I'm John Betts, who is my colleague Richard Epstein, Professor Richard Epstein of the Civitas

Institute at the University of Texas at Austin, as well as teaching law at NYU and the University

of Chicago tariffs. The tariff story since April has been chaotic and impossible to summarize other than the fact

that around the world there are people waiting day to day as to what the chief executive

is going to say about a bilateral trade deal between the United States and X, Y, and Indonesia.

However, we come to a challenge that I believe is before the Supreme Court, and the challenge

is important because I don't know where it is.

I remember thinking that it's going to be resolved.

There is a suggestion, Professor, that the President does not have the power he is

exercising because his power is based on

the International Emergency Economic Powers Act passed by Congress.

That does not apply to declaring trade imbalances or an emergency.

Do I summarize correctly?

And where is that proceeding in the courts?

Well, I mean, you summarize it correctly, and to say that a condition that has existed

for the past hundred years is an emergency, marks the meaning of the term emergency,

which refers to sudden events. And the usual way in which you get involved with these

kinds of disputes is

somebody seizes money from some other party, and you're trying to figure out how you get it

back, and you're allowed to put together all sorts of complicated institutions directed to the

illicit proceeds that are gained by those transactions. Nothing remotely like that has happened here.

So why does Trump basically

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