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While I was already skeptical about how the Supreme Court oral arguments were going today, Howard Lutnick was in the room and shared a first-hand report of what he saw.
Folks, if Lutnick is right we will win this thing and President Trump will be in a strong position for the next 3 and 1/2 years… or is it 7 and 1/2 years?
Interviewer:
I was in the Supreme Court today to watch the discussion and now you join us. Sir, it’s good to have you back. What did you see today? How do you think they are leaning?
Howard Lutnick:
Well, I think he’s leaning toward the president. So, what happened was that General Sawyer, our Solicitor General, was out first and the judge was tough. Let’s just say, they were asking him tough questions.
But when the other side stood up, wow, it was very, very strong.
And so I came out very excited and very positive, and I think these judges are going to side with the President’s powers as he continues to impose a trade emergency against the United States. Everyone knows it, and some of those discussions were actually very interesting.
And that’s why it’s fun on this show to talk about what some of these judges said.
Interviewer:
There was a lot of frustration and disappointment when you went the tariff route. Everyone said that this is going to be very harmful for the economy.
The Atlanta Fed is indicating that they think third quarter GDP is going to be around 4%. This is a big number.
This is a very healthy, strong number for the economy.
Do you think that if the Supreme Court is considering this then this thing is on its mind?
If they saw an economy that was collapsing, if they saw signs that the tariffs were actually hurting, I think that might sway their vote.
Although they don’t see it.
Howard Lutnick:
Absolutely. If the stock market was going down-
I mean, where is the stock market going? up up up.
Where is the economy headed? 3.8% last quarter, estimated at 4.4% this quarter.
The economy is on fire because Donald Trump’s economy is one that says, “Tariffs? Come on, make in America.”
You know, the President has been saying $15 trillion will come to America for manufacturing. With this our economy is going to grow by more than 4%.
It can grow our economy by more than 5%.
These are numbers that no one ever thought would be possible for the US, and it’s driven by Donald Trump’s trade and tariff agenda.
Interviewer:
If this doesn’t suit you, do you have any tips to deal with it so that you don’t lose your grip due to these tariffs?
If the Supreme Court acts unfairly against you, are there any ways to do so?
Howard Lutnick:
Sure. One of the things he talked about is Section 232, which was in the Supreme Court in ’90, and that’s also about tariffs.
So there are a lot of tariff rules that the President doesn’t care about.
But the answer is that these judges are going in favor of Donald Trump. Let me give you an example.
Justice Kavanaugh said, “Imagine a meeting in the Oval Office where they have power.”
Because the other side agreed that the President had the power under this IEEPA rule – they acknowledged that he could cut off trade with a country.
So he says, “Can you imagine a meeting in the Oval Office where they say to the President, ‘You can shut down trade in this country,’ and the President says, ‘Well, that’s too much, let’s do less,’ and they say, ‘No, Mr. President, you can’t do less than that. You either have to blow them out of trade and impose a full embargo or nothing.'”
It makes absolutely no sense. The concept is that you can always use a weaker power to get a stronger measurement.
This makes a lot of sense, and even judges would agree-
If he can cut off trade, he can certainly set tariffs.
He can determine the tariff.
Interviewer:
That’s interesting. Obviously this will be a case worth watching. We can get a reply very quickly as it is timely and a decision needs to be taken quickly.
I have to ask you, because you’re one of the coolest New Yorkers 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 worrying to people, and I’m sure they’re worrying to you too.
What did you think about last night’s election and the person who will lead the city for the next four years?
Howard Lutnick:
I’m really… Look, I’m really saddened by where this city has gone since 9/11 24 years ago for a person who speaks like that.
This is very sad to me as a New Yorker.
But I tell you I thank God that Donald Trump is in the White House because as he literally wrote, “And this is how it begins.”
Donald Trump has got the support of people in New York.
He’s going to do his best to make sure that he minimizes that kind of bad stuff from the White House to the extent possible.
Donald Trump has the support of New Yorkers, and at least that makes me feel better for New Yorkers.
Interviewer:
As far as the plans are concerned – lowering rents, lowering grocery prices in every borough – what happens to the city economically if these plans are implemented?
Howard Lutnick:
Okay, look. First, you destroy everyone who is not in the high-end grocery stores, but every bodega and all the small businesses.
They all go out of business.
Then the people who give them space on rent are ruined.
And then not every landlord can, of course, raise the rent.
And because they can’t raise rents, they can’t invest in buildings, they can’t get returns on buildings.
So the buildings go from bad to worse.
We know what happens if you don’t allow business as usual and try to change the rules.
If the rules could have been changed, they would have been changed, and you can tell a city anywhere in the world where it’s gorgeous – and you can’t.
These policies are good for elections, but not good for governance.
They are not good at leading.
And they are no good to the people who voted for them.
They just bought someone’s good TV commercial and they will pay for it. This is really sad.
This is really sad. It is sad how few people actually understand these realities.
Interviewer:
Secretary of Commerce, Howard Lutnick. Sir, thank you very much. We appreciate. Nice to see you.
Howard Lutnick:
great to see you.