Welcome to the show. We start today with a massive legal defeat for the Trump administration.

Maybe the key, maybe the only real policy achievement, if you can call it that, although it's been a disaster, the blanket

tariffs, have been struck down by a federal court.

This goes back to Liberation Day.

It is an incredibly ironic situation where what's bad for the Trump administration is good

for global markets, which are rejoicing at this ruling. So let's talk about it

step by step. These are the tariffs that Donald Trump unilaterally slapped on just about every

foreign nation. A federal court has ruled these are illegal and these are outside of Donald Trump's authority as president.

Now, these two findings against the law, outside of Trump's authority, very common findings

with regard to what Donald Trump tries to do and does, regularly doing things that are outside

of the law and outside of the authority

of a president of the United States. Now, this is a ruling that doesn't just like poke a couple

of holes in Donald Trump's economic policy. This is obliterating, arguably, the central pillar

of Donald Trump's second term agenda.

And the kicker is that when you look at the three-judge panel that made this ruling, it's

a Reagan appointed judge, it's an Obama appointed judge, and it is a judge appointed by Donald

Trump himself. So that's how flimsy this was. Now,

what happened? Donald Trump used emergency powers to justify skipping Congress, bypassing Congress

altogether and imposing what we might call 10 plus percent tariffs.

Now, some of them were triple digit tariffs on just about every trading partner.

He called the Liberation Day on April 2nd.

The court says this is against the law.

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