Weekend Report: What’s happening?

Trump melts down over Supreme Court tariff ruling. Three trillion dollar federal budget hole within hours. Global trade chaos, all due to Trump’s actions. Lutnick family stands to make fortune.

Donald Trump lashed out at right-wing members of the Supreme Court, two of whom he appointed, who handed down a ruling throwing out the bulk of his tariffs. He accused them of being “unpatriotic” and said they were “disloyal” to the Constitution. What he really meant was that they were disloyal to him, as he was showing his true authoritarian colors. And will he take his anger out on Iran, ready to bomb? Meanwhile, the damage from the tariffs cannot be reversed. Businesses were forced to close, people were put out of work, and the economy teeters as GDP shrank in the 4th quarter of 2025.

Having banked on tariffs—a tax on all Americans—Trump was using the money to bail out farmers and plug up the debt, which has grown even more massively by the big bad bill. Now the money brought in—and spent—will be tied up in litigation from lawsuits seeking refunds, while no more money will come in. That is projected to create a three-trillion-dollar hole in the federal budget. Trump could have gotten himself out of this by accepting SCOTUS saving him, but instead he vengefully imposed new tariffs via other means, which will only be more political fallout for the GOP.

Meanwhile, Trump’s Commerce Secretary, Howard Lutnick, and his family are making a killing, having bet against Trump’s tariffs. While publicly backing Trump and his tariff scheme, Lutnick’s family has privately spent months buying up potential refunds from those who were charged tariffs, giving them a small percentage up front in return for getting the full refund themselves if the Supreme Court threw out the tariffs—which of course is what happened.