California on Wednesday (April 16) filed a lawsuit seeking to block US President Donald Trump's sweeping tariffs on foreign trading partners, accusing him of abusing his powers and inflicting financial harm on the state and nation.
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00:00Together with Governor Newsom, I'm filing our 14th lawsuit against the president
00:06in less than 14 weeks. This one challenging the tariffs he unlawfully imposed under the
00:14International Emergency Economic Powers Act. Let's get to our lawsuit. It focuses specifically
00:23on tariffs unlawfully imposed by executive orders that claim authorization under what's known as
00:29the International Emergency Economic Powers Act, or IEEPA. This is important because Trump claims this
00:37law is the reason he can impose these tariffs. And he is wrong. Thanks, Rob. Thank you, Mr. Attorney
00:47General. And most importantly, thank you, Christine. I think the Attorney General did an exceptional job
00:51in laying out the framework of this lawsuit and the why as it relates to the particular issues
00:59under the IEPA and notably issues that have been brought to the fore as it relates to the major
01:04questions doctrine recently by the Supreme Court. I would just highlight just two of the specific
01:10examples the Supreme Court used as it relates to the major questions doctrine on the issue of student
01:16loans under the Biden administration on the Clean Power Plan under the Obama administration. If they
01:21are consistent, then this lawsuit is a lock in terms of what the Attorney General has laid out. Check your 401k.
01:31Check your portfolio. If it includes Nvidia, you should check it right now. Nvidia, the great California
01:38company, one highlighted by the same Trump administration over the course of the last 24 to 48 hours,
01:45just got hit today with a $5.5 billion charge. Great California company got hit with a $5.5 billion
01:55charge, sending the markets to tumble yet again today. Nasdaq down over 2% as I speak. No consideration of
02:03congressional responsibility. Where the hell is Congress? Where the hell is Speaker Johnson? Do your job.
02:10They're sitting there passively as this guy wrecks the economy in the United States of America,
02:18which has dominated the global economy. Don't take my word for it. The Wall Street Journal.
02:22We are the envy to the world and overnight a wrecking ball.