1 00:00:00,040 --> 00:00:02,120 Speaker 1: The world has been continuing to react to Trump's at 2 00:00:02,160 --> 00:00:05,240 Speaker 1: tariff's announcements. Over the weekend, the stock market in America 3 00:00:05,320 --> 00:00:08,200 Speaker 1: was a sad spectacle, as I've told you a really Thursday. Friday, 4 00:00:08,240 --> 00:00:11,039 Speaker 1: the smp fel ten point five percent. Remarkably, New Zealand 5 00:00:11,080 --> 00:00:14,760 Speaker 1: did quite well, falling zero point five percent. Experts warned 6 00:00:14,800 --> 00:00:18,240 Speaker 1: the tariffs could push up prices for consumers. Donald Trump 7 00:00:18,320 --> 00:00:20,880 Speaker 1: is urging the United States to hang tough because it's 8 00:00:20,880 --> 00:00:23,560 Speaker 1: not pleasant for them right now. Washington Bureau chief for 9 00:00:23,600 --> 00:00:26,520 Speaker 1: The Guardian is David Smith, and David Smith joins me. Now, 10 00:00:26,560 --> 00:00:30,840 Speaker 1: goodbring to Youllie, talk us through the reaction in the 11 00:00:30,960 --> 00:00:33,680 Speaker 1: United States. People are protesting and tell us about hands off. 12 00:00:35,880 --> 00:00:40,680 Speaker 2: Yeah. I think people are still bewildered and somewhat horrified 13 00:00:41,360 --> 00:00:44,400 Speaker 2: for the most part by these tasks, and even loyalist 14 00:00:44,440 --> 00:00:47,720 Speaker 2: to Donald Trump and the Republican Party are struggling to 15 00:00:48,120 --> 00:00:50,040 Speaker 2: deal with it, and some of them are a critical 16 00:00:50,120 --> 00:00:55,800 Speaker 2: or even floating legislation to curtail Pump's power over tariff. 17 00:00:56,400 --> 00:00:59,680 Speaker 2: Larry Summer, the former Treasury secretary under Bill Clinton, describes 18 00:00:59,720 --> 00:01:03,680 Speaker 2: this as the greatest self inflicted wound on the American 19 00:01:03,800 --> 00:01:06,680 Speaker 2: economy in history. And as you mentioned, the stock market, 20 00:01:06,760 --> 00:01:09,800 Speaker 2: they're six trillion dollars wiped off in just a couple 21 00:01:09,840 --> 00:01:15,600 Speaker 2: of days last week. And yes, that helped fuel processes 22 00:01:15,640 --> 00:01:20,280 Speaker 2: that were going to happen already. Yesterday and on Saturday, 23 00:01:20,160 --> 00:01:23,520 Speaker 2: they had the hands off protests in New York, Washington, 24 00:01:24,240 --> 00:01:28,360 Speaker 2: pities all across America, millions of people taking to the 25 00:01:28,400 --> 00:01:33,640 Speaker 2: streets to demonstrate against Donald Trump and Elon Musk and 26 00:01:33,680 --> 00:01:39,280 Speaker 2: all they've done so far. And these process seemed peaceful, determined. 27 00:01:40,480 --> 00:01:42,440 Speaker 2: I think there's a general feeling or at least a 28 00:01:42,440 --> 00:01:44,560 Speaker 2: hope that you know, this was the week when the 29 00:01:44,920 --> 00:01:49,760 Speaker 2: resistance to Trump really started to wake up after weeks 30 00:01:49,920 --> 00:01:52,840 Speaker 2: of being somewhat somewhat mused. 31 00:01:53,440 --> 00:01:56,520 Speaker 1: But here's the thing. Donald Trump campaigned on this, Donald 32 00:01:56,520 --> 00:01:59,360 Speaker 1: Trump got a popular mandate to do this, and so 33 00:01:59,600 --> 00:02:02,600 Speaker 1: Donald Trump went and did this, So they can't be surprised. 34 00:02:02,960 --> 00:02:05,559 Speaker 1: And Donald Trump said all along it's going to be tough, 35 00:02:06,080 --> 00:02:08,680 Speaker 1: and he once again has repeated that, urging people to 36 00:02:08,760 --> 00:02:12,240 Speaker 1: hang tough. So is there any faith that the markets 37 00:02:12,240 --> 00:02:14,920 Speaker 1: will change and that this will work eventually? 38 00:02:17,320 --> 00:02:20,200 Speaker 2: Well, it's only true. Trump did say on the campaign 39 00:02:20,240 --> 00:02:22,920 Speaker 2: trail he would impose tariff. And I think maybe even 40 00:02:23,000 --> 00:02:25,960 Speaker 2: some of his own supporters wondered if it was one 41 00:02:26,000 --> 00:02:28,920 Speaker 2: of those moments where Trump says one thing to sound 42 00:02:28,960 --> 00:02:31,560 Speaker 2: tough but doesn't actually follow through. And I'm sure many 43 00:02:31,560 --> 00:02:35,560 Speaker 2: Republicans were hoping that. But this is a promise he 44 00:02:35,680 --> 00:02:42,200 Speaker 2: has kept. And you know, today on the Sunday morning 45 00:02:42,400 --> 00:02:46,000 Speaker 2: TV shows, which always a big part of the political diet, 46 00:02:46,600 --> 00:02:50,840 Speaker 2: You've heard contradictory messages from Trump's cabinet members where this 47 00:02:51,000 --> 00:02:55,680 Speaker 2: is going, some saying he's absolutely determined to stick with 48 00:02:55,760 --> 00:02:59,280 Speaker 2: it come what may. It's a real core belief of 49 00:02:59,320 --> 00:03:01,520 Speaker 2: Donald Trump going about the eighties that America is being 50 00:03:01,600 --> 00:03:04,760 Speaker 2: ripped off and that tariffs are the solution, but other 51 00:03:04,840 --> 00:03:09,559 Speaker 2: cabinet members suggesting perhaps they're useful leverage, they're a bargaining tool. 52 00:03:10,200 --> 00:03:12,320 Speaker 2: In the coming weeks, there'll be lots of foreign leaders 53 00:03:12,360 --> 00:03:16,799 Speaker 2: calling to maybe negotiate side deals and give Trump some 54 00:03:16,800 --> 00:03:20,520 Speaker 2: some room to back away from these tariffs. And what 55 00:03:20,560 --> 00:03:23,040 Speaker 2: we don't know is whether the decline of the stock 56 00:03:23,080 --> 00:03:28,040 Speaker 2: market will force his hand. In the past, Trump seems 57 00:03:28,040 --> 00:03:31,120 Speaker 2: to care a lot about the stock market. Maybe it will, 58 00:03:31,240 --> 00:03:34,440 Speaker 2: maybe it will get through to him eventually, But you know, 59 00:03:34,680 --> 00:03:37,920 Speaker 2: still a great deal of uncertainty here about where this 60 00:03:38,040 --> 00:03:40,040 Speaker 2: is going. And I think you know, all eyes again 61 00:03:40,040 --> 00:03:42,040 Speaker 2: will be on the market this this coming week to 62 00:03:42,080 --> 00:03:45,880 Speaker 2: see is this there's nose dives continues and becomes something 63 00:03:45,960 --> 00:03:47,760 Speaker 2: like a crash or a recession. 64 00:03:48,240 --> 00:03:51,960 Speaker 1: Good stuff. David Smith from the Washington Bureau of the Guardian. 65 00:03:53,200 --> 00:03:55,440 Speaker 2: For more from Earlily Edition with Ryan Bridge. 66 00:03:55,520 --> 00:03:57,040 Speaker 1: Listen live to news Talks. 67 00:03:57,080 --> 00:04:00,320 Speaker 2: It'd be from five am weekdays, or follow the podcast 68 00:04:00,400 --> 00:04:01,280 Speaker 2: on iHeartRadio.