Hi there, everyone.

It's four o'clock in New York after nine years of covering Donald Trump.

It's difficult to say which bothers Donald Trump more, being made to look like a fool,

the butt of a joke, or being told no, especially when it results in a

diminished version of his own sense of his power. Unfortunately for him, today's news cycle

offers both experiences for him. That no was loud and clear. It came from the U.S. Court of

International Trade. That court struck down

some of Trump's tariffs like the 10% blanket rate and a 20% fentanyl tariff on China specifically.

It was a case that came down to a violation of the separation of powers and an overreach

on constitutional authority from NBC's reporting on this, quote,

the ruling has the effect of lowering the U.S.'s average effective tariff rate from 15% to 6.5%.

That's according to Capital Economics Consultancy.

The ruling did not affect import duties on autos, auto parts, and steel and aluminum. Then today, in a second

far more narrow decision, a federal judge in D.C. ruled against Donald Trump again,

insisting that he does not have the power to impose tariffs on an educational toy company.

At the moment, right now, both court orders are currently on pause to allow the

Trump administration time to appeal. Trump's advisor, Stephen Miller, used the phrase, quote,

judicial coup to describe their current situation. The stock market, which has again and again and

again recoiled at Donald Trump's tariffs,

appeared to react somewhat positively this morning to the news, although there's no doubt.

It introduces more uncertainty into the broader economic picture and equation.

So it's a rejection by the courts, a rejection by the markets, but we wonder if any of that

...