Tariff Chaos: Trump, the Court & Market Uncertainty

(00:00.47)

Welcome to the land of tariff confusion. Yeah, it’s okay. It’s okay. Nobody knows. Nobody knows what’s gonna happen with tariffs or what tweet is gonna come out within the next 15 minutes half and I’m telling you right now, people in the administration don’t have any idea. And this is what concerned me from the get go concerned me on Friday when

Many of the Trump tariff supporters sent me emails. you must be happy. You must be happy now.

No, I mean, I’m happy. It was inevitable. Anybody who listened to any part of the hearings in regards to the court back in November knew that this was going to happen. And that’s why you saw the market reaction on Friday as basically nothing. It was completely muted for that reason. For whatever reason, the president didn’t see it coming.

President didn’t see it coming because he threw a tariff tantrum on Friday through a tariff tantrum on Friday and completely lit in to the Supreme Court. I have to talk about it a little bit. Supreme Court’s rulings on tariffs is deeply disappointing and I’m ashamed of certain members of the court.

absolutely ashamed for not having the courage to do what’s right for our country. He’s referring obviously to Chief Justice Roberts who wrote the the controlling opinion. Also Gorsuch and Amy Coney Barrett. He called the liberal justices on this he called them a disgrace to our nation. But he heaped

(02:11.15)

But he went after the conservative guys the most. says they think they’re being politically correct, which has happened before far too often with certain members of this court, when in fact they’re just being fools and lapdogs for the rhinos and the radical left Democrats. And they’re very unpatriotic and disloyal to our Constitution.

It’s my opinion that the court has been swayed by foreign interests.

I think that at this point in time, I think for most of the country, probably just like, this is just Trump being Trump.

It’s just it’s Trump being Trump. He’s an abusive guy. He’s in a he’s a very abusive guy. He flies off the handle. He can’t control his mouth. And this is Donald Trump throwing a complete tantrum. It’s embarrassing, quite frankly. Did I agree with the opinion, many of the opinions of Ruth Bader Ginsburg? No.

No. Did I think that Ruth Bader Ginsburg was unpatriotic? That she was stupid? No.

(03:38.806)

No, I actually having this this conversation yesterday with a old friend of mine. And my son said, watch my son’s a cross game, have a bit of barbecues talking about this. And he was just talking about what we’ve managed to turn ourselves into with the Olympics. This is kind of all ties in. It’s you know, you’re either on one team or you’re not on another.

team and if someone is differing opinion you the bad I mean they’re actually going after Olympic athletes for crying out loud. This is ridiculous. Not everyone’s going to agree with you all the time. That’s just the way it is doesn’t make them a bad person doesn’t make them horrible most certainly doesn’t make them unpatriotic or bought off by a foreign interest. Sorry, Mr. President, uncalled for you owe them an apology not gonna happen. Not gonna happen. I hope they do. I hope they show up to the

State of the Union and sit in the front row we shall we shall see. So on Friday, land of tariff confusion, 10 % tariffs across the board was what Trump said he was going to put on social media posts on Saturday. Oh, we’re gonna up the ante 15 % 15 % and make no bones about it.

it would have been higher. People are actually saying that. It was reminded me that scene from coming to America when Simi was asking the king for money at Western Union. Shouldn’t you ask for a cool meal? It’s like, you know, why not 15 %? Why not 20?

Why not 25? You do the same argument. Just like the same argument I make fun of liberals with when it comes to minimum wage. Why 15? Why 20? Why not 50? Let’s make everyone rich. Listen, if these tariffs are so freaking awesome, we can raise these bitches, man. Let’s go. Yo, raise them. Let’s go. No more income tax, right? Tariff checks for everybody. Raise all, because it ends wars everywhere. Come on.

(05:47.438)

Why say, know, run that baby. Let’s go get, give me drop 50 % man. Yeah. Cause they’re going to all of a sudden start making sneakers back here in the United States. Again, sorry, sorry. I’ll try not to be so well, she’s just sarcastic. Anyway, he said the 15 % rate is going to take effect immediately. This is, this is section one to two.

called the Trade Act of 1974. It allows for tariffs of up to 15%. Like I said, that’s all he can do. Can only go up to 15 for 150 days. After that, these tariffs have to go into some sort of longer lasting tariff. This is section 301 of the Trade Act.

That provision would allow for more permanent levies, but you need to show proof. have to have months long investigations before tariffs can be imposed. And Trump hinted at that. During the next short number of months, Trump administration will determine and issue the new and legally permissible tariffs, which will continue our extraordinarily successful process of making America great.

can. okay. Sure thing. Right now.

What are companies doing around the country?

(07:26.158)

various different businesses are taking a look at what’s next, how they’re going to go about recouping was at questions was actually presented to Scott Besson. And he kind of had that little side grin, like, Good luck. Good luck. Have at it. Have at it, you’re going to be tied up in a lower courts and it’s going to take forever and 10 days for you to get your money back. Now, if you think as

consumers, you’re going to get some sort of tariff relief or tariff check, you’re not. That’s not going to happen. But many businesses are out there, or they’re actually looking into it, seeing whether or not they’re going to be able to get any money back. We shall see. We shall see. And again, it’s going to be a lengthy process. I don’t know what Republicans

are going to do next. I don’t know what the reaction is going to be. I know I forget the name of the gentleman. He was running Trump supported him. He came out against the tariffs. Trump pulled his support this weekend because he went against it. I watched Mike Lawler, the Republican from Westchester County, New York, a little bit just north of New York City. And again, he’s

He’s another spineless Republican and a bit of a Trump bootlegger bootlicker. He’s actually on CNN. And he was talking about in essence, yeah, he doesn’t like he doesn’t like terrorists doesn’t like him. And you know, the democratic opinionals like you voted for him.

You voted for these. no, I brought in the salt deduction. I pushed back against the president. Yeah.

(09:20.654)

Sure thing. Yeah, there’s there’s just lots of nonsense and hypocrisy all around. When it comes to this, the latest here group of Senate Democrats put out legislation today that would mandate refunds of tariffs. Again, Ron Wyden, Jeanine Shaheen, and Markie basically put this out again, not gonna go anywhere.

not gonna go anywhere. It’s it’s Democrats. Again, you’re talking about they don’t know. I mean, Scott Besson lowball that he said about 135 140 billion. Some are saying $175 billion and tariffs. Again, there’s no mechanism for this. And even one of the justices said it’s going to be a mess. Trying to get this out. European Union there. Well, what’s going on? They warned that trade deals struck

With the US could now be at risk. After his new 15,000 tariff on all imports. Now, again, this is all imports. There were various different carve outs and exemptions that took place. I don’t know how they’re going to work through that. I don’t know if they can work through that. I’m not again. I’m not sure. I’m not sure. Trump is concerned. His is his latest tweet from today.

any country that wants to quote play games with the ridiculous Supreme Court decision, especially those that have ripped off the USA for years and even decades will be met with a much higher tariff and worse than which they recently agreed to buyer beware. Thank you for your attention to this matter. Trump with his tariffs. He reminds me there’s a character in the movie stripes. What was his name? Was Francis Sawyer?

Remember him? And they weren’t to have those little sit around meetings. He’s goes, any of you homos out there, touch me. And I key it’s like Trump. Anybody misses with my tariffs out there in a key? Yeah. Remember Sergeant Holker? Yeah. What do you say? Relax, Francis relax there. Trump. Everyone’s kind of in a wait and see mode because we just shaken up the snow globe again.

(11:49.518)

What’s next? I don’t know. I couldn’t tell you. tell you. But again, I would be most certainly expecting more volatility in the markets moving forward. Uncertainty does this. Again, highly recommend step away from the trade button. Step away for you’re going to you’re so smart, you’re going to able to figure this thing out. Don’t try to do it. Don’t try to time it.

You know, stick with what you know, stick with your quality and ride it out because again, who knows? I haven’t checked Twitter in the past. Gee, been doing this podcast for 15 minutes now. Who knows what the latest tweet is? Watch it all on wallstreet.com.