Peter Schiff: Tariffs Are Unconstitutional, Courts Agree

On Sunday’s episode of the Peter Schiff Show, Peter walks through a recent appellate court ruling on President Trump’s reciprocal tariffs and ties that legal news to broader themes: political incentives around taxation, the fragility of budget narratives that rely on tariff revenue, the danger of politicizing the Federal Reserve, and why fiat-driven policies make precious metals more relevant. He also takes a swipe at the crypto crowd by showing how Bitcoin fares when priced in gold.

Peter opens by explaining the appellate decision and his early take on the tariffs’ constitutionality, pointing out how surprising dissenters of the court could be:

And Friday, after the markets closed, the ruling came out where the appellate court in a seven to four decision. And I don’t know what those other four dissenters were smoking, but they clearly don’t understand the Constitution. But at least seven of these appellate court justices do at least this aspect of it, which is pretty straightforward. But they supported the lower court, the district court ruling that the tariffs are unconstitutional, which they clearly are. In fact, on the very day that Trump unveiled these reciprocal tariffs, I came on my podcast and I said they were unconstitutional.