Paxton and US Rep. Wesley Hunt.

On Morning Edition Wednesday, NPR’s David Folkenflik connected censorship of broadcast of the Colbert-Talarico interview with CBS owner Paramount-Skydance’s attempt to buy Warner Brothers Discovery. Paramount-Skydance is owned by David Ellison, son of Trump supporter and Oracle founder Larry Ellison. The attempted purchase is funded in part by the sovereign wealth funds of Qatar, Abu Dhabi and Saudi Arabia, Folkenflik noted. And target of their intended purchase, Warner Brothers Discovery, owns among other media entities, CNN, whose premier prime time news show is Anderson Cooper 360. –TL

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TUESDAY 2/17/26

Geneva Twofer – Indirect talks between the US and Iran have resumed Tuesday in Geneva, Switzerland, The New York Timesreports, with White House special envoy Steve Witkoff and White House son-in-law Jared Kushner also taking on US-Russia-Ukraine peace talks in a two-day meeting. This US diplomacy double-duty doesn’t bode well for Ukraine’s interests, as Russia has signaled it will take a harder line on a peace deal, according to The Kyiv Independent.

“This time, we intend to discuss a wider range of issues,” Kremlin spokesman Dmitry Peskov said, “including, in fact, the main issue that concerns both the territories and everything else related to our demands.”

Oman Foreign Minister Badr Albusaidi is hosting US-Iranian talks, according to the NYT, with emphasis as usual on the Trump administration’s attempt to halt Iran’s nuclear enrichment program. The White House has ordered a buildup of US forces in the region, including two aircraft carriers. Countries in the region are worried potential US strikes on Iran could destabilize the Middle East and endanger US allies that host American soldiers in the region.

Iranian diplomats have indicated a willingness to pause enrichment of uranium, according to The Wall Street Journal, move some stockpiles offshore to a third party such as Russia and in an appeal to Trump’s Art of the Deal inclinations, cut business deals with the US. But Iran has not floated the definitive halt to enrichment that Trump has demanded.

Trump’s deployment of two aircraft carriers to the region in fact has been countered by this bellicose reaction from Iran’s leader, Ayatollah Khamenei: “An aircraft carrier is certainly a dangerous piece of equipment. But more dangerous than the carrier is the weapon that can send it to the bottom of the sea.” –TL

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After Munich -- PRESIDENTS DAY 2/16/26

Dealing With Russia – Special envoy Steve Witkoff and White House son-in-law Jared Kushner are “upbeat” about the latest round of talks with Russia and Ukraine to begin Tuesday in Geneva, Switzerland. Secretary of State Marco Rubio is a bit more cautious.

“The answer is, we don’t know. We don’t know the Russians are serious about ending the war,” Rubio said, per NPR’s Charles Maynes on Morning Edition. “They say they are, and under what terms they’re willing to do it and whether we can find terms that are acceptable to Ukraine that Russia will agree to. But we’re going to continue to do it.”

The Kremlin indicates it prefers diplomacy to war, but that its victory is inevitable and will continue to take it by force to the point it can convince the US that Ukraine’s case – including holding on to the portion of territory in Donbas Oblast that it hasn’t already lost to Russia – is hopeless. The Kremlin is trying to convince the Trump White House that once it is past this, Russia and the US can get back to business and investment, Maynes reports. Witkoff sees doing business in the region is key to bridging differences with Ukraine, he says.

At the Munich Security Conference last weekend Ukrainian President Volodymyr Zelenskyy said, “The Americans often return to the topic of concessions and too often those discussions are … discussed only in the context of Ukraine. Not Russia.”

Kinder, gentler US … Last year Vice President JD Vance chastised Europe for stifling freedom of speech by limiting access to Europe’s far-right politicians and parties. This year Rubio told the conference Europe and the US “belong together,” The New York Times reports.

“We want Europe to be strong,” Rubio said. World Wars I and II are a reminder that “our destiny is and always will be intertwined with yours.”

UK Prime Minister Kier Starmer, who so far has survived revelations in the Epstein Files that his ambassador to the US, Peter Mandelson, leaked sensitive government documents to Jeffrey Epstein, conceded at the conference that it’s time for Europe to step up and defend itself.

“As Europe, we must stand on our own two feet,” Starmer said.

Meanwhile, Hungary … At a joint press conference in Budapest Rubio told Viktor Orbán, who is up for re-election April 12, that President Trump is “deeply committed to your success,” The Guardian reports Monday.

“We are entering the golden era of relations between our countries and not simply because of the alignment of our people,” Rubio said. “But because of the relationship you have with the president of the United States.”

Last Saturday Orbán, Hungary’s PM since 2010, told the Munich Security Conference that the European Union, not Russia, is the “real threat” to his Hungary. Orbán’s Fidesz is effectively Hungary’s only party, and another term is virtually guaranteed in eight weeks.

Trump’s support, then, is of very little surprise.

Killing of a Russian dissident … Monday, February 16 – Presidents Day in the US – marks two years since the killing of Russian dissident Alexei Navalny in a maximum-security prison in the Russian Arctic. On Saturday, the foreign ministries of Britain, France, Germany, Sweden and the Netherlands released a statement that Navalny’s body showed the presence of traces of epibatidine, a toxic substance found in a South American frog, according to The New York Times.

“Epibatidine is a toxin found in poison dart frogs in South America,” the statement reads. “It is not found naturally in Russia.”

After a weeklong battle in 2024, Russia released Navalny’s body to his mother, according to the report.

Russian Foreign Ministry Spokeswoman Maria V. Zakharova told the state-owned Tass news agency that the statement from the five European nations is a “PR campaign to deflect attention from pressing issues in the West.”

Addressing the Munich Security Conference Saturday, the dissident’s widow, Yulia Navalnaya, said, “I want to repeat: Vladimir Putin killed my husband, Alexei Navalny, using a chemical weapon. Of course, it’s not news that Vladmir Putin is a killer, but now we have yet another direct piece of proof.” –Compiled and edited by Todd Lassa

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PRESIDENTS DAY MONDAY 2/16/26

Just Wait

Commentary By Stephen Macaulay

One thing that seems not to have happened, at least not in any major way, is the economy hasn’t gone on tilt since Liberation Day.

Of course, there are a few things to consider.

First of all, given the on-again/off-again nature of the tariffs for various countries, it has been difficult for businesses to figure out their pricing strategy going forward.

But this not to say that the tariffs aren’t having a negative effect on consumers’ pocketbooks.

You may have noticed stories about people who are rushing to buy their Christmas gifts. This is a whole other sort of “Christmas in July” — one predicated on people realizing going forward those toys and clothing are going to be considerably more expensive.

This buy-ahead phenomenon is making it seem that things are more robust than they are, or will be.

Those going into a Ford dealership to buy a Bronco Sport, Maverick or Mustang Mach-E today will find themselves paying several hundred dollars more — up to $2,000 — for one of those vehicles today than pre-Liberation Day.

Why? Because they are built in Mexico, which was just fine because of the USMCA that the Trump administration signed the first time to level the playing field. Somehow that no longer holds.

Its cross-town rival, General Motors, announced that in Q2 — meaning the inclusion of Liberation Day — it lost $1.1 billion because of tariffs. And it anticipates before the year is out there will be several billion added in red ink.

Why does that matter? Well, when the company loses billions of dollars, it has to find that money somewhere, and it will find at least some of it by raising prices.

And let’s add the other company that used to be in the “Big Three,” Stellantis, which has in its North American portfolio Chrysler, Dodge, Jeep and Ram. The international company announced its first half net revenues, €74.3 billion, which is down 13% compared to the first half of 2024.

Notably, the company estimates the “2025 net tariff impact to approximately €1.5 billion, of which €0.3 billion was incurred in H1 2025.”

In other words, a fraction was in the first half. The second is going to be seriously not good.

That is reflected in a statement from The Conference Board which says “the bulk of the economic weakness would likely affect Q4 and early 2026, later than we previously anticipated.”

It isn’t here entirely quite yet. But get ready.

Going back to autos, according to a statement by Charlie Chesbrough, senior economist at Cox Automotive, on July 28, things in the auto industry aren’t’ going particularly well: “And there’s no reason to believe trends are improving from here. We are seeing more tariffed products replacing existing inventory, and costs are trending higher. As those higher costs trickle through to retail, sales will likely soften in the coming months unless the economic direction improves.”

If a company is selling fewer cars, then it needs to make fewer cars. If it is making fewer cars, then it needs fewer people to build them.

While the unemployment rate is at a good level now, 4.1%, it is worth noting that according to the Bureau of Labor Statistics the number was a much better 3.5% in July 2023. It will be interesting to watch that figure in the second half when the tariffs really hit.

And while the University of Michigan survey on consumer confidence has the number rising to 61.8 points in July, up from 60.7 points in June, a year ago in July the number was at 66.4 points. If we take October 2024 as being the last month that can be ascribed to the Biden Administration, the number was 70.5 points. So again, while consumers are getting more confident than they were in April and May 2025 (both 52.2 points), they are a lot less confident now than they were a year ago.

According to a recent CBS News YouGov poll (and it is surprising that CBS let these numbers out, given the $16 million it paid to a lawsuit filed by the president):

60% of US adults disapprove of the way Donald Trump is handling the economy
64% disapprove of the way he is handling inflation
59% think the national economy is fairly bad (33%) or very bad (26%)
55% think the economy is getting worse

And realize this is before the tariffs really kick in.

Somehow I am mystified about the “Golden Age” ahead.

Macaulay is pundit-at-large for The Hustings, where he writes primarily – though clearly not always – as a conservative for the right column.

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THURSDAY 7/31/25

Fed Resists Trump Economy’s Charms

By Todd Lassa

After he announced interest rates would remain unchanged at 4.25% to 4.5% Federal Reserve Chairman Jerome Powell in the traditional post-meeting press conference called the policy “moderately restrictive.” The Fed will be surveying the effects of President Trump’s tariffs on inflation and unemployment closely for the next two months on the way to the Federal Open Market Committee’s next review of interest rates in September.

“We’re seeing now substantial amounts of tariff revenue” coming into the federal government, of $30 billion per month, Powell said. While that would mitigate a small amount of the deficit hike from the One Big Beautiful tax and spending bill for the coming fiscal year, consumers and business are paying for it.

Powell offered the Trump administration no appeasement here. Pushed by reporters whether the FOMC was planning, expecting the cut in rates that the president has been demanding pretty much since his first administration, the Fed chair replied that the committee does not make decisions in advance.

After all, Powell, whom Trump calls “Too Late,” the president’s kindest epithet for the Fed chair, leads a committee of 12 who set rates. This dozen determined to keep inflation low and employment high consists of seven governors on the central bank’s board and five of 12 regional bank presidents who vote on a rotating business.

On Wednesday, 10 committee members voted to keep interest rates unchanged while two on the board of governors voted for a quarter-point reduction (to 4%-4.5%). This was the first time since 1993 that two members of the board of governors dissented. They are Christopher Waller and Michelle Bowman, The Wall Street Journal reports, both appointed by Trump 45 and both now the lead candidates to replace Powell when his term ends next May.

Waller has been open publicly about his desire to become Trump’s choice for the next Fed chair, NPR’s Morning Edition reports.

Powell told the press conference economic fundamentals look good, with moderate growth, low unemployment but with wage growth moderation, and eased inflation. But there has been a slowdown in consumer spending, the housing market remains weak and that inflation rate remains “somewhat elevated.”

The Fed had been raising interest rates through much of the Biden administration to bring down inflation elevated from the COVID pandemic. The Fed had managed a “soft landing” by reducing inflation while maintaining good hiring levels.

Now it’s Trump’s economy again and he wants to credibly claim the best in the nation’s history.

But the inflation rate had remained stubbornly above the Fed’s 2% target by about 0.4 points before ticking up to 2.7% last month, largely attributable to the tariffs. Real Gross Domestic Product rose 3% year-over-year in the second quarter after an 0.5% drop in the first quarter, but that was largely because of a shift from a trade deficit to a trade surplus.

If President Trump wants the Fed to consider a rate cut when the FOMC meets again in September, he may want to settle final tariff rates for all the trade partners. We are still far from knowing where the tariffs will settle down, Powell said, with “many uncertainties left to resolve.”

NOTE on this debate: We have but three columns. Pundit-at-Large Stephen Macaulay writes most often from a conservative perspective for the right column. This time, his column is on the left, in response to contributing pundit Rich Corbett’s column in support for President Trump’s economy.

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THURSDAY 7/31/25

America is Back, Baby!

Commentary by Rich Corbett

Over the past six months, President Trump and his administration have delivered an economic resurgence that defies the gloomy predictions of economists, mainstream media and the so-called experts. With a robust economy and a thriving capital market, the administration’s policies are turning skeptics into believers.

Since taking office, Trump’s focus on deregulation, tax cuts, and America-first policies has fueled unprecedented growth. Unemployment is at historic lows, small businesses are booming and consumer confidence is soaring. The capital markets have responded with record-breaking rallies, shrugging off the doomsday forecasts that dominated headlines. This isn’t just data — it’s a testament to leadership that makes the American people the priority over political narratives.

The Wall Street Journal’s recent poll on economic sentiment tells the story loud and clear. In July 2025, a notable percentage of Americans — higher than any point since November 2021 — said they think the economy is positive. Compared to previous polls during the Biden administration back in 2022, 2023 and 2024, the upward trend is undeniable. This marks a significant shift from the pessimism under Biden or Trump’s tariffs announcement, reflects a growing trust in the direction of the economy. The naysayers’ propaganda is losing its grip as public perception shifts when it comes to President Trump and his polices on the economy.

The stock market has been an even brighter spot, with the Dow Jones Industrial Average and S&P 500 hitting new highs, driven by investor confidence in Trump’s pro-business agenda. This surge contradicts the mainstream media’s relentless negativity, which predicted economic collapse. Instead, we’re witnessing a market that thrives on stability and optimism. This is proof that the American spirit, led by strong leadership, prevails. Who knows, there might even be a few extra dollars from the tariffs to start paying down our national debt and/or a rebate check for Americans who need it most?

Six months in, the Trump administration has laid a foundation for sustained prosperity. As the WSJ poll shows, more Americans are recognizing this reality every day. The era of fake news and economic doom-saying is fading, replaced by a renewed faith in a stronger, wealthier America.

Corbett covers myriad issues at My Desultory Blog.

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THURSDAY 7/31/25