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Speaker 1: They did.

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Speaker 2: Remember Biden, he said, I have to get approval from Congress.

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Speaker 2: Had nothing to do with Congress, had to do with respect.

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Speaker 2: Our spirit is restored. Inflation has stopped, wages are up,

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Speaker 2: prices are down. Our economy is booming like I think

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Speaker 2: you'll see soon like never before. Our military is strong

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Speaker 2: and unprecedented. I rebuilt our military in my first term.

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Speaker 2: Our workers are thriving in our auto endors who is

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Speaker 2: returning to the country where we all began and where

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Speaker 2: it all began, and frankly, a country that we love.

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Speaker 2: The United States is winning again and we're rapidly making

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Speaker 2: America and the great state of Michigan greater and more

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Speaker 2: prosperous than ever before. I want to again thank the

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Speaker 2: Detroit Economic Club. You do a fantastic job. So respected.

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Speaker 2: God bless you, and God bless America.

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Speaker 3: Thank you very much, everyone, Thank you.

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Speaker 1: You're you're in a town.

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Speaker 3: When you shot on your note, and that's who you will.

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Speaker 4: Many you've been watching President Trump speaking before the Detroit

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Speaker 4: Economic Club. As always, he touched on the efficacy of

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Speaker 4: tariffs also, and Jess commented on how the word tariff

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Speaker 4: was his favorite word now while most people see tariffs

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Speaker 4: as an added text, there is indeed a method to

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Speaker 4: the madness. Joining now to talk a bit more specifically

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Speaker 4: about the efficacy of tariffs and some of what you

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Speaker 4: just heard from President Trump is the author of Manufacture Local.

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Speaker 4: John Gardner, John Terrence Bates here, Good afternoon, Good to

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Speaker 4: see you, Welcome to the show.

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Speaker 1: Thanks so much for having me.

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Speaker 4: Terrence, absolutely thank you for joining us. So let's start

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Speaker 4: kind of broad. What do you make of what you

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Speaker 4: just heard from the President? He spoke for about an hour.

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Speaker 1: Oh, I love it.

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Speaker 5: You know, I really think one hundred years fro now,

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Speaker 5: when we look back President Trump, we remembered it as

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Speaker 5: the most inspirational person of this century, just as we

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Speaker 5: look back and see church Hill and Lincoln and Washington.

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Speaker 5: I always get a few laughs out of his speech

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Speaker 5: and also inspired. You know, he's really bringing hope to

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Speaker 5: the middle class and the working class, which I think

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Speaker 5: really has felt a lot of despair for so long.

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Speaker 5: And he's infusing us with I think the will to

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Speaker 5: fight for the middle class, which the founding fathers believes

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Speaker 5: very strongly in the middle class as a buffer zone

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Speaker 5: for any great nation. No great nations has lasted long

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Speaker 5: after the collapse of their middle class. So President Trump's

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Speaker 5: really building us up here.

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Speaker 4: So let's talk talk about manufacturing, because that also was

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Speaker 4: one of the themes, if you will, of his speech,

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Speaker 4: specifically when it comes to the automobile industry.

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Speaker 1: Talk about how.

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Speaker 4: The President has revived this nation's automobile industry through tariffs

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Speaker 4: and otherwise.

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Speaker 5: Yeah, So the founding fathers intended for a nation to

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Speaker 5: run on tariffs, to be funded by tariffs. That was

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Speaker 5: their first major legislative act, was the Tariff Act of

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Speaker 5: seventeen eighty nine. Income tax is not even a discussion.

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Speaker 5: And we built a massive industry, the greatest manufacturing superpower

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Speaker 5: in the world, behind protective tariffs.

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Speaker 1: We had tariff's pay the government's.

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Speaker 5: Revenue from seventeen eighty nine to nineteen into the nineteen thirties.

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Speaker 5: From eighteen twenty four to nineteen thirty four, the average

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Speaker 5: terariff rate was forty to fifty percent. And we look

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Speaker 5: at the civil manufacturing might that created for us to

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Speaker 5: be able to produce enough goods to fight off the

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Speaker 5: Axis in World War two. And so President Trump looks

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Speaker 5: at them, the economic might in the middle class. We

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Speaker 5: built the world's greatest middle class behind a wall, protective

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Speaker 5: wall of tariffs. And so this tool, this economic tool,

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Speaker 5: was forgotten until President Trump kind of brought it into

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Speaker 5: the limelight again and said, hey, why are we attacking

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Speaker 5: our citizens for income and revenue when the government used

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Speaker 5: to pay its bills with external revenue via the tariffs.

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Speaker 5: So I think that we're all watching in real time

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Speaker 5: the economic proof that his policies are working. I mean,

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Speaker 5: like you said that the trade deficit dropped at sixty

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Speaker 5: nine percent, and it's the lowest trade deficit on record

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Speaker 5: since two thousand and nine. And the trade deficit, President

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Speaker 5: Trump declared an economic emergency around the trade deficit because

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Speaker 5: we were importing so much, so many things that jeopardize

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Speaker 5: our national security and the independence of our nation. So

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Speaker 5: the fact that he's been able to turn us around

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Speaker 5: US quick in a year is amazing and very exciting.

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Speaker 4: John, we often hear the term America first. It's become

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Speaker 4: a political policy, but even when it comes to business,

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Speaker 4: it seems to me that President Trump is all about

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Speaker 4: America first, showing that America can produce pretty much anything

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Speaker 4: that American consumers need.

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Speaker 1: One hundred percent.

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Speaker 5: You know, I own my own business in the manufacturing industry,

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Speaker 5: and I'm so excited to see what happened that what

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Speaker 5: develops this year. We had a record year last year,

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Speaker 5: twenty percent growth, and I think every American business is

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Speaker 5: starting to look locally for where they can source stuff,

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Speaker 5: which then creates more jobs within our nation and builds

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Speaker 5: our middle class, rather than looking to how can we

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Speaker 5: auction this and create a job in another country and

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Speaker 5: build their economic might. And it's really a seismic shift

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Speaker 5: in business mentality that is President Trump is the catalyst.

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Speaker 4: For John Gardner, author of Manufacture Local, joining us this morning.

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Speaker 4: I guess it is afternoon by now. Good to see you, John.

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Speaker 4: Thank you so much for being here with us. Thanks

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Speaker 4: for having Terrence absolutely again. You had just been listening

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Speaker 4: for about an hour, so President Trump addressing the Detroit

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Speaker 4: Economic Club. Our Steve Gruber is on the round there.

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Speaker 4: He was listening to the speech. He was in the

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Speaker 4: room with the President, joining us live now with his

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Speaker 4: thoughts on what we just heard.

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Speaker 1: Steve.

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Speaker 4: It sounds to me like there was a very good

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Speaker 4: response to what the President had to say. There was

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Speaker 4: lots of applause, and it seemed to me that the

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Speaker 4: audience really took to what President Trump had to say today.

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Speaker 6: I think that's exactly right, Terrence. Look there's enthusiasm here.

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Speaker 6: And one of the things that President said near the

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Speaker 6: end of his speech was that he is optimistic, a

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Speaker 6: lot of optimism. Well where this economy goes in twenty

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Speaker 6: twenty six.

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Speaker 1: And look, he got good numbers today.

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Speaker 6: He talked about it before he left Washington earlier, before

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Speaker 6: he got an Air Force one to come to Detroit.

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Speaker 6: He said, look, our growth is terrific. It's five point

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Speaker 6: four percent. Inflation is below three percent.

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Speaker 1: But of course he.

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Speaker 6: Does not care for Jerome Powell. We heard that a

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Speaker 6: couple of times during his comments.

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Speaker 1: He would like to fed to lower interest rates quicker.

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Speaker 6: He said, if they lower interest rates faster, we can

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Speaker 6: move the economy faster and stronger and build bigger and better.

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Speaker 1: Now.

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Speaker 6: Between the time that he landed and before he came

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Speaker 6: here today, he went over to the Ford Motor plant

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Speaker 6: at River Rouge and had a chance to tour that plant.

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Speaker 1: Big news coming.

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Speaker 6: Out of Ford today saying they're going to six days

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Speaker 6: a week, twenty four hours a day. And President Trump says,

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Speaker 6: quite clearly that's because the economy is humming along. We're

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Speaker 6: selling cars again, but he said, I want to see

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Speaker 6: cars sold in America. One of the things he talked about,

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Speaker 6: of course, no payments on that interest. You can deduct

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Speaker 6: that from your taxes if it's an American made car.

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Speaker 6: That's the theme of this president. It has been for

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Speaker 6: a long time. Make it in America, and we want

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Speaker 6: to make sure you make things in America and build

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Speaker 6: up this manufacturing base that eroded during NAFTA and during

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Speaker 6: the last twenty years. Really, so he's trying to make

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Speaker 6: sure that people that live in the rust belt like Michigan,

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Speaker 6: that they have a chance to build a life, to

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Speaker 6: support a family, to have a career in an opportunity.

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Speaker 6: And that's what we're talking about it. And he praised

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Speaker 6: for General Motors, Stalantis, the makers of Chrysler products.

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Speaker 1: I would say it was a very optimistic speech terance.

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Speaker 1: It was well received here.

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Speaker 6: Of course, you've got business owners and business leaders here.

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Speaker 6: It's a friendly crowd. But that nonetheless, when they get

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Speaker 6: numbers like they saw today, it's hard not to be optimistic.

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Speaker 6: Inflation is low, growth is high, wages are doing better.

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Speaker 6: And so he todded his policies and he talked a

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Speaker 6: lot as you know about tariffs, he said, they said

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Speaker 6: that they, being the Democrat, said the terrorifts would destroy

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Speaker 6: the economy.

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Speaker 1: He said, it's quite the opposite, isn't it.

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Speaker 6: He said, this country was stronger before tariffs were abandoned

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Speaker 6: basically in nineteen thirteen than it is today.

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Speaker 1: So a lot of big themes here from the President.

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Speaker 4: Steve, it strikes me that the President also took a

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Speaker 4: bit of a victory lap. I want to play this

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Speaker 4: segment of the President's speech, guys. We're going to pull

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Speaker 4: up Sat. Twenty six in which he basically lists all

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Speaker 4: of the victories in all that he's been able to

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Speaker 4: achieve so far.

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Speaker 2: Now we're in the less than twelve months in office.

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Speaker 2: I'm back in Michigan to report to you on the

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Speaker 2: strongest and fastest economic turnaround in our country's history. It's

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Speaker 2: really been historical. He's never been. There's never been. We're

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Speaker 2: not twelve months, We're through eleven months. You get eighteen

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Speaker 2: trillion dollars being invested in our country. The most of

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Speaker 2: any country ever was three where at eighteen has never

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Speaker 2: been anything like this. You are so lucky I allow

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Speaker 2: you into this room to even be with me.

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Speaker 7: I'm kidding. I'm kidding. The fake news will say, we'll

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Speaker 7: say Donald Trump thinks he's hot stuff. Right now, I'm

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Speaker 7: feeling pretty good, though, I will say, no, You're so

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Speaker 7: lucky to be here. Under our administration. Growth is exploding,

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Speaker 7: productivity assuring, investment is booming, incomes a rising, inflation is defeated.

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Speaker 7: America is respected again like never before.

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Speaker 4: Steve, sometimes you just have to remind people of what

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Speaker 4: you've done for them.

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Speaker 1: Sometimes you do it.

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Speaker 6: He went through the laundry list as we talked about

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Speaker 6: you've got mortgage of below six percent. He also talked

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Speaker 6: about affordability being a made up term by the Democrats.

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Speaker 6: He said, look, we have to get prices down, but

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Speaker 6: when you lower energy prices, would you focused on your

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Speaker 6: part of the speech as well. It said, look, gas

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Speaker 6: in some places today is a dollar ninety nine, or

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Speaker 6: a dollar ninety two or a dollar ninety seven.

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Speaker 1: And that's places like Oklahoma and Texas.

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Speaker 6: He said, can you imagine what it's going to be

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Speaker 6: like when the rest of the country is it a

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Speaker 6: dollar ninety nine a gallon. That lowers the price of delivery,

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Speaker 6: it lowers the price of goods, it lowers the price

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Speaker 6: on the average working family, and he's right about that,

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Speaker 6: and so energy policy at cornerstone what he's doing here.

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Speaker 6: Of course, Scott Bessent was in the audience today is

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Speaker 6: Treasury Secretary, and he praised the Secretary for the work

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Speaker 6: that he's doing to get things more affordable in America,

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Speaker 6: to boost the income and the buying power. He talked

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Speaker 6: about housing being a big part of what he's going

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Speaker 6: to be talking about in twenty twenty six, and that's

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Speaker 6: going to be a cornerstone. Look with mortgan rates under

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Speaker 6: six percent, he said, we are going to ban the

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Speaker 6: institutional buying think Black Rock.

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Speaker 1: And State Street.

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Speaker 6: They're going to end the institutional buying of single family

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Speaker 6: homes and big markets like Atlanta and around the country

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Speaker 6: so that the average family can afford to get in

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Speaker 6: a home without having to bid against multi billion dollar

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Speaker 6: global corporations. That's a big deal. He talked a lot

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Speaker 6: about making sure that people could well. I guess he

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Speaker 6: didn't say it, but I will find the American dream again.

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Speaker 6: That's what he's talking about here, rebuilding America from the

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Speaker 6: ground up.

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Speaker 4: Steve, you know the saying win in Rome, do as

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Speaker 4: the Romans well win the Detroit Talk automobiles.

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Speaker 1: And the President did that as well. He sure did.

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Speaker 6: And look, he toured the River Rouge plan. It's a

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Speaker 6: very famous plant here in Michigan. I'm from Michigan. I

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Speaker 6: grew up not too far from here. River Rouge has

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Speaker 6: always been the cornerstone of the Ford Motor Company. It

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Speaker 6: has been for decades and decades. So when they talk

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Speaker 6: about going twenty four hours a day, six days a week,

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Speaker 6: you know what that means. It means those auto workers

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Speaker 6: are getting a lot of overtime. That means they're getting

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Speaker 6: big paychecks. I mean they're having a chance to cash

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Speaker 6: in on a growing economy. Then they mentioned, did the

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Speaker 6: Ford Motor Company people doing one of the comments with

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Speaker 6: the President earlier, that they're going to be building a

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Speaker 6: new pickup truck internal combustion Let me be clear about

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Speaker 6: that internal combustion engine in Kentucky. So they're continuing to

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Speaker 6: grow invest in America. But I guess it was pretty.

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Speaker 1: Important to point out the Ford Lightning.

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Speaker 6: Doesn't exist anymore. That was the F one fifty electric

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Speaker 6: EV version. Ford got rid of that model here in

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Speaker 6: the fall of twenty twenty five because consumers frankly didn't

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Speaker 6: want it and when the government subsidies went away, which

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Speaker 6: he also touched on, you couldn't afford it anymore.

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Speaker 1: They're wildly expensive.

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Speaker 6: And people that live in northern states like Colorado where

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Speaker 6: you live, Terrence, or Michigan where I live. Look, people

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Speaker 6: don't trust those batteries in cold weather, and for good reason.

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Speaker 6: They don't want to be standed with no way to

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Speaker 6: get going again without some sort of a charger or

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Speaker 6: an intervention from a diesel generator.

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Speaker 1: So he touched on all those things.

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Speaker 6: He said, I want people to buy the car they want,

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Speaker 6: the car they want, not the car that they're ordered

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Speaker 6: to get. He talked about cafe standards, that is, your

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Speaker 6: fuel standards. He said, we took off these standards put

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Speaker 6: in by the Biden administration that were not possible. He said,

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Speaker 6: you put on all these computers and all this technology,

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Speaker 6: you'd save a little bit of gas. He's not wrong

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Speaker 6: about that. You can only get so much return out

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Speaker 6: of the energy you put in. And so he said

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Speaker 6: that's going to help move America forward as well. The

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Speaker 6: average American families paying a couple of dollars a gallon

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Speaker 6: or two fifty a gallon, whatever it might be, that's

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Speaker 6: more money in their pocket.

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Speaker 1: As he put it, that is a tax cut by definition.

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Speaker 6: A couple of years ago we saw gas over five

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Speaker 6: dollars here in Michigan.

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Speaker 1: Yesterday I saw for two twenty nine.

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Speaker 6: That is a huge shift for the average family trying

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Speaker 6: to make ends meet every month.

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Speaker 4: Absolutely, absolutely, you are so spot on with that. Steve

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Speaker 4: Gerber reporting for us on the ground there in Detroit.

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Speaker 4: Of course, we just heard from President Troit's President Trump

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Speaker 4: excuse me, speaking before the Detroit Economic Club there in Detroit, Michigan. Steve,

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Speaker 4: always good to see you, my friend, appreciate your reporting.

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Speaker 1: Thank you, of course.

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Speaker 4: Hey tuned, everyone, We're going to be back with more

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Speaker 4: of President Trump's speech before the Detroit Economic Club. All

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Speaker 4: of that after this break