1 00:00:00,680 --> 00:00:03,400 Speaker 1: All right, So for today, we're going to dig in 2 00:00:03,680 --> 00:00:09,560 Speaker 1: to President Trump's tariff strategy. We'll explore what's driving these policies, 3 00:00:09,720 --> 00:00:12,440 Speaker 1: how the markets are reacting, and what they mean for 4 00:00:12,520 --> 00:00:16,040 Speaker 1: American workers and consumers. We're going to talk about the 5 00:00:16,040 --> 00:00:18,079 Speaker 1: potential for price hikes. What do we need to know 6 00:00:18,200 --> 00:00:21,479 Speaker 1: about that? Also some of these mixed messages, some of 7 00:00:21,520 --> 00:00:24,600 Speaker 1: these mixed signals. Think about you know, Peter Deavarro sort 8 00:00:24,640 --> 00:00:27,520 Speaker 1: of worse Elon Musk and I want to pack what 9 00:00:27,640 --> 00:00:31,520 Speaker 1: President Trump's goals are, What does he want at the 10 00:00:31,600 --> 00:00:32,159 Speaker 1: end of all this? 11 00:00:32,360 --> 00:00:33,520 Speaker 2: What's the objective here? 12 00:00:33,760 --> 00:00:35,639 Speaker 1: So to do all this today, We're going to talk 13 00:00:35,680 --> 00:00:36,800 Speaker 1: to EJ. And Tony. 14 00:00:36,920 --> 00:00:38,720 Speaker 2: We fought him on the show a bunch. 15 00:00:38,800 --> 00:00:41,720 Speaker 1: Really smart guy. We've talked about tariffs with him before 16 00:00:41,880 --> 00:00:46,280 Speaker 1: as well. So I just want to have a nuanced, broad, 17 00:00:46,520 --> 00:00:50,000 Speaker 1: unbiased conversation. If I'm being perfectly honest, I don't know 18 00:00:50,159 --> 00:00:53,800 Speaker 1: what the right strategy is here. I understand President Trump's 19 00:00:53,800 --> 00:00:56,800 Speaker 1: long term objectives with wanting to try to bring manufacturing 20 00:00:57,240 --> 00:01:00,400 Speaker 1: back home here, you know, these reciprocal tariffs, wanting to 21 00:01:00,440 --> 00:01:03,360 Speaker 1: feel like we're being taken advantage of by other countries, 22 00:01:03,440 --> 00:01:06,160 Speaker 1: wanting more fair trade practices. All of that makes sense 23 00:01:06,200 --> 00:01:06,399 Speaker 1: to me. 24 00:01:06,720 --> 00:01:07,520 Speaker 2: Is this the way to do it? 25 00:01:07,560 --> 00:01:07,720 Speaker 1: Though? 26 00:01:08,000 --> 00:01:08,679 Speaker 2: I don't know. 27 00:01:09,200 --> 00:01:11,640 Speaker 1: So we're going to lean on policy experts like EJ 28 00:01:11,760 --> 00:01:15,000 Speaker 1: and Tony to walk us through this and to try 29 00:01:15,040 --> 00:01:18,000 Speaker 1: to dig in and to figure out what's going on, 30 00:01:18,319 --> 00:01:21,120 Speaker 1: what matters, and where is this all heading. So stay 31 00:01:21,160 --> 00:01:23,840 Speaker 1: tuned for EJ and TONI. 32 00:01:28,319 --> 00:01:29,440 Speaker 2: All right, EJ. 33 00:01:30,120 --> 00:01:32,520 Speaker 1: I was just telling you I don't know what the 34 00:01:32,560 --> 00:01:34,759 Speaker 1: hell is going on, and a lot of really smart 35 00:01:34,760 --> 00:01:39,080 Speaker 1: people I tend to look to and towards for economic 36 00:01:39,120 --> 00:01:41,280 Speaker 1: advice are all over the place and are all saying 37 00:01:41,319 --> 00:01:44,600 Speaker 1: different things. So it seems right now that we've just 38 00:01:44,680 --> 00:01:47,960 Speaker 1: got a lot of chaos and everyone's trying to figure 39 00:01:47,960 --> 00:01:51,160 Speaker 1: out what's going on and where this thing is heading. 40 00:01:51,200 --> 00:01:52,960 Speaker 1: So let's just kind of start I just want to 41 00:01:52,960 --> 00:01:56,400 Speaker 1: have sort of a broader balance, just kind of try 42 00:01:56,440 --> 00:01:58,480 Speaker 1: to figure out what's going on and where this thing 43 00:01:58,520 --> 00:02:01,760 Speaker 1: is heading to the best of our ability. I guess, 44 00:02:01,840 --> 00:02:05,160 Speaker 1: so far, what do you make of President Trump's tariff 45 00:02:05,200 --> 00:02:08,040 Speaker 1: strategy so far? Let's kind of just start from there 46 00:02:08,120 --> 00:02:08,680 Speaker 1: big picture? 47 00:02:10,240 --> 00:02:12,680 Speaker 3: Sure, well, Lisa, I mean, the reason why it feels 48 00:02:12,680 --> 00:02:15,880 Speaker 3: so chaotic is because it is right you know, what 49 00:02:15,919 --> 00:02:19,360 Speaker 3: did the president promise us. He promised us reciprocal tariff. 50 00:02:19,440 --> 00:02:22,080 Speaker 3: So let's I guess, let's get our definitions down. What 51 00:02:22,080 --> 00:02:25,239 Speaker 3: does that even mean. Essentially, it's a kind of economic 52 00:02:25,320 --> 00:02:27,880 Speaker 3: golden rule where you hold up a mirror to other 53 00:02:27,880 --> 00:02:30,200 Speaker 3: countries and you say, look, you have all of these 54 00:02:30,280 --> 00:02:33,200 Speaker 3: tariffs and also non tariff barriers in place that are 55 00:02:33,560 --> 00:02:37,480 Speaker 3: making it difficult or impossible for our exporters and for 56 00:02:37,600 --> 00:02:40,679 Speaker 3: our American workers to sell stuff in your country, and 57 00:02:40,960 --> 00:02:43,799 Speaker 3: that hurts our workers and that's not good. So much 58 00:02:43,840 --> 00:02:46,520 Speaker 3: of what we've seen for decades now around the world 59 00:02:46,800 --> 00:02:49,720 Speaker 3: that has been labeled as free trade is really just 60 00:02:49,720 --> 00:02:53,560 Speaker 3: a kind of unilateral free trade where other nations have 61 00:02:53,639 --> 00:02:56,360 Speaker 3: access to the American consumer market, which is great for 62 00:02:56,400 --> 00:02:57,080 Speaker 3: our consumers. 63 00:02:57,080 --> 00:02:57,880 Speaker 4: Don't get me wrong. 64 00:02:58,120 --> 00:03:00,239 Speaker 3: That is great because it means that we can buy 65 00:03:00,880 --> 00:03:03,520 Speaker 3: cheaper stuff and we have more money left over to 66 00:03:03,560 --> 00:03:04,440 Speaker 3: buy more things. 67 00:03:04,639 --> 00:03:05,360 Speaker 4: So that's good. 68 00:03:05,680 --> 00:03:08,880 Speaker 3: But the problem is those other nations LISA haven't given 69 00:03:08,960 --> 00:03:12,240 Speaker 3: us the same courtesy where our producers have access to 70 00:03:12,320 --> 00:03:15,960 Speaker 3: their consumer markets, and so that has locked out a 71 00:03:15,960 --> 00:03:19,440 Speaker 3: lot of American companies where they can't compete overseas, and 72 00:03:19,480 --> 00:03:21,800 Speaker 3: it's forced plenty of them out of business. It's helped 73 00:03:21,840 --> 00:03:24,960 Speaker 3: create what we call the rust belt, and it's helped 74 00:03:25,200 --> 00:03:28,320 Speaker 3: not only reduce employment here at home, but also reduce 75 00:03:28,400 --> 00:03:30,919 Speaker 3: real wage growth. All of those are very real effects, 76 00:03:30,960 --> 00:03:33,960 Speaker 3: and you can't dismiss them. At the same time, they're 77 00:03:33,960 --> 00:03:36,840 Speaker 3: not the primary cause. The main reason why we have 78 00:03:36,880 --> 00:03:40,960 Speaker 3: a rust belt today is because of over taxing and overregulation. 79 00:03:41,080 --> 00:03:44,800 Speaker 3: That's been the real killer of American manufacturing. So it's 80 00:03:44,840 --> 00:03:48,000 Speaker 3: not as if trade is the number one problem facing 81 00:03:48,000 --> 00:03:50,960 Speaker 3: the American worker. And it's not as if these unfair 82 00:03:51,000 --> 00:03:54,600 Speaker 3: trade practices are the number one reason why we have 83 00:03:55,840 --> 00:03:59,200 Speaker 3: essentially why we have the rust belt. The number one cause, 84 00:03:59,240 --> 00:04:02,360 Speaker 3: again has to do with mistakes our government has made 85 00:04:02,400 --> 00:04:05,800 Speaker 3: here at home, not necessarily mistakes that other governments have 86 00:04:05,880 --> 00:04:10,400 Speaker 3: made abroad. Now, again that's not to dismiss the issues 87 00:04:10,440 --> 00:04:15,160 Speaker 3: with unfair trade practices. Canada makes it so difficult for 88 00:04:15,240 --> 00:04:18,400 Speaker 3: our dairy farmers and our factory workers to get things 89 00:04:18,440 --> 00:04:22,719 Speaker 3: like cheese or automotive parts into Canadian markets that it's 90 00:04:22,760 --> 00:04:25,320 Speaker 3: actually easier for many of our exporters, Lisa, if you 91 00:04:25,360 --> 00:04:27,760 Speaker 3: can believe this, it's easier for them to sell their 92 00:04:27,800 --> 00:04:31,239 Speaker 3: stuff in Russia than it is in Canada today. 93 00:04:31,520 --> 00:04:32,560 Speaker 4: I mean, that's obscene. 94 00:04:32,600 --> 00:04:34,960 Speaker 3: We're told that Canada is a friend and ally you 95 00:04:35,000 --> 00:04:38,160 Speaker 3: know there are friendly neighbor to the north, except they 96 00:04:38,240 --> 00:04:42,200 Speaker 3: have severe penalties in place. And so what happened was 97 00:04:42,240 --> 00:04:44,920 Speaker 3: the President said, look, we're gonna have reciprocal tariffs, and 98 00:04:44,960 --> 00:04:47,240 Speaker 3: we're going to use that as a negotiating tool to 99 00:04:47,440 --> 00:04:50,400 Speaker 3: force other countries to get rid of their tariff and 100 00:04:50,600 --> 00:04:55,000 Speaker 3: non tariff barriers, whether that's quotas or currency manipulation, or 101 00:04:55,040 --> 00:04:57,160 Speaker 3: in the case of China, that would also include things 102 00:04:57,200 --> 00:05:01,159 Speaker 3: like utilization of slave labor or subsidiz of industry where 103 00:05:01,160 --> 00:05:04,520 Speaker 3: they can then dump artificially cheap products in foreign markets 104 00:05:04,520 --> 00:05:07,839 Speaker 3: and force those foreign companies out of business, whatever the 105 00:05:07,839 --> 00:05:11,120 Speaker 3: case may be. So we're going to say, all right, Canada, 106 00:05:11,240 --> 00:05:14,120 Speaker 3: you either drop your tariff and non tariff barriers or 107 00:05:14,160 --> 00:05:17,400 Speaker 3: we're going to put these huge tariffs to match on 108 00:05:17,680 --> 00:05:21,200 Speaker 3: your producers, on your exporters. They're trying to get stuff 109 00:05:21,200 --> 00:05:23,880 Speaker 3: here to the United States. And the whole reason why 110 00:05:23,920 --> 00:05:27,960 Speaker 3: this tariff announcement was delayed until April second was because 111 00:05:27,960 --> 00:05:31,159 Speaker 3: we were told the Commerce Department needs time to figure 112 00:05:31,200 --> 00:05:34,760 Speaker 3: out the math here, right, and they need time to calculate, 113 00:05:34,800 --> 00:05:37,279 Speaker 3: all right, what is the equivalent tariff to all of 114 00:05:37,320 --> 00:05:39,960 Speaker 3: the tariff and non tariff barriers other countries put in place. 115 00:05:40,080 --> 00:05:43,320 Speaker 3: Because that's something that's honestly least a very very difficult 116 00:05:43,360 --> 00:05:46,240 Speaker 3: to calculate for a couple of reasons. You know, when 117 00:05:46,240 --> 00:05:48,000 Speaker 3: you put a quota in place and you say you're 118 00:05:48,040 --> 00:05:52,040 Speaker 3: only allowed to import this amount of dairy into our country, well, 119 00:05:53,400 --> 00:05:55,520 Speaker 3: how much dairy would we import if that were not 120 00:05:55,600 --> 00:05:59,200 Speaker 3: in place? That's difficult to figure out. Also difficult is 121 00:05:59,200 --> 00:06:02,680 Speaker 3: all the survivors bias. In other words, if if a 122 00:06:02,680 --> 00:06:05,720 Speaker 3: country were to impose, let's say, a ten percent tariff 123 00:06:06,080 --> 00:06:09,320 Speaker 3: and therefore absolutely none of a certain product could be 124 00:06:09,440 --> 00:06:13,000 Speaker 3: sold by American manufacturers in another country. If you do 125 00:06:13,120 --> 00:06:14,920 Speaker 3: the math and you say, all right, how much are 126 00:06:14,920 --> 00:06:19,119 Speaker 3: American manufacturers paying in that tariff? Well, none, right, because 127 00:06:19,160 --> 00:06:21,240 Speaker 3: none of their product is subject to it because they 128 00:06:21,320 --> 00:06:24,440 Speaker 3: can't sell any So you have certain things that you 129 00:06:24,480 --> 00:06:27,200 Speaker 3: need to account for. Again, it's very cunsteded, and it 130 00:06:27,279 --> 00:06:29,600 Speaker 3: made sense that it would take them so long to 131 00:06:30,000 --> 00:06:31,560 Speaker 3: calculate it, I guess, you know. 132 00:06:31,760 --> 00:06:33,560 Speaker 1: And the math's been called in a question which you know, 133 00:06:33,600 --> 00:06:35,599 Speaker 1: I don't know if that's fair or not, it probably 134 00:06:35,640 --> 00:06:38,279 Speaker 1: isn't given the fact that, you know, we've got a 135 00:06:38,320 --> 00:06:40,920 Speaker 1: media that isn't honest, and a lot of the experts 136 00:06:41,000 --> 00:06:43,200 Speaker 1: over the years have proven to not be experts, and so, 137 00:06:43,360 --> 00:06:45,360 Speaker 1: you know, I think that's part of why we're sortive 138 00:06:45,440 --> 00:06:49,760 Speaker 1: in this era of confusion, because you know, very few 139 00:06:49,760 --> 00:06:54,560 Speaker 1: people have been honest over the years. And you know, admittedly, 140 00:06:54,600 --> 00:06:56,800 Speaker 1: you know, Trump's been right more than the experts have been, 141 00:06:56,880 --> 00:06:59,360 Speaker 1: so you know, you want to give deference there with that. 142 00:07:00,880 --> 00:07:03,679 Speaker 3: But that's a big that's a big part of the problem, Lisa, 143 00:07:03,720 --> 00:07:06,760 Speaker 3: has been the math that you know, the whole reason 144 00:07:06,920 --> 00:07:08,800 Speaker 3: again why we had to wait till April second, was 145 00:07:08,800 --> 00:07:11,200 Speaker 3: supposedly to get the math in order, and then they 146 00:07:11,240 --> 00:07:13,360 Speaker 3: show us the math, and it turns out they basically 147 00:07:13,400 --> 00:07:16,360 Speaker 3: made up the numbers. You know, when they first announced 148 00:07:16,360 --> 00:07:21,239 Speaker 3: this ten percent baseline tariff, the futures markets for stocks 149 00:07:21,240 --> 00:07:24,240 Speaker 3: initially rallied about one point five percent, and then they 150 00:07:24,840 --> 00:07:27,480 Speaker 3: show these charts with all these crazy tariff rates that 151 00:07:27,560 --> 00:07:31,280 Speaker 3: have no semblance of any relationship to reality, and that's 152 00:07:31,280 --> 00:07:34,160 Speaker 3: when futures tumbled and the markets have been down ever 153 00:07:34,320 --> 00:07:38,120 Speaker 3: since then. The problem is they didn't even actually look 154 00:07:38,120 --> 00:07:40,640 Speaker 3: at tariff and non tariff barriers like they told us 155 00:07:40,680 --> 00:07:44,000 Speaker 3: they were going to. We were promised reciprocal tariffs, and 156 00:07:44,040 --> 00:07:48,320 Speaker 3: that's not what they delivered the Trump administration. I'm not 157 00:07:48,360 --> 00:07:50,520 Speaker 3: saying this is the president's fault. It was someone under 158 00:07:50,600 --> 00:07:53,160 Speaker 3: him obviously who did this report. But whoever it was 159 00:07:53,160 --> 00:07:56,160 Speaker 3: who compiled this gave us a bunch of phony numbers. 160 00:07:56,200 --> 00:07:58,880 Speaker 3: They literally just looked at the trade deficit and they 161 00:07:58,880 --> 00:08:03,480 Speaker 3: didn't even include services. They only included products, And so 162 00:08:03,520 --> 00:08:06,440 Speaker 3: they gave us these these phony bologny numbers again that 163 00:08:06,480 --> 00:08:09,480 Speaker 3: have nothing to do with the country's tariff and non 164 00:08:09,520 --> 00:08:12,880 Speaker 3: tariff barriers. So this isn't even an argument of are 165 00:08:12,920 --> 00:08:15,640 Speaker 3: you for reciprocal trade or not? Are you for a 166 00:08:15,720 --> 00:08:18,080 Speaker 3: free trade or not? This is an argument of are 167 00:08:18,120 --> 00:08:19,600 Speaker 3: you for basic math or not? 168 00:08:20,760 --> 00:08:23,000 Speaker 1: You know, I guess the way my mind works is 169 00:08:23,320 --> 00:08:26,840 Speaker 1: I'm okay with like a little bit of chaos if 170 00:08:26,880 --> 00:08:29,200 Speaker 1: I know there's a strategy, if there's sort of like 171 00:08:29,240 --> 00:08:32,360 Speaker 1: a plan, if there's an outline, if it's you know, 172 00:08:32,440 --> 00:08:34,600 Speaker 1: like that's why you know, I've been sort of against 173 00:08:34,600 --> 00:08:36,679 Speaker 1: with what's going on in Ukraine and giving them all 174 00:08:36,679 --> 00:08:38,840 Speaker 1: this money because there's no, what's the long term plan? 175 00:08:38,960 --> 00:08:40,440 Speaker 2: Like can they win? What's you know? 176 00:08:40,520 --> 00:08:42,600 Speaker 4: Like I don't like just questions, yeah. 177 00:08:42,480 --> 00:08:42,920 Speaker 2: Yeah, yeah. 178 00:08:42,920 --> 00:08:44,800 Speaker 1: And so right now with this, it's sort of like 179 00:08:44,920 --> 00:08:48,520 Speaker 1: what is the objective of the White House? 180 00:08:48,600 --> 00:08:51,280 Speaker 2: Do we know that? Like? What's the end goal here? 181 00:08:51,720 --> 00:08:54,720 Speaker 3: So, Lisa, that what you just put your finger on 182 00:08:54,920 --> 00:08:59,000 Speaker 3: is exactly the reason why financial markets are seeing such 183 00:08:59,000 --> 00:09:02,319 Speaker 3: insane volatile why stocks are going up and down, why 184 00:09:02,360 --> 00:09:04,839 Speaker 3: yields are going up and down, even gold things that 185 00:09:04,880 --> 00:09:08,720 Speaker 3: would you know, typically be considered safe haven assets. Everything 186 00:09:08,840 --> 00:09:11,679 Speaker 3: is just an absolute turmoil right now because the goalposts 187 00:09:11,760 --> 00:09:14,760 Speaker 3: keep moving, and you have folks, whether it's the Commerce 188 00:09:14,840 --> 00:09:18,560 Speaker 3: Secretary or we have Peter Navarro or other people, they 189 00:09:18,600 --> 00:09:21,200 Speaker 3: come out and they say one thing, and then later 190 00:09:21,280 --> 00:09:24,160 Speaker 3: they say something else, and they contradict themselves or they 191 00:09:24,240 --> 00:09:27,560 Speaker 3: contradict each other, and so we can't get a sense 192 00:09:27,600 --> 00:09:28,920 Speaker 3: of what exactly. 193 00:09:28,520 --> 00:09:29,120 Speaker 4: Are they after. 194 00:09:29,320 --> 00:09:32,680 Speaker 3: Do they really want free and fair trade or do 195 00:09:32,720 --> 00:09:35,160 Speaker 3: they want to get rid of the trade deficit? You know, 196 00:09:35,400 --> 00:09:39,240 Speaker 3: you can't and another thing, Lisa, you can't say simultaneously 197 00:09:39,320 --> 00:09:42,000 Speaker 3: certain things like tariffs are going to bring in all 198 00:09:42,040 --> 00:09:45,640 Speaker 3: of this revenue, but we're also not going to see 199 00:09:46,320 --> 00:09:50,160 Speaker 3: any additional cost to the American consumer, and we're also 200 00:09:50,240 --> 00:09:53,200 Speaker 3: going to see this huge incentive to build stuff here. 201 00:09:53,640 --> 00:09:57,840 Speaker 3: Well why, I mean, if these costs aren't really going 202 00:09:57,920 --> 00:10:00,680 Speaker 3: to be borne by anybody, then what's the incentive to 203 00:10:00,760 --> 00:10:01,880 Speaker 3: move production here? 204 00:10:02,320 --> 00:10:02,520 Speaker 4: Right? 205 00:10:02,600 --> 00:10:07,080 Speaker 3: If American consumers have a choice of alternatives, then the 206 00:10:07,120 --> 00:10:09,720 Speaker 3: only reason they would choose the American alternative is if 207 00:10:09,760 --> 00:10:13,080 Speaker 3: the foreign alternative gets more expensive. So there's just there's 208 00:10:13,120 --> 00:10:15,640 Speaker 3: too many things that are, too many messaging points, too 209 00:10:15,640 --> 00:10:19,840 Speaker 3: many talking points that are contradicting each other from the administration, 210 00:10:19,960 --> 00:10:22,680 Speaker 3: and so people can't get a sense of what the 211 00:10:22,800 --> 00:10:24,920 Speaker 3: end goal is because if we at least had that, 212 00:10:25,400 --> 00:10:28,559 Speaker 3: we would know where Trump was going eventually. But again, 213 00:10:28,600 --> 00:10:30,880 Speaker 3: there's just so much chaos right now, and there's so 214 00:10:31,000 --> 00:10:34,440 Speaker 3: much moving of the goalposts. We're having a hard time figuring. 215 00:10:34,120 --> 00:10:34,600 Speaker 4: It all out. 216 00:10:35,320 --> 00:10:37,280 Speaker 1: Yeah, and you've got you know, people like Peter Navarro 217 00:10:37,360 --> 00:10:40,360 Speaker 1: and Elon Musk at each other's throats as well, you know, 218 00:10:40,400 --> 00:10:45,640 Speaker 1: putting out different messages. Yeah, I mean, I understand the 219 00:10:45,880 --> 00:10:49,600 Speaker 1: concept of wanting to bring manufacturing home, and I understand 220 00:10:49,600 --> 00:10:52,360 Speaker 1: that this was a pivotal part of America first, and 221 00:10:52,600 --> 00:10:55,800 Speaker 1: like we even saw it during COVID with China threatening, 222 00:10:56,559 --> 00:11:00,160 Speaker 1: you know, to withhold pharmaceuticals from the United States, like 223 00:11:00,160 --> 00:11:02,920 Speaker 1: we don't want to be leaning on enemy nations like 224 00:11:03,040 --> 00:11:05,920 Speaker 1: China or antibiotics and things like that. So I mean, 225 00:11:05,960 --> 00:11:09,400 Speaker 1: I understand the benefit in the need to have a 226 00:11:09,440 --> 00:11:12,120 Speaker 1: strong manufacturing base here in the United States. 227 00:11:13,840 --> 00:11:14,600 Speaker 2: Does this you know? 228 00:11:14,640 --> 00:11:17,719 Speaker 1: And I can see how like NAFTA pushed manufacturers over 229 00:11:17,760 --> 00:11:20,719 Speaker 1: to Mexico because labor was much cheaper for them, or 230 00:11:20,760 --> 00:11:22,440 Speaker 1: I could see how China is entry in the World 231 00:11:22,520 --> 00:11:24,920 Speaker 1: Trade Organization moved a lot of cheap goods into the 232 00:11:25,040 --> 00:11:25,840 Speaker 1: United States. 233 00:11:27,280 --> 00:11:29,320 Speaker 2: Does this get us to. 234 00:11:29,200 --> 00:11:34,360 Speaker 1: A point where manufacturing is beefed up in the United States. 235 00:11:36,200 --> 00:11:38,360 Speaker 3: That's a very very good question, and it's going to 236 00:11:38,440 --> 00:11:42,079 Speaker 3: depend on whether or not the administration and also Congress 237 00:11:42,480 --> 00:11:44,800 Speaker 3: can get a lot of other things across the finish line. 238 00:11:44,800 --> 00:11:47,560 Speaker 3: I think part of part of the reason why we're 239 00:11:47,559 --> 00:11:51,199 Speaker 3: seeing so much pain in markets right now is also 240 00:11:51,240 --> 00:11:53,920 Speaker 3: the fact that we've done things a little bit out 241 00:11:53,920 --> 00:11:56,680 Speaker 3: of order. In my opinion, Lisa, you know what would 242 00:11:56,720 --> 00:11:58,600 Speaker 3: have been I think better is if we got the 243 00:11:58,679 --> 00:12:02,599 Speaker 3: tax cut across the finish if we saw much more deregulation, 244 00:12:03,120 --> 00:12:06,120 Speaker 3: if we saw much more, much more of a push 245 00:12:06,160 --> 00:12:10,720 Speaker 3: to increase energy production and maybe most importantly, huge cuts 246 00:12:10,760 --> 00:12:13,720 Speaker 3: in spending. You know, right now, the Doge boys have 247 00:12:13,760 --> 00:12:16,920 Speaker 3: done a great job with highlighting a lot of abuse 248 00:12:17,000 --> 00:12:20,200 Speaker 3: and corruption and fraud and waste. And we've made some cuts, 249 00:12:20,200 --> 00:12:23,640 Speaker 3: but we need massive cuts. So basically what the Trump 250 00:12:23,640 --> 00:12:26,199 Speaker 3: administration has done here, and again it's not all their 251 00:12:26,240 --> 00:12:29,640 Speaker 3: fault because Congress has been seriously delayed in you know, 252 00:12:29,640 --> 00:12:32,560 Speaker 3: in getting the tax cut, you know, in getting that 253 00:12:32,640 --> 00:12:35,680 Speaker 3: bill through. But whatever the case, we have basically taken 254 00:12:35,679 --> 00:12:38,320 Speaker 3: a middle class that was already drowning and thrown them 255 00:12:38,360 --> 00:12:41,319 Speaker 3: an anchor before we actually built them a boat. And 256 00:12:41,800 --> 00:12:44,520 Speaker 3: now the result is that we're all on pins and 257 00:12:44,559 --> 00:12:47,560 Speaker 3: needles to wait and see can they get their act together, 258 00:12:47,920 --> 00:12:50,600 Speaker 3: both the administration and Congress, to get all these other 259 00:12:50,679 --> 00:12:53,439 Speaker 3: things across the finish line. Because it's not as if 260 00:12:53,480 --> 00:12:56,040 Speaker 3: tariffs are some kind of silver bullet. It's not as 261 00:12:56,040 --> 00:12:59,400 Speaker 3: if tariffs alone are going to bring back manufacturing. It's 262 00:12:59,440 --> 00:13:03,800 Speaker 3: not as if tariffs are going to rebuild Youngstown and 263 00:13:03,880 --> 00:13:07,640 Speaker 3: Gary and Detroit. We need a lot of other pieces 264 00:13:07,679 --> 00:13:11,720 Speaker 3: to fall into place for tariffs to actually be effective. Otherwise, 265 00:13:11,760 --> 00:13:14,839 Speaker 3: if all we get are the tariffs. Then it basically 266 00:13:15,000 --> 00:13:17,920 Speaker 3: is just going to be a tax increase and there's 267 00:13:17,920 --> 00:13:21,040 Speaker 3: not going to be many positive effects that come from it. Again, 268 00:13:21,080 --> 00:13:24,320 Speaker 3: how we started the conversation, Lisa was describing that what 269 00:13:24,440 --> 00:13:27,200 Speaker 3: has really created the rust belt has not just been 270 00:13:27,600 --> 00:13:28,760 Speaker 3: bad trade policies. 271 00:13:28,800 --> 00:13:30,240 Speaker 4: Has that contributed? Yes? 272 00:13:30,400 --> 00:13:33,959 Speaker 3: Is that the primary cause? No, the primary cause is 273 00:13:34,000 --> 00:13:39,960 Speaker 3: all the excess taxation, regulation and spending by our own government. 274 00:13:40,080 --> 00:13:41,480 Speaker 4: So that has to change. 275 00:13:41,960 --> 00:13:43,440 Speaker 1: I want to tell you a little bit about a 276 00:13:43,520 --> 00:13:49,160 Speaker 1: skincare company named Genusel about its origins. It's a great story, 277 00:13:49,200 --> 00:13:52,040 Speaker 1: it's heartwarming, and most importantly, it's true. 278 00:13:52,760 --> 00:13:53,480 Speaker 2: So picture this. 279 00:13:53,960 --> 00:13:57,320 Speaker 1: A lady named Philis walks into the neighborhood pharmacy in Colonia, 280 00:13:57,360 --> 00:14:00,000 Speaker 1: New Jersey, and she asked the pharmacist for an antioxidant 281 00:14:00,040 --> 00:14:02,960 Speaker 1: cream for her wrinkles. Now, the pharmacist tells her, look, Phyllis, 282 00:14:02,960 --> 00:14:04,760 Speaker 1: I don't have exactly what you're looking for right now, 283 00:14:04,760 --> 00:14:07,680 Speaker 1: but let me compound one for you. Come back tomorrow. 284 00:14:07,880 --> 00:14:09,880 Speaker 1: Phillis picks up the cream. She goes on to use 285 00:14:09,880 --> 00:14:12,960 Speaker 1: it for three days. She goes to a dermatologists appointment, 286 00:14:13,080 --> 00:14:16,160 Speaker 1: and the dermatologist, just by looking her thinks that you 287 00:14:16,200 --> 00:14:19,120 Speaker 1: know what, Phillis has probably had some work done, but Jen, 288 00:14:19,600 --> 00:14:22,280 Speaker 1: she'd just been using this cream. So Philis then goes 289 00:14:22,280 --> 00:14:26,320 Speaker 1: on to tell everyone, everyone about the pharmacy, about the 290 00:14:26,360 --> 00:14:29,720 Speaker 1: pharmacist who makes this magical cream that helped her wrinkles. 291 00:14:30,160 --> 00:14:33,080 Speaker 1: And that's it, believe it or not. That's how Genucell's 292 00:14:33,080 --> 00:14:36,480 Speaker 1: Skincare was born. And that was twenty five years ago. 293 00:14:36,680 --> 00:14:39,360 Speaker 1: Jeniucell since then has shipped millions of orders. 294 00:14:39,560 --> 00:14:41,160 Speaker 2: Yet they still have that same. 295 00:14:40,880 --> 00:14:44,880 Speaker 1: Philosophy, the same philosophy of antioxidants, the same natural base, 296 00:14:44,960 --> 00:14:48,400 Speaker 1: the same chiff in the kitchen type philosophy. And now 297 00:14:48,520 --> 00:14:52,320 Speaker 1: celebrating twenty five years later, Genucell is offering the best 298 00:14:52,360 --> 00:14:55,720 Speaker 1: pricing since phil has walked into Georgia's pharmacy. Right now, 299 00:14:55,760 --> 00:15:00,000 Speaker 1: you can save over seventy percent off Genucell's complete skincare package, 300 00:15:00,000 --> 00:15:02,640 Speaker 1: featuring things like the genus Cell under eye Bags and 301 00:15:02,640 --> 00:15:06,560 Speaker 1: Puffiness sarahm also the x V Hydrating Moisturizer which can 302 00:15:06,600 --> 00:15:09,560 Speaker 1: give you immediate effects for results in minutes. I mean, 303 00:15:09,680 --> 00:15:12,800 Speaker 1: look five, ten, even fifteen years younger guaranteed or your 304 00:15:12,840 --> 00:15:17,320 Speaker 1: money back. Go to genusl dot com slash Lisa. That's 305 00:15:17,400 --> 00:15:21,800 Speaker 1: genusl dot com slash Lisa. Every order includes free shipping, 306 00:15:22,080 --> 00:15:24,560 Speaker 1: and you can use Lisa l I s A at 307 00:15:24,640 --> 00:15:28,840 Speaker 1: checkout for an extra discount. That's GENUSLL dot com slash Lisa. 308 00:15:29,040 --> 00:15:32,600 Speaker 1: That's Genus L G E n U s E L 309 00:15:32,840 --> 00:15:38,840 Speaker 1: dot com slash Lisa. You look at some of the 310 00:15:38,880 --> 00:15:41,520 Speaker 1: promises made on the campaign trail, and he did promise 311 00:15:41,560 --> 00:15:44,880 Speaker 1: to bring manufacturing back, and so I think it's noble 312 00:15:45,120 --> 00:15:48,480 Speaker 1: that he is following through on his promises, like you 313 00:15:48,520 --> 00:15:51,400 Speaker 1: know a few politicians do these days. But he also 314 00:15:51,480 --> 00:15:54,160 Speaker 1: promised to drive down cost and so you know, I 315 00:15:54,200 --> 00:15:58,520 Speaker 1: do worry about what impact this has on inflation and 316 00:15:58,600 --> 00:16:00,840 Speaker 1: has on you know, the cost of goods if that's 317 00:16:00,880 --> 00:16:04,920 Speaker 1: passed down to consumers through these you know companies, uh, 318 00:16:05,240 --> 00:16:07,800 Speaker 1: you know, feeling the brunt of it. And then also, 319 00:16:07,840 --> 00:16:10,200 Speaker 1: you know, I agree with wanting to help the American worker, 320 00:16:10,280 --> 00:16:13,240 Speaker 1: but like if the economy crashes, you know, no one's 321 00:16:13,320 --> 00:16:16,920 Speaker 1: helped from it. So I mean, you know, what, what 322 00:16:16,920 --> 00:16:18,960 Speaker 1: what do you think the ultimate impact of this all 323 00:16:19,000 --> 00:16:22,480 Speaker 1: will be on the American tax payer? 324 00:16:23,560 --> 00:16:23,880 Speaker 4: Great? 325 00:16:24,000 --> 00:16:27,720 Speaker 3: Great question, Lisa, you know, and this goes to this 326 00:16:27,840 --> 00:16:31,000 Speaker 3: goes to I think some of the people who are 327 00:16:31,200 --> 00:16:33,520 Speaker 3: you know who are very pro Trump right and support 328 00:16:33,560 --> 00:16:36,640 Speaker 3: his agenda, and I do too. I just think that 329 00:16:36,680 --> 00:16:39,440 Speaker 3: we need some tweaks to the methodology here. But you 330 00:16:39,440 --> 00:16:41,760 Speaker 3: have a lot of folks who are cheering on the 331 00:16:41,840 --> 00:16:45,200 Speaker 3: collapse and oil prices right now without thinking, hey, why 332 00:16:45,200 --> 00:16:48,920 Speaker 3: are prices collapsing. It's not because regulation is down and 333 00:16:49,000 --> 00:16:51,840 Speaker 3: so it's cheaper for these folks to produce and bring 334 00:16:51,880 --> 00:16:54,000 Speaker 3: their product to market, so they can bring more of 335 00:16:54,000 --> 00:16:56,720 Speaker 3: it to market, and that increase in production and competition 336 00:16:56,800 --> 00:16:59,680 Speaker 3: is driving down prices and that will eventually drive down 337 00:16:59,680 --> 00:17:02,080 Speaker 3: prices at the gas pump. That's all great, but that's 338 00:17:02,080 --> 00:17:05,080 Speaker 3: not what's happening right now. Everyone is panicking that we're 339 00:17:05,080 --> 00:17:08,920 Speaker 3: going to have a severe recession, and so they're anticipating 340 00:17:09,000 --> 00:17:12,320 Speaker 3: much less oil being sold and much less oil being produced, 341 00:17:12,440 --> 00:17:15,680 Speaker 3: not more, and so you're seeing some of these big 342 00:17:15,760 --> 00:17:19,359 Speaker 3: swings in markets right now, and again it's not a 343 00:17:19,400 --> 00:17:22,439 Speaker 3: sign necessarily of good things. It's a sign of bad things. 344 00:17:23,760 --> 00:17:27,400 Speaker 3: This is where we need to be careful of assessing 345 00:17:27,760 --> 00:17:30,400 Speaker 3: not just what is happening, but figuring out why are 346 00:17:30,440 --> 00:17:34,119 Speaker 3: things happening. And it speaks to the fact that you 347 00:17:34,280 --> 00:17:37,000 Speaker 3: can't just be an ideologue here and say tariffs are 348 00:17:37,000 --> 00:17:40,359 Speaker 3: always in everywhere good or tariffs are always in everywhere bad. 349 00:17:40,600 --> 00:17:45,360 Speaker 3: It needs we need a much more intellectually rigorous analysis 350 00:17:45,400 --> 00:17:47,879 Speaker 3: in order to answer questions like the one you just asked, 351 00:17:47,920 --> 00:17:50,520 Speaker 3: What does this mean for the American taxpayer? If all 352 00:17:50,560 --> 00:17:53,040 Speaker 3: we get are these massive tariffs in a trade war 353 00:17:53,480 --> 00:17:55,879 Speaker 3: without getting all of the other things I mentioned, the 354 00:17:55,960 --> 00:17:59,560 Speaker 3: pro growth policies, the supply side policies, if those things 355 00:17:59,600 --> 00:18:02,199 Speaker 3: aren't put in place, then it means a recession. It 356 00:18:02,240 --> 00:18:04,960 Speaker 3: means blowing out the deficit even more. It's already two 357 00:18:05,080 --> 00:18:09,040 Speaker 3: trillion dollars a year. It'll get worse because tax revenues. 358 00:18:09,119 --> 00:18:11,640 Speaker 3: Tax receipts to the treasury are going to go down, 359 00:18:12,040 --> 00:18:15,240 Speaker 3: but expenses are going to go up because in a recession, 360 00:18:15,920 --> 00:18:19,199 Speaker 3: the tax based shrinks and so you get less tax revenue. 361 00:18:19,240 --> 00:18:22,240 Speaker 3: At the same time, more people become dependent on social 362 00:18:22,280 --> 00:18:26,840 Speaker 3: services as they lose their job, for example. And that's 363 00:18:26,960 --> 00:18:30,000 Speaker 3: particularly true right now, Lisa, because of the very terrible 364 00:18:30,000 --> 00:18:33,800 Speaker 3: economy frankly that was left to Trump by the Biden administration, 365 00:18:34,160 --> 00:18:37,680 Speaker 3: where you have a record amount of consumer debt. You've 366 00:18:37,720 --> 00:18:41,080 Speaker 3: already seen delinquencies, for example, start to go up on 367 00:18:41,600 --> 00:18:44,880 Speaker 3: mortgage payments. That traditionally is something that only happens as 368 00:18:44,920 --> 00:18:47,600 Speaker 3: people start to lose their jobs as unemployment goes up. 369 00:18:47,800 --> 00:18:50,280 Speaker 3: But what we've seen under Biden was even though unemployment 370 00:18:50,359 --> 00:18:53,960 Speaker 3: stayed low, people still weren't able to afford their mortgage 371 00:18:53,960 --> 00:18:56,480 Speaker 3: payments because they were spending all their money on groceries 372 00:18:56,840 --> 00:18:59,960 Speaker 3: or their transportation costs, or insurance, whatever the case may be. 373 00:19:00,400 --> 00:19:04,359 Speaker 3: So the economy was already in a fragile position. And again, 374 00:19:04,400 --> 00:19:08,520 Speaker 3: if you don't get those those supply side policies, that 375 00:19:08,600 --> 00:19:11,600 Speaker 3: those pro growth policies in place, it's going to mean 376 00:19:11,640 --> 00:19:14,399 Speaker 3: a lot of pain for the American taxpayer. And you 377 00:19:14,480 --> 00:19:17,159 Speaker 3: have to wonder, is the Federal Reserve going to come 378 00:19:17,200 --> 00:19:20,000 Speaker 3: to the rescue again in the form of buying government 379 00:19:20,119 --> 00:19:22,479 Speaker 3: debt and printing money, which is going to set us 380 00:19:22,520 --> 00:19:25,399 Speaker 3: off on the inflation rollercoaster all over again, which again 381 00:19:26,240 --> 00:19:28,840 Speaker 3: that's another sign of pain for the American tax payer. 382 00:19:29,640 --> 00:19:31,720 Speaker 1: And you know, look, I'm trying to enter this conversation 383 00:19:31,840 --> 00:19:34,840 Speaker 1: with humility because this is not my beat. I'm not 384 00:19:34,880 --> 00:19:37,960 Speaker 1: an expert in this. And also, you know, there are 385 00:19:38,080 --> 00:19:41,760 Speaker 1: questions about, like are the markets overreacting to this is 386 00:19:41,760 --> 00:19:44,080 Speaker 1: the media overreacting to this? I mean, because we've seen 387 00:19:44,200 --> 00:19:48,040 Speaker 1: we saw big dips under the Biden administration as well. 388 00:19:48,880 --> 00:19:51,199 Speaker 1: You know, we saw the clients and you know, I 389 00:19:51,200 --> 00:19:53,439 Speaker 1: think it was the s and P five hundred dropped 390 00:19:53,440 --> 00:19:56,360 Speaker 1: to thirty or three thy six hundred and sixty six. 391 00:19:56,440 --> 00:19:59,160 Speaker 1: By October twelve, twenty twenty two, we saw a decline 392 00:19:59,160 --> 00:20:01,560 Speaker 1: about twenty three poin point six percent. So we've seen 393 00:20:01,640 --> 00:20:04,919 Speaker 1: dips under the Biden administration as well. So it's like, 394 00:20:05,440 --> 00:20:08,159 Speaker 1: how is this different than that? And like why, you know, 395 00:20:08,240 --> 00:20:11,680 Speaker 1: are we over you know, are we unnecessarily. 396 00:20:11,000 --> 00:20:13,520 Speaker 2: Overreacting right now? Or the market's over you. 397 00:20:13,440 --> 00:20:16,160 Speaker 1: Know, unnecessarily overreacting right now. I guess you know, I'm 398 00:20:16,160 --> 00:20:17,400 Speaker 1: also trying to figure that out. 399 00:20:18,560 --> 00:20:21,480 Speaker 3: At least those are great, great questions and a lot 400 00:20:21,560 --> 00:20:23,160 Speaker 3: of a lot of what you have to remember. 401 00:20:24,080 --> 00:20:25,080 Speaker 4: Well, let me put it this way. 402 00:20:25,119 --> 00:20:27,199 Speaker 3: I think the most important piece of context is the 403 00:20:27,200 --> 00:20:30,160 Speaker 3: fact that when we look at things like stock markets, 404 00:20:30,480 --> 00:20:33,280 Speaker 3: we're trying to predict the future, and nobody's got a 405 00:20:33,320 --> 00:20:36,359 Speaker 3: crystal ball. So you know, you're always even if you 406 00:20:36,400 --> 00:20:39,399 Speaker 3: have clear signs out of Washington, you're always going to 407 00:20:39,440 --> 00:20:41,720 Speaker 3: have some degree of volatility. You're always going to have 408 00:20:41,760 --> 00:20:44,200 Speaker 3: markets going up and down, and sometimes you will get 409 00:20:44,200 --> 00:20:48,240 Speaker 3: big moves because nobody knows the future. And what ultimately 410 00:20:48,359 --> 00:20:52,320 Speaker 3: justifies stock prices are the future earnings of companies, and 411 00:20:52,680 --> 00:20:55,439 Speaker 3: so once those future earnings finally roll around, then we 412 00:20:55,560 --> 00:20:58,960 Speaker 3: decide whether or not those stock prices were justified. But 413 00:20:59,000 --> 00:21:01,160 Speaker 3: at that point it doesn't matter because now you're looking 414 00:21:01,200 --> 00:21:03,080 Speaker 3: at the new future earnings that are going to be 415 00:21:03,119 --> 00:21:07,360 Speaker 3: coming down the pike, So again you're dealing with the future, 416 00:21:07,600 --> 00:21:10,640 Speaker 3: so you're automatically dealing with a certain level of uncertainty. 417 00:21:10,960 --> 00:21:14,720 Speaker 3: The question of whether or not markets are overreacting has 418 00:21:14,800 --> 00:21:18,800 Speaker 3: to do with whether or not you believe that a 419 00:21:18,840 --> 00:21:21,320 Speaker 3: lot of things are already priced in. In other words, 420 00:21:21,359 --> 00:21:24,680 Speaker 3: what is the probability of recession today? Have the market 421 00:21:24,800 --> 00:21:28,280 Speaker 3: sufficiently priced that in? And if you believe that they 422 00:21:28,320 --> 00:21:32,200 Speaker 3: have not priced in sufficiently a high probability of recession, 423 00:21:32,600 --> 00:21:35,119 Speaker 3: then you sell. And if you think they're pricing in 424 00:21:35,200 --> 00:21:38,280 Speaker 3: too much of a probability, then you buy. And that 425 00:21:38,320 --> 00:21:42,920 Speaker 3: may sound like an oversimplification, but that's fundamentally what's going 426 00:21:42,960 --> 00:21:46,240 Speaker 3: on here. And the market is made up of literally 427 00:21:46,359 --> 00:21:50,120 Speaker 3: billions of participants from around the world. Who are all 428 00:21:50,160 --> 00:21:53,360 Speaker 3: trying to figure this out together, and so the prices 429 00:21:53,400 --> 00:21:56,320 Speaker 3: that we're seeing, you could say, are the collective wisdom 430 00:21:56,640 --> 00:22:02,240 Speaker 3: or lack of wisdom of all of those market participants. Unfortunately, 431 00:22:02,720 --> 00:22:05,280 Speaker 3: I think at this point there is probably still more 432 00:22:05,359 --> 00:22:08,439 Speaker 3: room to the downside. That's not financial advice, that's just 433 00:22:08,480 --> 00:22:11,320 Speaker 3: simply you know, my opinion. I think there is a 434 00:22:11,520 --> 00:22:15,440 Speaker 3: ton of volatility that still needs to be sorted out. 435 00:22:15,480 --> 00:22:18,880 Speaker 3: We are still looking for direction in terms of not 436 00:22:18,960 --> 00:22:21,359 Speaker 3: just what the administration Washington is going to do, but 437 00:22:21,520 --> 00:22:23,840 Speaker 3: how foreign governments are going to respond. 438 00:22:24,240 --> 00:22:24,840 Speaker 4: As soon as. 439 00:22:24,760 --> 00:22:29,720 Speaker 3: You're talking about reciprocity, you're immediately talking about an added 440 00:22:29,760 --> 00:22:33,560 Speaker 3: degree of volatility, because it's not just a matter of 441 00:22:33,560 --> 00:22:35,800 Speaker 3: what is Trump going to do, it's a matter of, 442 00:22:36,119 --> 00:22:38,399 Speaker 3: you know, what is the president of Mexico going to do? 443 00:22:38,440 --> 00:22:40,159 Speaker 3: What is the president in China going to do? What 444 00:22:40,240 --> 00:22:42,480 Speaker 3: is the governor in Canada going to do? What is 445 00:22:42,560 --> 00:22:44,240 Speaker 3: Vladimir Putin and Russia going to do? 446 00:22:44,280 --> 00:22:44,720 Speaker 4: Et cetera. 447 00:22:46,240 --> 00:22:48,160 Speaker 1: Well, you know, I mean I look at pulling sort 448 00:22:48,160 --> 00:22:51,120 Speaker 1: of me I look at the stock market's a little 449 00:22:51,119 --> 00:22:54,560 Speaker 1: bit like pulling, you know, which is you know, that's 450 00:22:54,640 --> 00:22:57,360 Speaker 1: more my background of politics and pulling where it's sort 451 00:22:57,359 --> 00:22:59,440 Speaker 1: of like a snapshot in time, and as you pointed out, 452 00:22:59,480 --> 00:23:02,160 Speaker 1: sort of like of trying to predict where we're going 453 00:23:02,200 --> 00:23:08,240 Speaker 1: with things. You know, I've heard a lot of people say, 454 00:23:08,320 --> 00:23:10,880 Speaker 1: you know, look, Americans just kind of need to take 455 00:23:10,920 --> 00:23:14,400 Speaker 1: this on the chin, you know, uh, long term gain 456 00:23:14,560 --> 00:23:17,600 Speaker 1: for short term pain, and and I understand that to 457 00:23:17,640 --> 00:23:21,080 Speaker 1: a degree, but I don't think we should discredit the 458 00:23:21,119 --> 00:23:22,560 Speaker 1: fact that you know, look, there are a lot of 459 00:23:22,600 --> 00:23:24,479 Speaker 1: elderly people who have a lot of money tied up 460 00:23:24,480 --> 00:23:25,960 Speaker 1: in the markets right now, and they might not be 461 00:23:26,240 --> 00:23:30,000 Speaker 1: super wealthy, and you know, they're worried about their retirements 462 00:23:30,040 --> 00:23:31,679 Speaker 1: and or they want to retire and they might. 463 00:23:31,560 --> 00:23:32,159 Speaker 2: Not be able to. 464 00:23:32,280 --> 00:23:34,840 Speaker 1: And so you know, I guess, you know, I guess 465 00:23:34,840 --> 00:23:38,080 Speaker 1: in all of this, and you know, in every different direction. 466 00:23:39,240 --> 00:23:41,800 Speaker 1: And I appreciate the balance that you're bringing this conversation, 467 00:23:41,920 --> 00:23:45,560 Speaker 1: but I kind of wish that that's where the conversation 468 00:23:45,720 --> 00:23:48,600 Speaker 1: would remain. Everywhere is just trying to, you know, sort 469 00:23:48,640 --> 00:23:52,240 Speaker 1: of have a broader, more balanced viewpoint on all of this, 470 00:23:52,520 --> 00:23:54,359 Speaker 1: because there are people suffering, and I don't think that 471 00:23:54,359 --> 00:23:56,760 Speaker 1: should be dismissed exactly. 472 00:23:56,800 --> 00:23:59,520 Speaker 3: Lisa, that's a great great point. Just as we should 473 00:23:59,560 --> 00:24:02,600 Speaker 3: not just miss the plight of the folks in the 474 00:24:02,680 --> 00:24:05,080 Speaker 3: Rust belt who have lost their jobs over the course 475 00:24:05,119 --> 00:24:08,199 Speaker 3: of several decades, now we also should not dismiss the 476 00:24:08,240 --> 00:24:11,679 Speaker 3: plight of people who have money in the market like 477 00:24:11,760 --> 00:24:15,840 Speaker 3: in retirement. I personally know probably half a dozen people 478 00:24:15,880 --> 00:24:19,000 Speaker 3: now who were planning on retiring in the very near future, 479 00:24:19,280 --> 00:24:21,840 Speaker 3: one of whom was literally planning on retiring this year 480 00:24:22,240 --> 00:24:25,600 Speaker 3: and now can't because of how much they've lost in 481 00:24:25,680 --> 00:24:28,920 Speaker 3: financial markets. So, you know, and we can debate the 482 00:24:28,960 --> 00:24:31,200 Speaker 3: wisdom of whether or not they should have had money 483 00:24:31,200 --> 00:24:34,919 Speaker 3: in equities so close to retirement, but frankly, fixed income 484 00:24:35,000 --> 00:24:37,720 Speaker 3: took such a toweling under Biden that a lot of 485 00:24:37,720 --> 00:24:39,600 Speaker 3: folks were forced to get out of that and get 486 00:24:39,640 --> 00:24:43,280 Speaker 3: forced back into equities. So we don't want to be 487 00:24:43,320 --> 00:24:48,200 Speaker 3: dismissive of anyone's financial pain. Again, doesn't matter if it's 488 00:24:48,240 --> 00:24:50,480 Speaker 3: because they lost their job or it's because they lost 489 00:24:50,520 --> 00:24:53,760 Speaker 3: their shirt in the marketplace. And it's really disturbingly so 490 00:24:53,840 --> 00:24:57,720 Speaker 3: when I hear people on our side, allegedly on our side, 491 00:24:57,840 --> 00:25:00,800 Speaker 3: who are cheering on the market decline and are saying 492 00:25:00,880 --> 00:25:03,600 Speaker 3: things like it's about time Wall Street, Uh, you know, 493 00:25:03,720 --> 00:25:05,679 Speaker 3: took one on the chin or felt some pain. I 494 00:25:05,680 --> 00:25:08,880 Speaker 3: don't want anybody to feel pain. This whole idea of 495 00:25:09,480 --> 00:25:12,800 Speaker 3: you know, of class warfare, that's a Marxist talking point. 496 00:25:13,040 --> 00:25:16,240 Speaker 3: We don't need Wall Street to go down in order 497 00:25:16,280 --> 00:25:18,359 Speaker 3: for Main Street to go up. The only the only 498 00:25:18,440 --> 00:25:21,040 Speaker 3: one that needs to go down is K Street. It's 499 00:25:21,080 --> 00:25:24,120 Speaker 3: the lobbyists in d C who are who are frankly 500 00:25:24,200 --> 00:25:26,959 Speaker 3: hurting a lot of Wall Street and all of Main Street. 501 00:25:27,359 --> 00:25:30,000 Speaker 3: Those are the folks that that I want to see, uh, 502 00:25:30,080 --> 00:25:32,960 Speaker 3: you know, not do well, because it's only when it's 503 00:25:32,960 --> 00:25:36,159 Speaker 3: only by taking from Main Street, by taking from Wall Street, 504 00:25:36,480 --> 00:25:38,960 Speaker 3: that Washington does well, that K Street does well, you know, 505 00:25:39,000 --> 00:25:42,359 Speaker 3: the lobbying. So look, at the end of the day, 506 00:25:42,520 --> 00:25:45,800 Speaker 3: if Main Street is doing well, Wall Street will too. 507 00:25:46,240 --> 00:25:48,720 Speaker 3: There's no reason why they have to be opposed. What 508 00:25:48,800 --> 00:25:52,199 Speaker 3: we saw under Biden, though, was a huge wave of 509 00:25:52,240 --> 00:25:56,160 Speaker 3: inflation that caused everything to get more expensive. So yes, 510 00:25:56,240 --> 00:25:58,639 Speaker 3: your Groceri's got more expensive. They went up in price, 511 00:25:58,760 --> 00:26:01,960 Speaker 3: your rent, your rent that went up in price, Your 512 00:26:02,000 --> 00:26:03,840 Speaker 3: insurance went up in price. You know what else went 513 00:26:03,960 --> 00:26:07,080 Speaker 3: up in price, home prices, they went through, the roof 514 00:26:07,320 --> 00:26:10,000 Speaker 3: equities went up in price. A lot of the gains 515 00:26:10,040 --> 00:26:12,240 Speaker 3: that we've seen in the market for several years now 516 00:26:12,520 --> 00:26:15,960 Speaker 3: have simply been inflation. It has been the dollar going 517 00:26:16,040 --> 00:26:19,439 Speaker 3: down that has driven up stock prices, not entirely, but 518 00:26:19,480 --> 00:26:22,679 Speaker 3: that's been a large portion of it. So Wall Street 519 00:26:22,720 --> 00:26:25,520 Speaker 3: does better a lot of times in periods of rapid 520 00:26:25,560 --> 00:26:29,920 Speaker 3: inflation because all of these assets appreciate in price. That 521 00:26:29,960 --> 00:26:33,280 Speaker 3: means that Main Street really really takes it on the chin, 522 00:26:33,720 --> 00:26:35,879 Speaker 3: but Wall Street can ride it out a lot of times. 523 00:26:35,960 --> 00:26:36,760 Speaker 4: I don't want that. 524 00:26:37,000 --> 00:26:40,240 Speaker 3: I want Wall Street to go up because people on 525 00:26:40,320 --> 00:26:43,600 Speaker 3: Main Street are getting bigger paychecks that can buy more, 526 00:26:43,880 --> 00:26:47,359 Speaker 3: and when they can buy more, corporations do better, and 527 00:26:47,400 --> 00:26:49,760 Speaker 3: that's causing corporate our names to go up. That's a 528 00:26:49,840 --> 00:26:53,320 Speaker 3: much better alternative, and that's traditionally how this country has 529 00:26:53,359 --> 00:26:57,879 Speaker 3: grown as compared to simply inflating up corporate profits. So again, 530 00:26:58,600 --> 00:27:02,280 Speaker 3: this economic restructuring that they're aiming for and that the 531 00:27:02,320 --> 00:27:06,040 Speaker 3: Treasury Secretary Scott Besson has talked about a lot, is 532 00:27:06,080 --> 00:27:10,640 Speaker 3: about building the economy for Main Street and the trickle up, 533 00:27:11,359 --> 00:27:14,600 Speaker 3: if you will, going to Waltall Street as opposed to 534 00:27:14,680 --> 00:27:18,800 Speaker 3: hyper fixating on Wall Street and using methods like inflation 535 00:27:18,920 --> 00:27:22,520 Speaker 3: to artificially boost corporations by and to be fair. 536 00:27:22,400 --> 00:27:25,520 Speaker 1: Like I got so angry during COVID, like I refuse 537 00:27:25,680 --> 00:27:27,439 Speaker 1: to do the whole like we're all in this together, 538 00:27:27,560 --> 00:27:29,440 Speaker 1: because we weren't, you know, And I thought that was 539 00:27:29,520 --> 00:27:31,360 Speaker 1: the biggest BS talking link. So you had all these 540 00:27:31,359 --> 00:27:34,280 Speaker 1: people and what you know, people like Martin colder If 541 00:27:34,320 --> 00:27:36,440 Speaker 1: and a lot of these guys came on my podcast 542 00:27:36,440 --> 00:27:38,399 Speaker 1: calling the laptop class because you had a lot of 543 00:27:38,400 --> 00:27:41,280 Speaker 1: these people who were totally they weren't impacted at all 544 00:27:41,720 --> 00:27:44,200 Speaker 1: during COVID. They had their jobs, they could work from home, 545 00:27:44,320 --> 00:27:47,200 Speaker 1: and then you had like small businesses and the middle 546 00:27:47,200 --> 00:27:48,120 Speaker 1: class suffering. 547 00:27:48,160 --> 00:27:49,560 Speaker 2: And I thought that was such BS. 548 00:27:49,600 --> 00:27:51,480 Speaker 1: I would refuse to say we're all in this together, 549 00:27:51,520 --> 00:27:53,320 Speaker 1: and said it was like the biggest bunch of BS. 550 00:27:53,920 --> 00:27:56,119 Speaker 1: So it's like I just I want, you know, rising 551 00:27:56,160 --> 00:27:58,119 Speaker 1: tide to lift all boats. I want everyone to do 552 00:27:58,119 --> 00:27:59,720 Speaker 1: well in the economy. I want a strong, robust to 553 00:27:59,720 --> 00:28:04,080 Speaker 1: a mayor, I do believe, and having a strong manufacturing 554 00:28:04,119 --> 00:28:06,919 Speaker 1: base here in the United States of producing our own goods, 555 00:28:07,040 --> 00:28:10,600 Speaker 1: being self reliant. But I don't want Americans to be 556 00:28:10,680 --> 00:28:12,159 Speaker 1: punished in the process. 557 00:28:14,040 --> 00:28:16,480 Speaker 2: I guess you know how do, Like, what's the path 558 00:28:16,520 --> 00:28:17,080 Speaker 2: forward here? 559 00:28:17,240 --> 00:28:21,480 Speaker 1: Like, how how can we build a stronger main street America, 560 00:28:22,400 --> 00:28:24,239 Speaker 1: stronger middle class and the middle class by the way, 561 00:28:24,240 --> 00:28:27,800 Speaker 1: I also got gutted during COVID because of lockdowns, because 562 00:28:27,840 --> 00:28:30,000 Speaker 1: of all those you know, the punishment that they had 563 00:28:30,040 --> 00:28:33,480 Speaker 1: to endure during all of that with you know, lockdowns 564 00:28:33,480 --> 00:28:37,399 Speaker 1: and draconian policies. So I guess, how do we build 565 00:28:37,440 --> 00:28:41,040 Speaker 1: a stronger middle class and have a policy where you know, 566 00:28:41,240 --> 00:28:42,800 Speaker 1: a rising tide lifts all boats. 567 00:28:43,360 --> 00:28:46,000 Speaker 2: Very long winded way to get to the question, but. 568 00:28:47,640 --> 00:28:49,240 Speaker 4: Well, at least it's a great question. 569 00:28:49,280 --> 00:28:52,040 Speaker 3: And your entire analysis of of COVID and what happened 570 00:28:52,080 --> 00:28:53,240 Speaker 3: there was spot on you. 571 00:28:53,240 --> 00:28:54,080 Speaker 4: You're absolutely right. 572 00:28:54,120 --> 00:28:56,560 Speaker 3: That was another case where we gutted the middle class, 573 00:28:56,920 --> 00:28:59,240 Speaker 3: you know, for the benefit of a handful of people. 574 00:28:59,280 --> 00:29:00,880 Speaker 3: You know, some of that was Wall Street Shore, but 575 00:29:01,760 --> 00:29:04,000 Speaker 3: we forced every mom and pop store in the country 576 00:29:04,000 --> 00:29:05,840 Speaker 3: to close down and said everyone now has to go 577 00:29:05,880 --> 00:29:08,120 Speaker 3: shop at Walmart. You know those stores can stay open. 578 00:29:08,480 --> 00:29:08,640 Speaker 4: Right. 579 00:29:08,720 --> 00:29:11,080 Speaker 3: Well, wait, wouldn't it be better if we were all 580 00:29:11,120 --> 00:29:13,680 Speaker 3: dispersed among a lot of different stores instead of all 581 00:29:13,720 --> 00:29:16,520 Speaker 3: being crowded into the same location whatever. So much for 582 00:29:16,640 --> 00:29:20,440 Speaker 3: following the science but so your analysis is right, and 583 00:29:20,480 --> 00:29:24,960 Speaker 3: it's a great question. Here's the answer. What really truly 584 00:29:25,000 --> 00:29:28,720 Speaker 3: afflicts us are all things that we've done to ourselves. 585 00:29:29,240 --> 00:29:31,840 Speaker 3: In other words, if you get rid of the bad 586 00:29:31,880 --> 00:29:35,920 Speaker 3: public policies that have caused these self inflicted wounds, the 587 00:29:36,000 --> 00:29:39,480 Speaker 3: effects of all the bad policies will go away. So 588 00:29:40,000 --> 00:29:43,640 Speaker 3: what does that look like? It means again, massive deregulation. 589 00:29:44,760 --> 00:29:47,840 Speaker 3: You know, people think that the manufacturing sector the big 590 00:29:47,880 --> 00:29:50,920 Speaker 3: thing hurting us right now is competition from overseas. 591 00:29:50,960 --> 00:29:51,880 Speaker 4: I mean yes and no. 592 00:29:52,760 --> 00:29:55,000 Speaker 3: Yes, and so far as people can make stuff cheaper 593 00:29:55,000 --> 00:29:57,200 Speaker 3: than we can hear, but why is that? You know, 594 00:29:57,240 --> 00:30:00,520 Speaker 3: the American worker has three times more capital at his 595 00:30:00,600 --> 00:30:03,760 Speaker 3: fingertips than his Chinese counterpart. In other words, instead of 596 00:30:03,760 --> 00:30:07,440 Speaker 3: putting together something with hand tools, the American worker has 597 00:30:07,480 --> 00:30:10,800 Speaker 3: power tools. He should be much more productive, and even 598 00:30:10,800 --> 00:30:13,360 Speaker 3: though he gets paid a lot more than his Chinese counterpart, 599 00:30:13,400 --> 00:30:16,560 Speaker 3: he should still be competitive. He's not because of the 600 00:30:16,640 --> 00:30:20,680 Speaker 3: regulatory burden that he faces. So, Lisa, let's say the 601 00:30:20,720 --> 00:30:24,000 Speaker 3: typical manufacturing employee in this country makes like fifty or 602 00:30:24,000 --> 00:30:30,240 Speaker 3: sixty thousand dollars. The average regulatory burden that the manufacturer, 603 00:30:30,440 --> 00:30:33,880 Speaker 3: the employer faces is like another fifty or sixty thousand 604 00:30:33,880 --> 00:30:37,040 Speaker 3: dollars a year, So in terms of the cost to 605 00:30:37,120 --> 00:30:40,200 Speaker 3: employ this person, it could easily be twice as much 606 00:30:40,280 --> 00:30:43,160 Speaker 3: as the person's salary. And that's before we even start 607 00:30:43,160 --> 00:30:44,200 Speaker 3: talking about any kind. 608 00:30:44,120 --> 00:30:45,080 Speaker 4: Of benefits package. 609 00:30:45,800 --> 00:30:49,680 Speaker 3: That's a huge regulatory burden that has made it cost 610 00:30:49,800 --> 00:30:53,480 Speaker 3: ineffective to employ people here and to build stuff here, 611 00:30:53,760 --> 00:30:55,800 Speaker 3: and that's been a big reason why we've had to 612 00:30:55,880 --> 00:30:59,760 Speaker 3: drive manufacturing overseas. Now, on top of that, we have 613 00:30:59,800 --> 00:31:03,920 Speaker 3: other things like the fact that we treat for tax purposes, 614 00:31:03,960 --> 00:31:06,640 Speaker 3: we treat things differently if they were made overseas versus 615 00:31:06,640 --> 00:31:10,000 Speaker 3: made here, which is just absolutely stupid. We literally are 616 00:31:10,040 --> 00:31:13,320 Speaker 3: giving a tax advantage to someone who shifts their factory 617 00:31:13,320 --> 00:31:16,040 Speaker 3: over to Mexico. So that's a great reason why you 618 00:31:16,040 --> 00:31:19,160 Speaker 3: should have something like a border adjustment tax instead of 619 00:31:19,160 --> 00:31:23,000 Speaker 3: this flat ten percent tariff. You would have essentially you 620 00:31:23,040 --> 00:31:27,440 Speaker 3: would tax imports but tax exempt exports, so that things 621 00:31:27,480 --> 00:31:30,120 Speaker 3: are only getting taxed once and you're getting rid of 622 00:31:30,200 --> 00:31:33,840 Speaker 3: the artificial tax advantage that you've created by making stuff 623 00:31:33,840 --> 00:31:37,280 Speaker 3: in a factory in Mexico, let's say, instead of in Michigan. 624 00:31:38,280 --> 00:31:41,520 Speaker 3: So getting rid of the regulatory burden, getting rid of 625 00:31:41,600 --> 00:31:46,320 Speaker 3: these crazy tax differentials, also getting overall tax rates back down. 626 00:31:46,800 --> 00:31:48,920 Speaker 3: That would be huge. But in order to do a 627 00:31:48,920 --> 00:31:52,040 Speaker 3: lot of that, you got to get the government spending down. 628 00:31:52,440 --> 00:31:56,240 Speaker 3: I mean, at one point we actually financed all of 629 00:31:56,320 --> 00:32:01,400 Speaker 3: our government spending Lisa just with tariff and it'd be 630 00:32:01,440 --> 00:32:04,520 Speaker 3: great to get back there, but you'd have to cut 631 00:32:04,600 --> 00:32:07,440 Speaker 3: the government down from about twenty percent. But if you 632 00:32:07,560 --> 00:32:11,120 Speaker 3: really want to get income taxes down, which is what 633 00:32:11,160 --> 00:32:15,600 Speaker 3: we need to supercharge growth, you got to cut government spending. 634 00:32:16,480 --> 00:32:18,200 Speaker 3: I mean, there are other policies that we can do 635 00:32:18,320 --> 00:32:21,600 Speaker 3: that would really help boost growth and help lower costs. 636 00:32:21,600 --> 00:32:21,800 Speaker 4: Here. 637 00:32:22,280 --> 00:32:25,640 Speaker 3: Energy production is a key part of that. Energy is 638 00:32:25,760 --> 00:32:29,400 Speaker 3: a ubiquitous input throughout the economy. It goes into everything 639 00:32:29,400 --> 00:32:31,520 Speaker 3: we do and everything we buy. So if you reduce 640 00:32:31,560 --> 00:32:36,360 Speaker 3: its cost, you reduce costs literally everywhere. And if you 641 00:32:36,440 --> 00:32:40,120 Speaker 3: can increase domestic energy production, I'm talking actual energy here, 642 00:32:40,200 --> 00:32:42,840 Speaker 3: not things like solar and wind that are net losers, 643 00:32:42,840 --> 00:32:47,040 Speaker 3: but actual net generators of energy. That's coal, that's oil, 644 00:32:47,240 --> 00:32:50,280 Speaker 3: that's natural gas. If you can do all of that, 645 00:32:50,600 --> 00:32:53,200 Speaker 3: you will drive down prices. You will have an anti 646 00:32:53,320 --> 00:32:57,480 Speaker 3: inflationary effect, a deflationary effect that will be very positive 647 00:32:57,520 --> 00:33:01,840 Speaker 3: on growth. It'll help increase really incomes, not just nominal incomes. 648 00:33:02,200 --> 00:33:05,360 Speaker 3: That is the recipe for restoring the middle class, not 649 00:33:05,600 --> 00:33:07,680 Speaker 3: you know, some kind of class war where we go 650 00:33:07,720 --> 00:33:11,880 Speaker 3: after Wall Street and try to redistribute income. Not something 651 00:33:11,880 --> 00:33:15,080 Speaker 3: where we try to create an economic autarchy here in 652 00:33:15,120 --> 00:33:17,960 Speaker 3: this nation and we try to shut out foreign competition. 653 00:33:18,120 --> 00:33:21,440 Speaker 3: I have every faith that the American worker and that 654 00:33:21,520 --> 00:33:25,360 Speaker 3: American businesses can compete on the world stage if we 655 00:33:25,400 --> 00:33:28,160 Speaker 3: give them a level playing field. And it's not just 656 00:33:28,240 --> 00:33:30,640 Speaker 3: a level playing field in terms of tariffs, it's a 657 00:33:30,720 --> 00:33:33,680 Speaker 3: level playing field in terms of taxes and regulation here 658 00:33:33,760 --> 00:33:34,120 Speaker 3: at home. 659 00:33:34,320 --> 00:33:36,240 Speaker 1: You've got to take a quick break more with EJ 660 00:33:36,400 --> 00:33:42,800 Speaker 1: on the other side, you know, before we go just 661 00:33:43,120 --> 00:33:46,840 Speaker 1: you know, I know the president's all about leverage, and 662 00:33:47,400 --> 00:33:50,920 Speaker 1: you know he tends to kind of he talks about 663 00:33:50,920 --> 00:33:52,560 Speaker 1: this in the art of the deal sort of you know, 664 00:33:52,600 --> 00:33:56,560 Speaker 1: you pick a more extreme position to move the other 665 00:33:56,720 --> 00:34:01,480 Speaker 1: side to, you know, something that you're okay with a more. 666 00:34:02,760 --> 00:34:04,000 Speaker 2: More acceptable position. 667 00:34:05,160 --> 00:34:09,279 Speaker 1: How much of not laying out sort of clear desires 668 00:34:09,280 --> 00:34:13,680 Speaker 1: and clear goal points is that a negotiation strategy or 669 00:34:13,719 --> 00:34:15,640 Speaker 1: do you think they're just still trying to figure out 670 00:34:15,680 --> 00:34:17,279 Speaker 1: what exactly they want from this. 671 00:34:18,800 --> 00:34:21,839 Speaker 3: I unfortunately, I think some of it is they're they're 672 00:34:21,840 --> 00:34:23,759 Speaker 3: trying to figure out what they want. But I think 673 00:34:23,760 --> 00:34:25,880 Speaker 3: you also might have too many cooks in the kitchen, 674 00:34:26,360 --> 00:34:29,480 Speaker 3: so you have different people saying they want different things, 675 00:34:29,960 --> 00:34:33,400 Speaker 3: and it's creating more uncertainty, not less. You know, I 676 00:34:33,400 --> 00:34:37,600 Speaker 3: think the art of the deal component here is essentially 677 00:34:38,040 --> 00:34:41,719 Speaker 3: you know, the whole reciprocity argument, right, it's saying to countries, look, 678 00:34:42,239 --> 00:34:44,200 Speaker 3: you know, we're gonna do to you what you do 679 00:34:44,320 --> 00:34:47,759 Speaker 3: to us. But I'm I'm I'm very generous. This is 680 00:34:47,800 --> 00:34:50,719 Speaker 3: Trump here, I'm very generous, right, I will reduce all 681 00:34:50,760 --> 00:34:53,800 Speaker 3: of these tariffs if you if you reduce your trade 682 00:34:53,840 --> 00:35:00,720 Speaker 3: barriers as well. The problem with this kind of ra approach, 683 00:35:00,760 --> 00:35:04,680 Speaker 3: where you have no idea where these tariff rates come from, 684 00:35:05,000 --> 00:35:08,040 Speaker 3: you have no idea what the goals are, is that 685 00:35:08,080 --> 00:35:10,719 Speaker 3: it makes it difficult for other countries to even come 686 00:35:10,760 --> 00:35:13,360 Speaker 3: to the negotiating table in the first place. In other words, 687 00:35:13,719 --> 00:35:17,520 Speaker 3: Canada doesn't know what they're supposed to do. We're hearing 688 00:35:17,560 --> 00:35:19,680 Speaker 3: it's about tariffs, but then we're hearing it it's not 689 00:35:19,719 --> 00:35:22,479 Speaker 3: about tariffs, it's about trade. Deficits, and then we're hearing 690 00:35:22,520 --> 00:35:25,560 Speaker 3: it's about national security, and maybe it's about a little 691 00:35:25,560 --> 00:35:27,439 Speaker 3: bit of all of those things. But then we need 692 00:35:27,480 --> 00:35:30,600 Speaker 3: that to find, you know, we need to hear from 693 00:35:30,640 --> 00:35:34,680 Speaker 3: this administration these specific products it's important for us that 694 00:35:34,719 --> 00:35:37,239 Speaker 3: we make them here. Or maybe it's important for us 695 00:35:37,280 --> 00:35:40,920 Speaker 3: that we have a certain percentage of our microchip production 696 00:35:41,160 --> 00:35:43,560 Speaker 3: made here. It's important for us that we have a 697 00:35:43,600 --> 00:35:47,240 Speaker 3: certain percentage of our aluminum and steel production made here. 698 00:35:47,600 --> 00:35:51,760 Speaker 3: Let's get that, Let's get that out there. Let's figure 699 00:35:51,760 --> 00:35:55,279 Speaker 3: out what exactly the goal is, and then then you 700 00:35:55,360 --> 00:35:58,200 Speaker 3: can incorporate in art of the deal component where you say, 701 00:35:58,239 --> 00:36:00,680 Speaker 3: all right, what we really want is half of our 702 00:36:00,719 --> 00:36:03,680 Speaker 3: steel production made here. So the president doesn't come out 703 00:36:03,680 --> 00:36:05,640 Speaker 3: and he asks for half. He comes out and asks 704 00:36:05,640 --> 00:36:09,280 Speaker 3: for seventy five percent, And now the other major steel 705 00:36:09,320 --> 00:36:11,320 Speaker 3: making countries around the world come to the table and 706 00:36:11,360 --> 00:36:13,520 Speaker 3: are like, mister President, that's a lot. 707 00:36:13,520 --> 00:36:14,839 Speaker 4: We don't know if we can meet you there. 708 00:36:15,280 --> 00:36:17,600 Speaker 3: What if we just go to fifty percent instead of 709 00:36:17,640 --> 00:36:19,480 Speaker 3: you making seventy five percent of your steel? 710 00:36:19,719 --> 00:36:21,600 Speaker 4: Is it okay if you only make fifty And. 711 00:36:21,520 --> 00:36:25,080 Speaker 3: Then Trump says, ah, well, okay, I guess that's enough rights. 712 00:36:25,520 --> 00:36:27,759 Speaker 3: That would be I think how we can do the 713 00:36:27,920 --> 00:36:30,719 Speaker 3: art of the deal here, But until we get some 714 00:36:32,400 --> 00:36:35,640 Speaker 3: more substantive goals, I think it's going to be really, 715 00:36:35,680 --> 00:36:38,840 Speaker 3: really difficult to move forward. Now that being said, we 716 00:36:38,960 --> 00:36:42,640 Speaker 3: are seeing some progress, right The Treasury Secretary was able 717 00:36:42,680 --> 00:36:46,480 Speaker 3: to confirm fifty countries have called the White House asking 718 00:36:46,560 --> 00:36:50,080 Speaker 3: for some kind of deal. As of right now, only 719 00:36:50,120 --> 00:36:52,879 Speaker 3: a couple of them have been willing to actually make 720 00:36:52,920 --> 00:36:56,680 Speaker 3: any kinds of concessions. But again, hopefully with a little 721 00:36:56,680 --> 00:36:59,800 Speaker 3: more direction out of the White House, those fifty countries 722 00:36:59,840 --> 00:37:01,520 Speaker 3: are not just going to be saying we want to 723 00:37:01,560 --> 00:37:04,120 Speaker 3: make a deal. Hopefully there'll be a concrete deal. 724 00:37:04,200 --> 00:37:06,000 Speaker 2: Right ej Antoni, appreciate your time. 725 00:37:06,080 --> 00:37:08,279 Speaker 1: Would love to have you back on as we try 726 00:37:08,280 --> 00:37:11,480 Speaker 1: to continue to navigate this and see where it's going 727 00:37:11,560 --> 00:37:14,640 Speaker 1: and pray that the outcome is positive for the country 728 00:37:14,680 --> 00:37:18,080 Speaker 1: and that President Trump's vision is correct. So we appreciate 729 00:37:18,120 --> 00:37:19,440 Speaker 1: you taking the time to come on the show. 730 00:37:20,160 --> 00:37:22,759 Speaker 3: Lisa, my pleasure as always, thank you for having me. 731 00:37:23,040 --> 00:37:27,120 Speaker 1: That was ej and Tooni Economists with the Heritage Foundation. 732 00:37:27,440 --> 00:37:29,640 Speaker 1: We appreciate him for taking the time to join the show. 733 00:37:29,719 --> 00:37:33,120 Speaker 1: Appreciate you guys at home for listening every Tuesday and Thursday, 734 00:37:33,160 --> 00:37:35,280 Speaker 1: but of course you can listen throughout the week until 735 00:37:35,320 --> 00:37:35,840 Speaker 1: next time.