WEBVTT - Why Trump's Tariffs Will Bring Unemployment and Chaos

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<v Speaker 1>This is the warning. And yesterday, shortly after four pm,

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<v Speaker 1>when the stock markets closed, Donald Trump ambled out to

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<v Speaker 1>the presidential podium and declared trade war America against the world.

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<v Speaker 1>He said, this is the key to our country being

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<v Speaker 1>great again. The Republican members of Congress cheered, and his

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<v Speaker 1>sycophants went on TV to celebrate. This is a decisive moment.

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<v Speaker 1>Millions of Americans will be hurt. But politically, though it

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<v Speaker 1>will not seem like it today, Donald Trump has destroyed

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<v Speaker 1>his MAGA movement. It will be remembered as an instrument

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<v Speaker 1>of economic recession, if not depression of lost dreams and hopes,

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<v Speaker 1>as a crusher of prosperity. And there is no country

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<v Speaker 1>that will pass a higher price than the United States.

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<v Speaker 1>And there is no group of voters, none that will

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<v Speaker 1>be more impacted, that will be more hurt by this

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<v Speaker 1>than Donald Trump's own voters.

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<v Speaker 2>We have to take care of our people, and we're

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<v Speaker 2>going to take care of our people first.

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<v Speaker 1>And I'm sorry to say that every single thing that

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<v Speaker 1>an American purchases will go up in less than one

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<v Speaker 1>hundred days. Donald Trump has set the following in motion.

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<v Speaker 1>Wages will go down, prices will go up, unemployment will

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<v Speaker 1>rise as prices go up and wages go down, and

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<v Speaker 1>because of the uncertainty, there will be no hiring. Everything

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<v Speaker 1>will freeze.

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<v Speaker 2>And today we're standing up for the American worker, and

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<v Speaker 2>we are finally putting America first.

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<v Speaker 1>The American economy had a lot of problems with it,

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<v Speaker 1>no doubt, but the answer to the most competitive, most innovative,

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<v Speaker 1>most entrepreneurial economy on planet Earth was not de detonated.

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<v Speaker 1>But the buffoon in chief, our mad King Donald knows best.

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<v Speaker 1>And so let's have a taste of the insanity as

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<v Speaker 1>it was announced, and then we'll see Scott the Scent,

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<v Speaker 1>the Treasury Secretary talking in absolute, incoherent terms on CNN.

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<v Speaker 3>One of the messages that I'd like to get out

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<v Speaker 3>tonight is everybody, sit back, take a deep breath, don't

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<v Speaker 3>immediately retaliate. Let's see where this goes, because if you retaliate,

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<v Speaker 3>that's how we had escalation.

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<v Speaker 1>Now let's focus on the Treasury Secretary's dishonesty. And unlike

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<v Speaker 1>the Commerce Secretary Howard Lugnik, five star shister, the Treasury

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<v Speaker 1>Secretary actually has a position of responsibility with deep consequences

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<v Speaker 1>for their actions.

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<v Speaker 2>Donald Trump understands America, he understands American workers, and he

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<v Speaker 2>understands national security. And thank goodness, he's going to protect us.

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<v Speaker 2>And today's the beginning of him really protecting America and

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<v Speaker 2>making America first.

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<v Speaker 1>And in this answer you see how dishonest and incoherent

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<v Speaker 1>all of this is. The purpose of the tariffs is

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<v Speaker 1>to raise prices high enough so that companies will be

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<v Speaker 1>forced to make their products in the United States. As

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<v Speaker 1>the means to lower the prices so that people will

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<v Speaker 1>buy the product. Treasury Secretary is comparing apples and oranges. First,

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<v Speaker 1>These Trump tariffs are massive. The initial Trump tariffs were minuscule.

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<v Speaker 1>Yet even with those minuscule tariffs, taxpayers had to bail

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<v Speaker 1>out the bankrupted farmers. So the economic impact of these

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<v Speaker 1>tariffs will be taxpayer bailouts. For example, for the farmers

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<v Speaker 1>in Iowa that a bankrupts. Does that make sense to

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<v Speaker 1>you if you're a lawyer in New Jersey, it does not.

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<v Speaker 1>Today the stock markets will crash, trillions of dollars will

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<v Speaker 1>be wiped from people's retirements, and Donald Trump doesn't care.

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<v Speaker 1>He has assaulted the country's national security establishment, he has

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<v Speaker 1>assaulted the rule of law. He has assaulted the constitution.

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<v Speaker 1>What Donald Trump is is an arsonist. And so this

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<v Speaker 1>is a day that will be long remembered because it

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<v Speaker 1>is the beginning of an economic disaster that began not

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<v Speaker 1>by confluential forces, but by the push of a detonation

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<v Speaker 1>button designed in the Oval Office. And no matter what,

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<v Speaker 1>no matter how bad and how chaotic things get, Donald

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<v Speaker 1>Trump will go out there and he will say we're winning.

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<v Speaker 1>In the media. We'll lap it up until it becomes

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<v Speaker 1>too farcical to continue. That happened during the Second Iraq

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<v Speaker 1>War when Baghdad Bob was standing in front of the

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<v Speaker 1>Baghdad airport and he said there were no Americans at

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<v Speaker 1>the airport as the American tanks came by. And that

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<v Speaker 1>is what will happen with the American economy. His misery

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<v Speaker 1>has spread. Donald Trump is trying to recreate a world

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<v Speaker 1>that's gone and it will never come back. The world

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<v Speaker 1>of the nineteen fifties, of the nineteen seventies. We live

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<v Speaker 1>in an integrated global economy that has made the United

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<v Speaker 1>State dates the richest nation in world history. The distribution

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<v Speaker 1>of the share of that wealth inside the boundaries and

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<v Speaker 1>borders of the United States, that's a domestic political issue

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<v Speaker 1>that won't be impacted one way or the other by

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<v Speaker 1>these tariffs, except for it will make everybody poorer. There

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<v Speaker 1>is no plan. Donald Trump doesn't have a plan, but

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<v Speaker 1>he's not allowed to be told no to. And so

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<v Speaker 1>we spiral and we drift, and he's surrounded by sycophants

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<v Speaker 1>who stab each other in the back to be the

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<v Speaker 1>first to say yes. And then they run out of

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<v Speaker 1>the room, stabbing each other in the back to be

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<v Speaker 1>the last to ever be in a position to have

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<v Speaker 1>to say no to madness. And that is where we are.

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<v Speaker 1>The country is in crisis. The fruits of the electoral

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<v Speaker 1>decision are coming due, and there will be immense suffering,

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<v Speaker 1>more homeless, more hungry. There will be chaos, there will

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<v Speaker 1>be crime, and in the end, economic war has always

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<v Speaker 1>yielded to the real thing. The most disastrous decision made

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<v Speaker 1>by free people in the world anywhere in the last

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<v Speaker 1>eighty years has been made by the American people, who

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<v Speaker 1>have grown fat and slothful, lazy and decayed enough to

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<v Speaker 1>elect a con man hustler from Queens to the office

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<v Speaker 1>of President of the United States. And every person who warned,

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<v Speaker 1>who said what was coming was different, what was coming

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<v Speaker 1>was terrible, will be proven right because what is coming

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<v Speaker 1>is terrible. Indeed, this is the warning, and I'm Steve Schmidt.

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<v Speaker 1>This is the warning. I invite you to join this

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<v Speaker 1>community where I promise to be honest, blunt and direct

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<v Speaker 1>about what is happening in this country. ARCA is in crisis.

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<v Speaker 1>Follow and subscribe to this channel and on substack. Thank you.