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Speaker 1: Welcome in Wednesday edition Clay Travis Buck Sexton show. This

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Speaker 1: one could be Buck becomes a dad today. He is

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Speaker 1: here with us on potential birthday. We'll see, could be tomorrow.

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Speaker 1: Do you have a faith Obviously the labor process plays

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Speaker 1: in here, but do you have a preference April ninth,

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Speaker 1: April tenth to carry? Is there any sort of cosmological

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Speaker 1: connection here in any way?

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Speaker 2: I have no idea. I'm not like that on this.

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Speaker 2: I barely remember my own birthday, so I'm not the.

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Speaker 3: Guy to ask about birthday stuff. But yeah, anything in

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Speaker 3: April sounds nice. So this is a big day all around.

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Speaker 3: We are continuing the trade wars since we now are

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Speaker 3: CNBC and Fox Business all rolled into one stock market

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Speaker 3: flat as we begin the show today, basically unmoved by

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Speaker 3: and large across the the financial landscape. The S and

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Speaker 3: P five hundred up a tiny amount as I speak

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Speaker 3: to you, the Dow down a tiny amount.

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Speaker 2: Not much movement going on there.

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Speaker 1: There is, however, a lot of movement going on in

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Speaker 1: what essentially is boiling down to the United States versus China.

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Speaker 1: I would expect Buck, and I'm curious if you co

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Speaker 1: sign on this that countries like Japan and South Korea

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Speaker 1: and Australia and England and even much of Europe are

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Speaker 1: going to get resolved the new trade deals relatively quickly

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Speaker 1: in the grand scheme of things, that is, over the

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Speaker 1: next few weeks. And I think those will be beneficial

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Speaker 1: to the United States. I don't think they'll be transformative.

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Speaker 1: The real battle here, as we stare down what's coming

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Speaker 1: is the United States versus China, and how does this

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Speaker 1: situation resolve itself and how long does it take to

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Speaker 1: resolve itself. As we elevated our overall tariffs on China

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Speaker 1: to over one hundred percent, China has responded by increasing

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Speaker 1: the tariffs on the United States I believe roughly to

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Speaker 1: eighty percent. Now, given the fact that China has much

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Speaker 1: more of an export based economy, particularly in relationship to

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Speaker 1: the United States, than the United States does in relationship

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Speaker 1: to China, the pain in general should be felt on

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Speaker 1: China more than it's felt on the United States. That's

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Speaker 1: the negotiating leverage that Trump is that Trump is banking on.

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Speaker 1: If there are brilliant people out there who want to

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Speaker 1: disagree with that, you're welcome to call in eight hundred

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Speaker 1: two A two two eight A two. But China is

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Speaker 1: to a large extent and export focused economy, and they

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Speaker 1: have built a huge trade surplus against the United States.

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Speaker 1: Now there are certainly complicating factors in that. I believe

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Speaker 1: China has something like five trillion dollars in United States bonds,

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Speaker 1: which is it's probably trump card on some level, pardon

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Speaker 1: the pun from them. What would happen if they start

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Speaker 1: to liquidate a substantial amount of their treasury some suggesting

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Speaker 1: that's already potentially occurring, and that might be what's impacting

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Speaker 1: the bond market in general. Again, these are high level

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Speaker 1: discussions of exactly what is going to be done, but

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Speaker 1: so far China and the United States staring at each

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Speaker 1: other not blinking. Would you co sign on most of

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Speaker 1: that analysis? Do you think I'm missing anything from your perspective, Buck.

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Speaker 3: No, I think that this is ultimately actually about a

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Speaker 3: China trade wark. I mean, that's really what the which

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Speaker 3: if you think about it in that context. It also

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Speaker 3: makes a lot of sense when you look back to

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Speaker 3: the first Trump term, and this I think would have

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Speaker 3: been the phase that he entered in twenty twenty had

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Speaker 3: things gone differently. I think this was always in his mind.

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Speaker 3: The first phase was just waking people up to what

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Speaker 3: China was doing, which is truly the greatest theft over decades,

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Speaker 3: not just of wealth but of intellectual property, which obviously

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Speaker 3: is wealth in the modern economy, and all kinds of

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Speaker 3: bad faith efforts and undermining a lot of US hegemony

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Speaker 3: wherever they can. So Trump has said enough is enough

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Speaker 3: as it pertains to China. I do think we'll get

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Speaker 3: deals with the other countries in place. And you know

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Speaker 3: Apollo Global Management's CEO for those who don't know Apollo

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Speaker 3: Global Management is it's a big time finance outfit. I

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Speaker 3: think they're private equity guys. So you know, they buy

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Speaker 3: huge companies, they turn them around, they sell them stuff

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Speaker 3: like that. But here is the CEO of that company,

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Speaker 3: who is I think, saying something again. This is somebody

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Speaker 3: who manages billions and billions of dollars and has to

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Speaker 3: be right or else he loses his job, and he's

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Speaker 3: coming out and saying we need a reset.

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Speaker 2: This is cut two.

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Speaker 4: US is the second freest trading market in the world

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Speaker 4: financially after Japan, and is the freest trading market in

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Speaker 4: the world considering non tariff barriers. Why is that written

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Speaker 4: in stone. Why shouldn't we be the tenth or the twentieth.

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Speaker 4: The policies that have been in place since the end

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Speaker 4: of World War Two are not fit for today.

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Speaker 1: I think that's well said. And Buck, I've got a

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Speaker 1: couple of more here that I thought were well said

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Speaker 1: that I sent into our producer, Greg because I thought

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Speaker 1: some of you out there, I understand this is complicated,

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Speaker 1: and probably a lot of you don't sit around on

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Speaker 1: a regular basis thinking about, say, tariffs, like you might

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Speaker 1: think about taxes, or economic growth or any other number

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Speaker 1: of issues that have been well discussed and debated for

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Speaker 1: decades in the United States. Here's Victor Davis Hansen asking

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Speaker 1: a question I thought, Buck, that we have asked, if

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Speaker 1: tariffs are so awful, how come so many countries have

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Speaker 1: tariffs in the first place? Why did these exist? I

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Speaker 1: thought this was well said by him. This is cut three.

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Speaker 5: China has prohibitive tariffs, So does Vietnam, so does Mexico,

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Speaker 5: so does Europe, so do a lot of countries. So

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Speaker 5: does India. But if tariffs are so destructive of their economies,

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Speaker 5: why is China booming? How did India become an economic

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Speaker 5: powerhouse when it has these exorbitant tariffs on American imports.

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Speaker 5: How did Vietnam, of all places, become such a different

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Speaker 5: country even though it has these prohibitive tariffs. Why isn't

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Speaker 5: Germany before its energy problems. Why wasn't it a wreck?

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Speaker 5: It's got tariffs on almost everything that we send them.

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Speaker 5: How is the EU even functioning with these tariffs? I

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Speaker 5: thought tariffs destroyed an economy, but they seem to like them,

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Speaker 5: and they're angry that they're no longer asymmetrical. Apparently, are

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Speaker 5: people who are teriffing us think tariffs improve their economy?

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Speaker 2: I thought that's what was said.

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Speaker 3: Well, this is what we've been saying, and we never

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Speaker 3: get I never hear an answer to this. Yeah, people

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Speaker 3: just say tariffs are attacks, tariffs are born by the consumers,

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Speaker 3: Tariffs are bad, Tariffs led the Great Depression. They shout

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Speaker 3: all this stuff, and I say, why does every other

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Speaker 3: country have tariffs?

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Speaker 2: Yeah, we're the only ones.

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Speaker 3: And when it comes to being outliers, you know, we're

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Speaker 3: also the country that's supposed to pay the rest of

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Speaker 3: the world's bills. We're also the country that's supposed to

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Speaker 3: be the rest of the world's policemen and the world's giant,

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Speaker 3: world's biggest refugee camp with a wide open border. Right,

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Speaker 3: there are a number of areas in which the United

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Speaker 3: States is expected to bear a burden that other countries

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Speaker 3: are not. Well, are we bearing the burden of being

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Speaker 3: the only free trade country in the world. I totally

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Speaker 3: agree when Elon says we should get to zero tariffs

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Speaker 3: across the board. Yes, that is the goal. That would

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Speaker 3: be fantastic. It would be so much better. It's a

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Speaker 3: bit like saying, you know, wouldn't it be nice if

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Speaker 3: we could get rid of nuclear weapons. Sure, when everybody

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Speaker 3: else that we're worried about gets rid of their nuclear weapons,

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Speaker 3: we can get rid of nuclear weapons too.

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Speaker 2: Why would they keep them? But we get rid of them.

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Speaker 3: That's what we've been doing, essentially in an economic front

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Speaker 3: with tariffs. And I still have not heard any the

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Speaker 3: answers you might hear about this play or something like, oh,

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Speaker 3: the French want to protect their wine and their cheese

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Speaker 3: or something, you know, that's very dismissive of it. But well, no, no,

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Speaker 3: it's this is on American automobiles. This is on a lot. Yeah,

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Speaker 3: this is on you know, we're talking about the EU

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Speaker 3: now and people are saying, all right, well Canada, I

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Speaker 3: saw this. I'm saying Canada's dairy tariffs don't actually go

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Speaker 3: in too effect if you hit us until you hit

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Speaker 3: a certain level.

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Speaker 2: Well, why have them at all?

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Speaker 3: If free trade is so good, why have them at all? Right, Well,

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Speaker 3: at some level it must be because you're protecting your

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Speaker 3: own industry, because you recognize that wealth generation comes from

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Speaker 3: the exchange and the creation and exchange of goods and services.

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Speaker 3: It's not just we keep printing money to buy stuff

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Speaker 3: from everybody else. There's a lot of that going on here.

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Speaker 1: Also, where the companies are base matters. I mean, I

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Speaker 1: would bet that the reason the Chinese dairy industry is

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Speaker 1: I mean, sorry, the Canadian dairy industry is protected, is

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Speaker 1: because they don't want America to be sourcing every element

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Speaker 1: of the dairy there, right, And so where the companies

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Speaker 1: are based is foundationally very important. Really, this is going

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Speaker 1: to boil down to the extent that it has not

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Speaker 1: already into US versus China. And I've heard some people

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Speaker 1: out there say that their criticism is actually that we

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Speaker 1: should just go full bore after China and not focus

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Speaker 1: on other countries as much.

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Speaker 2: This is let's get try to get mister Wonderful on.

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Speaker 1: I think we had him on recently, meaning in the

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Speaker 1: last year or so, if I'm not mistaken, but this

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Speaker 1: was on CNN.

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Speaker 2: I thought this was really well said.

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Speaker 1: He said we should put a four hundred percent tariff

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Speaker 1: on China because they're cheaters on the global marketplace.

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Speaker 2: Listen to cut four one.

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Speaker 6: Hundred and four percent tariffs in China are not enough.

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Speaker 6: I'm advocating four hundred percent. I do business in China.

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Speaker 6: They don't play by the rules. They've been in the

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Speaker 6: WHO for decades. They have never abided by any of

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Speaker 6: the rules they agreed to when they came in for decades.

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Speaker 6: They cheat, they steal, They steal ip I can't litigate

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Speaker 6: in their courts. Never has an administration four territory. I

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Speaker 6: want Chia on an airplane to Washington to level the

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Speaker 6: playing field. It says, not about tariffs anymore. It's time

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Speaker 6: to squeeze Chinese heads into the wall.

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Speaker 1: Now, man, that is aggressive, buck, But I do think

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Speaker 1: he's saying what a lot of American businessmen believe but

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Speaker 1: aren't willing to say because they work with China. I

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Speaker 1: was actually a little bit surprised because I can't imagine

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Speaker 1: that the business he does with China is going to

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Speaker 1: be helped by those comments.

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Speaker 2: But this is what you have to do.

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Speaker 1: Sometimes you have to speak out against your own interests

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Speaker 1: because you recognize the larger interest is important.

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Speaker 3: Well, I wonder how much business he's really doing in

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Speaker 3: China currently. That's point one on that. In point two,

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Speaker 3: mister wonderful Kevin O'Leary likes to get sound bites that

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Speaker 3: make their way across the Internet ecosystem and other shows

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Speaker 3: like this one.

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Speaker 2: I mean a four hundred percent tariff.

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Speaker 3: You know, at some point if we push too hard

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Speaker 3: on China, I know you could say it's a negotiation

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Speaker 3: tactic book. We don't want to see them completely insane, right,

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Speaker 3: because they're What we want is for them to improve

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Speaker 3: their behavior. We don't actually just want to extend a

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Speaker 3: single finger in their direction and say that's the way

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Speaker 3: it's going to be going forward, right, we would like

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Speaker 3: to see China. In fact, China's entrance into the WTO

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Speaker 3: was premised on them changing their behavior.

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Speaker 2: Right.

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Speaker 3: This is the which it's not hold. This is well said. Continue,

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Speaker 3: it's not that we want to be in a trade war.

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Speaker 3: You know this is what China has decided to do.

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Speaker 3: China has and you'll get the Belton Road initiative. It's

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Speaker 3: it's like a mix of communism, authoritarianism, mercantilism. China has

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Speaker 3: been rapacious when it comes to trade globally and has

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Speaker 3: not become any more liberal as it has become a

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Speaker 3: whole lot more wealthy. China is a was a desperately

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Speaker 3: poor country, uh really up until the nineteen eighties, and

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Speaker 3: people forget them, the biggest famine in the history of

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Speaker 3: the world occurred in China right around nineteen sixty in

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Speaker 3: world history. Okay, tens of millions of people starve to

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Speaker 3: death in that country. I think people now we all

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Speaker 3: think of China as a billion people and a huge

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Speaker 3: economy and robotics and Ai clay. China has done this

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Speaker 3: in the last forty years.

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Speaker 1: What I think is important about what you said is

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Speaker 1: because I've heard this argument for sports for a long time. Well,

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Speaker 1: if we go take our basketball to China, if we

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Speaker 1: take the Olympics to China, they're going to start to

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Speaker 1: play by our rules. We will see them democratize, we

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Speaker 1: will see them join more the Western world. Actually, that

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Speaker 1: hasn't happened at all. In fact, they've tried to impact

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Speaker 1: the Western world with Chinese values, and I think you

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Speaker 1: can see this in a big way. We talked about

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Speaker 1: this before, but I think it's very important. You know how,

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Speaker 1: there's no bad Asian guys in movies anymore. Every bad

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Speaker 1: thing about this, like every James Bond movie, every mission impossible.

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Speaker 1: The bad guys are always people with kind of a

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Speaker 1: Russian Ish accent. And if you go back and you

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Speaker 1: study it, do you remember when they remade the.

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Speaker 2: Great movie Redbad Dawn. Yeah, of course.

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Speaker 1: They remade the entire movie because initially China invaded Us,

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Speaker 1: and then in order to get the movie released in

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Speaker 1: the time, they had to go back in. This is crazy,

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Speaker 1: but they did this. They digitally altered the entire Chinese

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Speaker 1: army to make it North Korea that invaded the United

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Speaker 1: States because Warner Brothers, I believe, who was distributing the

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Speaker 1: film or Paramount, was too afraid of angering China by

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Speaker 1: having China be the bad guys in a movie. And

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Speaker 1: one of the threats they just made Buck is We're

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Speaker 1: not gonna let American movies come into China anymore.

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Speaker 3: It's play the theft of intellectual property that's been going

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Speaker 3: on for decades. It's worse than what the KGB was

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Speaker 3: able to do during the height of the Cold War,

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Speaker 3: because at least there we have cyber attacks going on

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Speaker 3: all the time based in China stealing our most sensitive technology.

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Speaker 3: We have, our universities are penetrated by Chinese agents all

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Speaker 3: over the place. Everybody knows this, the FBI knows this.

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Speaker 3: But there's all this sensitivity around actually treating a particular

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Speaker 3: nationality as a wellspring of adversaries, which unfortunately is the

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Speaker 3: case with China currently. And some people have just decided

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Speaker 3: in our government that enough is enough, that this is

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Speaker 3: not the way it is supposed to or it should

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Speaker 3: continue on. So this is where the friction is.

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Speaker 2: Right.

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Speaker 3: This is not going to be easy or perfect. It's

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Speaker 3: only been a few days. I think people need to

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Speaker 3: strap in. This is not going to get easier anytime soon.

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Speaker 3: I don't see Trump backing off the China.

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Speaker 2: Part of it.

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Speaker 3: I do hope that as the deals with Japan and

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Speaker 3: South Korea and the EU get ironed out and there's

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Speaker 3: a normalization there, everyone realizes, Okay, now we really have

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Speaker 3: to focus on the big challenge and and there'll be

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Speaker 3: a clarity about what that really is. But once again, Trump,

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Speaker 3: even if he's a little sometimes rough on the execution

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Speaker 3: in the early stages of something, on the big issues,

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Speaker 3: on the big think, he tends to nail it all.

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Speaker 7: Right.

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Speaker 3: Look, for every gun owner in this audience today, I

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Speaker 3: got to tell you you should make yourself a member

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Speaker 3: of the United States Concealed Carry Association. This is all

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Speaker 3: about protecting your rights to defend yourself legally. If you

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Speaker 3: end up in court, often it's not just about what

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Speaker 3: you date, it's how it's interpreted. That's why Clay and

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Speaker 3: I are both members of USCCA, and we're happy to

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Speaker 3: welcome them as our newest sponsor on this program. Go

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Speaker 3: can do that before you become a member. It provides

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Speaker 3: after a self defense incident, mental prep, legal insights, step

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Speaker 3: by step training. This guide lays the foundation in fact

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Speaker 3: I remember when I did my concealed carry class guys

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Speaker 3: down here in Florida. The guy told me that of

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Speaker 3: two of his students who had had to use their

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00:16:11,880 --> 00:16:15,960
Speaker 3: weapons to defend themselves in recent years, both initially face charges.

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Speaker 3: Both initially face charges mean that's this is what can happen,

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00:16:20,240 --> 00:16:23,560
Speaker 3: and then the charges eventually were dismissed. But you've got

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Speaker 3: to go with the security and safety of knowing your

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Speaker 3: rights and having someone who will have your back if

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Speaker 3: you lawfully defend yourself when it comes to your legal expenses.

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Speaker 3: Go to go online to USCCA dot com slash buck

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Speaker 3: slash buck. You can also find this information on clanbuck

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Speaker 8: Clay Travis and Buck Sexton. Mic drops that never sounded

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Speaker 8: so good Find them on the free iHeartRadio app or

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00:16:58,240 --> 00:16:59,920
Speaker 8: wherever you get your podcasts.

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Speaker 2: All right, welcome back into Clay and Buck. We've got

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Speaker 2: some big breaking news.

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Speaker 3: Julie Kelly about to join us here in a moment,

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Speaker 3: But first our market maestro here on Clay and Buck.

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Speaker 3: Clay Travis watching the stock ticker closely. What just happened clay.

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Speaker 1: Uh Trump has announced a ninety day pause on all

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Speaker 1: countries for the tariffs other than China. He has increased

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Speaker 1: the tariff on China to one hundred and twenty five percent.

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Speaker 1: This is kind of the advice that you and I

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Speaker 1: were giving if he wanted to focus on China, which

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Speaker 1: is the real culprit here. How is the stock market?

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Speaker 1: Some responding, Buck, I hope you guys bought the dip.

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Speaker 1: The Dow now is up twenty four hundred points, Buck,

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Speaker 1: that is six and a half percent that it is surging.

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Speaker 1: The Nasdaq up nearly nine percent. This has all happened

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Speaker 1: in the last couple of minutes. The S and P

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Speaker 1: five hundred is up seven percent, nearly four hundred points,

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Speaker 1: so much of the selloff associated with the tariff battle

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Speaker 1: has now vanished just about overnight. We tried to tell you,

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Speaker 1: we said, buy the dips sometimes, don't even look at

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Speaker 1: stock prices.

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Speaker 2: Don't panic.

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Speaker 1: Unfortunately, I know a lot of people sold at the

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Speaker 1: bottom and now they're going to be buying back in

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Speaker 1: as the stock market is surging. But I hope you

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Speaker 1: held on. But that is the absolute latest right now.

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Speaker 1: Lots of fluctuation, but again, just to kind of put

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Speaker 1: it in context, the S and P. Five hundred is

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Speaker 1: now basically trading the same place that it was in August,

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Speaker 1: and you know it could easily be basically where it

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Speaker 1: was in September. So anyway, stocks go up and down.

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Speaker 1: Trump negotiating. Now what we said I think is accurate,

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Speaker 1: which is this is now just China versus the United States,

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Speaker 1: and to a large extent, the other countries are now

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Speaker 1: aligned in favor of free trade. And now we'll see

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Speaker 1: what happens with China. All right, Buck, we have got

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Speaker 1: Julie Kelly cued up to talk about many things, but

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Speaker 1: it wanted to give that updates everybody out there. Yes,

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Speaker 1: Julie Kelly.

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Speaker 3: You all know her from her declassified sub stack, which

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Speaker 3: you should go subscribe to, and her great book and

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Speaker 3: her great work. Julie, thanks for being with us.

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Speaker 9: Thank you, and Buck, congratulations to you and Carrie.

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Speaker 7: You're going to have an exciting evening and probably day tomorrow.

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Speaker 2: Thank you.

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Speaker 3: I don't know, I don't know if you heard our

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Speaker 3: friend Jesse's Jesse Kelly said, it's gonna be a tough

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Speaker 3: twenty four hours for me physically. I need to hydrate,

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Speaker 3: I need to make sure I get a lot of

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Speaker 3: get rested. And everyone's freaking out about this, but it's

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Speaker 3: pretty funny. I'm here for Carrie for anything that she needs,

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Speaker 3: and we could not be more excited about it. So

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Speaker 3: thank you very much, Julie. And all right, all right

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Speaker 3: now I got to get you on what is going

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Speaker 3: on here. A few things that come to mind and

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Speaker 3: involve Julie Kelly and her work. Judge Boseburg, this guy

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Speaker 3: after the Supreme Court comes in and says, hold on

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Speaker 3: a second, you can't just venue shop. He had a

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Speaker 3: hearing scheduled. And where is this guy now? It feels

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Speaker 3: like he's become the Adam Schiff of resistance judges, which

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Speaker 3: is not a compliment, you know, claim Buck.

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Speaker 7: It's amazing to see the same judges who for four

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Speaker 7: years insisted a mostly nonviolent protest to a government building

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Speaker 7: on a Wednesday afternoon represent it an attempt to overthrow

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Speaker 7: democracy and overturn the results of the twenty twenty election.

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Speaker 7: Keep in mind to Jeb Bosberg routinely in JA six

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Speaker 7: cases call January sixth an insurrection. That's what you call it,

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Speaker 7: even for people who are in his core room on

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Speaker 7: low level misdemeanors like parading in the Capitol.

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Speaker 9: But yet here he is.

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Speaker 7: Actually trying to overturn the results of the twenty twenty

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Speaker 7: four elections, sabotage Donald Trump's agenda and by extension, the

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Speaker 7: seventy two million or so Americans who voted for him.

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Speaker 7: The Supreme Court is not stopping him. So even though

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Speaker 7: they just vacated his two temporary restraining orders banning deportation

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Speaker 7: flights of these illegal Venezuelans covered under the President's Alien

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Speaker 7: Enemy Zact proclamation from March fifteenth. Even though the Supreme

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Speaker 7: Court vacated those temporary restraining orders, said that Washington was

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Speaker 7: the improper venue that these illegals should see habeas petitions

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Speaker 7: where they are in custody, which is Texas.

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Speaker 9: That's not stopping him. You are exactly right, Buck.

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Speaker 7: So yesterday he had a hearing scheduled in his courtroom

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Speaker 7: on a preliminary injunction.

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Speaker 9: This is the next natural step after a temporary restraining order.

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Speaker 7: This is what the ACLU, who is representing these legal

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Speaker 7: Venezuelans want, and this would put a longer ban on

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Speaker 7: these flights. Even after the Supreme Court ruling. Jeb Brosberg

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Speaker 7: said in April sixteenth, deadline for the ACLU to come

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Speaker 7: back to him, explain why they're going to continue to

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Speaker 7: pursue this preliminary injunction and.

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Speaker 9: Why they believe that Washington d C.

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Speaker 7: Jeb Bosberg's courtroom is still the appropriate place to seek

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Speaker 7: that relief even though the Supreme Court said very clearly

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Speaker 7: it doesn't belong in Washington d C.

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Speaker 9: Furthermore, we could talk a little bit about this too.

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Speaker 7: He is going forward with his contempt investigation against the

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Speaker 7: Trump administration and officials who he believes to find a

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Speaker 7: separate court order a verbal order to return planes on

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Speaker 7: March fifteenth, and we are expecting that opinion from Jeb

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Speaker 7: Bosberg really any hour, any day, but sometime this week.

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Speaker 1: Are you even stunned, Julie, Because I gotta admit, I am,

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Speaker 1: and this is me, being a lawyer. I knew that

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Speaker 1: Trump Resistance two point zero would eventually emerge somewhere. I

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Speaker 1: crazy me thought it might come from the Democrat Party

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Speaker 1: or maybe the legacy media. It feels like, by and large,

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Speaker 1: the Democrat Party is so impotent that they can't even

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Speaker 1: put counter arguments out. Meanwhile, legacy media is collapsing as

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Speaker 1: we speak. I mean, the business models are shriveling up

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Speaker 1: and dying. Now, we just got all these federal district

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Speaker 1: court judges behaving frankly in an unprecedented manner getting slapped down.

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Speaker 1: We had trio of them slapped down by the Supreme Court.

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Speaker 1: But I gotta admit I didn't foresee them being as

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Speaker 1: aggressive as they have been. I knew they would be

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Speaker 1: aligned in many ways against Trump, but I didn't think

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Speaker 1: we would see it, historically without precedent, attack coming from

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Speaker 1: the federal district court level against Trump and his administration.

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Speaker 9: Did you, I mean in a place I sort of

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Speaker 9: agree with you.

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Speaker 7: I did not as bad as these judges in Washington

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Speaker 7: DC are, And of course they've been covering them for years,

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Speaker 7: both the district and Palette Court, and seeing how viciously

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Speaker 7: and wully and remorselessly they treated January sixth defendants and

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Speaker 7: the President and his associates as well, I really did

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Speaker 7: not expect this level of defiance, this level of sabotage,

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Speaker 7: that is the word that what these judges are doing

437
00:24:15,080 --> 00:24:16,760
Speaker 7: uniformally in Washington, d C.

438
00:24:17,560 --> 00:24:20,439
Speaker 9: So I guess I would agree with you. I'm a

439
00:24:20,480 --> 00:24:21,640
Speaker 9: little surprised at the.

440
00:24:21,600 --> 00:24:24,520
Speaker 7: Extent to which they are going, which of course they

441
00:24:24,520 --> 00:24:28,480
Speaker 7: did for years against Donald Trump in the same DC courthouse,

442
00:24:28,480 --> 00:24:33,840
Speaker 7: whether it was Special Council Robert Mueller's investigation and Special

443
00:24:33,840 --> 00:24:36,359
Speaker 7: Council Jacksmith, all these proceedings.

444
00:24:35,840 --> 00:24:38,199
Speaker 9: Were handled in this DC Federal Courthouse.

445
00:24:38,640 --> 00:24:41,760
Speaker 7: But to see them line up like little lemmings, especially

446
00:24:41,760 --> 00:24:47,200
Speaker 7: behind job Bossburg who's the chief judge, and deny all

447
00:24:47,280 --> 00:24:51,600
Speaker 7: of these lawsuits that side with the plaintiffs and all

448
00:24:51,640 --> 00:24:55,600
Speaker 7: of these lawsuits who really have no vested interest in

449
00:24:56,480 --> 00:24:59,720
Speaker 7: what the Trump policies are, but going to any extent

450
00:24:59,760 --> 00:25:03,160
Speaker 7: that they've possibly can these judges to side with people

451
00:25:03,200 --> 00:25:05,800
Speaker 7: who are trying to take down the president's agenda and

452
00:25:05,840 --> 00:25:08,720
Speaker 7: again emphasize the will of the American people who put

453
00:25:08,760 --> 00:25:11,720
Speaker 7: Donald Trump in the White House to do exactly the.

454
00:25:11,680 --> 00:25:13,320
Speaker 9: Disruption that he is doing.

455
00:25:14,480 --> 00:25:20,399
Speaker 7: So yeah, and of course defying the Supreme Court is

456
00:25:20,440 --> 00:25:24,199
Speaker 7: a whole other level which we see job Bossberg doing.

457
00:25:24,760 --> 00:25:27,440
Speaker 7: But these Democrat judges, as you know, just like Democrat

458
00:25:27,480 --> 00:25:30,600
Speaker 7: rank and file voters, do not consider the Supreme Court legitimate.

459
00:25:31,560 --> 00:25:35,200
Speaker 7: They are not at all excuse me, I have a

460
00:25:35,200 --> 00:25:38,280
Speaker 7: little call. They are not at all chagrin by being

461
00:25:38,320 --> 00:25:39,600
Speaker 7: smacked down by the highest Court.

462
00:25:41,760 --> 00:25:44,439
Speaker 3: We're speaking of Julie Kelly declassifizers at the sub stack

463
00:25:44,960 --> 00:25:48,640
Speaker 3: and Julie, we need to get her some some crocket

464
00:25:48,640 --> 00:25:53,320
Speaker 3: coffee or some tea with honey in it, perhaps even better. Julie,

465
00:25:53,359 --> 00:25:55,280
Speaker 3: sorry that you got you got to call. Appreciate you, you know,

466
00:25:55,320 --> 00:25:59,000
Speaker 3: pushing through and uh and telling everybody across the country.

467
00:25:59,040 --> 00:25:59,879
Speaker 2: But they need to know about you.

468
00:26:00,800 --> 00:26:03,159
Speaker 3: By the way, I've learned how to pronounce his name Bosberg.

469
00:26:03,280 --> 00:26:06,520
Speaker 3: I guess bas I was just reading it off the

470
00:26:07,240 --> 00:26:09,159
Speaker 3: or i'd been reading it. I hadn't really heard it.

471
00:26:10,119 --> 00:26:12,040
Speaker 3: I want to bring your attention to something else too.

472
00:26:12,600 --> 00:26:16,199
Speaker 3: The I'm sure you saw this. The acting IRS Commissioner

473
00:26:17,119 --> 00:26:21,920
Speaker 3: is resigning from the IRS because the Trump administration has

474
00:26:21,960 --> 00:26:26,480
Speaker 3: said you need to share data from your government, data

475
00:26:26,720 --> 00:26:32,120
Speaker 3: about essentially illegals that the IRS has information on for

476
00:26:32,280 --> 00:26:35,480
Speaker 3: enforcement purposes. I think a lot of people are seeing,

477
00:26:35,560 --> 00:26:39,040
Speaker 3: Julie that for the entity that can lock you up

478
00:26:39,080 --> 00:26:42,199
Speaker 3: because you don't give enough of your money as an

479
00:26:42,200 --> 00:26:45,359
Speaker 3: American to them, and they get to determine after the

480
00:26:45,440 --> 00:26:48,480
Speaker 3: fact what that amount is. To then say, hold on

481
00:26:48,520 --> 00:26:50,920
Speaker 3: a second, what do you mean you're going to use

482
00:26:51,359 --> 00:26:55,720
Speaker 3: our information for federal immigration law purposes. Just goes to

483
00:26:55,760 --> 00:26:59,520
Speaker 3: show that there is this whole mentality even within the government,

484
00:26:59,800 --> 00:27:02,640
Speaker 3: that legal aliens are a special protected class.

485
00:27:04,640 --> 00:27:07,520
Speaker 7: That's exactly right. It's pretty stunning to see. And this

486
00:27:07,600 --> 00:27:09,800
Speaker 7: is the acting director who I think she took over

487
00:27:09,960 --> 00:27:14,760
Speaker 7: in February, and all of these deep staters, everyone in

488
00:27:14,760 --> 00:27:17,600
Speaker 7: the administrative state who will go out of their way

489
00:27:18,160 --> 00:27:22,520
Speaker 7: to protect they believe that these government agencies belong to them.

490
00:27:23,400 --> 00:27:25,960
Speaker 7: They don't believe that these government agencies belong to the

491
00:27:26,000 --> 00:27:29,719
Speaker 7: people or certainly should be supervised by the president and

492
00:27:29,800 --> 00:27:32,800
Speaker 7: his team. So that's why you see this defiance not

493
00:27:32,840 --> 00:27:35,560
Speaker 7: just by the judges, but of course the heads of

494
00:27:35,600 --> 00:27:39,160
Speaker 7: these departments and agencies. But of course we are entitled

495
00:27:39,160 --> 00:27:43,919
Speaker 7: to this information. I love how transparency and accountability was

496
00:27:44,000 --> 00:27:47,360
Speaker 7: such a big cause during Trump's first presidency that.

497
00:27:47,200 --> 00:27:49,680
Speaker 9: Went away, you know, during the second and now all

498
00:27:49,720 --> 00:27:49,879
Speaker 9: of a.

499
00:27:49,880 --> 00:27:53,880
Speaker 7: Sudden, we can't have transparency and accountability as he's trying

500
00:27:53,880 --> 00:27:57,400
Speaker 7: to clean up and reform all of these corrupt agencies.

501
00:27:58,160 --> 00:28:02,440
Speaker 7: So I really commend the administration for their focus, especially

502
00:28:02,520 --> 00:28:04,919
Speaker 7: on legal immigration, because as you guys know, that was

503
00:28:04,920 --> 00:28:08,680
Speaker 7: one of the top issues that propelled him into office

504
00:28:09,080 --> 00:28:11,399
Speaker 7: and they are not backing down at all. But we

505
00:28:11,440 --> 00:28:15,720
Speaker 7: as America, as American citizens tax payers, are entitled to

506
00:28:15,840 --> 00:28:19,879
Speaker 7: know and we saw this too with the voting roles

507
00:28:20,000 --> 00:28:25,119
Speaker 7: and illegals who are on Social Security. This is a

508
00:28:25,280 --> 00:28:29,840
Speaker 7: huge scandal with real time implications on our country, on

509
00:28:29,880 --> 00:28:33,720
Speaker 7: our national security, on our economy, and certainly on our elections.

510
00:28:34,359 --> 00:28:38,680
Speaker 7: So good riddance to the acting IRS director. I'm sure

511
00:28:38,680 --> 00:28:41,640
Speaker 7: there's a lot of other qualified people who understand the

512
00:28:41,680 --> 00:28:46,400
Speaker 7: cause who will replace that individual, and we'll just.

513
00:28:46,400 --> 00:28:47,800
Speaker 9: Keep pushing forward.

514
00:28:47,880 --> 00:28:50,600
Speaker 7: Intel a judge steps in and stops all of it,

515
00:28:50,680 --> 00:28:52,360
Speaker 7: which I'm sure is only a matter of time.

516
00:28:53,560 --> 00:28:57,480
Speaker 1: Julie, we appreciate you, keep the fight going and we

517
00:28:57,520 --> 00:28:58,240
Speaker 1: will talk to you again.

518
00:28:58,280 --> 00:28:59,640
Speaker 2: Have a good weekend. Enjoy the Masters.

519
00:29:01,160 --> 00:29:03,000
Speaker 9: Oh I definitely will. Thanks guys.

520
00:29:03,480 --> 00:29:06,800
Speaker 1: That's Julie Kelly, American Patriots. He's been fantastic with us.

521
00:29:06,880 --> 00:29:11,720
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522
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524
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525
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526
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529
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Speaker 8: News and politics, but also a little comic relief. Clay

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551
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Speaker 3: There's a op ed in the Wall Street Journal, a

552
00:30:49,640 --> 00:30:53,920
Speaker 3: win win exit strategy for Trump on tariffs, written by

553
00:30:54,760 --> 00:30:59,680
Speaker 3: Arn't Laugher and Steven Moore. Doctor Art Laugher joins us

554
00:30:59,680 --> 00:31:03,360
Speaker 3: now renowned economist guy came up with that whole Laffer

555
00:31:03,440 --> 00:31:07,440
Speaker 3: curve thing. Brilliant man, he is with us, Thanks for

556
00:31:07,480 --> 00:31:09,360
Speaker 3: being here, or I appreciate you.

557
00:31:09,760 --> 00:31:12,320
Speaker 10: My pleasure, my pleasure. It's really fun being with you guys.

558
00:31:12,360 --> 00:31:13,520
Speaker 10: By the way, I love it.

559
00:31:14,120 --> 00:31:16,800
Speaker 3: So you're an upbeat You're you're a brilliant guy and

560
00:31:16,840 --> 00:31:19,560
Speaker 3: an upbeat guy, and we need that today given what

561
00:31:19,600 --> 00:31:22,080
Speaker 3: we're what we're seeing, what we're seeing out there. You're

562
00:31:22,120 --> 00:31:24,240
Speaker 3: not a catastrophis. You're not a doom and gloom guy.

563
00:31:25,000 --> 00:31:28,560
Speaker 3: Let's just start with this. When people are telling you,

564
00:31:28,840 --> 00:31:32,920
Speaker 3: I am concerned about what's happening right now in the markets.

565
00:31:32,960 --> 00:31:35,600
Speaker 3: What do you say to them, what's your overall feeling.

566
00:31:35,720 --> 00:31:37,400
Speaker 3: I want to get into the win win strategy from

567
00:31:37,440 --> 00:31:40,680
Speaker 3: your piece. But first off, an opportunity to tell everybody

568
00:31:41,040 --> 00:31:41,680
Speaker 3: don't panic.

569
00:31:42,360 --> 00:31:44,920
Speaker 10: Well, I'm panicking when they tell me that. I screaming

570
00:31:44,920 --> 00:31:47,280
Speaker 10: and hollering him on the floor, crying, it's the end

571
00:31:47,320 --> 00:31:49,400
Speaker 10: of the world. Let's see it. No, no, you know,

572
00:31:49,480 --> 00:31:53,480
Speaker 10: Donald Trump is an extraordinarily competent president. In my view,

573
00:31:53,640 --> 00:31:57,120
Speaker 10: he was the single best first term president. I'm just

574
00:31:57,160 --> 00:32:01,040
Speaker 10: talking about economics now, just economics, the same bestfort's term

575
00:32:01,120 --> 00:32:03,840
Speaker 10: president in US history. If you look at the Tax

576
00:32:03,880 --> 00:32:06,120
Speaker 10: Cuts and Jobs Act, it was wonderful. If you look

577
00:32:06,120 --> 00:32:11,760
Speaker 10: at Operation Warp speed, unbelievable energy and dependency, roll back

578
00:32:11,760 --> 00:32:15,200
Speaker 10: of the Chevron decision, you know, all of these things there.

579
00:32:15,240 --> 00:32:18,640
Speaker 10: I mean, it was just unbelievable what he did in

580
00:32:18,680 --> 00:32:21,760
Speaker 10: his first term. And he is in his second term now,

581
00:32:22,320 --> 00:32:25,680
Speaker 10: and you know, he is competent. He's got all the skills,

582
00:32:25,720 --> 00:32:29,440
Speaker 10: He's very knowledgeable in the subject. And I believe this

583
00:32:29,480 --> 00:32:32,960
Speaker 10: is me. I believe that he is using the threats

584
00:32:33,000 --> 00:32:36,440
Speaker 10: of tariffs and the actual imposition of tariffs to get

585
00:32:36,480 --> 00:32:39,520
Speaker 10: these other countries to come and negotiate free treat trade

586
00:32:39,560 --> 00:32:43,720
Speaker 10: deals with US. They are far more protectionists than we are.

587
00:32:44,240 --> 00:32:48,640
Speaker 10: We are as a country, US probably the lowest tariff,

588
00:32:48,680 --> 00:32:51,760
Speaker 10: the lowest protectionist country a major country in the world.

589
00:32:51,760 --> 00:32:54,200
Speaker 10: There may be something like sark or Jersey or Guernsey

590
00:32:54,320 --> 00:32:56,800
Speaker 10: or something like Monaco or something like that, but of

591
00:32:56,840 --> 00:32:59,560
Speaker 10: the big countries were by far the least protectionists. And

592
00:32:59,800 --> 00:33:01,760
Speaker 10: how how do you get these other countries that come

593
00:33:01,800 --> 00:33:04,680
Speaker 10: to the table and negotiate getting rid of their tariffs,

594
00:33:04,680 --> 00:33:06,880
Speaker 10: and you know, you've got to threaten them with access

595
00:33:06,920 --> 00:33:08,800
Speaker 10: to the US market. And so that's what he's doing.

596
00:33:09,120 --> 00:33:11,960
Speaker 10: I believe now you're going to talk to Trump, and

597
00:33:12,000 --> 00:33:13,760
Speaker 10: you got to talk to him because he knows far

598
00:33:13,880 --> 00:33:16,680
Speaker 10: better what he's doing than I do. And I'm no

599
00:33:16,880 --> 00:33:20,520
Speaker 10: source of special knowledge, but knowing him and knowing all

600
00:33:20,520 --> 00:33:23,120
Speaker 10: the trade stuff I do, I cannot believe that he

601
00:33:23,160 --> 00:33:25,720
Speaker 10: would do anything that would really hurt America in the

602
00:33:25,760 --> 00:33:27,240
Speaker 10: long run by having a trade war.

603
00:33:28,000 --> 00:33:31,080
Speaker 1: Okay, so let's dive into this, doctor Laugher, Art Laugher.

604
00:33:31,120 --> 00:33:32,960
Speaker 1: We appreciate you coming on. Every time we come on

605
00:33:33,040 --> 00:33:35,520
Speaker 1: and talk economics with you. The audience loves it because

606
00:33:35,560 --> 00:33:38,560
Speaker 1: you're way smarter about this stuff than we are big

607
00:33:38,600 --> 00:33:41,160
Speaker 1: picture here, it seems to me, and I read your

608
00:33:41,160 --> 00:33:44,520
Speaker 1: Wall Street Journal editorial. It's posted link at clayanbuck dot com.

609
00:33:44,600 --> 00:33:47,200
Speaker 1: Encourage people to go check that out. It seems to

610
00:33:47,240 --> 00:33:50,360
Speaker 1: me that Trump is talking about two different things in

611
00:33:50,400 --> 00:33:53,480
Speaker 1: many ways as it pertains to a trade war one.

612
00:33:53,800 --> 00:33:55,520
Speaker 1: And I think Buck and I are in agreement with

613
00:33:55,600 --> 00:33:58,080
Speaker 1: you to the extent that we can eliminate as many

614
00:33:58,120 --> 00:34:02,240
Speaker 1: tariffs as possible on trading countries. That's a great thing

615
00:34:02,360 --> 00:34:06,080
Speaker 1: because it allows even competition, it allows even movement of

616
00:34:06,120 --> 00:34:10,799
Speaker 1: goods with less cost. But China is cheating on the

617
00:34:10,840 --> 00:34:15,359
Speaker 1: global stage, and to a large extent, aren't there kind

618
00:34:15,400 --> 00:34:19,600
Speaker 1: of two different goals? Because if we eliminated all tariffs

619
00:34:19,640 --> 00:34:23,160
Speaker 1: with China, wouldn't that in some way reward them even

620
00:34:23,200 --> 00:34:27,160
Speaker 1: more for their cheating? Do you see this as you know,

621
00:34:27,239 --> 00:34:34,040
Speaker 1: let's say the European Union, Australia, Great Britain, China, I mean, sorry, Japan,

622
00:34:34,280 --> 00:34:38,080
Speaker 1: South Korea, those are kind of fair trade partners in general.

623
00:34:38,440 --> 00:34:41,680
Speaker 1: And then you've got China that's in an entirely different universe.

624
00:34:41,719 --> 00:34:46,040
Speaker 1: Are we really talking about two different policy perspectives? How

625
00:34:46,040 --> 00:34:49,800
Speaker 1: would you analyze that? When it comes to trade relationships.

626
00:34:49,040 --> 00:34:50,640
Speaker 10: I would say that the two of you are wrong,

627
00:34:50,680 --> 00:34:52,920
Speaker 10: and China's right in the same category with all the

628
00:34:52,960 --> 00:34:56,120
Speaker 10: others cheating. I don't know what the heck cheating means.

629
00:34:56,800 --> 00:34:59,240
Speaker 10: If they gave us all their products free of charge,

630
00:34:59,440 --> 00:35:01,759
Speaker 10: so we got high quality products at low cost, would

631
00:35:01,800 --> 00:35:04,200
Speaker 10: you hate them then and want to bomb them? I mean,

632
00:35:04,200 --> 00:35:06,839
Speaker 10: when you look at it from a customer standpoint, when

633
00:35:06,840 --> 00:35:08,880
Speaker 10: you go to a store, do you sell them? Please

634
00:35:08,920 --> 00:35:10,960
Speaker 10: sell me above retail. I want you to charge me

635
00:35:11,000 --> 00:35:13,319
Speaker 10: the most you possibly can for this product. No, No,

636
00:35:13,360 --> 00:35:14,640
Speaker 10: we'd like to give it to you, guys.

637
00:35:14,920 --> 00:35:14,960
Speaker 9: No.

638
00:35:15,600 --> 00:35:19,160
Speaker 10: I mean, China is potentially our best trading partner in

639
00:35:19,200 --> 00:35:22,960
Speaker 10: the world long term, and I really think that we

640
00:35:23,080 --> 00:35:26,080
Speaker 10: need to get trying to into the Free Trade Group.

641
00:35:26,960 --> 00:35:29,000
Speaker 10: And if you really think about it for a moment,

642
00:35:29,880 --> 00:35:32,200
Speaker 10: do you like your customers and your clients and your

643
00:35:32,239 --> 00:35:35,520
Speaker 10: client tell? Of course you do. You know, the one

644
00:35:35,560 --> 00:35:38,480
Speaker 10: way of guaranteeing hostilities will occur as not trading with

645
00:35:38,560 --> 00:35:41,800
Speaker 10: the country. When you're trying to one, you're a customer,

646
00:35:41,800 --> 00:35:44,839
Speaker 10: they're a customer, and it leads to friendships, it leads

647
00:35:44,840 --> 00:35:48,560
Speaker 10: to great prosperity, and it leads to eliminating war art.

648
00:35:48,600 --> 00:35:51,600
Speaker 3: Can you tell us why do all these so many

649
00:35:51,640 --> 00:35:56,360
Speaker 3: of these other countries have and have had long standing tariffs,

650
00:35:56,719 --> 00:36:00,680
Speaker 3: and why does China have so many and such aggressive tariffs?

651
00:36:01,040 --> 00:36:02,759
Speaker 10: Well, let me tell you why. It is because these

652
00:36:02,800 --> 00:36:06,080
Speaker 10: little countries, I say, little Germany, these types of just

653
00:36:06,320 --> 00:36:09,160
Speaker 10: teeny tiny little countries do Yeah, they talk to our

654
00:36:09,480 --> 00:36:11,439
Speaker 10: trade officials and so you know, we've got to put

655
00:36:11,440 --> 00:36:13,640
Speaker 10: this on for political reason, blah blah blah blah blah,

656
00:36:13,680 --> 00:36:16,640
Speaker 10: and the USA's go ahead, please, it's okay, do it.

657
00:36:16,880 --> 00:36:18,799
Speaker 10: You know, it doesn't really affect us very much. And

658
00:36:19,160 --> 00:36:20,920
Speaker 10: over the years this is built up to being a

659
00:36:21,000 --> 00:36:25,120
Speaker 10: really travesty. They now have way more petition, every single

660
00:36:25,120 --> 00:36:27,160
Speaker 10: one of them. It's not just one one off with

661
00:36:27,280 --> 00:36:30,480
Speaker 10: one tariff. It's cacumulated. And now they have all these

662
00:36:30,840 --> 00:36:33,640
Speaker 10: For example, I mean, can you imagine they're two hundred

663
00:36:33,640 --> 00:36:37,480
Speaker 10: and fifty percent tariffs in Canada against Wisconsin dairy products.

664
00:36:37,719 --> 00:36:40,520
Speaker 10: What I mean, how did that come about? I'm sure

665
00:36:40,520 --> 00:36:43,360
Speaker 10: it came about with some deal with some president and

666
00:36:43,440 --> 00:36:45,400
Speaker 10: some Prime minister of Canada. You know, we've got to

667
00:36:45,400 --> 00:36:47,239
Speaker 10: do this. I'll lose the election if I don't do it.

668
00:36:47,560 --> 00:36:50,320
Speaker 10: And they get this, they get this one off exemption,

669
00:36:50,880 --> 00:36:53,160
Speaker 10: and all of this is built up, and now Trump

670
00:36:53,200 --> 00:36:55,319
Speaker 10: is trying to get rid of it, and quite correctly. So,

671
00:36:56,120 --> 00:36:58,160
Speaker 10: I mean, we need to get rid of their tariffs.

672
00:36:58,239 --> 00:37:01,200
Speaker 10: Their quote is their non tariff barriers. They're hurting us

673
00:37:01,280 --> 00:37:02,560
Speaker 10: and they're hurting them.

674
00:37:02,960 --> 00:37:05,320
Speaker 2: But so why can't China figure out that its tariffs

675
00:37:05,320 --> 00:37:05,880
Speaker 2: are hurting it?

676
00:37:06,800 --> 00:37:08,840
Speaker 10: I think it will. I mean, if you remember, I

677
00:37:08,920 --> 00:37:10,920
Speaker 10: mean I was the first American to go to China

678
00:37:10,960 --> 00:37:13,920
Speaker 10: in nineteen seventy, in October of nineteen seven. I went

679
00:37:13,960 --> 00:37:16,000
Speaker 10: with George Hultzen and John Earlick when we did the

680
00:37:16,120 --> 00:37:18,560
Speaker 10: pre Kissinger trap. And but then they had one hundred

681
00:37:18,560 --> 00:37:20,680
Speaker 10: percent tariff. They had no trade with the outside world.

682
00:37:20,719 --> 00:37:23,719
Speaker 10: They were called the Hermit Kingdom. And you know, they

683
00:37:23,719 --> 00:37:27,480
Speaker 10: opened up their trade. They saw how the trade by

684
00:37:27,560 --> 00:37:30,800
Speaker 10: lowering their trade barriers, by entering into trade, it created

685
00:37:30,840 --> 00:37:34,680
Speaker 10: the greatest economic growth miracle in modern history. The Chinese

686
00:37:34,680 --> 00:37:37,439
Speaker 10: growth from nineteen seventy to let's say, five years ago

687
00:37:37,920 --> 00:37:41,200
Speaker 10: was just a phenomenal period for China. More people were

688
00:37:41,239 --> 00:37:44,360
Speaker 10: removed from poverty than in the entire history of humanity

689
00:37:44,800 --> 00:37:48,480
Speaker 10: one hundred and ninety thousand years so it's it's really

690
00:37:48,560 --> 00:37:51,600
Speaker 10: I think China will understand this, and I think China

691
00:37:51,640 --> 00:37:54,280
Speaker 10: will in due course enter into a free trade agreement

692
00:37:54,280 --> 00:37:57,160
Speaker 10: with the US as well, and it will be wonderful

693
00:37:57,200 --> 00:37:58,600
Speaker 10: when that happens. Believe.

694
00:37:58,640 --> 00:38:02,440
Speaker 1: Okay, So let's go into this China relationship in particular,

695
00:38:02,480 --> 00:38:04,799
Speaker 1: because you say you see it as as similar to

696
00:38:04,880 --> 00:38:07,080
Speaker 1: the EU and the other countries that I laid out.

697
00:38:08,120 --> 00:38:11,799
Speaker 1: What does an ideal relationship from your perspective look like

698
00:38:12,080 --> 00:38:15,440
Speaker 1: with China when it comes to trade, Because it is

699
00:38:15,480 --> 00:38:18,120
Speaker 1: going to be the case that if we had, for instance,

700
00:38:18,239 --> 00:38:21,839
Speaker 1: zero tariffs at all, China is going to be exporting

701
00:38:22,200 --> 00:38:24,600
Speaker 1: I think four hundred billion is the number that I

702
00:38:24,640 --> 00:38:28,480
Speaker 1: saw something like that. The trade imbalance is seismic. We're

703
00:38:28,480 --> 00:38:31,480
Speaker 1: going to be buying more Chinese goods than China is

704
00:38:31,520 --> 00:38:35,040
Speaker 1: going to be buying American goods. Is that trade imbalance

705
00:38:35,280 --> 00:38:38,239
Speaker 1: in any way an issue from your perspective?

706
00:38:38,400 --> 00:38:40,480
Speaker 2: And how would you rectify it? What is?

707
00:38:40,520 --> 00:38:43,000
Speaker 1: In other words, let's pretend that you are Laugher, We're

708
00:38:43,040 --> 00:38:45,400
Speaker 1: given a magic wand and you got to solve it.

709
00:38:45,480 --> 00:38:46,560
Speaker 1: What would your answer be?

710
00:38:46,880 --> 00:38:50,000
Speaker 10: Now? Would you mind tell me how much it bothers you?

711
00:38:50,040 --> 00:38:52,239
Speaker 10: For foreigners wanting to invest in the US because they

712
00:38:52,239 --> 00:38:55,120
Speaker 10: think we're the greatest country in the world. Let's imagine

713
00:38:55,120 --> 00:38:59,359
Speaker 10: we cut taxes, cut regulations, had stable prices, you know,

714
00:38:59,600 --> 00:39:03,319
Speaker 10: no rate, all the correct policies, everyone would want to

715
00:39:03,360 --> 00:39:07,319
Speaker 10: invest in the United States. How do foreigners generate a

716
00:39:07,400 --> 00:39:11,799
Speaker 10: dollar cash flow to buy us located assets? There are

717
00:39:11,840 --> 00:39:14,200
Speaker 10: only two ways they can do that. They've got to

718
00:39:14,239 --> 00:39:17,120
Speaker 10: sell more goods to US, and they've got to buy

719
00:39:17,200 --> 00:39:19,560
Speaker 10: less goods from US. That's the only way they can

720
00:39:19,600 --> 00:39:23,200
Speaker 10: generate that dollar cash flow to invest in the United

721
00:39:23,200 --> 00:39:26,359
Speaker 10: States of America. And that's the most wonderful thing. We

722
00:39:26,520 --> 00:39:30,120
Speaker 10: built our country from sixteen forty until eighteen seventy on

723
00:39:30,200 --> 00:39:33,760
Speaker 10: trade deficits. We imported all of this capital from Europe,

724
00:39:33,800 --> 00:39:37,520
Speaker 10: primarily Britain and Holland, and used it with our labor

725
00:39:37,560 --> 00:39:39,920
Speaker 10: and with our raw materials, and we became the pre

726
00:39:40,000 --> 00:39:44,480
Speaker 10: eminent economic force on planet Earth because of capital investments,

727
00:39:44,480 --> 00:39:48,320
Speaker 10: which is a US trade deficit. Trade deficits are great.

728
00:39:48,840 --> 00:39:50,879
Speaker 10: I mean, let me ask you, which would you rather

729
00:39:50,960 --> 00:39:53,520
Speaker 10: have capital lineup on our borders trying to get into

730
00:39:53,520 --> 00:39:56,160
Speaker 10: our country or trying to get out of our country.

731
00:39:56,239 --> 00:39:58,800
Speaker 10: You know, if we bring a factory back from Mexico

732
00:39:58,840 --> 00:40:01,040
Speaker 10: into the United States and bring all those machines and

733
00:40:01,080 --> 00:40:05,240
Speaker 10: all that production equipment by coming across the Mexican US border.

734
00:40:05,600 --> 00:40:09,560
Speaker 10: That's a Mexican export and the Mexican trade surplus. It's

735
00:40:09,560 --> 00:40:12,960
Speaker 10: a US import and the US trade deficit. It's also

736
00:40:13,000 --> 00:40:16,880
Speaker 10: a US capital surplus and a Mexican capital deficit. Trade

737
00:40:16,920 --> 00:40:20,560
Speaker 10: deficits are how we bring our capital back to the US,

738
00:40:21,000 --> 00:40:23,960
Speaker 10: and I think we should have trade deficits in China

739
00:40:24,000 --> 00:40:25,560
Speaker 10: thinks that we're the best country in the world and

740
00:40:25,600 --> 00:40:27,560
Speaker 10: they want to invest all their capital in the US.

741
00:40:27,719 --> 00:40:28,640
Speaker 10: God bless them.

742
00:40:29,080 --> 00:40:31,600
Speaker 2: Okay, so I need I need some help here. Square

743
00:40:31,640 --> 00:40:32,560
Speaker 2: in the circle for a second.

744
00:40:32,680 --> 00:40:37,640
Speaker 3: So if good, if trade trade deficits are good, and

745
00:40:37,880 --> 00:40:42,120
Speaker 3: all tariffs are bad and self defeating, what what? And

746
00:40:42,400 --> 00:40:44,399
Speaker 3: so trade and balance is a good thing. We want

747
00:40:44,440 --> 00:40:48,200
Speaker 3: trade and balance. Do you like what Trump is doing

748
00:40:48,239 --> 00:40:49,480
Speaker 3: or are you trying to tell him to not do

749
00:40:49,560 --> 00:40:49,960
Speaker 3: any of this?

750
00:40:50,640 --> 00:40:53,319
Speaker 10: No? No, I like I'm the biggest fan. I'm his

751
00:40:53,360 --> 00:40:56,200
Speaker 10: biggest fan. I think he's negotiating, and I think he's

752
00:40:56,280 --> 00:40:59,400
Speaker 10: negotiating to get them to reduce their tariffs against US,

753
00:40:59,400 --> 00:41:02,799
Speaker 10: which are larger than our tariffs and trade barriers are

754
00:41:02,840 --> 00:41:05,600
Speaker 10: against them, and I think he brings them to the table.

755
00:41:05,880 --> 00:41:08,640
Speaker 10: What is it, sixty seventy countries are coming to negotiate.

756
00:41:09,040 --> 00:41:11,640
Speaker 10: What are they coming to negotiate? We will cut our

757
00:41:11,680 --> 00:41:15,080
Speaker 10: tariffs dramatically. Please just allow us access to your market.

758
00:41:15,360 --> 00:41:17,760
Speaker 10: And I think that's just the wonderful thing for Trump

759
00:41:17,800 --> 00:41:19,799
Speaker 10: to do, and I think he's going to be very

760
00:41:19,800 --> 00:41:22,239
Speaker 10: successful at it. It scares the live in hell how

761
00:41:22,239 --> 00:41:24,160
Speaker 10: to be By the way, I'm a wuss, I'm not

762
00:41:24,239 --> 00:41:26,959
Speaker 10: a negotier. I'm not a guy like Trump. Trump knows

763
00:41:26,960 --> 00:41:29,879
Speaker 10: how to negotiate and he loves doing it, and he's

764
00:41:30,040 --> 00:41:33,240
Speaker 10: really successful at it. But my belief is that Trump

765
00:41:33,280 --> 00:41:36,160
Speaker 10: deep down is a free trader all the way, and

766
00:41:36,520 --> 00:41:38,480
Speaker 10: I think he just really wants to get them to

767
00:41:38,480 --> 00:41:41,640
Speaker 10: come here and lower tariffs on their products by a lot.

768
00:41:42,400 --> 00:41:44,359
Speaker 10: And he did this in the first term. By the way,

769
00:41:44,360 --> 00:41:48,080
Speaker 10: that the Japanese Trade Deal was great for lowering tariffs,

770
00:41:48,080 --> 00:41:52,319
Speaker 10: the USMCA was wonderful for lowering tariffs and barriers, The

771
00:41:52,360 --> 00:41:54,920
Speaker 10: South Korean deal he did, the one he did with Brazil,

772
00:41:54,960 --> 00:41:58,000
Speaker 10: the one he did with Columbia all resulted in better

773
00:41:58,040 --> 00:42:01,040
Speaker 10: trade relationships with these countries, and that's what I think

774
00:42:01,040 --> 00:42:03,840
Speaker 10: he's trying to do. Now he can tell you otherwise,

775
00:42:03,880 --> 00:42:07,440
Speaker 10: and he may well be not doing this, but I

776
00:42:07,520 --> 00:42:09,560
Speaker 10: really have full trust in him that he's doing the

777
00:42:09,600 --> 00:42:12,040
Speaker 10: right thing, and it's very comfortable.

778
00:42:12,680 --> 00:42:15,320
Speaker 2: Let me ask you this. A lot of people listening

779
00:42:15,320 --> 00:42:16,600
Speaker 2: in the Midwest. Jd.

780
00:42:16,760 --> 00:42:21,799
Speaker 1: Vance obviously wrote his book He'll Billy Elogy, which I restseller.

781
00:42:22,200 --> 00:42:24,200
Speaker 1: I'm sure you read it, Buck, and I have read it.

782
00:42:24,719 --> 00:42:27,920
Speaker 1: What is the answer for people who feel like the

783
00:42:28,040 --> 00:42:31,719
Speaker 1: jobs have been hollowed out in the industrial Midwest? For

784
00:42:31,800 --> 00:42:35,879
Speaker 1: people listening to us in Michigan, Pennsylvania, Ohio that got

785
00:42:36,040 --> 00:42:38,439
Speaker 1: used to having those jobs that were going to pay

786
00:42:38,480 --> 00:42:42,320
Speaker 1: so well to produce American goods, is that an issue?

787
00:42:42,800 --> 00:42:44,960
Speaker 10: I want you to tell the audience where the two

788
00:42:45,000 --> 00:42:46,120
Speaker 10: of you are located.

789
00:42:46,320 --> 00:42:47,719
Speaker 2: I'm in National, Tennessee.

790
00:42:48,160 --> 00:42:50,960
Speaker 10: Okay, I'm in Nashville too. Now why am I in Nashville.

791
00:42:51,640 --> 00:42:53,960
Speaker 10: We are the lowest tax state in the nation, and

792
00:42:54,040 --> 00:42:56,760
Speaker 10: earning income is a lot more fun with lower taxes,

793
00:42:56,920 --> 00:42:59,600
Speaker 10: lower regulations. We have no death tax, we have no

794
00:42:59,640 --> 00:43:02,480
Speaker 10: gift we have no unearned cap tax, we have no

795
00:43:02,560 --> 00:43:04,879
Speaker 10: income tax. We have one of the lowest property taxes

796
00:43:04,920 --> 00:43:06,799
Speaker 10: in the nation. We have the best spending, we have

797
00:43:06,800 --> 00:43:10,680
Speaker 10: the best public services. We don't have a manuaffacturing problem

798
00:43:10,680 --> 00:43:13,759
Speaker 10: in Tennessee. All these auto companies are coming in here

799
00:43:13,760 --> 00:43:18,080
Speaker 10: in floods. The problem with manufacturing is Detroit, it's Michigan,

800
00:43:18,280 --> 00:43:23,880
Speaker 10: it's Ohio, it's Pennsylvania, it's Wisconsin, it's Illinois. These places

801
00:43:23,920 --> 00:43:28,480
Speaker 10: are pits. They are anti production, anti prosperity places, and

802
00:43:28,520 --> 00:43:32,520
Speaker 10: they're driving all the business out. It's not China. It's

803
00:43:32,600 --> 00:43:36,279
Speaker 10: the governments of these states that have made it absolutely intolerable.

804
00:43:36,480 --> 00:43:40,080
Speaker 10: Can you imagine opening up a factory in Detroit, Michigan today,

805
00:43:40,320 --> 00:43:43,920
Speaker 10: where property taxes are in some places up to fifty percent,

806
00:43:44,120 --> 00:43:47,480
Speaker 10: fifteen percent on that where the state income tax, they're

807
00:43:47,520 --> 00:43:52,440
Speaker 10: death tax, the reunion. It's a horrible place. Our problem

808
00:43:52,640 --> 00:43:55,640
Speaker 10: is with the states that have the manufacturing, and they

809
00:43:55,640 --> 00:43:59,800
Speaker 10: are repelling that manufacturing all moss. And that's the problem.

810
00:44:00,000 --> 00:44:03,000
Speaker 10: It's not the competition from abroad. And if you don't

811
00:44:03,040 --> 00:44:05,560
Speaker 10: hurt me, just look at Tennessee and how we're doing

812
00:44:05,600 --> 00:44:08,479
Speaker 10: in Texas and Florida. All of us are doing well

813
00:44:08,520 --> 00:44:10,840
Speaker 10: except for those horribly run states.

814
00:44:11,920 --> 00:44:14,920
Speaker 2: All right, Doctor Ard Laffer appreciate your perspective today, sir,

815
00:44:15,000 --> 00:44:15,799
Speaker 2: Thank you very much.

816
00:44:16,120 --> 00:44:18,120
Speaker 10: Hey, it's my pleasure in any time. By the way,

817
00:44:18,239 --> 00:44:20,080
Speaker 10: it's fun being with you guys, and I love watching

818
00:44:20,080 --> 00:44:22,719
Speaker 10: you all the time. You guys are spectacular and I'm

819
00:44:22,719 --> 00:44:24,000
Speaker 10: really proud you're in Tennessee.

820
00:44:24,800 --> 00:44:27,280
Speaker 2: Thank you. I need we need to get dinner sometime.

821
00:44:27,520 --> 00:44:29,399
Speaker 10: I would anytime you want. Just give me a call

822
00:44:29,440 --> 00:44:31,279
Speaker 10: and it's done, and not even pay for it if

823
00:44:31,320 --> 00:44:31,800
Speaker 10: it's locks.

824
00:44:32,000 --> 00:44:36,279
Speaker 3: Miss Donald's all right, I appreciate it, Doctor Lav, thank

825
00:44:36,320 --> 00:44:36,879
Speaker 3: you so much.

826
00:44:38,200 --> 00:44:38,480
Speaker 10: All right.

827
00:44:38,520 --> 00:44:40,759
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Speaker 10: You don't know what.

844
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846
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Speaker 1: I hope you bought the dip, because if you did,

847
00:45:35,360 --> 00:45:39,520
Speaker 1: the stock market is soaring S and P five hundred

848
00:45:40,040 --> 00:45:43,880
Speaker 1: up eight percent right now, Buck, I've never seen anything

849
00:45:44,000 --> 00:45:48,600
Speaker 1: like it, nearly four hundred points. The Dow is up

850
00:45:48,840 --> 00:45:55,879
Speaker 1: twenty five hundred points, NASDAK up fifteen hundred points. As

851
00:45:55,920 --> 00:45:59,879
Speaker 1: I mentioned earlier, basically, stocks are priced where they were

852
00:46:00,640 --> 00:46:03,799
Speaker 1: in September. I hope a lot of you did not

853
00:46:03,960 --> 00:46:09,000
Speaker 1: buy into the frenzy, the left wing panic. I hope

854
00:46:09,080 --> 00:46:12,239
Speaker 1: that you bought the dip, and if you did, you

855
00:46:12,400 --> 00:46:15,960
Speaker 1: have been handsomely rewarded already.

856
00:46:17,040 --> 00:46:21,600
Speaker 3: I think it's worth noting that Donald Trump on truth

857
00:46:21,680 --> 00:46:27,120
Speaker 3: Social did put out yesterday Now is a good time

858
00:46:27,120 --> 00:46:32,360
Speaker 3: to buy, so you know he's trying to help.

859
00:46:32,840 --> 00:46:33,680
Speaker 2: He's trying to help.

860
00:46:33,760 --> 00:46:36,839
Speaker 3: Yes, I'm sorry, it was no, it was four hours ago,

861
00:46:37,160 --> 00:46:40,360
Speaker 3: not last night. Four hours ago, Trump in all caps,

862
00:46:40,800 --> 00:46:46,040
Speaker 3: this is a great time to buy. And yes, he

863
00:46:46,200 --> 00:46:47,320
Speaker 3: was telling you the truth.

864
00:46:48,280 --> 00:46:52,279
Speaker 1: All right, So let's give you the latest news and

865
00:46:52,320 --> 00:46:55,080
Speaker 1: then we're gonna talk about the Art Laugher interview and

866
00:46:55,160 --> 00:47:00,359
Speaker 1: the larger tariff battle. So tariffs on China are now

867
00:47:00,400 --> 00:47:03,560
Speaker 1: going to one hundred and twenty five percent. And what

868
00:47:03,600 --> 00:47:05,359
Speaker 1: I will tell you is, if you go back and

869
00:47:05,400 --> 00:47:07,040
Speaker 1: listen to the first hour, and if you go back

870
00:47:07,080 --> 00:47:11,279
Speaker 1: and listen to yesterday, we really kind of zeroed in

871
00:47:11,719 --> 00:47:17,040
Speaker 1: on the issue at play here. Zero tariffs is actually

872
00:47:17,200 --> 00:47:22,520
Speaker 1: a really good idea for Europe, for Japan, for Australia,

873
00:47:22,960 --> 00:47:26,880
Speaker 1: for South Korea, for countries that are fairly trading.

874
00:47:27,840 --> 00:47:29,040
Speaker 2: There should be.

875
00:47:29,239 --> 00:47:33,319
Speaker 1: Reduced dishonesty, for lack of a better way of putting it,

876
00:47:34,239 --> 00:47:37,160
Speaker 1: unfair trade from some of these tariffs. And I think

877
00:47:37,200 --> 00:47:40,880
Speaker 1: bucket On a good example that Canada has two hundred

878
00:47:40,880 --> 00:47:44,600
Speaker 1: and fifty percent tariffs on dairy because they don't want

879
00:47:44,800 --> 00:47:49,640
Speaker 1: American milk, which is not much different than Canadian milk,

880
00:47:49,800 --> 00:47:53,800
Speaker 1: to come across their border because we can produce milk

881
00:47:54,200 --> 00:47:57,319
Speaker 1: at a cheaper rate than Canada can So they are

882
00:47:57,360 --> 00:48:01,719
Speaker 1: protecting Canadian dairy farmers because they want that industry to continue,

883
00:48:01,880 --> 00:48:04,719
Speaker 1: as opposed to Canadians being able to go to their

884
00:48:04,760 --> 00:48:09,520
Speaker 1: supermarkets and get milk much cheaper because it's coming from

885
00:48:09,520 --> 00:48:12,880
Speaker 1: the United States. And look, there are some tariffs that

886
00:48:13,800 --> 00:48:17,920
Speaker 1: might make sense. For instance, let's say France, I think

887
00:48:17,920 --> 00:48:20,880
Speaker 1: you mentioned this buck, France has high tariffs on wine.

888
00:48:21,280 --> 00:48:25,560
Speaker 1: They consider the French wine to be superior to other wines,

889
00:48:25,719 --> 00:48:29,480
Speaker 1: and they want French people to be drinking their wine. Anyway,

890
00:48:29,520 --> 00:48:34,000
Speaker 1: we can get into the economics basis for tariffs another time,

891
00:48:34,160 --> 00:48:38,320
Speaker 1: but basically, there are many countries with which free trade

892
00:48:38,360 --> 00:48:43,760
Speaker 1: makes sense, and what Trump is diagnosing is that China

893
00:48:44,040 --> 00:48:46,680
Speaker 1: right now is not one of those. And let's listen

894
00:48:46,719 --> 00:48:52,799
Speaker 1: to what Treasury Secretary Scott Bessant just announced, and we

895
00:48:52,880 --> 00:48:57,200
Speaker 1: have that audio right now. Let's go ahead. Here is

896
00:48:57,280 --> 00:49:02,600
Speaker 1: cut twenty five about every country out there ninety day

897
00:49:02,719 --> 00:49:07,040
Speaker 1: pause because they have not retaliated, but China's going to

898
00:49:07,080 --> 00:49:09,520
Speaker 1: be treated differently again Cut twenty five.

899
00:49:09,760 --> 00:49:14,319
Speaker 11: We saw the successful negotiating strategy that President Trump implemented

900
00:49:14,840 --> 00:49:17,520
Speaker 11: a week ago. Today, it has brought more than seventy

901
00:49:17,560 --> 00:49:21,879
Speaker 11: five countries forward to negotiate. It took great courage, great

902
00:49:21,920 --> 00:49:25,120
Speaker 11: courage for him to stay the course until this moment.

903
00:49:25,480 --> 00:49:28,040
Speaker 11: And what we have ended up with here, as I

904
00:49:28,120 --> 00:49:32,920
Speaker 11: told everyone a week ago there in this very spot,

905
00:49:33,160 --> 00:49:37,800
Speaker 11: do not retaliate and you will be rewarded. So every

906
00:49:37,840 --> 00:49:40,520
Speaker 11: country in the world who wants to come and negotiate,

907
00:49:41,280 --> 00:49:44,400
Speaker 11: we are willing to hear you. We're going to go

908
00:49:44,480 --> 00:49:48,840
Speaker 11: down to a ten percent baseline tariff live for them,

909
00:49:49,280 --> 00:49:52,600
Speaker 11: and China will be raised to one five due to

910
00:49:52,640 --> 00:49:54,760
Speaker 11: their insistence on escalation.

911
00:49:56,360 --> 00:50:00,360
Speaker 1: Okay, So that is that explanation. Then he was asked,

912
00:50:00,640 --> 00:50:02,319
Speaker 1: is this a tariff war?

913
00:50:02,440 --> 00:50:04,680
Speaker 2: Now? Is this a trade war?

914
00:50:05,800 --> 00:50:09,000
Speaker 1: And so that was the next question that was asked,

915
00:50:09,040 --> 00:50:12,120
Speaker 1: and here was Besant's response, cut twenty six.

916
00:50:12,360 --> 00:50:14,799
Speaker 6: So I's gonna see it now, this trade war is

917
00:50:15,040 --> 00:50:15,880
Speaker 6: China versus the.

918
00:50:15,880 --> 00:50:18,920
Speaker 11: Christ Well, I'm not calling it a trade war, but

919
00:50:19,360 --> 00:50:23,640
Speaker 11: I am saying that China has escalated. And President Trump

920
00:50:23,680 --> 00:50:27,560
Speaker 11: responded very courageously to that, and we are going to

921
00:50:27,719 --> 00:50:31,680
Speaker 11: work on a solution with the are trading partners.

922
00:50:32,480 --> 00:50:32,880
Speaker 2: Okay.

923
00:50:33,200 --> 00:50:37,840
Speaker 1: Caroline Levitt, White House folksperson, then came out and said,

924
00:50:38,200 --> 00:50:41,400
Speaker 1: what we have been telling you for some time. Don't panic.

925
00:50:41,719 --> 00:50:44,080
Speaker 1: You don't seem in the media to be able to follow.

926
00:50:44,120 --> 00:50:47,280
Speaker 1: And let's be honest here, Buck, there's also any time

927
00:50:47,360 --> 00:50:50,000
Speaker 1: that there can be a panic that works against Trump.

928
00:50:50,320 --> 00:50:53,960
Speaker 1: The media stokes the fears, they drive up the terror,

929
00:50:54,480 --> 00:50:58,040
Speaker 1: and we tried to tamp that down and tell you, hey,

930
00:50:58,040 --> 00:51:00,840
Speaker 1: if you can't you're too emotional, don't look at prices.

931
00:51:01,480 --> 00:51:03,640
Speaker 1: But a lot of people out there weren't willing to

932
00:51:03,640 --> 00:51:06,080
Speaker 1: do that. A lot of people sold Caroline Levitt cut

933
00:51:06,080 --> 00:51:06,720
Speaker 1: twenty seven.

934
00:51:06,960 --> 00:51:09,680
Speaker 12: Many of you in the media clearly missed the.

935
00:51:09,719 --> 00:51:10,520
Speaker 9: Art of the deal.

936
00:51:10,600 --> 00:51:13,960
Speaker 12: You clearly failed to see what President Jump is doing here.

937
00:51:14,640 --> 00:51:16,520
Speaker 12: You tried to say that the rest of the world

938
00:51:16,560 --> 00:51:18,919
Speaker 12: would be moved closer to China, when in fact we've

939
00:51:18,920 --> 00:51:21,880
Speaker 12: seen the opposite effect. The entire world is calling the

940
00:51:21,960 --> 00:51:25,280
Speaker 12: United States of America, not China, because they need our markets,

941
00:51:25,320 --> 00:51:27,960
Speaker 12: they need our consumers, and they need this president in

942
00:51:28,000 --> 00:51:30,600
Speaker 12: the Oval Office to talk to them. If that's exactly

943
00:51:30,680 --> 00:51:33,320
Speaker 12: why more than seventy five countries have called Because the

944
00:51:33,400 --> 00:51:35,440
Speaker 12: United States of America is the best place in the

945
00:51:35,440 --> 00:51:38,160
Speaker 12: world to do business, and as the President has shown

946
00:51:38,200 --> 00:51:40,560
Speaker 12: great courage as the Secretary has said in choosing to

947
00:51:40,600 --> 00:51:42,760
Speaker 12: retaliate against China even higher.

948
00:51:44,239 --> 00:51:48,040
Speaker 1: Okay, so that is the absolute latest from the White House. Now, buck,

949
00:51:48,120 --> 00:51:51,000
Speaker 1: let's dive in with Art Laugher, who wrote a great

950
00:51:51,000 --> 00:51:55,480
Speaker 1: piece in the Wall Street Journal. What Art Laugher believes

951
00:51:55,520 --> 00:52:01,280
Speaker 1: that there should be zero, zero tariffs anywhere in the world.

952
00:52:01,719 --> 00:52:05,160
Speaker 1: He believes completely in free trade. He's a brilliant economist,

953
00:52:05,640 --> 00:52:09,280
Speaker 1: and I think sometimes there are going to be people

954
00:52:09,320 --> 00:52:12,759
Speaker 1: who come on the show and use the forum that

955
00:52:12,800 --> 00:52:15,920
Speaker 1: we have, which is very widely followed by the White House,

956
00:52:16,040 --> 00:52:19,480
Speaker 1: as is Fox News, to make arguments to the President.

957
00:52:19,560 --> 00:52:21,600
Speaker 1: I think that's why he wrote the editorial at the

958
00:52:21,640 --> 00:52:24,319
Speaker 1: Wall Street Journal. I think that's why he wanted to

959
00:52:24,320 --> 00:52:26,320
Speaker 1: come on, and I need to go out dinner with

960
00:52:26,400 --> 00:52:31,080
Speaker 1: him because he's a brilliant guy. But the idea, and again,

961
00:52:31,160 --> 00:52:32,880
Speaker 1: let me just kind of break this down from you

962
00:52:33,000 --> 00:52:35,680
Speaker 1: from my perspective, I'm curious if you will agree if

963
00:52:35,719 --> 00:52:39,120
Speaker 1: we went to zero tariffs with China. Let's pretend that

964
00:52:39,280 --> 00:52:42,200
Speaker 1: China said, hey, we're laying down our arms no tariffs,

965
00:52:42,239 --> 00:52:45,240
Speaker 1: the United States said no tariffs too. We would still

966
00:52:45,280 --> 00:52:49,520
Speaker 1: have a massive trade imbalance with China, and the massive

967
00:52:49,560 --> 00:52:52,880
Speaker 1: trade imbalance means that China produces a lot of goods

968
00:52:53,000 --> 00:52:55,480
Speaker 1: and they have a lot of jobs to produce those goods,

969
00:52:55,920 --> 00:52:58,759
Speaker 1: and the United States buy and large buys them, but

970
00:52:58,840 --> 00:53:02,000
Speaker 1: we don't have the jobs reducing the same amount of goods.

971
00:53:02,440 --> 00:53:05,080
Speaker 1: And one of the challenges Trump is trying to rectify

972
00:53:05,440 --> 00:53:08,759
Speaker 1: is what's going on in the industrial heartland where the

973
00:53:08,840 --> 00:53:10,920
Speaker 1: jobs have been lost. Now, Art Laffer said, and I

974
00:53:10,920 --> 00:53:14,080
Speaker 1: do think this is true that Illinois, for instance, has

975
00:53:14,120 --> 00:53:19,520
Speaker 1: made awful economic decisions and that has led to jobs

976
00:53:19,600 --> 00:53:22,600
Speaker 1: inside of the United States migrating to states that have

977
00:53:22,719 --> 00:53:26,480
Speaker 1: made better economic decisions. Where you live Florida, where I live, Tennessee.

978
00:53:26,920 --> 00:53:31,360
Speaker 1: That's certainly true, and there is some culpability. But for instance,

979
00:53:31,400 --> 00:53:36,000
Speaker 1: Ohio has Republican leadership top to bottom now and it

980
00:53:36,120 --> 00:53:39,400
Speaker 1: still has lost a lot of jobs. Pennsylvania voted for

981
00:53:39,480 --> 00:53:43,359
Speaker 1: Donald Trump and voted for McCormick, and they have lost jobs.

982
00:53:43,360 --> 00:53:43,480
Speaker 2: Now.

983
00:53:43,480 --> 00:53:46,520
Speaker 1: It's true they have Democrat leadership in cities and many

984
00:53:46,600 --> 00:53:50,880
Speaker 1: oftentimes in governorships. But what was your take on that?

985
00:53:51,160 --> 00:53:54,440
Speaker 1: What is your take now with rapidly evolving news cycle,

986
00:53:54,600 --> 00:53:57,600
Speaker 1: as is often the case with the Trump administration.

987
00:53:57,680 --> 00:54:00,680
Speaker 3: Well, I think this is what's interesting to me is

988
00:54:01,120 --> 00:54:04,319
Speaker 3: that the areas where there is some disagreement, I mean,

989
00:54:04,360 --> 00:54:07,280
Speaker 3: clearly Art was trying the art of the deal himself,

990
00:54:07,320 --> 00:54:11,840
Speaker 3: there by putting full faith in Trump but not agreeing

991
00:54:12,000 --> 00:54:15,960
Speaker 3: with some of the principles that Trump has espoused for

992
00:54:16,000 --> 00:54:18,839
Speaker 3: a very long time, not just in this in this

993
00:54:19,160 --> 00:54:25,120
Speaker 3: recent bout of trade negotiations, but at some level, saying

994
00:54:25,200 --> 00:54:28,960
Speaker 3: the things that Trump is saying is a necessary component

995
00:54:29,040 --> 00:54:34,000
Speaker 3: of that negotiation process because people have to be people

996
00:54:34,080 --> 00:54:36,840
Speaker 3: have to believe that you are willing to do the

997
00:54:36,880 --> 00:54:39,160
Speaker 3: things you say you will do. If I mean, let's

998
00:54:39,200 --> 00:54:42,480
Speaker 3: be honest, you're making kind of an economic threat. You know,

999
00:54:42,880 --> 00:54:45,960
Speaker 3: empty threats. The fastest way to lose all of your power,

1000
00:54:46,040 --> 00:54:47,840
Speaker 3: lose all of your influence, is to make empty threats.

1001
00:54:47,920 --> 00:54:48,080
Speaker 2: Right.

1002
00:54:48,560 --> 00:54:50,799
Speaker 3: You know, if you ever shout at somebody you know,

1003
00:54:50,960 --> 00:54:52,799
Speaker 3: oh I'm going to get you know, you're you'll never

1004
00:54:52,840 --> 00:54:54,920
Speaker 3: work in this town again, and they can laugh at you,

1005
00:54:56,200 --> 00:54:58,480
Speaker 3: then you've lost a lot a lot of ground. And

1006
00:54:58,520 --> 00:55:01,560
Speaker 3: if you say, I'm going to tell you, but really,

1007
00:55:01,640 --> 00:55:04,160
Speaker 3: I'm going to pause the tariffs next week, and really

1008
00:55:04,200 --> 00:55:07,439
Speaker 3: I have no interest in taking this to the mat.

1009
00:55:07,480 --> 00:55:09,560
Speaker 2: If I have to do, you have no leverage.

1010
00:55:10,000 --> 00:55:12,279
Speaker 3: So Trump, some of what he has been saying, I

1011
00:55:12,320 --> 00:55:17,160
Speaker 3: think has been a combination of the rebalancing that he

1012
00:55:17,200 --> 00:55:21,120
Speaker 3: wants to achieve, but also establishing the necessary leverage in

1013
00:55:21,200 --> 00:55:22,240
Speaker 3: the negotiations.

1014
00:55:22,600 --> 00:55:23,120
Speaker 2: You know, to.

1015
00:55:23,160 --> 00:55:26,879
Speaker 3: Get people leverage is about pushing, right, you push a lever,

1016
00:55:27,160 --> 00:55:30,240
Speaker 3: pushing people to do the things on the global trade,

1017
00:55:30,920 --> 00:55:33,200
Speaker 3: in these global trade negotiations that he wants them to do.

1018
00:55:33,239 --> 00:55:34,040
Speaker 2: So I think that.

1019
00:55:33,880 --> 00:55:38,160
Speaker 3: That is bearing fruit already and really the country when

1020
00:55:38,160 --> 00:55:41,399
Speaker 3: we're talking about national security concerns, Let's be honest, Clay.

1021
00:55:41,840 --> 00:55:42,680
Speaker 2: You know, if.

1022
00:55:42,520 --> 00:55:44,960
Speaker 3: France wants to have a ten percent or a twenty

1023
00:55:44,960 --> 00:55:48,080
Speaker 3: percent or whatever tariff on their chem ombert, you know,

1024
00:55:48,360 --> 00:55:51,360
Speaker 3: or on their champagne, which is different than sparkling white wine,

1025
00:55:51,400 --> 00:55:53,680
Speaker 3: as we know, even though Americans may be in the

1026
00:55:53,680 --> 00:55:56,080
Speaker 3: habit of calling their sparkling white champagne, it's named for

1027
00:55:56,120 --> 00:55:59,880
Speaker 3: the region, as we learned from Rob Low in Wayne's World.

1028
00:56:00,680 --> 00:56:01,719
Speaker 2: But if they.

1029
00:56:01,640 --> 00:56:05,120
Speaker 3: Want to tariff cheese, we can live with that. But

1030
00:56:05,200 --> 00:56:08,920
Speaker 3: if China is going to be providing all of our robotics, electronics,

1031
00:56:10,120 --> 00:56:14,480
Speaker 3: antibiotics go down the list, that's a problem for us,

1032
00:56:14,520 --> 00:56:17,040
Speaker 3: a bigger problem than I would if the EU is

1033
00:56:17,080 --> 00:56:19,080
Speaker 3: doing that, I think we would feel a lot better.

1034
00:56:19,320 --> 00:56:22,960
Speaker 2: I'm not saying that that's a.

1035
00:56:21,920 --> 00:56:27,160
Speaker 3: Desirable scenario either, but your primary adversary. We have to remember,

1036
00:56:27,239 --> 00:56:29,920
Speaker 3: China's an authoritarian regime. Okay, it's run by the Chinese

1037
00:56:29,920 --> 00:56:32,840
Speaker 3: Communist Party. Mal Stong is one of the most evil

1038
00:56:32,840 --> 00:56:35,400
Speaker 3: people who have ever run any country in the history

1039
00:56:35,400 --> 00:56:37,759
Speaker 3: of the planet. And he's the founder of modern China. Like,

1040
00:56:37,800 --> 00:56:40,040
Speaker 3: they got problems over there. This is not this is

1041
00:56:40,080 --> 00:56:42,759
Speaker 3: not the UK, this is not Australia, right, Not all

1042
00:56:42,800 --> 00:56:46,879
Speaker 3: countries are equal, and so focusing in the pressure on

1043
00:56:47,040 --> 00:56:50,120
Speaker 3: China for this makes sense because that's they're not only

1044
00:56:50,200 --> 00:56:54,359
Speaker 3: the biggest trade you know, manipulator and cheat. And by

1045
00:56:54,360 --> 00:56:55,920
Speaker 3: the way, I disagree with Art when he says like

1046
00:56:56,040 --> 00:56:57,920
Speaker 3: China's fine. I mean, this is where we get to

1047
00:56:57,920 --> 00:56:59,719
Speaker 3: the national security side of things. I don't know if

1048
00:56:59,719 --> 00:57:02,799
Speaker 3: he's aware of how much IP theft they've engaged in

1049
00:57:02,840 --> 00:57:05,520
Speaker 3: and how much cyber intrusion they have done, both on

1050
00:57:05,560 --> 00:57:07,680
Speaker 3: the national security and economic espionage side.

1051
00:57:07,680 --> 00:57:08,400
Speaker 2: It's substantial.

1052
00:57:08,560 --> 00:57:11,880
Speaker 3: Again, Arts an economics guy, I worked in the CIA.

1053
00:57:11,960 --> 00:57:13,640
Speaker 1: He said at the start, he said, like I think

1054
00:57:13,719 --> 00:57:16,240
Speaker 1: Trump's the greatest, Like he basically said, all I care

1055
00:57:16,280 --> 00:57:17,720
Speaker 1: about economics.

1056
00:57:17,200 --> 00:57:20,280
Speaker 3: Which here's economics, So he does not know anything about

1057
00:57:20,360 --> 00:57:22,920
Speaker 3: national security analysis in this respect. And China is a

1058
00:57:23,000 --> 00:57:27,200
Speaker 3: national security threat in trade as well because of the

1059
00:57:27,240 --> 00:57:31,280
Speaker 3: way that they steal intellectual When I say intellectual property,

1060
00:57:31,440 --> 00:57:33,000
Speaker 3: I mean think about someone like Elon Musk.

1061
00:57:33,240 --> 00:57:34,680
Speaker 2: SpaceX is rockets.

1062
00:57:35,000 --> 00:57:37,960
Speaker 3: It's the private company, but it's rockets. You know, you

1063
00:57:38,000 --> 00:57:40,680
Speaker 3: can do a lot with that technology, right, And China's

1064
00:57:40,680 --> 00:57:42,760
Speaker 3: stealing technology is a huge problem.

1065
00:57:43,320 --> 00:57:45,800
Speaker 1: Am I the only one who's still furious at China

1066
00:57:45,800 --> 00:57:48,880
Speaker 1: because they let COVID happen. I mean, I know it's

1067
00:57:48,880 --> 00:57:51,600
Speaker 1: five years ago, and maybe more than five years ago,

1068
00:57:51,640 --> 00:57:53,800
Speaker 1: based on some of the studies that are now coming

1069
00:57:53,840 --> 00:57:56,640
Speaker 1: out about when exactly COVID may have started to circulate

1070
00:57:56,680 --> 00:58:00,880
Speaker 1: in China. But I know much of our fight in

1071
00:58:00,920 --> 00:58:03,480
Speaker 1: the United States was over Hey, some people want to

1072
00:58:03,480 --> 00:58:06,760
Speaker 1: put on masks and their morons, and some people want

1073
00:58:06,800 --> 00:58:08,760
Speaker 1: to shut down schools and their morons.

1074
00:58:08,840 --> 00:58:11,360
Speaker 3: And the worst stuff we did to ourselves in this country.

1075
00:58:11,360 --> 00:58:14,400
Speaker 3: That's my problem. The worst stuff we the worst COVID

1076
00:58:14,400 --> 00:58:17,439
Speaker 3: stuff was the result of stupid, just stupid decisions made

1077
00:58:17,480 --> 00:58:20,800
Speaker 3: here in America, and we funded as we know we

1078
00:58:20,920 --> 00:58:23,160
Speaker 3: funded that lab as well, which not all of it,

1079
00:58:23,200 --> 00:58:24,800
Speaker 3: but some of it, which was.

1080
00:58:26,280 --> 00:58:28,720
Speaker 1: An use the full decision. But my point on it

1081
00:58:28,800 --> 00:58:33,080
Speaker 1: is China paid no penalty. China unleashed COVID on the

1082
00:58:33,080 --> 00:58:37,440
Speaker 1: world led to awful I agree with you policy decisions

1083
00:58:37,520 --> 00:58:40,680
Speaker 1: being made in the United States, but they didn't come

1084
00:58:40,760 --> 00:58:43,520
Speaker 1: clean about how it got out. They never have told

1085
00:58:43,560 --> 00:58:47,840
Speaker 1: the full story about anything, and so my inclination is

1086
00:58:47,880 --> 00:58:50,200
Speaker 1: not to give China the benefit of the doubt on anything.

1087
00:58:50,760 --> 00:58:55,040
Speaker 1: If anything, I actually am inclined to be more draconian

1088
00:58:55,400 --> 00:58:58,800
Speaker 1: in the way that we treat them going forward, because

1089
00:58:59,000 --> 00:59:01,920
Speaker 1: I think we're in a model cold war, and if

1090
00:59:02,000 --> 00:59:04,040
Speaker 1: China wins, I think the world loses.

1091
00:59:05,560 --> 00:59:07,920
Speaker 3: Yes, but you see, this is the point. It's about

1092
00:59:07,960 --> 00:59:10,920
Speaker 3: more than just correct who can make the cheapest widgets.

1093
00:59:11,400 --> 00:59:13,640
Speaker 3: It's about more than that with China.

1094
00:59:13,680 --> 00:59:16,439
Speaker 2: With the EU, you know, it's about who.

1095
00:59:16,480 --> 00:59:19,640
Speaker 3: It's about cheese and beef products and cars and things,

1096
00:59:19,640 --> 00:59:21,520
Speaker 3: and Trump can work all that out with China.

1097
00:59:21,560 --> 00:59:22,280
Speaker 2: It's something else.

1098
00:59:22,600 --> 00:59:25,840
Speaker 3: We are not worried about a first strike from the

1099
00:59:25,960 --> 00:59:30,280
Speaker 3: United Kingdom and them cutting off our critical supplies of

1100
00:59:30,720 --> 00:59:33,240
Speaker 3: electronics and the things that we would need in order

1101
00:59:33,280 --> 00:59:36,360
Speaker 3: to fight a modern war. We are worried about that

1102
00:59:36,400 --> 00:59:39,040
Speaker 3: with China. Okay, So this is why it is in

1103
00:59:39,080 --> 00:59:41,960
Speaker 3: fact different. It is not just we make stuff, they

1104
00:59:42,000 --> 00:59:44,400
Speaker 3: make stuff. We have money, they have money. There are

1105
00:59:44,600 --> 00:59:48,160
Speaker 3: additional factors that complicate the analysis. So we should get

1106
00:59:48,200 --> 00:59:50,600
Speaker 3: to some of these talkbacks, play some of these calls,

1107
00:59:50,600 --> 00:59:53,520
Speaker 3: because yeah, we touched on some of that. And look,

1108
00:59:53,800 --> 00:59:56,240
Speaker 3: I think we should invite Senator Rampaul on soon because

1109
00:59:57,360 --> 01:00:00,080
Speaker 3: he just thinks this whole thing is completely nuts and

1110
01:00:00,120 --> 01:00:02,680
Speaker 3: he's a very smart guy, and I think we should

1111
01:00:02,720 --> 01:00:04,680
Speaker 3: hear him out on this. Senator Rampaul is a very

1112
01:00:05,000 --> 01:00:07,720
Speaker 3: I think I think I might agree with him more

1113
01:00:07,760 --> 01:00:12,680
Speaker 3: than any senator a greater percent of the time on issues.

1114
01:00:12,880 --> 01:00:14,919
Speaker 3: I think that's probably true. I mean, there's a few,

1115
01:00:14,960 --> 01:00:17,520
Speaker 3: you know, Ted Cruz, there's a few, but he's certainly

1116
01:00:17,560 --> 01:00:19,840
Speaker 3: I know aman Ron Johnson just because I love him.

1117
01:00:20,080 --> 01:00:23,080
Speaker 3: He's great up there in Wisconsin holding it down, all right.

1118
01:00:23,400 --> 01:00:26,000
Speaker 3: If you're a member of the USCCA, the United States

1119
01:00:26,000 --> 01:00:30,240
Speaker 3: Concealed Kerry Association, you're getting the benefit of legal assistance

1120
01:00:30,480 --> 01:00:34,000
Speaker 3: if you are compelled to defend yourself and your family lawfully.

1121
01:00:34,280 --> 01:00:36,880
Speaker 3: That's just one of dozens of member benefits available to

1122
01:00:36,920 --> 01:00:39,800
Speaker 3: nearly nine hundred thousand Americans taking advantage of the great

1123
01:00:39,840 --> 01:00:43,200
Speaker 3: work of this organization. USCCA also just stands with the

1124
01:00:43,280 --> 01:00:47,160
Speaker 3: Second Amendment and believes in your right to defend yourself

1125
01:00:47,280 --> 01:00:50,160
Speaker 3: and your family. Clay and I are both members of

1126
01:00:50,200 --> 01:00:53,240
Speaker 3: the USCCA, and this was an easy decision for us.

1127
01:00:53,440 --> 01:00:57,280
Speaker 3: I conceal carry. Clay is a lawyer, He's got weapons

1128
01:00:57,280 --> 01:00:59,240
Speaker 3: in the house. He knows that he might have to

1129
01:00:59,360 --> 01:01:01,640
Speaker 3: or his wife might have to defend their kids. I

1130
01:01:01,720 --> 01:01:04,680
Speaker 3: have the same consideration here with Carrie. If you're going

1131
01:01:04,720 --> 01:01:07,760
Speaker 3: to be in a position to defend yourself, you want

1132
01:01:07,800 --> 01:01:10,400
Speaker 3: to have USCCA, meaning if you're willing to defend yourself

1133
01:01:10,440 --> 01:01:13,360
Speaker 3: under any circumstance, because how it plays out in court

1134
01:01:13,920 --> 01:01:16,360
Speaker 3: is not necessarily how it played out in reality unless

1135
01:01:16,400 --> 01:01:19,000
Speaker 3: you have a strong legal defense to make that case

1136
01:01:19,040 --> 01:01:22,040
Speaker 3: for you. Go check out their Concealed Carrie and Family

1137
01:01:22,040 --> 01:01:25,560
Speaker 3: Defense Guide right now at USCCA. It lays the complete

1138
01:01:25,560 --> 01:01:27,720
Speaker 3: foundation for you. If you own a gun or are

1139
01:01:27,720 --> 01:01:30,960
Speaker 3: thinking about getting your first fireum, you must have this resource.

1140
01:01:31,320 --> 01:01:34,720
Speaker 3: Go online to USCCA dot com slash buck get your

1141
01:01:34,800 --> 01:01:37,080
Speaker 3: free guide today. All right, let me say it again, slow,

1142
01:01:37,080 --> 01:01:38,720
Speaker 3: because I know it's a lot of letters. This website

1143
01:01:38,760 --> 01:01:44,680
Speaker 3: is us CCA dot com slash Buck. You can also

1144
01:01:44,720 --> 01:01:47,200
Speaker 3: find this information up on the Clayandbuck dot com site

1145
01:01:47,320 --> 01:01:48,600
Speaker 3: under the sponsors tap.

1146
01:01:49,880 --> 01:01:53,439
Speaker 8: You know them as conservative radio hosts, now just get

1147
01:01:53,440 --> 01:01:57,320
Speaker 8: to know them as guys on this Sunday hang podcast

1148
01:01:57,400 --> 01:01:58,400
Speaker 8: with Clay and Buck.

1149
01:01:58,600 --> 01:02:01,680
Speaker 1: Find it in their podcast feed on the iHeartRadio app,

1150
01:02:01,800 --> 01:02:03,760
Speaker 1: or wherever you get your podcasts.