Business Rundown: The Supreme Court’s Tariff Blow & What’s Next for American Business?

The Fox News Rundown

FOX News Podcasts

News, Daily News, Politics

3.4 • 1.7K Ratings

🗓️ 23 February 2026

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

Days after the Supreme Court delivered a major blow to President Trump's trade agenda, many questions remain regarding the future of American commerce. Despite the ruling, the President has vowed to use alternative authorities to impose tariffs—announcing on Saturday an increase in new global tariffs to 15 percent. Meanwhile, uncertainty loomed over whether the government will be forced to refund billions already collected. Victor Owen Schwartz, owner of VOS Selections, was a plaintiff in one of the landmark cases that led the High Court to strike down the administration’s emergency tariff powers. He joins FOX Business Network’s Lydia Hu to discuss the historic ruling and his fight for a refund. Then, Lydia speaks with Farooq Kathwari, Chairman and CEO of Ethan Allen, about how the furniture giant is navigating the shifting trade landscape and what a potential refund could mean for the publicly traded company. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	I'm Lydia Who, and this is the Fox Business Rundown.
0:08.7	Monday, February 23rd, 26.
0:13.1	Many questions remain days after the Supreme Court's tariff ruling delivered a blow to the
0:19.3	President's trade agenda, including what this means for
0:23.3	American businesses moving forward.
0:26.9	And that's what we've been seeing all over the industry, right?
0:29.8	I've got to, and I have to get rid of perhaps some of my long-term suppliers because maybe
0:36.4	the products don't turn over so fast.
0:38.3	Ridiculous and dumb.
0:40.7	That is how President Trump describes the Supreme Court's six to three decision against his
0:46.3	sweeping tariffs and his ability to use the International Emergency Economic Powers Act to impose
0:52.7	them.
0:53.3	In a truth social post earlier today, he called
0:56.0	the justices who opposed him incompetent, saying they did a great job for the wrong people.
1:03.1	Shortly after the decision came down, the president vowed he used other authorities to impose
1:08.4	tariffs. And on Saturday, he announced he was raising his new global
1:12.7	tariffs to 15%. Meanwhile, it remains uncertain whether the government will be forced to send refunds
1:20.3	to those who paid tariffs before they were struck down. The White House says they're seeking
1:25.6	guidance from the courts. We revisit how this
1:28.9	terror fight started with Voss Selections, a wine importer based in New York. The small business
1:35.0	is a plaintiff in one of the cases that led to the Supreme Court striking down the president's
1:39.8	claimed emergency powers. For me, it was a long journey. I think as far as the way litigations go, it was, I've been told many times there was a fast
	...

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