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Marketplace Morning Report

The TL;DR of Trump's SOTU

Marketplace Morning Report

Marketplace

News, Business

4.5927 Ratings

🗓️ 25 February 2026

⏱️ 7 minutes

🧾️ Download transcript

Summary

Last night, President Donald Trump strongly defended his tariffs in his State of the Union address. He made the case for future tariffs, despite the Supreme Court decision last week striking down the centerpiece of his tariff policy. Trump also expressed hope that import taxes will someday replace income taxes. Plus, Nvidia is looking to get back into the consumer market, and mortgage rates dipped below 6% this week.

Transcript

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0:00.0

President Trump expressed hope last night that import taxes will someday replace income taxes.

0:08.1

I'm David Brancacchu in Los Angeles. One piece of last night's State of the Union address, President Trump defending unpopular taxes on imports, his much higher tariffs, many of which were found to be illegal by the Supreme Court last week.

0:21.8

Marketplaces Nancy Marshall-Genzor has more on that.

0:24.5

With four Supreme Court just feet away, President Trump condemned what he called the court's

0:30.2

unfortunate involvement in last week's tariff case when it declared that his sweeping reciprocal

0:35.8

tariffs are illegal.

0:37.5

The president said that now he'll just use his remaining powers to impose import taxes,

0:42.4

insisting that, quote,

0:43.6

almost all countries and corporations want to keep the deal that they already made.

0:47.9

The president also claimed that tariffs will replace income taxes

0:51.5

and that Congress doesn't have a role to play in the tariff laws he'll now rely on.

0:56.7

They're a little more complex, but they're actually probably better, leading to a solution

1:02.0

that will be even stronger than before. Congressional action will not be necessary.

1:08.7

It's already time tested and approved. But Trump will need lawmakers

1:12.4

support. Last week, the president imposed 10% global tariffs under a part of the trade law he

1:18.2

hasn't used before, known as Section 122. Trump says he'll raise those tariffs to 15%. But the Section 122

1:26.0

duties will expire after 150 days unless Congress extends them.

1:31.2

Earlier this month, there were bipartisan votes against Trump's tariff policies.

1:35.7

I'm Nancy Marshall Genser for Marketplace.

1:38.7

Imagine if you had invented a new and improved bicycle pump, which sold nicely just to

1:43.8

bike owners.

1:44.8

Then the world changes when bicycle pumps are found to be the power source driving the whole economy.

...

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