Why This Morgan Stanley Exec Says Tariffs Will Be Struck Down

In this week's episode of WSJ’s Take On the Week, Telis Demos and Gunjan Banerjii—in her final appearance as regular co-host—are joined by incoming co-host Miriam Gottfried. Our trio get into the high-stakes bidding war between Netflix and Paramount for Warner Bros. Discovery and why Netflix shareholders may be skeptical of the deal. Then the hosts dive into the historic rally in gold and silver, and whether the debasement trade is back after news of an investigation into Federal Reserve Chair Jerome Powell. Plus, they look at what upcoming earnings might reveal about how President Trump’s affordability agenda is playing out. After the break, Telis and Miriam are joined by Monica Guerra, head of U.S. policy at Morgan Stanley Wealth Management, to discuss how investors should position themselves for a midterm election year. Guerra explains that gridlock in Congress has historically led to market outperformance. She also shares a bold prediction that the Supreme Court could strike down President Trump’s tariffs. This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s private equity reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead. Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.comFurther Reading Why Democrats Aren’t Threatening Another Shutdown This Time The Winners and Losers From 2026’s Mix of Tax and Benefit Cuts For Years, Powell Avoided Fighting Trump. That’s Over. Gold Breaks Through $4,600 on Fed Concerns, Haven Boost Democrats See Path to House Control in 2026 For more coverage of the markets and your investments, head to WSJ.com, WSJ’s Heard on The Street Column, and WSJ’s Live Markets blog. Sign up for the WSJ's free Markets A.M. newsletter. Follow Miriam Gottfried here and Telis Demos here. Learn more about your ad choices. Visit megaphone.fm/adchoices