TrueValueMetrics ... Impact Accounting for the 21st Century

Date: 2025-07-04 Page is: DBtxt003.php txt00028575

TRUMP FAILING ON WRONG SIDE OF LAW ... AND HISTORY Trump INSTANTLY LOSES AGAIN after DISASTER NIGHT PLAY YOUTUBE VIDEO Original article: Peter Burgess COMMENTARY Peter Burgess
Trump INSTANTLY LOSES AGAIN after DISASTER NIGHT MeidasTouch 4.87M subscribers May 29, 2025 The MeidasTouch Podcast MeidasTouch host Ben Meiselas and California Governor Gavin Newsom break down Trump’s massive court losses invalidating his unilateral tariffs against the world. Visit https://meidasplus.com for more! MeidasTouch relies on SnapStream to record, watch, monitor, and clip the news. Get a FREE TRIAL of SnapStream by clicking here: https://go.snapstream.com/affiliate/m... Support the MeidasTouch Network: / meidastouch Add the MeidasTouch Podcast: https://podcasts.apple.com/us/podcast... Buy MeidasTouch Merch: https://store.meidastouch.com Follow MeidasTouch on Twitter: / meidastouch Follow MeidasTouch on Facebook: / meidastouch Follow MeidasTouch on Instagram: / meidastouch Follow MeidasTouch on TikTok: / meidastouch Transcript 0:00 i'm joined by California Governor Gavin Newsome governor I want to get your reaction to these two federal court orders invalidating Trump's tariffs against the world yesterday the US Court of International Trade granted summary judgement against Donald Trump earlier today Judge Contrarus blocked Trump's tariffs as unlawful your reaction Governor well I mean it's raining tacos today i mean it's not a good day uh for Donald Trump and his central economic program uh these tariffs which uh we've said from day one california as you know I was on your show and privilege of sharing with you and your viewers uh we were the first state to uh introduce a lawsuit uh under uh the international economic emergency powers act and uh and basically the judgment said exactly what we said in our brief and so we're very very pleased at this moment this brief moment uh that these tariffs have been thrown out but the reality is uh the federal administration or at least the uh Trump administration is now moving to 1:00 get a stay in federal courts and I imagine uh they will be imposing potentially under different rubrics uh additional sanctions import taxes which they can impose 15% over 150day period under the trade act uh I imagine this is hardly the last we'll hear about tariffs under the Trump administration i want to show this photo that you posted recently about how family businesses and our ports are literally paying the price for Trump's unlawful and disastrous tariffs governor can you give us a sense of what's going on today May 29th at the ports of Los Angeles and throughout California actually of course yeah I mean the ports uh in LA they they saw 17 cancellations uh of vessels uh they already have seen now uh as we book uh in advance in June 10 cancellations already uh that we're projecting in June we had a 15% decline in May uh in the number of containers ships coming in to 2:00 Oakland we're seeing the price pressures you're seeing that across the country the impacts to small businesses disproportionately that's why that DC circuit court uh uh decision today was so uh rewarding for small businesses it was on behalf of two uh uh children's toy manufacturers uh and it was successful again very similar to the California uh uh uh case and so this is uh this has already had an impact and the impacts would be even more acute as it relates to shortages and supply constraints uh that are inevitable if this continues so look we're in this chaotic moment uh it's self-inflicted uh by the Trump administration that chaos continues the damage has been done we can't overstate or understate the impacts of the damage but we have to I think at least applaud uh our courts and remember that that international court which most people didn't even know was existed uh it was a bipartisan you had a Trump appointee you had a Reagan appointee yes they're still around uh and uh you had a more recent appointee 3:01 of a Democratic administration uh and they were unanimous uh in condemning the act the unilateral decision under the IECP uh that uh Trump advanced you know Governor what's concerning though as well about what you're saying is when Donald Trump tacoed in Switzerland with China and caved on the 145% tariffs brought him to 30% tariffs I think there was some expectation that all of a sudden a light switch would turn on he tacoed light switch ports return to normal that's not happening right no and look he continues to double down on stupid on this stuff and we've seen it over and over he loses he gets more angry i mean I we could joke about the taco but that frame I was that came from the Financial Times people are literally making billions and billions and billions of dollars the financial markets have anticipated Trump's incapacity to be consistent to provide any stable uh uh rationale for his economic policies they're chaotic uh he 4:01 changes them on a whim on a basis of a phone call uh you could talk about crony capitalism in that frame uh and he changes them on the basis of where the markets are going and people are gaming that out uh and and so this notion uh that he was challenged uh on that point uh in the White House yesterday and reacted to it uh with such disdain only reinforces the likelihood that he'll react accordingly and consistently in this respect by overreacting to it and that's why I think the next few hours and the next few days will be very interesting and hardly uh is he going to I think shift course 180 degrees let's talk about the people impact in the great state of California how is this impacting the dock workers the truckers what are you seeing there was a a bad jobless claims report uh that exceeded expectations this morning nationally jobless claims rose 240,000 in the past week this on the first quarter economic uh contraction as well um so what what 5:01 what are you making of all this yeah I mean they they updated those numbers and instead of.3% decline in GDP it's 2% the fact that we were growing 2.4% and now we're declining as an economy the impact that's having in the aggregate but you asked a specific question about small businesses i've met with over a dozen small business uh members that literally it's complete chill devastation a young woman who said 'I had to look in the eyes of my eight-year-old and say 'Honey you helped me inspire this business uh when you were a baby it's a baby business baby supplies we just made a deal with Target and Walmart and I leveraged the home and I don't know if I can keep the home.' That's real that's because of Trump's unilateral policies illegal but unilateral policies i met with someone I personally bought uh for the holidays is I bought my my son a bike and it had electric component uh this guy he said 'Thank you i have your email cuz it was part of the receipt i'm 6:01 embarrassed to reach out to you.' He literally just said this to me he goes 'I have a whole supply container but I can't afford the tariffs in China i literally it's a family business i cannot continue in this business what can you do Governor to help?' I said 'We have this lawsuit.' This was 48 hours ago uh and I'm looking forward to to emailing him back and reminding him of the impacts uh this momentary impacts of this this federal court decision today that may give him a reprieve this is real and it's consequential and it's small businesses in particular that are being devastated by this uncertainty one of the things you've consistently pointed out as well is that Republican lawmakers do not like these tariffs at all yet they pretend to you know be in favor of they just I guess just go mute they go totally silent and you know the members of Congress the House of Representatives and the senators I mean it's if they want to pass legislation on this you know they control both the House and Senate so can you speak can you speak to that that you know that 7:01 these Republicans are not just against it but very against it yet they say nothing in the face of catastrophe yeah appalling silence shameful shameful and they complete I mean the the the the the decision I hope people read uh both decisions i mean it's about the complicity of Congress the lack of oversight you're in the majority do your damn job co-equal branch of government i mean that was the principles of the founding fathers they lived and died for this fundamental notion of co-equal branches of government government oversight and they've completely seated it uh to Donald Trump illegally donald Trump's taken advantage of that and and of course uh there are always exceptions there are a few courageous uh elected officials interestingly people that at least speak out uh like Rand Paul even Ted Cruz has spoken out against it but I thought uh the the ultimate expression of where the Republican party actually is is always reflected in the editorial board of the Wall Street Journal they called it the dumbest trade war in history Donald Trump so they're all 8:01 celebrating the vast majority of these Republican legislative leaders are celebrating this decision quietly uh but I think there's a chill because of the expectation again uh of what comes next because Donald Trump uh hates to lose and he's one thing if not he's predictably unpredictable in terms of how he responds to these losses now one of the things that's very concerning to our viewers as well is Donald Trump's attack on the chairman of the Federal Reserve Jerome Powell and Trump will say things implying that he wants to fire Powell and then kind of walk it back and I never said that and then you know it's just kind of again it's kind of the whole taco it's like what what day is it going to be but again this has real world implications and Trump had chairman Powell at the White House today he invited Powell powell had to come up with a statement immediately not knowing what the heck Trump was going to post basically saying at the president's invitation Powell met with Trump today at the White House to discuss economic developments then he goes Powell did not 9:00 discuss his expectations for monetary policy except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook finally Chairman Powell said that he and his colleagues will set monetary policy as required by law to support maximum employment and stable process and will make those decisions based solely on careful objective and nonpolitical analysis i mean the fact that he even has to say that coming out of the meeting is something huh well I mean and he has to say it because the markets remember we we're old enough to remember a few weeks ago where we were and the chaos in the international markets and and and folks were speed dialing Trump all these folks that you know were there at the inaugural etc saying 'What the hell are you doing stop talking about uh pal stop talking about replacing him you appointed him Mr president in the first term uh he's your guy but he's an independent uh operator and that is foundational in terms of the 10:00 full faith and credit of the United States of America you're putting that at risk you've already put truth and trust at risk around the globe as it relates to our allies and the impacts we've had on our trading partners uh but when it comes to the markets uh he obviously felt that pressure and look at the end of the day you know the markets bat last and they bat a thousand and and Donald Trump uh if nothing else has been very sensitive uh to the markets particularly the bond market and so I'm not surprised by that statement by pal uh but this is an area where even Trump recognized his own recklessness finally Governor just a lot of people across the country are worried right now they're nervous they see this disastrous budget bill are we going to lose health care are we going to lose our SNAP benefit what's going to happen to just what's your message as we go to the American people right now well that got a lot worse didn't it that bill that that the House just signed because it was predicated on getting tariff revenue getting revenue from these tariffs uh now you can't even count on that which only further reinforces where 11:02 Elon Musk himself was uh just 24 hours ago and saying this blows a massive hole in the debt in the United States of America it's one of the most fiscally irresponsible thing that's happened in our lifetime and so uh the US Senate has a chance to fix that and correct for that and I think today's uh announcement uh from these two courts uh and I imagine there will be further uh discussions with further court decisions that will be very favorable to at least the cause of sanity and rationality will only put additional pressure on the Senate to write the ship and make dramatic amendments in this bill but at the end of the day there's no way they can balance a damn budget unless they do it on the back of working folks and poor folks and completely reneg on their commitment uh to protect the most vulnerable protect folks under the Medicaid system and so we'll continue to be vigilant on that we'll continue to push back on that we're now involved now with 22 lawsuits against the Trump administration obviously uh will push 12:00 back on any cuts to Medicaid no state incidentally has more to lose on that 3.4 4 million Americans uh will lose support uh if that bill passes in its existent form in the United States Senate here in California uh so we have a lot to lose but uh we also assert ourselves uh and we have a lot of opportunity to do more in that space coming uh in the future governor Newsome thank you so much for your time good to be with you everybody hit subscribe let's get to 5 million subscribers can't get enough Midas check out the Midas Plus Substack for ad- free articles reports podcasts daily recaps from Ron Philipowski and more sign up for free now at midasplus.com [Music]

SITE COUNT