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Speaker 1: Welcome back in Clay Travis buck Sexton Show. Appreciate all

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Speaker 1: of you hanging out with us. I hope you bought

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Speaker 1: the dip, because if you did, the stock market is

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Speaker 1: soaring S and P five hundred up eight percent right now, Buck,

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Speaker 1: I've never seen anything like it, nearly four hundred points.

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Speaker 1: The Dow is up twenty five hundred points, NASDAK up

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Speaker 1: fifteen hundred points. As I mentioned earlier, basically stocks are

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Speaker 1: priced where they were in September. I hope a lot

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Speaker 1: of you did not buy into the frenzy, the left

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Speaker 1: wing panic. I hope that you bought the dip, and

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Speaker 1: if you did, you have been handsomely rewarded already.

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Speaker 2: I think it's worth noting that Donald Trump on truth

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Speaker 2: Social did put out yesterday. Now is a good time

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Speaker 2: to buy, so you know he's trying to help. He's

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Speaker 2: trying to help. Yes, I'm sorry, it was no, it

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Speaker 2: was four hours ago, not last night, four hours ago.

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Speaker 2: Trump in all caps, this is a great time to buy,

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Speaker 2: and yes, he was telling you the truth.

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Speaker 1: All right, So let's give you the latest news and

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Speaker 1: then we're going to talk about the Art Laugher interview

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Speaker 1: and the larger tariff battle. So tariffs on China are

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Speaker 1: now going to one hundred and twenty five percent. And

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Speaker 1: what I will tell you is, if you go back

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Speaker 1: and listen to the first hour, if you go back

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Speaker 1: and listen to yesterday, we really kind of zeroed in

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Speaker 1: on the issue at play here. Zero tariffs is actually

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Speaker 1: a really good idea for Europe, for Japan, for Australia,

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Speaker 1: for South Korea, for countries that are fairly trading, there

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Speaker 1: should be reduced dishonesty, for lack of a better way

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Speaker 1: of putting.

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Speaker 3: It, unfair trade from some of these tariffs.

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Speaker 1: And I think bucket on a good example that Canada

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Speaker 1: has two hundred and fifty percent tariffs on dairy because

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Speaker 1: they don't want American milk, which is not much different

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Speaker 1: than Canadian milk, to come across their border because we

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Speaker 1: can produce milk at a cheaper rate than Canada can.

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Speaker 1: So they are protecting Canadian dairy farmers because they want

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Speaker 1: that industry to continue, as opposed to Canadians being able

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Speaker 1: to go to their supermarkets and get milk much cheaper

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Speaker 1: because it's coming from the United States. And look, there

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Speaker 1: are some tariffs that that might make sense. For instance,

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Speaker 1: let's say France. I think you mentioned this, Buck, France

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Speaker 1: has high tariffs on wine. They consider the French wine

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Speaker 1: to be superior to other wines, and they want French

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Speaker 1: people to be drinking their wine.

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Speaker 3: Anyway.

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Speaker 1: We can get into the economics basis for tariffs another time,

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Speaker 1: but basically, there are many countries with which free trade

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Speaker 1: makes sense, and what Trump is diagnosing is that China

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Speaker 1: right now is not one of those. And let's listen

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Speaker 1: to what Treasury Secretary Scott Bessant just announced, and we

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Speaker 1: have that audio right now. Let's go ahead. Here is

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Speaker 1: cut twenty five talking about every country out there ninety

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Speaker 1: day pause because they have not retaliated, but China's going

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Speaker 1: to be treated differently again cut twenty five.

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Speaker 4: We saw the successful negotiating strategy that President Trump implemented

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Speaker 4: a week ago. Today, it has brought more than seventy

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Speaker 4: five countries forward to negotiate. It took great for great

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Speaker 4: courage for him to stay the course until this moment.

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Speaker 4: And what we have ended up with here, as I

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Speaker 4: told everyone.

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Speaker 5: A week ago there in.

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Speaker 4: This very spot, do not retaliate and you will be rewarded.

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Speaker 4: So every country in the world who wants to come

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Speaker 4: and negotiate.

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Speaker 5: We are willing to hear you.

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Speaker 4: We're going to go down to a ten percent baseline

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Speaker 4: tariff for them and China will be raised to one

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Speaker 4: five due to their insistence on escalation.

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Speaker 1: Okay, So that is that explanation. Then he was asked,

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Speaker 1: is this a tariff war?

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Speaker 3: Now? Is this a trade war?

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Speaker 1: And so that was the next question that was asked,

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Speaker 1: and here was Besant's response, cut twenty six.

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Speaker 6: So it's going to see it now this trade war

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Speaker 6: is China versus the Risen.

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Speaker 4: Well, I'm not calling it a trade war, but I

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Speaker 4: am saying that China has s delated. And President Trump

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Speaker 4: responded very courageously to that, and we are going to

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Speaker 4: work on a solution with the are trading partners.

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Speaker 3: Okay.

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Speaker 1: Caroline Levitt, White House folksperson, then came out and said

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Speaker 1: what we have been telling you for some time, don't panic.

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Speaker 1: You don't seem in the media to be able to follow.

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Speaker 1: And let's be honest here, Buck, there's also any time

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Speaker 1: that there can be a panic that works against Trump.

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Speaker 1: The media stokes the fears, they drive up the terror,

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Speaker 1: and we tried to tamp that down and tell you, hey,

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Speaker 1: if you can't, you're too emotional, don't look at prices.

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Speaker 1: But a lot of people out there weren't willing to

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Speaker 1: do that. A lot of people sold Caroline Levitt cut

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Speaker 1: twenty seven.

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Speaker 7: Many of you in the media clearly missed the art

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Speaker 7: of the deal. You clearly failed to see what President

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Speaker 7: Jump is doing here. You tried to say that the

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Speaker 7: rest of the world would be moved closer to China,

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Speaker 7: and in fact we've seen the opposite effect. The entire

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Speaker 7: world is calling the United States of America, not China,

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Speaker 7: because they need our markets, they need our consumers, and

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Speaker 7: they need this president in the Oval Office to talk

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Speaker 7: to them. If that's exactly why more than seventy five

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Speaker 7: countries have called. Because the United States of America is

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Speaker 7: the best place in the world to do business, and

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Speaker 7: as the President has shown great courage, as the Secretary

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Speaker 7: has said, in choosing to retaliate against China even higher.

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Speaker 1: Okay, so that is the absolute latest from the White House. Now, buck,

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Speaker 1: let's dive in with Art Laugher, who wrote a great

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Speaker 1: piece in the Wall Street Journal. Art Laugher believes that

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Speaker 1: there should be zero, zero tariffs anywhere in the world.

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Speaker 1: He believes completely in free trade. He's a brilliant economist,

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Speaker 1: and I think sometimes there are going to be people

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Speaker 1: who come on the show and use the forum that

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Speaker 1: we have, which is very widely followed by the White House,

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Speaker 1: as is Fox News, to make arguments to the president.

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Speaker 1: I think that's why he wrote the editorial at the

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Speaker 1: Wall Street Journal. I think that's why he wanted to

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Speaker 1: come on, and I need to go have dinner with

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Speaker 1: him because he's a brilliant guy. But the idea, and again,

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Speaker 1: let me just kind of break this down from you

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Speaker 1: from my perspective, I'm curious if you will agree if

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Speaker 1: we went to zero tariffs with China. Let's pretend that

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Speaker 1: China said, hey, we're laying down our arms, no tariffs,

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Speaker 1: United States said no tariffs too. We would still have

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Speaker 1: a massive trade imbalance with China. And the massive trade

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Speaker 1: imbalance means that China produces a lot of goods and

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Speaker 1: they have a lot of jobs to produce those goods,

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Speaker 1: and the United States buy and large buys them. But

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Speaker 1: we don't have the jobs producing the same amount of goods.

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Speaker 1: And one of the challenges Trump is trying to rectify

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Speaker 1: is what's going on in the industrial heartland. Where the

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Speaker 1: jobs have been lost. Now, Art Laffer said, and I

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Speaker 1: do think this is true that Illinois, for instance, has

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Speaker 1: made awful economic decisions and that has led to jobs

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Speaker 1: inside of the United States migrating to states that have

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Speaker 1: made better economic decisions where you live Florida, where I live, Tennessee.

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Speaker 1: That's certainly true, and there is some culpability. But for instance,

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Speaker 1: Ohio has Republican leadership top to bottom now and it

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Speaker 1: still has lost a lot of jobs. Pennsylvania voted for

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Speaker 1: Donald Trump and voted for McCormick, and they have lost jobs.

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Speaker 8: Now.

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Speaker 1: It's true they have Democrat leadership in cities and many

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Speaker 1: oftentimes in governorships. But what was your take on that?

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Speaker 1: What is your take now with rapidly evolving news cycle,

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Speaker 1: as is often the case with the Trump administration.

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Speaker 2: Well, I think this is what's interesting to me is

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Speaker 2: that the areas where there is some disagreement. I mean,

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Speaker 2: clearly Art was trying the art of the deal himself,

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Speaker 2: there by putting full faith in Trump, but not agreeing

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Speaker 2: with some of the principles that Trump has espoused for

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Speaker 2: a very long time, not just in this recent bout

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Speaker 2: of trade negotiations, but at some level. Saying the things

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Speaker 2: that Trump is saying is a necessary component of that

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Speaker 2: negotiation process because people have to be people have to

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Speaker 2: believe that you are willing to do the things you

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Speaker 2: say you will do. If I mean, let's be honest,

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Speaker 2: you're making kind of an economic threat. You know, empty threats.

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Speaker 2: The fastest way to lose all of your power, lose

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Speaker 2: all of your influence, is to make empty threats.

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Speaker 5: Right.

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Speaker 2: You know, if you ever shout at somebody you know,

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Speaker 2: oh I'm gonna get you know, You're you'll never work

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Speaker 2: in this town again, and they can laugh at you,

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Speaker 2: then you've lost a lot a lot of ground. And

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Speaker 2: if you say, I'm going to terrify you, but really,

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Speaker 2: I'm going to pause the tariffs next week, and really

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Speaker 2: I have no interest in taking this to the mat.

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Speaker 3: If I have to do, you have no leverage.

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Speaker 2: So so Trump some of what he has been saying,

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Speaker 2: I think has been a combination of the rebalancing that

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Speaker 2: he wants to achieve, but also establishing the necessary leverage

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Speaker 2: in the negotiations. You know, to get people leverage is

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Speaker 2: about pushing, right, you push a lever, pushing people to

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Speaker 2: do the things all in the global trade in these

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Speaker 2: global trade negotiations that he wants them to do. So

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Speaker 2: I think that that is bearing fruit already and really

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Speaker 2: the country when we're talking about national security concerns, Let's

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Speaker 2: be honest, Clay.

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Speaker 3: You know, if France.

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Speaker 2: Wants to have a ten percent or a twenty percent

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Speaker 2: or whatever tariff on their chemombert, you know, or on

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Speaker 2: their champagne, which is different than sparkling white wine. As

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Speaker 2: we know, even though Americans may be in the habit

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Speaker 2: of calling their sparkling white champagne, it's named for the region,

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Speaker 2: as we learned from Rob Low in Wayne's World. But

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Speaker 2: if they want a tariff cheese, we can live with that.

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Speaker 2: But if China is going to be providing all of

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Speaker 2: our robotics, electronics, antibiotics go down the list. That's a

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Speaker 2: problem for us, a bigger problem than I would if

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Speaker 2: the EU is doing that. I think we would feel

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Speaker 2: a lot better. I'm not saying that that's a desirable

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Speaker 2: scenario either, but your primary adversary, we have to remember,

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Speaker 2: China's an authoritarian regime, okay, It's run by the Chinese

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Speaker 2: Communist Party. Mal Sittong is one of the most evil

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Speaker 2: people who have ever run any country. In the history

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Speaker 2: of the planet, and he's the founder of modern China.

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Speaker 2: Like they got problems over there. This is not this

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Speaker 2: is not the UK, this is not Australia. Right, not

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Speaker 2: all countries are equal, And so focusing in the pressure

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Speaker 2: on China for this makes sense because that's they're not

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Speaker 2: only the biggest trade you know, manipulator and cheat. And

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Speaker 2: by the way, I disagree with Art when he says

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Speaker 2: like China's fine. I mean this is where we get

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Speaker 2: to the national security side of things. I don't know

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Speaker 2: if he's aware of how much IP theft they've engaged

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Speaker 2: in and how much cyber intrusion they have done, both

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Speaker 2: on the national security and economic espionage side. It's substantial. Again,

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Speaker 2: Arts an economics guy, I worked in the CIA.

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Speaker 1: He said at the start, he said, like I think

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Speaker 1: Trump's the greatest, Like he basically said, all I care

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Speaker 1: about is economics.

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Speaker 3: Which here's economics.

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Speaker 2: So he does not know anything about national security in

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Speaker 2: this respect. And China is a national security threat in

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Speaker 2: trade as well because of the way that they steal

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Speaker 2: intellectual When I say intellectual property, I mean think about

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Speaker 2: someone like Elon Musk.

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Speaker 3: SpaceX is rockets.

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Speaker 2: It's the private company, but it's rockets. You know, you

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Speaker 2: can do a lot with that technology, right, and China's

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Speaker 2: stealing technology is a huge problem.

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Speaker 1: Am I the only one who's still furious at China

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Speaker 1: because they let COVID happen. I mean, I know it's

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Speaker 1: five years ago, and maybe more than five years ago

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Speaker 1: based on some of the studies that are now coming

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Speaker 1: out about when exactly COVID may have started to circulate

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Speaker 1: in China. But I know much of our fight in

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Speaker 1: the United States was over Hey, some people want to

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Speaker 1: put on masks and their morons, and some people want

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Speaker 1: to shut down schools and their morons. And the worst

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Speaker 1: stuff we did to ourselves in this country, that's my problem.

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Speaker 1: The worst stuff we we the worst COVID stuff was

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Speaker 1: the result of stupid, just stupid decisions made here in America,

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Speaker 1: and we funded as we know, we funded that lab

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Speaker 1: as well, which not all of it, but some of it,

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Speaker 1: which was an useful decision. But my point on it

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Speaker 1: is China paid no penalty. China unleashed COVID on the world,

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Speaker 1: led to awful I agree with you policy decisions being

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Speaker 1: made in the United States, but they didn't come clean

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Speaker 1: about how it got out they never have told the

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Speaker 1: full story about anything, and so my inclination is not

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Speaker 1: to give China the benefit of the doubt on anything.

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Speaker 1: If anything, I actually am inclined to be more draconian

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Speaker 1: in the way that we treat them going forward, because

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Speaker 1: I think we're in a modern day Cold war, and

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Speaker 1: if China wins, I think the world loses.

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Speaker 2: Yes, but see, this is the point. It's about more

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Speaker 2: than just correct who can make the cheapest widgets. It's

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Speaker 2: about more than that with China.

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Speaker 3: With the EU, you know, it's about who.

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Speaker 2: It's about cheese and beef products and cars and things.

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Speaker 2: And Trump can work all that out with It's something else.

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Speaker 2: We are not worried about a first strike from the

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Speaker 2: United Kingdom and them cutting off our critical supplies of

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Speaker 2: electronics and the things that we would need in order

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Speaker 2: to fight a modern war. We are worried about that

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Speaker 2: with China. Okay, So this is why it is in

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Speaker 2: fact different. It is not just we make stuff, they

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Speaker 2: make stuff. We have money, they have money. There are

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Speaker 2: additional factors that complicate the analysis. So we should get

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Speaker 2: to some of these talkbacks, play some of these calls,

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Speaker 2: because yeah, we touched on some of that, and look,

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Speaker 2: I think we should invite Senator Rampaul on soon because

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Speaker 2: he just thinks this whole thing is completely nuts and

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Speaker 2: he's a very smart guy, and I think we should

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Speaker 2: hear him out on this. Senator ramp Paul is a

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Speaker 2: very think I think I might agree with him more

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Speaker 2: than any Senator a greater percent of the time on issues.

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Speaker 2: I think that's probably true. I mean, there's a few,

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Speaker 2: you know, Ted Cruise, there's a few, but he's certainly

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Speaker 2: I know aman Ron Johnson just because I love him.

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Speaker 2: He's great there in Wisconsin holding it down all right.

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Speaker 2: If you're a member of the USCCA, the United States

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Speaker 2: Concealed Carry Association, you're getting the benefit of legal assistance

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Speaker 2: Second Amendment and believes in your right to defend yourself

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Speaker 2: and your family. Clay and I are both members of

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Speaker 2: the USCCA, and this was an easy decision for us

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Speaker 2: I conceal carry. Clay is a lawyer, he's got weapons

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Speaker 2: in the house, he knows that he might have to

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Speaker 2: or his wife might have to defend their kids. I

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Speaker 2: have the same consideration here with Kerrie. If you're going

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Speaker 2: under any circumstance, because how it plays out in court

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Speaker 2: is not necessarily how it played out in reality unless

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Speaker 5: You know him as conservative radio hosts, Now just get

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Speaker 1: On this Sunday hang podcast with Clay and Buck. Find

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Speaker 1: it in their podcast feed on the iHeartRadio app or

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Speaker 2: A week of whiplash in the markets, my friends, focs

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Speaker 2: skyrocketing right now. Somebody told you a good time to

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Speaker 2: buy four hours ago, probably telling you the truth because

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Speaker 2: it's a good time. It was a good time, and

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Speaker 2: his name was Donald Trump.

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Speaker 3: Clay.

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Speaker 2: We have a lot to get into here, and I

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Speaker 2: think also people's opinions are they're fired up over what's

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Speaker 2: going on right now, not just with this swing, but

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Speaker 2: just everything about the trade, of the tariffs, that China

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Speaker 2: is increasingly the focus of all this China, which we

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Speaker 2: all remember first term Trump was all about China. So

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Speaker 2: we'll dig into this more calls, more talkbacks and really

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Speaker 2: kind of roll up our sleeves and look at where

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Speaker 2: we are.

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Speaker 1: No doubt, and a lot of you want to weigh in.

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Speaker 1: But again, this is the biggest stock market rise in

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Speaker 1: a day in nearly twenty years, so it is popped

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Speaker 1: Welcome back in Clay, Travis buck Sexton Show. Appreciate all

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Speaker 1: of you hanging out with us. Okay, tons of you

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Speaker 1: weighing in wanting to talk about the absolute latest on

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Speaker 1: the trade battle that has been taking place. Again, if

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Speaker 1: you're just getting in your car, the stock market is

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Speaker 1: soaring nearly a twenty year high. NASDAC up over ten percent,

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Speaker 1: nearly a twenty year high. I am saying for purposes

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Speaker 1: of one day surge, the Dow is up seven percent.

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Speaker 1: Putting that into context, over twenty five hundred points. The

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Speaker 1: S and P five hundred has popped up massively, nearly

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Speaker 1: four hundred points, nearly eight percent, roughly of a pop

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Speaker 1: in the S and P five hundred. And by the way,

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Speaker 1: if you're out there and you're you know, wondering about stocks,

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Speaker 1: in the past year, the stock market S and P

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Speaker 1: five hundred up about four percent. So this whole calamitous

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Speaker 1: idea that they tried to sell, Oh my goodness, what

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Speaker 1: about your retirement? The stock prices are effectively the same

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Speaker 1: right now as they were in September of last year,

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Speaker 1: and you're up right around four percent in the last year. Again, average,

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Speaker 1: you're gonna make eight or nine percent. Some years you

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Speaker 1: might go down thirty, some years you might go up thirty.

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Speaker 1: But a lot of people out there went away in Okay,

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Speaker 1: who should we go to First, let's go to Larry

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Speaker 1: down in Palm Beach. Larry, what you got for it?

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Speaker 6: Hey, guys, you know this thing with China, the one

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Speaker 6: thing that that's not been talked about is right now,

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Speaker 6: China's got a GNP of about three point seven trillion dollars,

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Speaker 6: but the United States has sold them eight hundred billion

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Speaker 6: dollars worth of treasury paper that they hold on their books.

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Speaker 6: And if they did anything really stupid, I have to

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Speaker 6: believe Trump holding the Trump card could put a match

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Speaker 6: to that eight hundred billion dollar debt to China.

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Speaker 1: Thank you for the call, Larry. You raise a good point.

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Speaker 1: I actually think it's way more than eight hundred billion dollars.

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Speaker 1: I thought China had several team when you looked us

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Speaker 1: up in New York, I thought China had several trillion

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Speaker 1: dollars in debt securities. Now I mentioned this earlier Buck

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Speaker 1: because my concern if things went truly nuclear is China

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Speaker 1: could go on the market and flood the market with

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Speaker 1: our debt and basically torpedo the debt markets in general. Now,

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Speaker 1: that would be awful for them, because they have assets.

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Speaker 1: It doesn't make sense that.

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Speaker 2: They would tend that value for their that's letting themselves

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Speaker 2: on fire to light us on fire.

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Speaker 3: That's not going to make a lot.

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Speaker 1: Of sense, correct, But I do think that that is

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Speaker 1: the caller's point is a good one, and honestly, I

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Speaker 1: don't think it's ideal that we allow. Frankly, this is

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Speaker 1: my opinion. I don't think it's ideal that we have

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Speaker 1: foreign countries holding massive amounts of our debt. I think

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Speaker 1: that that is a is a security risk on some level.

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Speaker 1: But China does have a massive amount. I'll look up

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Speaker 1: the exact dollars ken in Southeast Michigan. What you got

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Speaker 1: for us?

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Speaker 8: Well, I just wanted to share with you an example

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Speaker 8: the prices increasing.

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Speaker 6: Now.

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Speaker 8: I support Trump, I understand what's going on. But for

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Speaker 8: people that don't, just in an example, the price of

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Speaker 8: the same can of suit when Biden took over was

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Speaker 8: a dollar seventy nine. Last week when I did my

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Speaker 8: grocery shopping, it was two dollars and thirty nine cents

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Speaker 8: today two dollars and fifty nine cents. So prices are

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Speaker 8: going up.

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Speaker 3: Okay, thanks for the call.

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Speaker 1: Look, I look, let me just say this, the data

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Speaker 1: does not reflect that that is occurring.

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Speaker 3: Okay, the UH.

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Speaker 2: I can actually jump in with something cause I think

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Speaker 2: he said when Biden took over. Yeah, well, when Biden

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Speaker 2: took over, what was the price in two years? If

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Speaker 2: you're talking about starting in twenty twenty, that is when

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Speaker 2: inflation went completely out of control? Is Biden came in

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Speaker 2: and spent trillions of dollars unnecessarily, So it's not about when,

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Speaker 2: But you have to look at Biden starting, Biden ending,

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Speaker 2: and then look where we are, or else you're not

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Speaker 2: even getting a relevant snapshot.

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Speaker 3: Yeah.

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Speaker 1: Sorry, and just talking to his point, the price for

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Speaker 1: Biden went up over twenty percent. He is correct if

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Speaker 1: that's what he was talking about. Since Trump has come

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Speaker 1: into office, the data is that grocery prices are increasing

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Speaker 1: actually slower than the rate of inflation out there. Okay,

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Speaker 1: so here, by the way, he may be right. China

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Speaker 1: eight hundred billion. I want to correct myself. I thought

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Speaker 1: they had over a trillion, and they used to have

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Speaker 1: over a trillion.

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Speaker 3: They used to have over a trillion.

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Speaker 1: They have sold down the amount of death that they

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Speaker 1: have according to this foreign country's own eight trillion dollars,

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Speaker 1: that's around twenty percent between twenty and twenty five five

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Speaker 1: percent of the total US debt out there, and China

439
00:24:04,000 --> 00:24:06,240
Speaker 1: used to have over a trillion dollars. They since have

440
00:24:06,320 --> 00:24:08,040
Speaker 1: sold it back. So I want to correct myself. A

441
00:24:08,040 --> 00:24:11,359
Speaker 1: caller there was, right, Steve in Columbus, Ohio. What you

442
00:24:11,359 --> 00:24:12,040
Speaker 1: got for us?

443
00:24:12,840 --> 00:24:13,080
Speaker 5: Yeah?

444
00:24:13,119 --> 00:24:16,520
Speaker 9: Hey, As far as opening up our markets or their

445
00:24:16,560 --> 00:24:19,960
Speaker 9: markets to us, I've been selling on eBay for twenty

446
00:24:20,080 --> 00:24:23,560
Speaker 9: years and I have over four thousand listings. In that

447
00:24:23,640 --> 00:24:26,439
Speaker 9: amount of time, I've had three shipments I had to

448
00:24:26,440 --> 00:24:30,720
Speaker 9: send to China because their people don't have access to

449
00:24:30,840 --> 00:24:35,840
Speaker 9: the to our Internet sales and we're locked out of that.

450
00:24:37,440 --> 00:24:38,880
Speaker 3: Yeah, thank you for the call.

451
00:24:38,960 --> 00:24:42,280
Speaker 1: This this has been my argument buying large Buck you

452
00:24:42,359 --> 00:24:45,440
Speaker 1: have been let's talk about TikTok, which they're talking about

453
00:24:45,480 --> 00:24:47,560
Speaker 1: trying to get a deal done, and it's now hung

454
00:24:47,640 --> 00:24:51,359
Speaker 1: up in the geopolitical tensions with China. My argument on

455
00:24:51,400 --> 00:24:54,960
Speaker 1: the TikTok front has been that we should have reciprocity

456
00:24:55,080 --> 00:24:59,240
Speaker 1: in technology. In other words, Google's not allowed to access

457
00:24:59,280 --> 00:25:03,320
Speaker 1: the Chinese mone market. Twitter is not allowed access to

458
00:25:03,320 --> 00:25:07,960
Speaker 1: the Chinese market. Our big social media tech companies Buy

459
00:25:08,000 --> 00:25:11,000
Speaker 1: and Large Facebook are not allowed to have access to

460
00:25:11,119 --> 00:25:14,320
Speaker 1: Chinese markets. That's an example of a sort of tariff

461
00:25:14,320 --> 00:25:16,760
Speaker 1: that's put up. It's a tech tariff, so that China

462
00:25:16,800 --> 00:25:20,399
Speaker 1: can basically create clone companies that do many of the

463
00:25:20,440 --> 00:25:25,000
Speaker 1: same things, but they are Chinese owned. Meanwhile, they want

464
00:25:25,040 --> 00:25:28,320
Speaker 1: to come here and they want to create TikTok, which

465
00:25:28,359 --> 00:25:31,560
Speaker 1: is Chinese owned. Now, if it's American owned, which is

466
00:25:31,600 --> 00:25:34,520
Speaker 1: the report that's out there, that Chinese ownership of TikTok

467
00:25:34,560 --> 00:25:36,960
Speaker 1: would go down to twenty percent, that it would be

468
00:25:37,000 --> 00:25:40,760
Speaker 1: fifty percent owned by American entities and thirty percent with

469
00:25:40,880 --> 00:25:44,520
Speaker 1: existing investors. That I think is a good solution. But

470
00:25:44,640 --> 00:25:47,760
Speaker 1: that is to his caller point, you're not allowed to

471
00:25:47,760 --> 00:25:51,679
Speaker 1: compete in the Chinese marketplace. Meanwhile, they flood what is it,

472
00:25:51,760 --> 00:25:57,720
Speaker 1: timu and which is they flood the American marketplace with

473
00:25:57,880 --> 00:26:01,480
Speaker 1: cheaply produced Chinese goods. Will not allow us to compete

474
00:26:01,680 --> 00:26:05,200
Speaker 1: on a reciprocal basis in China.

475
00:26:04,560 --> 00:26:06,960
Speaker 2: For a lot of us. If you're on Amazon, what

476
00:26:07,080 --> 00:26:11,040
Speaker 2: you find is that Amazon is like one giant shipping

477
00:26:11,600 --> 00:26:14,919
Speaker 2: shipping depot for stuff made in China. Yes, now I

478
00:26:14,960 --> 00:26:16,680
Speaker 2: know they have a lot of stuff that's not from

479
00:26:16,800 --> 00:26:18,800
Speaker 2: but you know, most of the things when you're getting

480
00:26:18,880 --> 00:26:20,800
Speaker 2: random things on Amazon that you just need for your

481
00:26:20,800 --> 00:26:23,200
Speaker 2: house or whatever it may be. I don't know, maybe

482
00:26:23,200 --> 00:26:27,160
Speaker 2: you need a portable sleeping bag. Suddenly guess what comes

483
00:26:27,480 --> 00:26:30,920
Speaker 2: from China. So you need to keep that in mind

484
00:26:30,960 --> 00:26:32,600
Speaker 2: as well. This is what has been This is what

485
00:26:32,640 --> 00:26:36,920
Speaker 2: has been going on here, and I think, you know,

486
00:26:37,119 --> 00:26:39,480
Speaker 2: if all the things that China has been doing aren't

487
00:26:39,480 --> 00:26:43,160
Speaker 2: a problem. Again, not to argue with Art in his absence,

488
00:26:43,200 --> 00:26:45,480
Speaker 2: but I guess that's what I'm doing. If everything that

489
00:26:45,560 --> 00:26:47,960
Speaker 2: China's been doing isn't a problem, why does the World

490
00:26:48,000 --> 00:26:52,639
Speaker 2: Trade Organization have all these agreements that China violates, right violating? Like,

491
00:26:52,640 --> 00:26:54,920
Speaker 2: what's the point of the WTO If you can break

492
00:26:54,960 --> 00:26:57,280
Speaker 2: all the rules of the WTO and that doesn't actually

493
00:26:57,320 --> 00:26:59,760
Speaker 2: hurt anybody, Yes, there would be no need for any

494
00:26:59,840 --> 00:27:02,040
Speaker 2: rule and everybody should be in the WTO.

495
00:27:02,240 --> 00:27:02,600
Speaker 3: Okay.

496
00:27:02,640 --> 00:27:08,040
Speaker 2: So clearly there's some downsides to what China is doing,

497
00:27:08,119 --> 00:27:10,000
Speaker 2: and I think we need to be very aware of that.

498
00:27:10,040 --> 00:27:15,840
Speaker 2: And Trump, look what's this gosh, I'm forgetting his name now,

499
00:27:15,880 --> 00:27:20,000
Speaker 2: the acman, Bill Ackman, the hedge fund guy. You know,

500
00:27:20,080 --> 00:27:21,680
Speaker 2: he said that we should have a ninety day pause.

501
00:27:21,720 --> 00:27:24,320
Speaker 2: Now we have a ninety day pause. So and the

502
00:27:24,359 --> 00:27:27,080
Speaker 2: markets are reacting to this because what they really just

503
00:27:27,160 --> 00:27:29,960
Speaker 2: need is is a sense of stability and a roadmap

504
00:27:29,960 --> 00:27:32,760
Speaker 2: for what's going to happen here. What freak outs them,

505
00:27:32,880 --> 00:27:35,480
Speaker 2: what freaks the market out, is what the heck is

506
00:27:35,520 --> 00:27:37,359
Speaker 2: going on? We don't know what's going on, right, And

507
00:27:37,359 --> 00:27:38,960
Speaker 2: that's why I had all this hedge fund money getting

508
00:27:38,960 --> 00:27:41,440
Speaker 2: pulled from the markets and everything else. Because but now

509
00:27:41,480 --> 00:27:43,359
Speaker 2: that they have some sense of what the future, at

510
00:27:43,440 --> 00:27:45,040
Speaker 2: least the next ninety days is going to look like.

511
00:27:45,040 --> 00:27:47,879
Speaker 2: But I think also the strategy is more clear to people.

512
00:27:48,000 --> 00:27:49,960
Speaker 2: David in Houston has an idea he wants to share.

513
00:27:50,000 --> 00:27:50,640
Speaker 3: What's up, David.

514
00:27:51,800 --> 00:27:54,720
Speaker 10: Yeah, I was thinking that if Trump, if Trump really

515
00:27:54,760 --> 00:27:57,680
Speaker 10: wanted to do the Trump cart on the Chinese debt,

516
00:27:57,920 --> 00:27:59,439
Speaker 10: what he can do is he can do a government

517
00:27:59,520 --> 00:28:03,400
Speaker 10: the government transaction privately, not even enter into the markets.

518
00:28:03,720 --> 00:28:06,160
Speaker 10: Pay fifty cents on a dollar on the US debt

519
00:28:06,440 --> 00:28:09,840
Speaker 10: that the Chinese hold put on the Federal Reserve balance

520
00:28:09,880 --> 00:28:13,720
Speaker 10: sheet in the government's name. And then what we have

521
00:28:13,960 --> 00:28:17,280
Speaker 10: here is we got debt paid off at fifty cents

522
00:28:17,320 --> 00:28:21,040
Speaker 10: on the dollar and it doesn't affect the interest rate market.

523
00:28:21,440 --> 00:28:22,720
Speaker 10: And that's a private transaction.

524
00:28:24,920 --> 00:28:28,080
Speaker 1: Look, what Trump wanted to do with the debt, which

525
00:28:28,119 --> 00:28:31,760
Speaker 1: I loved and didn't happen was he argued we should

526
00:28:31,800 --> 00:28:34,560
Speaker 1: be able to refy our debt and basically lock in

527
00:28:34,560 --> 00:28:38,600
Speaker 1: interest rates. That is really kind of an interesting angle

528
00:28:40,040 --> 00:28:43,000
Speaker 1: when interest rates were super low. Because buck, as we

529
00:28:43,040 --> 00:28:47,040
Speaker 1: have pointed out, I appreciate the call China doesn't produce.

530
00:28:47,560 --> 00:28:51,160
Speaker 1: I don't think China has a substantial debt. I mean,

531
00:28:51,400 --> 00:28:56,239
Speaker 1: the reason they're buying the United States debt obligations is

532
00:28:56,320 --> 00:28:59,480
Speaker 1: because they actually have a trade surplus I believe. I

533
00:28:59,480 --> 00:29:02,640
Speaker 1: don't think they have created a massive death the likes

534
00:29:02,640 --> 00:29:06,120
Speaker 1: of which we have created. Again, I'm not an expert

535
00:29:06,200 --> 00:29:09,320
Speaker 1: in the Chinese budget, and frankly, a lot of the

536
00:29:09,400 --> 00:29:12,000
Speaker 1: data that comes out of China you can't trust, for instance,

537
00:29:12,040 --> 00:29:15,400
Speaker 1: their historic growth rates, all those things. I will say

538
00:29:15,920 --> 00:29:19,440
Speaker 1: one issue that China has, which is I think something

539
00:29:19,480 --> 00:29:23,400
Speaker 1: that is undergirding much of this. Their population is peaked.

540
00:29:24,360 --> 00:29:26,840
Speaker 1: If you look at the projections because of the one

541
00:29:26,920 --> 00:29:31,960
Speaker 1: child China policy, which did have immediate short term benefits,

542
00:29:32,320 --> 00:29:34,720
Speaker 1: it's a bit of a sugar high because over the

543
00:29:34,760 --> 00:29:37,520
Speaker 1: next eighty or one hundred years, the population of China

544
00:29:37,600 --> 00:29:41,200
Speaker 1: is projected to cut in half because they can't get

545
00:29:41,240 --> 00:29:44,040
Speaker 1: people to have kids, and that's a larger issue in

546
00:29:44,080 --> 00:29:46,880
Speaker 1: the world, whether it's Italy, whether it's Japan, frankly, whether

547
00:29:46,920 --> 00:29:51,280
Speaker 1: it's United States for native born population. And so I

548
00:29:51,320 --> 00:29:53,960
Speaker 1: think China is probably at the peak of their economic

549
00:29:54,040 --> 00:29:56,560
Speaker 1: might right now. In fact, I think China's economic might

550
00:29:56,600 --> 00:30:00,160
Speaker 1: has already passed. And I've made the argument buck it

551
00:30:00,160 --> 00:30:01,920
Speaker 1: reminds me a little bit of Japan in the eighties.

552
00:30:02,280 --> 00:30:04,680
Speaker 1: If you're old enough to remember, everybody looked at the

553
00:30:04,720 --> 00:30:07,360
Speaker 1: trajectories and they said, oh my goodness, China's I mean,

554
00:30:07,440 --> 00:30:09,960
Speaker 1: Japan's going to buy everything. Japan is going to own

555
00:30:10,040 --> 00:30:13,000
Speaker 1: everything in the United States. And meanwhile there's stock market

556
00:30:13,040 --> 00:30:15,360
Speaker 1: flat lined and it didn't grow for about forty years.

557
00:30:15,960 --> 00:30:19,360
Speaker 1: And so I think we have reached peak China power,

558
00:30:19,640 --> 00:30:22,040
Speaker 1: and I think we're actually on the backside now. And

559
00:30:22,160 --> 00:30:25,800
Speaker 1: certainly demographics are part of that, and I think that's

560
00:30:25,840 --> 00:30:28,880
Speaker 1: why there's a quiet panic setting in in China, and

561
00:30:28,920 --> 00:30:32,120
Speaker 1: I have some fear that they might invade Taiwan as

562
00:30:32,160 --> 00:30:37,040
Speaker 1: a result, because if you look historically, usually countries don't

563
00:30:37,120 --> 00:30:40,240
Speaker 1: act at their peak. They act when they have begun

564
00:30:40,320 --> 00:30:44,760
Speaker 1: their decline in ways that appear irrational. Because deep down

565
00:30:44,840 --> 00:30:49,040
Speaker 1: there's a fear of the decline. So anyway that is

566
00:30:49,120 --> 00:30:51,240
Speaker 1: out there I think floating around, I would submit to

567
00:30:51,240 --> 00:30:52,880
Speaker 1: you that I think China is on the back end

568
00:30:53,280 --> 00:30:55,880
Speaker 1: and that they are actually going to panic more so

569
00:30:56,520 --> 00:30:58,320
Speaker 1: in the years ahead going.

570
00:30:58,120 --> 00:31:01,400
Speaker 2: Well, But countries that feel like they're actually in decline

571
00:31:01,680 --> 00:31:04,440
Speaker 2: and have problems can get very aggressive.

572
00:31:04,640 --> 00:31:07,120
Speaker 1: Well, that's when they actually tend to get the most aggressive,

573
00:31:07,160 --> 00:31:10,040
Speaker 1: which is why you know, it's not.

574
00:31:09,920 --> 00:31:12,240
Speaker 2: Like, oh, we can just be on this glide path

575
00:31:12,280 --> 00:31:20,360
Speaker 2: that China's economic and power deterioration. Things become destabilized inside

576
00:31:20,360 --> 00:31:23,360
Speaker 2: of a place like China as they have more problems

577
00:31:23,400 --> 00:31:25,440
Speaker 2: and less rosy prospects for the future.

578
00:31:26,640 --> 00:31:28,240
Speaker 1: Let me talk to you a little bit about Israel,

579
00:31:29,000 --> 00:31:31,480
Speaker 1: which has moved off the front pages because there's been

580
00:31:31,480 --> 00:31:34,720
Speaker 1: so much attention on the tariff battles of late. But

581
00:31:34,960 --> 00:31:38,959
Speaker 1: Israel has gone back into Gaza. They have restarted the

582
00:31:39,000 --> 00:31:42,760
Speaker 1: war in the North with Hesboula, and certainly you've probably

583
00:31:42,760 --> 00:31:44,880
Speaker 1: seen some of the stories about the Hooties and what's

584
00:31:44,880 --> 00:31:48,720
Speaker 1: going on there and the larger geopolitical tension with Iran

585
00:31:48,960 --> 00:31:53,640
Speaker 1: with talks scheduled on Saturday. Lots going on there but

586
00:31:54,480 --> 00:31:57,360
Speaker 1: the key thing to remember is the people of Israel

587
00:31:57,440 --> 00:32:00,960
Speaker 1: are still fighting to preserve Western civil is a, freedom

588
00:32:01,000 --> 00:32:05,320
Speaker 1: of religion, freedom of speech. They are uniquely the good

589
00:32:05,720 --> 00:32:09,480
Speaker 1: in what is often countries ruled by awful despots in

590
00:32:09,520 --> 00:32:12,880
Speaker 1: the Middle East, and as a result, the union between

591
00:32:12,960 --> 00:32:16,320
Speaker 1: Christians and Jews is substantial. And that's what happens every

592
00:32:16,400 --> 00:32:19,800
Speaker 1: single day at the International Fellowship of Christians and Jews.

593
00:32:19,840 --> 00:32:24,400
Speaker 1: They provide life saving aid and security essentials to everyone,

594
00:32:24,600 --> 00:32:27,960
Speaker 1: and your urgently needed gift today will help provide security

595
00:32:28,040 --> 00:32:32,560
Speaker 1: essentials like bomb shelters, flack jackets, bulletproof vests. They'll help

596
00:32:32,600 --> 00:32:37,720
Speaker 1: first responders, armored security vehicles, ambulances and more. Join us,

597
00:32:37,800 --> 00:32:41,120
Speaker 1: both Buck and myself in standing with Israel. Call to

598
00:32:41,160 --> 00:32:45,240
Speaker 1: make your gift at eight eight eight for eight eight IFCJ.

599
00:32:45,520 --> 00:32:49,040
Speaker 1: That's eight eight eight four eight eight four three two five.

600
00:32:49,120 --> 00:32:53,480
Speaker 1: You can go online at SUPPORTIFCJ dot org to give

601
00:32:53,520 --> 00:33:00,280
Speaker 1: as well. That website support IFCJ dot org. With the

602
00:33:00,360 --> 00:33:04,240
Speaker 1: biggest political comeback in world history. On the Team forty

603
00:33:04,360 --> 00:33:07,920
Speaker 1: seven podcast, Clay and Buck highlight Trump free plays from.

604
00:33:07,760 --> 00:33:09,640
Speaker 3: The week Sundays at noon Eastern.

605
00:33:09,760 --> 00:33:12,880
Speaker 1: Find it on the iHeartRadio app or wherever you get

606
00:33:12,920 --> 00:33:14,000
Speaker 1: your podcasts.

607
00:33:15,240 --> 00:33:17,480
Speaker 3: Welcome back. In the last segment.

608
00:33:17,120 --> 00:33:21,840
Speaker 1: For Buck before he becomes a dad, I got a

609
00:33:21,840 --> 00:33:24,120
Speaker 1: couple of great advice points for him. He's gonna be

610
00:33:24,120 --> 00:33:26,040
Speaker 1: headed to the hospital here in a little bit for

611
00:33:26,440 --> 00:33:27,680
Speaker 1: induced baby.

612
00:33:27,720 --> 00:33:28,240
Speaker 3: I can't wait.

613
00:33:28,600 --> 00:33:32,720
Speaker 1: Congratulations to you and carry It's gonna be fantastic. And

614
00:33:33,120 --> 00:33:36,360
Speaker 1: let's get the last couple of bits of advice out

615
00:33:36,400 --> 00:33:43,360
Speaker 1: there from our audience. Scott practical advice about what to

616
00:33:43,440 --> 00:33:45,719
Speaker 1: do when a baby cries.

617
00:33:46,160 --> 00:33:49,720
Speaker 5: Hey, Buck, my advice if your baby is crying and bussy,

618
00:33:49,960 --> 00:33:52,960
Speaker 5: she is either hungry, or she's dirty and needs to

619
00:33:53,000 --> 00:33:56,480
Speaker 5: be clean, or she's pull it needs to be perm

620
00:33:56,800 --> 00:33:59,280
Speaker 5: and make sure you purper or you will put it

621
00:33:59,320 --> 00:34:02,480
Speaker 5: on you just either those didn't take your form or

622
00:34:02,560 --> 00:34:04,640
Speaker 5: your wrist and check your forehead or fever.

623
00:34:06,000 --> 00:34:08,120
Speaker 1: I will say, Buck, one of the cool things. And

624
00:34:08,200 --> 00:34:10,400
Speaker 1: I think you're going to find this out in the

625
00:34:10,480 --> 00:34:13,319
Speaker 1: years ahead, and I bet most of the moms and

626
00:34:13,400 --> 00:34:15,839
Speaker 1: dads and grandmas and grandpa's out there will sign off

627
00:34:15,840 --> 00:34:19,880
Speaker 1: on this too. No matter what you do, that kid

628
00:34:20,080 --> 00:34:23,600
Speaker 1: is going to have its own unique personality. And you

629
00:34:23,640 --> 00:34:25,799
Speaker 1: can get a baby that sleeps like an angel, or

630
00:34:25,840 --> 00:34:31,480
Speaker 1: you can get an absolute crazed child, and the differences

631
00:34:31,520 --> 00:34:35,440
Speaker 1: between baby one, Baby two, baby three can be seismic

632
00:34:35,480 --> 00:34:37,719
Speaker 1: and you can treat them all the exact same and

633
00:34:37,840 --> 00:34:39,240
Speaker 1: things will be very different.

634
00:34:39,360 --> 00:34:42,160
Speaker 3: But it's so exciting, and it is I.

635
00:34:42,440 --> 00:34:44,839
Speaker 1: Mean, for me, when I go back in time now

636
00:34:44,880 --> 00:34:47,000
Speaker 1: and think about, you know, seventeen years ago when my

637
00:34:47,040 --> 00:34:52,440
Speaker 1: first son was born, it is such an incredible experience

638
00:34:52,520 --> 00:34:55,799
Speaker 1: to realize that you get the gift of helping to

639
00:34:55,880 --> 00:34:59,480
Speaker 1: shape the next generation. And whether you're a dad or

640
00:34:59,480 --> 00:35:03,560
Speaker 1: a mom, or grandma or grandpa, that experience of seeing

641
00:35:03,600 --> 00:35:08,320
Speaker 1: a new generation born is just such an incredibly optimistic moment.

642
00:35:08,480 --> 00:35:10,880
Speaker 1: So I'm happy for you and Carrie. I think you

643
00:35:10,960 --> 00:35:14,640
Speaker 1: will be blown away, even though you've been thinking about

644
00:35:14,680 --> 00:35:17,720
Speaker 1: it a lot, that moment of crystallization, when the baby

645
00:35:17,800 --> 00:35:19,759
Speaker 1: is there and suddenly you're holding that baby for the

646
00:35:19,760 --> 00:35:23,480
Speaker 1: first time, it's hard not to be incredibly optimistic, in

647
00:35:23,560 --> 00:35:26,759
Speaker 1: my opinion, about the future of the world. When you

648
00:35:26,960 --> 00:35:30,520
Speaker 1: actually are holding the future of the world in your arms.

649
00:35:30,640 --> 00:35:36,280
Speaker 1: It's pretty awesome. That was very beautiful.

650
00:35:36,280 --> 00:35:40,440
Speaker 2: I don't even know, I'm I'm a little I mean.

651
00:35:40,320 --> 00:35:44,200
Speaker 1: It's it's I mean, it's it really is just super awesome,

652
00:35:44,200 --> 00:35:46,000
Speaker 1: and so you can prepare for it. You got nine

653
00:35:46,040 --> 00:35:48,560
Speaker 1: months to think about it, but until you got that

654
00:35:48,680 --> 00:35:52,160
Speaker 1: baby in your arms, it's hard to crystallize it. And

655
00:35:52,239 --> 00:35:54,520
Speaker 1: I think you'll know what I'm talking about later tonight,

656
00:35:54,680 --> 00:35:57,840
Speaker 1: late tonight, or maybe early tomorrow morning. So we're excited

657
00:35:57,840 --> 00:35:59,680
Speaker 1: for you. We'll give you updates. By the way, you

658
00:35:59,680 --> 00:36:02,600
Speaker 1: want to say your last minute without being a dad

659
00:36:02,680 --> 00:36:03,560
Speaker 1: on the radio.

660
00:36:03,680 --> 00:36:06,360
Speaker 2: Well that I'm so excited to join the ranks of

661
00:36:06,520 --> 00:36:09,120
Speaker 2: the parents out there, and I know so many of

662
00:36:09,200 --> 00:36:11,520
Speaker 2: you listen to this show, and it's going to be

663
00:36:11,520 --> 00:36:14,640
Speaker 2: a fun journey with me telling you about my first

664
00:36:14,640 --> 00:36:19,000
Speaker 2: steps in parenthood. I'm going to be out tomorrow through

665
00:36:19,040 --> 00:36:22,080
Speaker 2: at least Monday. I might be back Monday, maybe a

666
00:36:22,120 --> 00:36:24,359
Speaker 2: little later next week. We'll kind of see how things go.

667
00:36:25,200 --> 00:36:28,359
Speaker 2: But all of your well wishes and prayers and high

668
00:36:28,400 --> 00:36:31,239
Speaker 2: fives and hugs are very very much appreciated. You will

669
00:36:31,280 --> 00:36:34,200
Speaker 2: be in excellent hands with mister Clay Travis for the

670
00:36:34,239 --> 00:36:36,880
Speaker 2: rest of the week here. He has assured me that

671
00:36:36,960 --> 00:36:40,520
Speaker 2: he will prevent the global economy from completely melting down.

672
00:36:40,800 --> 00:36:44,400
Speaker 3: No pressure, no pressure, that's the goal. Thanks everybody.

673
00:36:44,920 --> 00:36:47,680
Speaker 2: I'll give some updates and the show we'll share with you,

674
00:36:48,640 --> 00:36:51,319
Speaker 2: God willing, everything goes great, and I'll talk to you

675
00:36:51,360 --> 00:36:51,959
Speaker 2: all next week