Good evening, everyone. The news cycle is relentless, and tonight is no exception. I sat down with Congresswoman Sarah McBride for a wide-ranging conversation on tariffs, the State of the Union, and what comes next.
This afternoon, we also learned that a key Trump ally could see a massive financial windfall following the Supreme Court’s decision striking down most of the tariffs. Why? Because that ally’s firm had been offering clients the chance to sell their rights to potential tariff refunds for just 20 to 30 percent of their value. If those refunds pay out, the profits could be staggering. At the same time, the fight for Epstein survivors continues, and new reporting indicates the British Crown is likely to remove Andrew from the line of succession as investigations intensify.
Before we dive deeper into all of that, I want to share some personal news. I have been invited by World Without Exploitation to deliver a keynote address at their annual conference this summer. This organization has been at the forefront of the fight for survivors of abuse and exploitation and has worked alongside dozens of Epstein survivors in their pursuit of justice and accountability. Addressing a room filled with advocates, survivors, and leaders in this movement is an extraordinary responsibility and one I take with deep humility.
I cannot overstate how grateful I am for this community. Together, we are reaching more than 100 million Americans. We built this independently. We built it together. And we are just getting started.
If you believe in this work, subscribe and support it so we can keep going. Major projects for 2026 are already underway, and I cannot wait to show you what comes next.
Here’s the news:
- According to Wired, a subsidiary of Cantor Fitzgerald, the investment bank long led by Commerce Secretary Howard Lutnick and now run by his sons, had offered clients the chance to sell their rights to potential tariff refunds at 20–30% of their value—effectively enabling investors to bet that President Trump’s tariffs would be struck down in court—drawing scrutiny over the optics and ethics of a firm tied to a top tariff advocate facilitating trades tied to their possible invalidation /
- Following the Supreme Court’s decision striking down most of President Trump’s emergency tariffs, Lutnick’s sons—who lead Cantor Fitzgerald—could financially benefit because the firm had explored buying companies’ rights to potential tariff refunds at 20–30% of their value, effectively positioning investors to profit if the tariffs were invalidated, prompting conflict-of-interest concerns from Democratic lawmakers and ethics critics.
- Let’s fact check parts of Trump’s press conference:FACT CHECK: “Very powerful alternatives that have been approved by this decision.” False. The Supreme Court did not “approve” alternative tariff authorities in its ruling. However, in dissent, Justice Brett Kavanaugh noted that other statutes such as the Trade Expansion Act of 1962, the Trade Act of 1974, and the Tariff Act of 1930 could authorize tariffs if proper procedures are followed, arguing the administration relied on the wrong statute.FACT CHECK: “We have a right to do pretty much what we want to do.”
False. Presidential tariff authority is constrained by statute. For example, Section 122 of the Trade Act of 1974 allows a temporary import surcharge of up to 15% to address serious balance-of-payments deficits, but it is limited to 150 days unless Congress extends it.FACT CHECK: “Foreign interests … have a lot of influence over the Supreme Court.”
False. There is no publicly available evidence that Supreme Court justices are being influenced by foreign actors. - FACT CHECK: “Very powerful alternatives that have been approved by this decision.” False. The Supreme Court did not “approve” alternative tariff authorities in its ruling. However, in dissent, Justice Brett Kavanaugh noted that other statutes such as the Trade Expansion Act of 1962, the Trade Act of 1974, and the Tariff Act of 1930 could authorize tariffs if proper procedures are followed, arguing the administration relied on the wrong statute.
- FACT CHECK: “We have a right to do pretty much what we want to do.”
False. Presidential tariff authority is constrained by statute. For example, Section 122 of the Trade Act of 1974 allows a temporary import surcharge of up to 15% to address serious balance-of-payments deficits, but it is limited to 150 days unless Congress extends it. - FACT CHECK: “Foreign interests … have a lot of influence over the Supreme Court.”
False. There is no publicly available evidence that Supreme Court justices are being influenced by foreign actors. - Illinois Gov. J.B. Pritzker called for $1,700 refunds per family after the Supreme Court ruled President Trump’s emergency tariffs unconstitutional, arguing residents should be reimbursed for higher costs tied to the levies.
- Newsom issued a similar demand:
- President Trump criticized Justices Neil Gorsuch and Amy Coney Barrett after the Supreme Court’s tariff ruling, calling their decision “terrible” and “an embarrassment to their families” and suggesting regret over nominating them.
- Although the Supreme Court struck down Trump’s tariffs under the International Emergency Economic Powers Act, global businesses and governments said the ruling did little to reduce trade uncertainty, noting the administration could pursue alternative tariff authorities and that questions remain about refunds and the future stability of U.S. trade policy.
- Treasury Secretary Scott Bessent said he believes Americans are unlikely to directly see the $175 billion in tariff revenue collected, suggesting the funds may not be returned to taxpayers despite the Supreme Court’s ruling against the levies.
- U.S. stocks swung higher after the Supreme Court struck down most of President Trump’s sweeping tariffs under the International Emergency Economic Powers Act, boosting tariff-exposed companies like Apple and Ford and lifting major indexes, though analysts warned that continued trade policy uncertainty and potential refund disputes could temper economic gains.
- British authorities rearrested Andrew Mountbatten-Windsor, formerly Prince Andrew, on suspicion of misconduct in public office related to allegations that he shared confidential trade information with Jeffrey Epstein, searched his properties, and launched a broader investigation, while the U.K. government said it was considering legislation to remove him from the line of succession amid mounting fallout from the Epstein revelations.
- New Mexico officials reopened a criminal investigation into alleged illegal activity at Jeffrey Epstein’s Zorro Ranch following newly released federal files and public pressure, while also launching a state “truth commission” to examine what occurred at the property and seek accountability for victims.
- U.S. economic growth slowed to a 1.4% annualized rate in the fourth quarter of 2025, down from 4.4% in the prior quarter and below forecasts, as a prolonged government shutdown and softer consumer spending weighed on GDP, though economists said tax cuts and artificial intelligence investment could support growth in 2026.
- Georgia’s State Elections Board voted to formally reprimand Elon Musk’s America PAC after determining it mailed partially prefilled absentee ballot applications to voters in multiple counties, violating state law that bars third parties from sending ballot applications containing an elector’s prefilled personal information and failing to clearly disclose that the mailers were not official government documents
- House Speaker Mike Johnson rejected a request from the family of the late Rev. Jesse Jackson Sr. for him to lie in honor at the U.S. Capitol, citing precedent that typically limits the tribute to presidents and select government or military officials, and noting that similar requests for figures such as Charlie Kirk and former Vice President Dick Cheney were also denied. Jackson, who died at 84 and was widely praised across party lines for his decades of civil rights activism and political influence, will instead lie in repose at Rainbow PUSH headquarters in Chicago, followed by services in South Carolina and Washington, D.C.
- Maryland Senate President Bill Ferguson said the “window of opportunity is closed” for Democrats to redraw the state’s congressional map ahead of 2026, resisting pressure from House Minority Leader Hakeem Jeffries and Gov. Wes Moore to hold a Senate vote on a new map that would target the state’s lone Republican-held district, arguing there aren’t enough votes in the Senate and warning the effort could trigger litigation.
- The Office of Congressional Conduct has finished investigating allegations that Rep. Tony Gonzales had an affair with a former staffer who later died by suicide, but cannot forward its findings to the House Ethics Committee until after his March 3 Republican primary; Gonzales has denied wrongdoing and called the claims politically motivated and “blackmail,” while his primary opponent is using the allegations in campaign ads to argue he has jeopardized the GOP’s hold on the seat.
- According to Politico, FCC Chair Brendan Carr launched a voluntary “Pledge America Campaign” urging broadcasters to air more “patriotic, pro-America” programming ahead of the nation’s 250th anniversary, drawing criticism from opponents who argue the initiative risks government overreach and First Amendment concerns.
- German Bundesliga club Werder Bremen canceled its planned summer trip to Minneapolis, citing unrest and two fatal federal law enforcement shootings tied to the Trump administration’s immigration crackdown, as well as concerns over stricter U.S. entry requirements, saying playing in the city “does not fit with our values.”
- California lawmakers introduced a bill that would ban federal immigration agents from operating near polling places, expand buffer zones and voting access if interference occurs, and take other steps to counter what Democrats describe as potential election disruption by the Trump administration ahead of the November midterms.
See you tomorrow.
— Aaron
Loading comments...