Ryan Knudson

The Journal is a co-production of Spotify and The Wall Street Journal.

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Additional music this week from Catherine Anderson, Peter Leonard, Bobby Lord, Emma Munger, Nathan Singapak, Griffin Tanner, and Blue Dot Sessions.

Fact checking this week by Najwa Jamal and Mary Mathis.

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See you Monday.

Big day for trade reporters, huh?

Yes, one of many, but maybe this is the biggest one so far.

Today, the Supreme Court ruled that the majority of President Trump's tariffs are illegal.

Our colleague Gavin Bade has been following Trump's tariffs since the get-go.

Trump has justified the bulk of his tariff policy using a 1977 law called the International Emergency Economic Powers Act, known as IEPA.

How big of a setback is this for Trump's economic agenda?

Welcome to The Journal, our show about money, business, and power.

I'm Ryan Knudson.

It's Friday, February 20th.

Coming up on the show, the Supreme Court says Trump's global tariffs are illegal, but Trump is not backing down.

We're a little over a year into Trump's second term and a little bit less than a year since Liberation Day last April when he really announced most of these sweeping tariffs.

How have these tariffs actually performed?