November 6, 2025 • 4 mins
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Markowski breaks down the high-stakes Supreme Court showdown over Donald Trump’s global tariffs — and why even conservative justices seem skeptical. He explains the legal battle over whether Trump overstepped his authority under the International Emergency Economic Powers Act, and how billions in collected tariffs could be on the hook if the court rules against him. Along the way, Markowski exposes a little-known Wall Street scheme tied to tariff payouts and calls out the contradictions between Trump’s legal defense and his public boasting.
Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
Markowski breaks down the high-stakes Supreme Court showdown over Donald Trump’s global tariffs — and why even conservative justices seem skeptical. He explains the legal battle over whether Trump overstepped his authority under the International Emergency Economic Powers Act, and how billions in collected tariffs could be on the hook if the court rules against him. Along the way, Markowski exposes a little-known Wall Street scheme tied to tariff payouts and calls out the contradictions between Trump’s legal defense and his public boasting.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Tariffs on trum I don't know why I got that.
Speaker 3 (00:22):
That's from the muppets in the nineteen seventies, pigs in space. Yeah,
and I'm showing my age.
Speaker 2 (00:29):
Yeah.
Speaker 3 (00:30):
Trump's tariffs are on trial. Not looking very good for
Trump right now, shaky ground. Supreme Court justices expressed skepticism
about his authority to impose these countries around the globe.
Nine justices seeing whether the President acted lawfully in his
(00:54):
authority under the International Emergency Economic Powers Act to levy global.
Speaker 2 (00:58):
Teriffs without Congresses approval.
Speaker 3 (01:01):
As well as I said of tariffs on Canada, China,
and Mexico related to fentanyl, Trump's lawyer didn't look down,
and again the conservative judges as well didn't look good.
Secretary of the Treasury and Commerce Scott Bessett and Howard
(01:21):
Lutnick were there.
Speaker 2 (01:23):
Trump was not. Yeah.
Speaker 3 (01:29):
If Trump over the court overturns these things, they're going
to have to repay tens of billions of dollars that
they have already collected, and the legal justification for this
stuff is thrown out the window. What Trump will do next,
I don't know. Let me tell you something really kind
(01:52):
of Yeah, I'd say it's shady that was taking place.
We mentioned it here on the program Tum Howard Lutnik's
kids run his old firm, Canter Fitzgerald.
Speaker 2 (02:05):
They were actually selling. They were they were selling.
Speaker 3 (02:10):
Kind of like if you want to call it a
tariff security, I don't know exactly I want to call it.
It was named for it.
Speaker 2 (02:16):
I can't come to it.
Speaker 3 (02:17):
Basically, what they were doing is they were going to
companies that were paying tariffs and were basically saying.
Speaker 2 (02:23):
Hey, we'll pay you.
Speaker 3 (02:26):
We'll give you the money for a portion of those
tariffs that you paid, assuming, assuming the tariffs are going
to be made illegal, then they would get the full amount.
Speaker 2 (02:38):
Yeah. I'm not making that up that that's actually taken place.
Either way.
Speaker 3 (02:43):
The argument, the argument that the lawyer was making was
that it wasn't intended to raise federal revenues. That the
Solicitor General John Sower told a Supreme Court that Trump's
tariffs are not intended to raise federal revenues and that
(03:07):
any funds that come in as a result of the
levees are merely incidental.
Speaker 2 (03:12):
That was his argument today. That was his argument. But
then Trump was out there today touting.
Speaker 3 (03:21):
The revenue his tariffs are bringing into the United States,
directly contradicting his lawyer's argument that raising revenue is not
the goal of the levees. My tariffs are bringing in
hundreds of billions of dollars that are helping slash the
deficit this year by more than fifty percent.
Speaker 2 (03:39):
Did you see those numbers?
Speaker 3 (03:40):
We're gonna be down fifty anywhere from twenty five to
fifty back closer to fifty.
Speaker 2 (03:43):
Are you a kidding me? Man? Again?
Speaker 3 (03:48):
Megotypes explain this to me. I'm all ears, okay, I know,
I know. It was first three D chess, then it
was five D chess.
Speaker 2 (03:56):
What is he paying? You know? Inter dimensional chess? Here
are we going into the quantum zones? Is like a
Marvel movie. This guy is so brilliant. Watchdog on Wall
Street dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Tariffs on trum I don't know why I got that.
Speaker 3 (00:22):
That's from the muppets in the nineteen seventies, pigs in space. Yeah,
and I'm showing my age.
Speaker 2 (00:29):
Yeah.
Speaker 3 (00:30):
Trump's tariffs are on trial. Not looking very good for
Trump right now, shaky ground. Supreme Court justices expressed skepticism
about his authority to impose these countries around the globe.
Nine justices seeing whether the President acted lawfully in his
(00:54):
authority under the International Emergency Economic Powers Act to levy global.
Speaker 2 (00:58):
Teriffs without Congresses approval.
Speaker 3 (01:01):
As well as I said of tariffs on Canada, China,
and Mexico related to fentanyl, Trump's lawyer didn't look down,
and again the conservative judges as well didn't look good.
Secretary of the Treasury and Commerce Scott Bessett and Howard
(01:21):
Lutnick were there.
Speaker 2 (01:23):
Trump was not. Yeah.
Speaker 3 (01:29):
If Trump over the court overturns these things, they're going
to have to repay tens of billions of dollars that
they have already collected, and the legal justification for this
stuff is thrown out the window. What Trump will do next,
I don't know. Let me tell you something really kind
(01:52):
of Yeah, I'd say it's shady that was taking place.
We mentioned it here on the program Tum Howard Lutnik's
kids run his old firm, Canter Fitzgerald.
Speaker 2 (02:05):
They were actually selling. They were they were selling.
Speaker 3 (02:10):
Kind of like if you want to call it a
tariff security, I don't know exactly I want to call it.
It was named for it.
Speaker 2 (02:16):
I can't come to it.
Speaker 3 (02:17):
Basically, what they were doing is they were going to
companies that were paying tariffs and were basically saying.
Speaker 2 (02:23):
Hey, we'll pay you.
Speaker 3 (02:26):
We'll give you the money for a portion of those
tariffs that you paid, assuming, assuming the tariffs are going
to be made illegal, then they would get the full amount.
Speaker 2 (02:38):
Yeah. I'm not making that up that that's actually taken place.
Either way.
Speaker 3 (02:43):
The argument, the argument that the lawyer was making was
that it wasn't intended to raise federal revenues. That the
Solicitor General John Sower told a Supreme Court that Trump's
tariffs are not intended to raise federal revenues and that
(03:07):
any funds that come in as a result of the
levees are merely incidental.
Speaker 2 (03:12):
That was his argument today. That was his argument. But
then Trump was out there today touting.
Speaker 3 (03:21):
The revenue his tariffs are bringing into the United States,
directly contradicting his lawyer's argument that raising revenue is not
the goal of the levees. My tariffs are bringing in
hundreds of billions of dollars that are helping slash the
deficit this year by more than fifty percent.
Speaker 2 (03:39):
Did you see those numbers?
Speaker 3 (03:40):
We're gonna be down fifty anywhere from twenty five to
fifty back closer to fifty.
Speaker 2 (03:43):
Are you a kidding me? Man? Again?
Speaker 3 (03:48):
Megotypes explain this to me. I'm all ears, okay, I know,
I know. It was first three D chess, then it
was five D chess.
Speaker 2 (03:56):
What is he paying? You know? Inter dimensional chess? Here
are we going into the quantum zones? Is like a
Marvel movie. This guy is so brilliant. Watchdog on Wall
Street dot Com
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