00:16The Supreme Court's decision that President Donald Trump lacks the power to declare an
00:22economic emergency and impose tariffs upsets so much of his political and economic agenda.
00:29He was gearing up to go into Tuesday night's State of the Union address to say that the tariffs
00:33were bringing back jobs, were creating economic opportunity. That's one of his big sales pitches
00:39for the midterms. Now those tariffs are in doubt. He has to find alternatives and as a result a lot
00:46of the chaos that we saw as those tariffs were imposed in 2025 are going to carry over into
00:52the midterms, into President Trump's messaging and the gains that he's promised might not materialize.
01:07One of the things that President Trump wanted to do is give people a sense of confidence that things
01:13were moving forward, that new investments were coming in. And he said the tariffs were responsible
01:18for that. But now he has to relitigate much of what he tried to do in his first year back
01:24in the White
01:25House. As a result, it's going to feel like a weird policy jargon-laden episode of Back to the Future.
01:32In other words, expect more uncertainty, more confusion as all of this gets settled.
01:45What happened with the Supreme Court ruling was a rare yet pointed rebuke of President Trump's
01:53power. They said he exceeded his authority. And what we have seen as the President has tried to
02:00concentrate more power inside the White House is not a lot of pushback by Congress. But that dam is
02:08starting to break. Earlier this month, Congress said that they opposed Trump's tariffs on Canada.
02:15We've seen the Federal Reserve stress their independence. And now we've said that the Supreme
02:19Court believes that Trump cannot go as far as he would like to go.
02:37We don't know exactly how this is going to play out with the trade frameworks that President Trump
02:43said were the result of the tariffs. He most recently finalized one of those deals with Indonesia on
02:49Thursday. And you have pending agreements that have investments tied to them with the European Union,
02:56Japan, and South Korea. But what we do know that's really important here is that many of these countries
03:03were already going to make some of the investments that President Trump is discussing. So some of those
03:08benefits might go forward. What's not clear is how binding any of those agreements are going to be
03:13once Trump is out of office?
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