Thurs Blogcast: Court spikes tariffs; Comic Monty Franklin; What's a CBDC?
May 29, 2025
Just One Thing: Court spikes Trump tariffs
See the links in the guest section below with guest Jeff Schwab for more info.
The US Court for International Trade, in a per curiam decision (not signed by a particular judge, and often but not always unanimous), ruled that President Trump does not have the legal authority to impose tariffs as he's been doing.
As I mentioned on yesterday's show when talking with an attorney who's bringing a very similar case in the same court, it's important to separate the questions of what should the president do versus what can the president do. As I've said, sometimes a president should do something he can't, sometimes the president shouldn't do something he can, etc. In this case, while some people like the tariffs, I think they're bad policy and I think they're illegal. Therefore, I think he shouldn't do something he can't...but has been. The ruling, which has already been appealed, is not just -- not even primarily -- a win for the economy, but instead it's a very important win for the rule of law and preventing presidents from accumulating power that they simply don't have. Whether or not you like the idea of tariffs, you should oppose presidents doing illegal things. It's been distressing but not surprising to see so many liberals support Biden's illegal efforts to reassign student loan debt to taxpayers, and then to see the same people who were in an uproar about that be just fine with Trump breaking the law to impose tariffs. (To be fair, I think it was much more obvious to most people that Biden was breaking the law because Biden kept trying stuff even after the Supreme Court ruled against him. You'd have to have thought about the law at least a little bit to have a strong view, as I have, that Trump's tariffs are illegal.)
The most likely outcome here is that the administration will look for other areas of law to use to impose tariffs. They probably can find a way to impose tariffs on aluminum and steel, unfortunately, and they may claim that somehow there's a national security implication of the North American auto manufacturing supply chain. As I write this a bit before 5 AM on Thursday, stock index futures are up about 1.2%, a strong move but off of the highs from last night. UPDATE: about 45 minutes after the market open, stock futures are flat to very slightly up.
Unfortunately, yesterday's ruling probably doesn't add as much certainty as businesses would like to see. And Trump, who truly believes in tariffs in the same way that some people truly believe the earth is flat, is not likely to give up.
Trump tariffs live updates: Goldman: Court loss may not derail Trump's tariff plans
We'll talk with the attorney who won yesterday's case...again, see more info below.
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Today's Guests
Dan Hoffman is a former CIA station chief in multiple locations including Moscow. We'll discuss what seems to be a rapidly evolving view by President Trump of Vladimir Putin's (lack of) interest in ending the Ukraine-Russia war.
The U.S. Reinforces Europe’s Northern Front, Fearing War With Russia - WSJ
Trump appears to give Putin "two week" deadline on Ukraine
Germany offers to help Ukraine develop long-range missiles to hit Russia | AP News
A couple of days earlier: Kremlin muses about 'emotional overload' after Trump asks if Putin is 'crazy'
And a couple of days before that: Trump's deference to Putin stunned European leaders on call
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Jeff Schwab is Senior Counsel at Liberty Justice Center, representing plaintiffs who won a huge case at the US Court of International Trade yesterday in which the court ruled that President Trump does not have legal authority to impose tariffs as he has been. It's a massive win, not just for businesses, but for the rule of law. The Trump administration appealed immediately.
Jeffrey M. Schwab - Liberty Justice Center
Federal trade court blocks Trump's sweeping 'Liberation Day' tariffs | AP News
Court ruling: 25-66.pdf
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Australian comedian Monty Franklin joins me in studio. He's playing tonight, Friday and Saturday night at Comedy Works South at the Landmark.
Get tickets here! Monty Franklin | Live in Denver | Comedy Works
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Economist Christian Briggs joins the show to talk about Central Bank Digital Currencies.
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Other Stuff
Parents, please don't abuse your kids (or other people's kids) by not vaccinating your children. (I'm not talking about COVID vaccine, but other recommended vaccinations.)
Arapahoe County toddler infected with measles after recent international travel
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Following up on a story we've been keeping an eye on. You may recall that we had Dan Arielly on the show some months ago. We was a coauthor on the now retracted paper but he says (and I'm inclined to believe him) that he did not know that (former) Prof Gino fabricated data: Harvard revokes tenure from Francesca Gino over misconduct accusations - The Washington Post
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And following up on a story I shared yesterday, this falls into the "she's much nicer than I am" category: Georgia teen forgives officer who wrongly arrested her leading to ICE detention
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Now what for Elon, DOGE, and the GOP?
Elon Musk, Distanced From Trump, Says He’s Exiting Washington and DOGE - The New York Times
Trump responds to Musk saying he's 'disappointed' in big tax bill
As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending.
— Elon Musk (@elonmusk) May 29, 2025
The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.
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Yeech: Imperial Beach is now deluged with Mexican sewage
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Interesting legal question at the CO Supreme Court: Colo. justices ask whether defendants must repay 'buy money' | Courts | coloradopolitics.com
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This is an unbelievable story: North Korea Infiltrates U.S. Remote Jobs—With the Help of Everyday Americans - WSJ
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This makes sense to me: DPS schools to again face closure for low test scores under new policy
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This is an outrageous thing for Republicans to do, even Republicans in blue states. Pathetic. Disgusting. SALT changes in House tax bill increase deficit by $130 billion
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It's not just Denver: Colorado's largest cities grapple with budget shortfalls | 9news.com
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Didn't get to this yesterday: Your Honor, it’s expensive to live in Cherry Hills: Colorado suspect charged in connection with small business COVID-19 loan fraud | Coronavirus | denvergazette.com
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This is remarkable and will only get better and easier, though maybe not much cheaper: This Film Was Made Entirely With Runway AI and Google’s Veo. It Nearly Broke Us. - WSJ
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Some of these Trump pardons are really...gross:
Trump commutes federal life sentence of founding Gangster Disciples kingpin Larry Hoover
Trump pardons former Virginia sheriff Scott Jenkins
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This is tricky, especially when combined with the overall unwelcoming new vibe when it comes to student visas. On one hand, it's right to be very careful about Chinese students and professors because of China's demonstrated history as using them as spies (whether they were inserted initially as spies or whether they were convinced or extorted later). On the other hand, there's a reason that so much of the time when I'm looking for a guest to talk about some fascinating new scientific research, the brilliant scientists or engineers responsible for the development are very often Chinese and/or Indian. Those countries just do a much better job than we do at educating kids starting young to go into STEM fields.
It's absolutely critical that we not just allow, but encourage, the smartest kids and young adults from around the world to come to the US, study and learn here, and stay here rather than returning to their home country to compete against us, especially when that country is an adversary/enemy, like China.
U.S. Will ‘Aggressively’ Revoke Visas of Chinese Students, Rubio Says - The New York Times
Timely story: China's biotech boom leaves U.S. playing catch-up
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“Intimidated by the news coverage” Drone worth as much as $100K found after reported stolen in Denver | FOX31
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I wonder if this will raise the value of real estate in Hudson (where a friend of mine recently retired): Bandimere Speedway acquires initial land for new track site
Bandimere Speedway is aiming to open a new drag strip in Weld County | FOX31 Denver
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Today's Videos
Elmo's been kidnapped!
First, that's some serious flexiblity...almost seems like someone else's foot. Second, do you think this keed is gonna be OCD about odors when he grows up?
@betch "who's controlling this thing?!" (ig: Kells_bells2324)
♬ original sound - Betch - Betch