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LIVE | Its A Disaster, Trump's Furious Statement | Trump Tariffs | Trump Latest News | SCO | N18G   News,  SCO  ,Trump Tariffs , Trump Latest News ,Its A Disaster, Trump's Furious Statement  ,Live news today,  FOX News live stream,  24/7 breaking news,  Live US news,  FOX News now,  World news live,  Real-time headlines,  Political updates live,  FOX live channel,  Watch news online free,     #TrumpTariffs #USPolitics #TradeWar  Trump's controversial global tariffs are now at the center of a major legal firestorm!  A U.S. federal appeals court has ruled that most of Trump’s trade tariffs were unlawfully imposed, temporarily halting their enforcement and opening the door for a potential permanent ban. The court found that the former president overstepped his powers under the International Emergency Economic Powers Act (IEEPA).   #TrumpTariffs #USPolitics #TradeWar #BreakingNews #TariffsUpdate #SupremeCourt #LegalBattle #IEEPA #TrumpNews #AmericaFirst #ImportTariffs #IndiaUSRelations #EconomicImpact #CourtRuling #PresidentialPower #GlobalTrade #TariffsOnHold #USLaw #DonaldTrump #WhiteHouseNews #USIndiaTrade #News18Live #USNewsLive #WorldEconomy #LegalUpdate #FederalCourt #TradePolicy #BidenVsTrump #InternationalLaw #ConstitutionalPowers   n18oc_live  n18oc_world

Transcript

00:00founders basically said that decisions that are major over things like taxation have to be done

00:06by the Congress, not by the president and the stroke of his pen. And the idea is President

00:12Trump says that this is like some highly partisan court or something. I mean, the senior most judge

00:17in the majority to rule against Donald Trump was a guy appointed by President Bush, Judge Lurie. So

00:23I don't buy that whatsoever. I think the court overwhelmingly today in a seven to four decision

00:28rejected President Trump's notion that he can do whatever he wants, whenever he wants, and have

00:34said, no, the Constitution imposes limits. And one really important limit, Mr. President, is you're

00:40not allowed to tariff on your own. President Trump also said in that Truth Social post that he thinks

00:45tariffs are the best tool to help American workers and support companies. Your clients whom we've

00:50interviewed, we interviewed the ones who are wine sellers in Manhattan, they disagree very strongly.

00:56Exactly. So they do disagree. And, you know, do think that the tariffs are harmful. But I think

01:03what the court today said is, look, if the president thinks these tariffs are so important, and today,

01:08I guess he said, they're going to destroy the country if you don't have the tariffs, then make

01:12that case to Congress. That's what every president has done before him. Indeed, it's what Donald Trump

01:17did the first time around when he was president. When he was first in his first administration, he went to

01:22Congress and tried to ask for tariff authority. And what'd they say, Jake? They said no. And so if

01:28this is so important, he's got, you know, the part of the Congress is controlled by the Republican

01:33Party, that's his party, you know, go make the case there. But don't distort the Constitution and

01:39the process. And it's always, you know, I think a fraught, heady thing when you're going in a court

01:45in saying the president did something illegal. You only want to do so in the rarest and gravest

01:50of circumstances. But, Jake, as we looked at this case, that is this situation. You've got the

01:56president who's imposed the largest tax increase on American consumers since 1993 in the form of these

02:04tariffs. That's according to the Nonpartisan Tax Foundation. And he did it without Congress saying

02:09one word. That is not our constitutional structure. All right. Neil Katchel, I guess you're going to

02:15gear up for a Supreme Court fight. I mean, ultimately, if he's going to appeal this to the U.S. Supreme

02:19Court, that court, at the very least, in the most charitable description, I can say, they're inclined to

02:25hear his arguments, don't you think? Well, they should, of course, hear his arguments. He's the

02:30president and, you know, he's asserting these things. And to the extent he continues to believe them,

02:35absolutely should make those arguments. You know, my hope is that if he does see these tariffs as so

02:40important, he should go to the Congress and not try and run to the courts to do what he can't get done

02:46through the legislative process. If he goes to the Supreme Court, we will be absolutely ready and we are

02:51confident that the Supreme Court will hear our arguments and take them in good measure. Donald Trump's

02:57presidential power put to the test. Tonight, a federal appeals court delivered a significant blow to the

03:03president's trade policy, ruling that Trump illegally leaned on emergency powers to impose his sweeping

03:09tariffs. Now, the judges found that Trump does not have the power, under federal law, to impose the

03:14import taxes because Congress didn't give it to him. It didn't give him wide-ranging authority to do that.

03:21But the court did not block the tariffs altogether. So, as of right now, they're still in effect, at least

03:26until October. That gives the Trump administration some time to get to the Supreme Court and get them to

03:31weigh in on this. Now, of course, the president responded earlier, warning that if the tariffs ever

03:35went away, it would be a disaster and that it could destroy the company. Joining us in our fifth seat

03:41is Natasha Sarin. She is the president of the Budget Lab at Yale University and a former Treasury

03:46official in the Biden administration. Natasha, just as a first-level setting part of this, the main reason

03:54that the courts have ruled that this is unconstitutional is because fundamentally, a tariff

04:00is a tax. And the president has a different view of it, but that has really run right into

04:07the core constitutional framework for who gets to tax and who doesn't.

04:11Yeah. It's sort of at the core of the founding of this country that the executive doesn't get to

04:17unilaterally levy taxes. In fact, only Congress has the power to tax and spend. And so what you

04:24have here is you have a $3 trillion tariff package virtually on every import on anything that is

04:31brought into this country that unilaterally, with a swipe of a pen, was put into law by this

04:37administration and by this president. And what the court said today, it was kind of very clearly on

04:43tenuous legal ground from the get-go because the president has powers in certain very unusual

04:48and emergency situations to take actions with regards to economic policy. But we're not talking

04:56about an unusual or emergency situation or a narrow one. We're talking about broad-based,

05:01across-the-board tariffs on allies and adversaries alike. And the power to do that just does not sit

05:07with the executive. That's sort of basic constitutional stuff. But what's so interesting,

05:14I mean, here's a bit of the court ruling. They said, not once before has a president asserted his

05:20authority under the IEEPA, that's the law that the president's using, to impose tariffs on imports or

05:26adjust tariff rates thereof. Rather, presidents have typically invoked this law to restrict

05:31financial transactions with specific countries or entities that pose an acute threat to the

05:37country's interests, basically sanctions. So I don't know. I mean, Pete, how do you see them

05:43defending this? So this was a 7-4 decision. There were four judges that dissented, and they believe

05:49that the president does, in fact, have authority and was exercising his authority properly under the

05:55International Emergency Economic Powers Act. I understand the majority decision, 7-4, that's the

06:01ruling that was made. But this is, we're acting like this is a cut-and-dried argument.

06:06And dating back to at least 1892, in a court case that was brought forward by Marshall Field and

06:13Company, this has been debated. And can Congress delegate tariff authority to the president,

06:20and under what circumstances and how often can they do that? We've been having this debate for

06:25a hundred and some years. Yeah. No, I mean, look, I think they can. I think the court's just saying

06:30they did not. In this case, they didn't. And I think the thing that I always want to remind my

06:36conservative friends, tomorrow always comes. At some point, you're going to have a Democratic

06:40president. And if you have a Democratic president that says, guess what? You guys say, if I just say

06:45it's an emergency, I see no emergency. There's no terrorist threat. There's not a war, not a Great

06:50Depression. I just say it's an emergency. And then I can do whatever I want to in the economic realm.

06:55That's called socialism. So I don't understand why you guys are so excited about the president

07:00doing stuff like this. Ben, we had a Democratic president, Joe Biden, and he kept in place many

07:05of the tariffs Trump put on in Trump.1. Now, the president does have the authority to implement

07:10tariffs under other laws, and those are still into effect. But a big picture item, this put the

07:15president in the position to renegotiate favorable deals, more favorable than the past, with the EU,

07:21with the UK. We're on the precipice of a deal with China. These are all things that I would hope

07:25Democrats are rooting for and not against. And yet you see with this decision, all the familiar faces

07:30come out of the woodwork to cheer on the court in stripping back powers of the presidency that he is

07:36using to make better deals for Americans today. You know who's not rooting for it?

07:40You? American businessmen. You see the farmers that are small businesses in America that are going

07:47under because of these tariffs. The very people that elected Donald Trump are the people that he's

07:53punishing the most with this stuff. And you guys, if a Democratic president was doing this,

07:58the fiscal conservatives would be going bananas. You guys would go lose your minds. I don't think

08:04there's enough hospitals in Manhattan.

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