Hi, everybody. We are doing a emergency live stream based on a really remarkable piece of economic news that just dropped this morning. I am Andrew Eger with the bulwark.

This is Catherine Rampel, our economics editor, author of our receipts newsletter. Big news. I mean, this is the Supreme Court decision that we have been sort of logging on, getting ready to maybe do

this video every time the Supreme Court has been dropping news for the past or dropping opinions

for the past few months because the Supreme Court has finally decided to weigh in on Donald

Trump's Liberation Day tariffs, his emergency authority that he has claimed to basically set tariff levels at wherever he wants

them to all over the world. The Supreme Court this morning struck them down. They're not going

to be constitutional anymore, at least under the authorities that Trump has tried to use so

far, which means that the tariffs that were collected all through the last year,

not every tariff, but, but, you know, there are some that, that he authorized through other

authorities, but the bulk of them, the kind of massive, every country gets a slightly different

level, but there are some on everybody, sorts of tariffs that we have seen since last April,

which have been, you know, one of tariffs that we've seen since last April, which have been,

you know, one of the biggest economic stories of the first year of the Trump White House.

Those are gone. And they may even need to refund some of that money. We can talk. There's so much to talk about with all of this. Catherine, let me just start with just your first blush reaction to this news.

Like just zoom us out here.

What's going on and what's going to happen?

Sure.

So it was expected to be clear that the Supreme Court was going to strike down these tariffs.

The only question is, you know, how the only question was, I should say, how big of a rebuke it was to Donald Trump

and what tools they left for him to use to try to reconstitute those tariffs.

And in this particular decision, we did find that the justices basically said they ruled on

on two issues, they made the decision based on two arguments.

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