Welcome to the Dividend Cafe, weekly market commentary focused on dividends in your portfolio

and dividends in your understanding of economic life.

Well, hello and welcome to the Monday Dividend Cafe where I did not think I would be here in the

New York office today recording, but flights have been canceled

galore. I will not be able to make it back to California this week now. So stuck here in New York

City where it has been a fascinating snowstorm and lots of action going on. But that doesn't

mean that we're not here to bring you the div cafe and it will be

like a normal week. Most of you around the country won't even know what's going on. But this is a

special divin cafe because Friday was a day for the ages with the Supreme Court announcing,

and I would add as expected, and I would add, as expected, and I would add

correctly, that the use of the International Emergency Economic Powers Act to implement tariffs

was, in fact, unconstitutional. And so what that did is immediately provoke a lot of questions as to

what will happen with the tariffs, what will happen to the U.S. importers that have been paying them,

and not only some of the legal, but economic ramifications. I want to walk through all of that

today. Let's quickly, though, because it did end up

being a pretty big down day in markets. Let's also discuss some of the market stuff before we go

and pivot to the Supreme Court and tariff conversation. The Dow was down 822 points today,

which is 1.66%. The S&P was not down as much, but still over 1%.

And the NASDAQ was down a little over 1.1%. If you hear that a lot of this market response

today was related to President Trump announcing he's going to try a different rationale

for tariffs. Please understand that he did that on Friday. And the markets were up Friday.

And then it was pretty well known that they were still looking for various other ways to try

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