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While I was skeptical early about how the Supreme Court Oral Arguments were going today, Howard Lutnick was in the room and shared his first-hand report of what he saw.
Folks, if Lutnick is right we’re gonna win this thing and President Trump will be on SOLID FOOTING for the next 3 and 1/2 years….or is that 7 and 1/2 years?
Interviewer:
I was at the Supreme Court to watch the discussion today and you join us now. Sir, good to have you back on. What did you see today? How do you think they’re leaning?
Howard Lutnick:
Well, I think they’re leaning toward the president. So, what happened is General Sauer, our solicitor general, was out first and the justices were tough. Let’s say it, they were asking him tough questions.
But when the other side got up, wow, it was very, very strong.
And so I left very upbeat and very positive, and I think these justices are going to come down in favor of the president’s powers because he’s stopping the emergency of what’s happened to trade against the United States of America. Everybody knows it, and some of those discussions were really, really interesting.
And that’s why it’s fun to be on this show to talk about exactly what some of these justices said.
Interviewer:
There was so much doom and gloom when you went down the tariff road. Everybody said this was going to be so damaging for the economy.
The Atlanta Fed is indicating they think third-quarter GDP is going to be around 4%. That’s a big number.
That’s a very healthy, robust number for the economy.
Do you think that plays into the minds at all if the Supreme Court is looking at this?
If they saw an economy that was crashing, if they saw indications that tariffs were really doing damage, I feel like that might impact their vote.
They’re not seeing that though.
Howard Lutnick:
Of course. If the stock market was going down—
I mean, which way is the stock market going? Up, up, up.
Which way is the economy going? 3.8 last quarter, estimates of 4.4% this quarter.
The economy is on fire because Donald Trump’s economy is one that says, “Tariffs? Come on, build in America.”
You know, the president’s been saying north of $15 trillion coming to build in America. That’s going to grow our economy more than 4%.
It could grow our economy more than 5%.
These are numbers no one’s ever thought were possible for America, and it’s driven by Donald Trump’s trade and tariff agenda.
Interviewer:
If this doesn’t go your way, do you have workarounds to deal with this so that you don’t lose the foothold you have with these tariffs?
Are there ways to do this if the Supreme Court comes down on you the wrong way?
Howard Lutnick:
Sure. One of the things they talked about is Section 232, which was ’90 at the Supreme Court, and that also is about tariffs.
So there are plenty of tariff rules that the president has no matter what.
But the answer is, these judges are going to side with Donald Trump. I’ll give you an example.
Justice Kavanaugh said, “Imagine a meeting in the Oval Office where they have the power.”
Because the other side agreed that the president has the power under this IEEPA rule—they admitted he could just cut off trade to a country.
So he says, “Can you imagine a meeting in the Oval Office where they say to the president, ‘You can cut off trade to this country,’ and the president says, ‘Well, that’s too much, let’s do something less,’ and they say, ‘No, Mr. President, you can’t do less. You either have to blow them up with trade and have a full embargo or nothing.’”
It just doesn’t make any sense. The concept is you can always use a weaker power to get weaker measures.
That’s very sensible, and that is what the judges are going to agree with—
If he can cut off trade, he surely can set a tariff.
He can set a tariff.
Interviewer:
That’s interesting. It’ll obviously be a case to watch. We could get a pretty quick answer because it’s timely and needs to be decided quickly.
I have to ask you, because you’re one of the most New York guys I know, and I know your story.
Obviously 9/11 — you lost your company, you lost your brother.
We’ve got a new mayor in New York and some of the comments and things he’s said in the past are alarming to people, and I’m sure they are to you as well.
What did you think of the election last night and the man that’s going to lead the city for the next four years?
Howard Lutnick:
I’m really… look, I’m really sad where this city’s gone from 24 years ago of 9/11 to someone who speaks the way he speaks.
It’s very sad for me as a New Yorker.
But I tell you what—I thank God that Donald Trump’s in the White House because he literally texted out, “And so it begins.”
Donald Trump has got the back of the people in New York.
He’s going to try his best to make sure he can reduce the kind of bad things that can happen, to the extent he can, from the White House.
Donald Trump’s got the back of New Yorkers, and at least that makes me feel better for New Yorkers.
Interviewer:
As far as the plans—freezing rent, bottom-barrel grocery pricing in every borough—what happens economically to the city when these plans are implemented?
Howard Lutnick:
Well, look. First off, you destroy everybody who’s not in the high-end grocery stores, but every bodega and all the little businesses.
They all go out of business.
Then the people who rent them space all get crushed.
And then every landlord, of course, they can’t raise the rent.
And since they can’t raise the rent, they can’t invest in the buildings, they can’t get a return on the buildings.
So the buildings get worse and worse.
We know what happens if you don’t let ordinary business run and you try to change the rules.
If the rules could have been changed, they’d have been changed, and you could point to one city anywhere in the world where this is gorgeous—and you can’t.
These policies are good for elections, but they’re not good for governing.
They’re not good for leading.
And they’re not good for the people who voted them in.
They just bought somebody’s good TV ads and they’ll pay for it. It’s really sad.
It really is sad. It’s sad how few people really understand these realities.
Interviewer:
The Commerce Secretary, Howard Lutnick. Sir, thanks so much. We appreciate it. Good to see you.
Howard Lutnick:
Great to see you.
This is a Guest Post from our friends over at WLTReport.