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Speaker 1: To the States we go. Richard Allen, very good morning

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Speaker 1: to you.

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Speaker 2: Good morning, Mikel.

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Speaker 1: What a blood bath Saturday.

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Speaker 2: I am absolutely so. President Trump is returning to the

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Speaker 2: White House afterward. Basically was three days in hiding. He

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Speaker 2: was playing golf, a White House statement breaking the Trump

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Speaker 2: made it the finals of his own golf club senior championship.

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Speaker 1: Well.

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Speaker 2: Well, this while the markets have been, as you indicate,

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Speaker 2: in total meltdown. We've seen anti tariff protests in every

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Speaker 2: state in the country, hundreds of thousands of people turning out,

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Speaker 2: the biggest protests of the modern era, with rallies and

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Speaker 2: more than twelve hundred sites around the place. Tomorrow, Trump's

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Speaker 2: going to meet with Israel's net Yohu. This has Americans

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Speaker 2: are panicking over their retirement funds, the stock market investments

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Speaker 2: that governments have been promoting here for decades as retirement plans.

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Speaker 2: Wall Street reopens for trading tomorrow after that six trillion

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Speaker 2: US dollar was a race from the market in the

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Speaker 2: past two sessions. Six trillion not a simple number to

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Speaker 2: get your head around, is it. The Dow was off

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Speaker 2: by twenty two hundred points on Friday, Saturday your time,

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Speaker 2: sixteen hundred the day before or This is the first

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Speaker 2: time ever that the Dow has dropped by fifteen hundred

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Speaker 2: points or more on two consecutive days. There are some

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Speaker 2: small political cracks starting to show among Republicans. Elon Musk

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Speaker 2: is suggesting that he might be splitting from the Trump

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Speaker 2: tariff policy. Here's what he is saying.

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Speaker 3: I'm hopeful, for example, with the tariffs, that's at the

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Speaker 3: end of the day, I hope it has agreed that

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Speaker 3: both Europe and the United States should move ideally in

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Speaker 3: my view, to a zero tariff situation.

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Speaker 2: Such a good talkers, I mean Trump advises that Kevin

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Speaker 2: Hassett is saying now that many countries are flooding the

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Speaker 2: White House phones to talk about the tariffs, which analysts

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Speaker 2: say are not really based on tariffs imposed by other countries.

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Speaker 4: More than fifty countries have reached out to the President

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Speaker 4: to begin a negotiation. But they're doing that because they

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Speaker 4: understand that they bear a lot of the tariffs, and

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Speaker 4: so I don't think that you're going to see a

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Speaker 4: big effect on the consumer in the US.

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Speaker 2: Well, that's not what the boss of the fair is saying. Well,

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Speaker 2: Goldman Sachs has raised the chances for a recession to

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Speaker 2: about sixty percent. So this is a push. Is it

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Speaker 2: for some negotiation? Well, no, says Trump, and knows says

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Speaker 2: his Commerce secretary Howard Lutnik.

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Speaker 3: There's no postponing. They are definitely a stay in place

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Speaker 3: for days and weeks.

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Speaker 2: That is sort of obvious. The president needs to reset

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Speaker 2: global trade. Well that's that's one view, because Lutnik is

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Speaker 2: a dude who said there would be no big deal

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Speaker 2: off time and checks arrived a month late. Another self

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Speaker 2: style economic genie. He was asked today about why the

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Speaker 2: Penguin Islands heard McDonald Islands, which were included in the

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Speaker 2: Trump tariff list, why they were there. CBS's Margaret Brennan

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Speaker 2: asked him.

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Speaker 4: Did you use AI to generate this?

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Speaker 3: No?

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Speaker 1: No, the idea.

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Speaker 4: Look, the idea is why are they on the list?

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Speaker 3: Left off?

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Speaker 2: Because the idea what happens is if you lead anything

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Speaker 2: off the list, the countries that try to basically arbitrage

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Speaker 2: America go through those countries to US. So what Mike

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Speaker 2: China might secretly plot with the penguins to bypass the

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Speaker 2: Arabs had send condonas down there? What the hell is

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Speaker 2: he talking about? Meantime, on the streets here in recent hours.

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Speaker 4: I think America is in terrible to strass.

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Speaker 2: We are not happy and we will not start.

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Speaker 3: Right.

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Speaker 2: He's going in with the chainplay doesn't know what he's doing.

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Speaker 2: Some of the hundreds of protests. By the way, Trump

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Speaker 2: supposed a tariff expert is Peter Navarro, who spent four

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Speaker 2: months in prison for contempt of Congress. For your recall,

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Speaker 2: it was Trump's son in law, Jared Kushner who found

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Speaker 2: Navara when he was checking book titles on Amazon one

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Speaker 2: time about economics so he could tell his father, and

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Speaker 2: he had one called Death by China, partly written by Navarro.

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Speaker 2: He loved the title, so he recommended Navarro as an

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Speaker 2: economics aide, who, in his pro tariff writings, societed an

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Speaker 2: expert to support his policies. That economics whiz kid is

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Speaker 2: ron Vara, who praised Navarro Fulsomely, ron Vara does not exist.

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Speaker 2: He was invented by Navarro, who simply the letters of

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Speaker 2: his own name Navarro to create the mythical ron Vara.

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Speaker 2: Ron Vaar so the intellectual source of the Trump Tariff's

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Speaker 2: a conjole.

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Speaker 1: Loving the times, Richard Ardeld appreciate yours The arbitrage from Lutnik.

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Speaker 1: There is a point there, not that transpositioning through Penguin

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Speaker 1: territory is the answer. But there was a guy over

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Speaker 1: the weekend we're reading about. He's a guy called Krugman

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Speaker 1: who's a Nobel Prize winner economist. He reckons the EU,

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Speaker 1: as in the firms within the EU will try and

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Speaker 1: export the goods via Northern Ireland for reduced tariff. Of course,

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Speaker 1: Northern Ireland part of England. England's got ten percent, the

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Speaker 1: EU's got twenty. That sort of stuff happens in trade

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Speaker 1: all the time. If you put it through one place

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Speaker 1: for a lower tariff, you've normally got to do something

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Speaker 1: with the product. You've got a transformatle change it in

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Speaker 1: some sort of way. He reckons they might be able

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Speaker 1: to get around it through the EU deal.

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