Welcome to a special two-hour edition of the briefing. We have got a lot to get to tonight.

I mentioned two of the topics, but we have a lot more to get to, including a big new federal court ruling just out tonight,

finding that most of Donald Trump's disastrous tariffs are illegal.

Now, the courts told the Trump administration that the tariffs will be allowed to remain in place until October as the administration

appeals its case, which means we could soon be looking at a Supreme Court showdown over one of

Trump's most unpopular, most poorly thought through policies. This case was argued by former acting

Solicitor General Neil Katiel, who reacted to this ruling just moments ago.

You know, the president under our Constitution has given no power to impose tariffs.

Our founders expressly gave that to the Congress in Article 1, Section 8.

And President Trump himself recognized that last time when he was president.

He went and asked Congress for the authority to tariff, and they said no.

So President Trump this time around just did it on his own.

And what we said is you can't do that under the laws and constitution of the United States.

And that's what I'm glad to see the court reaffirmed today.

So that was Neil Katiel. Joining me now to react to this. Breaking News is CNBC senior analyst Ron and Sana, also publisher of the message of the markets on Substack. Ron, I'm so grateful that you could be here with us on a Friday night. I think everybody's trying to make sense of what this means. Well, well, thank you. So how, let me start

by asking you just. I mean, Chris and I were talking, neither of us are lawyers, neither of us are

experts. How expected was this ruling? I think it's pretty much of a shock. And to the extent that,

you know, the president, as you said, without any, you know, pre-vetting from a legal perspective of imposing these emergency powers and then using those powers to tax.

And I want to permanently get rid of the word tariff because it's a very elegant way of saying that you're taxing businesses, consumers, or both.

And so by imposing these taxes across 60 countries and cutting deals that raised the current, if you will, import

tax rate to over 18 percent, according to the Yale Budget Lab.

That is the highest since 1933.

...