Fox Hosts Fret Over Trump Losing Supreme Court Tariff Case As He Warns Trillions Could Be Owed
Fox Business hosts Brian Brenberg and Dagen McDowell fretted over the consequences of President Donald Trump losing his tariff case in the Supreme Court after the president warned the country could owe trillions.
“I wouldn’t buy long-term treasuries ahead of that Supreme Court decision because if that revenue goes away, look out. Even though it’s not a whole lot of money on the margin, this government needs it,” McDowell said when the Supreme Court case was brought up during a discussion about the current partial government shutdown.
“We’re already spending it by name,” Brenberg added. “We’re going to talk about that later, but we’ve allocated it five ways from Sunday.”
“It’s like, oh, you get some tariff revenue and you get some tariff revenue and you get some revenue,” McDowell said, referring to Trump.
“He’s like Oprah with the tariff revenue,” guest Michael Lee joked.
“That was my point, saying that,” McDowell responded.
In an appearance on Fox News earlier this month, Trump warned that the country would owe trillions if the Supreme Court ends up shooting his tariffs down. The president has often boasted about how his widespread tariffs are bringing billions in revenue.
He said:
That Supreme Court case is so important. And, frankly, this economy, if we win the tariff case — which we should, on the legal merits, but on common sense merits — we would have to give back trillions of dollars to these countries. Can you imagine? We would have give back trillions and trillions of dollars because we got it because of tariffs.
The Supreme Court recently agreed to an expedited process for the administration’s appeal against a lower court ruling deeming Trump’s global tariffs unlawful. The tariffs can remain in place while the case plays out.
Check out the Fox Business exchange below:
MICHAEL LEE: We’ll see what goes on with the Supreme Court, if this victory gets undone. But it’s almost as if this was extremely beneficial to have four years and have people like the architect of Project 2025 sitting as the head of OMB.
DAGEN MCDOWELL: I wouldn’t buy long-term treasuries ahead of that Supreme Court decision because if that revenue goes away, look out. Even though it’s not a whole lot of money, on the margin, this government needs it.
BRIAN BRENBERG: Well, we’re already spending it by name. We’re going to talk about that later, but we’ve allocated it five ways from Sunday.
MCDOWELL: It’s like, oh, you get some tariff revenue and you get some tariff revenue and you get some revenue.
LEE: He’s like Oprah with the tariff revenue.
MCDOWELL: That was my point, saying that.
LEE: But, look, and you’re right about the long end of the curve because I’m not worried about inflation going forward. The difference between your twos and your 30s should be the market’s estimation of growth plus inflation over the next seven years. If this 3% growth, 3%-plus growth, which you saw last quarter, Atlanta Fed GDP now is saying 3.8% this quarter, we’re annualizing at at this quarter, if we’re staying above 3%, that spread is going to permanently widen. So the Fed could cut another 100 basis points and we could have a five-year, 30-year treasury.
Watch above via Fox Business.