"TACO Thursday" 🌮
Trump ALWAYS Chickens Out... and his reaction is delicious.
NOTE: One of the “joys” of this era is that we often feel like the news is chasing us, rather than the other way around. Karoli wrote the following intro to this week’s podcast to take yesterday’s U.S. Court of International Trade ruling into account. By the time we got the newsletter finished, an appeals court put a stay on it.
“Basically a federal appeals court put a stay on the tariff ruling while they sort it out. Meanwhile a second federal court has ruled against his tariffs in a separate case,” Karoli explains.
So - the world moves fast. We’re just trying to keep up.
— Donna
Trump's Tariffs Tanked
by Karoli
After the podcast, a federal court we've never heard of (and you probably haven't either) tore down Trump's tariffs in a sweeping ruling.
A 3-judge panel of the U.S. Court of International Trade ruled that Trump's "emergency" under which he claimed the power to unilaterally impose tariffs (and his will) on other nations was not an emergency and Congress is the only body which can impose most of the tariffs Trump wants. The panel, which consisted of judges appointed by President's Trump, Reagan and Obama, ruled that Trump exceeded the authority given to him by law to "regulate importation by means of tariffs."
As the AP reported, running a trade deficit is not an emergency, given that we've been running one for 49 straight years. A trade deficit is a GOOD thing, not a bad thing, a lesson Trump and his little dog Howard Lutnick could do well to learn.
The administration is asking for a delay in complying with the ruling (of course), and will appeal it to the Supreme Court. Unlike other cases moving through the courts, there is no requirement for this court to stay its ruling, which should hopefully stabilize the markets for now.
To which all of us say, BWAHAHAHA. You are not a king, Donald Trump.
Redstone Is A CBS Millstone
OH, and that CBS settlement on the $20 BILLION lawsuit? Well, they offered $15 MILLION in spite of shareholders' ire, but Trump wants more. Much, much more.
Our advice to Shari Redstone? Listen to the shareholders because they're right and you're not, and whatever you offer that man will never, ever be enough.
One Last Thing
