WEBVTT - The Truth with Lisa Boothe: How Tariffs Impact Your Wallet with Charles Payne 0:00:01.520 --> 0:00:03.840 We are going to continue to try to make sense 0:00:04.280 --> 0:00:07.440 of the economy right now, of the markets in the 0:00:07.480 --> 0:00:10.479 midst of a lot of chaos, a lot of noise 0:00:10.560 --> 0:00:13.039 in the media, a lot of noise from naysayers as 0:00:13.039 --> 0:00:15.960 well as always on this podcast. 0:00:15.480 --> 0:00:17.080 We're just going to try to get you the truth. 0:00:17.720 --> 0:00:19.919 That's what we do here On the Truth with Lisa Booth. 0:00:20.720 --> 0:00:22.160 So today we'll have someone on. 0:00:22.079 --> 0:00:25.079 Who I trust, who I turn to for advice, who 0:00:25.120 --> 0:00:27.160 when I see him on TV I stop to listen. 0:00:27.760 --> 0:00:30.560 His name is Charles Pain. You know him as the 0:00:30.600 --> 0:00:33.400 host of Making Money with Charles Pain on Fox Business. 0:00:33.800 --> 0:00:36.320 But besides that, he doesn't just play a financial expert 0:00:36.360 --> 0:00:39.240 on TV. He's a veteran in the industry. He started 0:00:39.240 --> 0:00:41.960 his time on Wall Street in nineteen eighty five. In 0:00:42.040 --> 0:00:44.720 nineteen eighty one, he started Wall Street Strategy as a 0:00:44.760 --> 0:00:48.560 stock market research firm. So this is the guy who eats, sleeps, 0:00:48.640 --> 0:00:51.160 and breathes this stuff for a living. 0:00:51.720 --> 0:00:53.800 He brings a wealth of insight to the table. 0:00:54.600 --> 0:00:57.800 So we're going to dive in to get his take. 0:00:58.440 --> 0:01:01.480 Dive in on President Trump's tariff strategy, it's impact on 0:01:01.520 --> 0:01:04.240 the markets and the economy, and what it means for 0:01:04.280 --> 0:01:07.399 investors in both the short term and the long term. 0:01:07.760 --> 0:01:10.120 I mean, most importantly, I'm gonna ask him what should 0:01:10.200 --> 0:01:13.400 you do? What should we all do right now as 0:01:13.440 --> 0:01:17.520 the markets continue to move and to shake. Plus, we'll 0:01:17.560 --> 0:01:20.840 explore his journey to television and also his latest book, 0:01:20.920 --> 0:01:25.119 Unbreakable Investor. I've always wondered how did he jump from 0:01:25.120 --> 0:01:28.440 Wall Street to television, So we'll dig into all that 0:01:28.560 --> 0:01:30.840 with my friend and colleague Charles Pain. 0:01:36.520 --> 0:01:38.560 Well, Charles Pain, it's an honor to have you on 0:01:38.600 --> 0:01:43.360 this show. Obviously, there's a lot of chaos. 0:01:42.920 --> 0:01:45.640 Going on right now, and I always stop and listen 0:01:45.640 --> 0:01:48.160 to you when you are on TV because you are calm, 0:01:48.200 --> 0:01:51.120 You're measured, and we need that and we need your 0:01:51.160 --> 0:01:53.960 wisdom right now. So it's an honor to have you on. 0:01:54.000 --> 0:01:55.400 I really appreciate you making the time. 0:01:55.960 --> 0:01:57.720 Thank you, Lisa. You know you've always been one of 0:01:57.760 --> 0:01:58.320 my favorites. 0:01:58.800 --> 0:02:01.120 Well, I feel the same about you, and you're so 0:02:01.120 --> 0:02:03.320 smart and like you don't I don't think i've ever 0:02:03.360 --> 0:02:06.320 seen you don't freak out, which is probably why you've 0:02:06.320 --> 0:02:09.960 been so successful in all this. But also what we 0:02:10.000 --> 0:02:13.760 need in this current environment, I guess like, Okay, so 0:02:13.919 --> 0:02:16.480 sort of just big picture. Could you sort of give 0:02:16.520 --> 0:02:19.839 us some perspective. What do you see right now when 0:02:19.840 --> 0:02:22.080 you're looking at the markets and you're looking at the 0:02:22.080 --> 0:02:23.000 economy right now. 0:02:24.160 --> 0:02:26.920 And it's interesting because there are two separate things right now. 0:02:27.520 --> 0:02:30.120 You know, in Wall Street, there's there's these things that 0:02:30.240 --> 0:02:34.239 call soft data, mostly surveys, and then things called hard 0:02:34.320 --> 0:02:38.639 data like corporate earnings reports and things like that. And 0:02:38.720 --> 0:02:41.639 so what's really amazing to me is this this phenomenon 0:02:41.680 --> 0:02:44.160 that we're living through right now. We've never seen anything 0:02:44.240 --> 0:02:48.680 like this. It's the amount of negative news stories that 0:02:48.720 --> 0:02:52.880 have been put out there. It supersedes nine to eleven, 0:02:53.280 --> 0:02:56.840 supersedes the global financial crisis, supersedes all kinds of all 0:02:56.960 --> 0:03:01.720 kinds of really much more serious issues struck global financial issues. 0:03:02.480 --> 0:03:05.440 And so we've been set up, the market has been 0:03:05.480 --> 0:03:07.720 set up sort of to be on this nervous perch 0:03:08.480 --> 0:03:11.800 because Lisa, we have a correction when the market pulls 0:03:11.840 --> 0:03:14.480 back ten percent on average every year in the last 0:03:14.520 --> 0:03:16.240 one hundred years, We've had one hundred and five of 0:03:16.280 --> 0:03:19.120 them something like that. We have corrections when the market 0:03:19.120 --> 0:03:22.480 pulls back twenty percent almost every four to five years, 0:03:22.520 --> 0:03:25.280 five to six years in that area. So all this stuff. 0:03:25.320 --> 0:03:27.880 Typically coming into the year, people would have said, we're 0:03:27.960 --> 0:03:31.480 kind of due for these pullbacks or corrections, but they 0:03:31.520 --> 0:03:36.280 have fanned of flames of fear and really, listen, be honest, 0:03:36.280 --> 0:03:40.520 it's all about anti Trump media agenda. So that's the backdrop. 0:03:41.600 --> 0:03:46.800 Everyone's nervous, everyone's more afraid than normal, and that means overreactions, 0:03:47.120 --> 0:03:50.360 and it's been mostly overreactions to soft data. We got 0:03:50.360 --> 0:03:53.320 the job support came in better than expected. It doesn't matter. 0:03:53.400 --> 0:03:55.360 The next one is going to be bad. This morning 0:03:55.440 --> 0:03:58.960 we got Delta Airlines great earning support. Don't worry, they're 0:03:59.000 --> 0:04:00.920 afraid to give us. Guy, it's going to be bad 0:04:00.920 --> 0:04:03.600 in the future. So this is what we're dealing with. 0:04:03.640 --> 0:04:06.680 And unfortunately, when you get these things, they become sort 0:04:06.680 --> 0:04:09.760 of a snowball, and they can become a boulder salt. 0:04:09.840 --> 0:04:12.400 Data can become hard data when everyone gets afraid to 0:04:12.520 --> 0:04:15.920 become self fulfilling. And so yet I freak out over 0:04:15.960 --> 0:04:18.159 the way this thing has been messaged, but I know 0:04:18.200 --> 0:04:20.560 it's been deliberate. And what I don't like, Lisa, is 0:04:20.600 --> 0:04:24.040 that I think people who sell in a panic, particularly 0:04:24.120 --> 0:04:27.119 taking losses, I think they've been regretted a year from now, 0:04:27.360 --> 0:04:30.320 three years from now, five years from now, and so 0:04:30.480 --> 0:04:33.479 I'm really spended by the coverage. Listen, obviously you want 0:04:33.480 --> 0:04:36.560 to talk about risk anytime someone wants to do what 0:04:36.960 --> 0:04:39.919 President Trump is talking about, which is sort of up 0:04:40.080 --> 0:04:42.200 ending a system that's been in place for a while. 0:04:42.600 --> 0:04:45.520 But while it's been in place, we have our foundation 0:04:45.600 --> 0:04:48.960 beneath us has been eroding, you know. 0:04:49.800 --> 0:04:52.160 And that's the thing is right, like we're saying, which 0:04:52.200 --> 0:04:52.599 is why. 0:04:52.440 --> 0:04:54.040 I wanted to have you on the show, and which 0:04:54.040 --> 0:04:56.000 is why you're so good at this is being able 0:04:56.080 --> 0:04:58.760 to kind of like look deeper into everything and really 0:04:59.720 --> 0:05:01.880 you know, to try to get an honest assessment of 0:05:01.920 --> 0:05:03.320 what's really going on right now. 0:05:03.440 --> 0:05:05.400 And so with all that, you know. 0:05:05.320 --> 0:05:07.560 It's hard for people like me who don't do this 0:05:07.600 --> 0:05:09.560 for a living of trying to figure out like how 0:05:09.600 --> 0:05:14.720 bad are things right now? How manufactured is it? You know, 0:05:15.160 --> 0:05:17.479 and so how how bad You don't give us some perspective, 0:05:17.520 --> 0:05:19.080 how bad are things are? 0:05:19.080 --> 0:05:20.920 They bad? I know, you kind of got into the 0:05:21.000 --> 0:05:22.359 soft data and the hard data. 0:05:24.000 --> 0:05:27.600 That's the irony. That's the irony. They're not bad yet, right, 0:05:27.880 --> 0:05:31.000 So the market is building in a worst case scenario 0:05:32.000 --> 0:05:35.440 and this is why it's again it's frustrating because sometimes 0:05:35.880 --> 0:05:39.160 the markets can can create a worst case scenario. Give 0:05:39.200 --> 0:05:42.120 you an example, coming into the year. For the last 0:05:42.160 --> 0:05:44.320 couple of years, the top ten percent of Americans have 0:05:44.360 --> 0:05:47.480 been doing fifty percent of the shopping because most families 0:05:47.480 --> 0:05:49.839 are in their own personal recessions already. That's why we 0:05:49.839 --> 0:05:52.440 got the election outcome that we got. But as the 0:05:52.480 --> 0:05:55.880 market pulls back those top ten people a percentage rather 0:05:56.240 --> 0:05:58.320 even though they're well off, they're going to pull back 0:05:58.320 --> 0:06:01.680 their spending and so you may see you know, more 0:06:01.760 --> 0:06:06.000 recessinary science and future data. Again that's manufactured by the 0:06:06.040 --> 0:06:08.960 fact that they didn't run out of money, it's just 0:06:09.000 --> 0:06:12.760 that they're becoming antsy. So this antsiness can create a problem. 0:06:12.839 --> 0:06:15.159 But if you say, at this very moment, what data 0:06:15.160 --> 0:06:17.039 can I point to this as the economy is a 0:06:17.080 --> 0:06:20.120 bad shape. None, I can point to a lot of 0:06:20.200 --> 0:06:22.960 data that can show that, you know, we were weakening, 0:06:23.000 --> 0:06:25.280 that people have spent maxed out their credit cards and 0:06:25.320 --> 0:06:28.279 things like that. But as Americans, we live with maxed 0:06:28.279 --> 0:06:30.520 out credit cards, right, Some people do that for the 0:06:30.680 --> 0:06:36.160 entire lives. And that's the frustrating part. That's the guessing part. Unfortunately, 0:06:36.200 --> 0:06:40.040 the markets are are right now reacting negative, negatively to anything. 0:06:40.800 --> 0:06:43.240 And there's an old saying on Wall Street selling the 0:06:43.320 --> 0:06:45.960 gas selling, it's sort of sometimes you sell because the 0:06:45.960 --> 0:06:47.960 person next to you sold, and then the person next 0:06:47.960 --> 0:06:50.920 to you was sell. It's it's it's it's the same 0:06:50.920 --> 0:06:53.280 thing on the upside. But you've seen markets where they 0:06:53.320 --> 0:06:55.279 just go up and go up and go up, and 0:06:55.320 --> 0:06:57.599 people chase them because, you know what, they think they're 0:06:57.600 --> 0:06:59.960 going to keep going up. So this is an irrational 0:07:00.880 --> 0:07:03.840 emotional period for the market where we don't have all 0:07:03.839 --> 0:07:06.640 the answers and the default is to sell first, ask 0:07:06.800 --> 0:07:08.600 questions later, or get answers later. 0:07:09.520 --> 0:07:11.920 Yeah, I think the issue, you know, So okay, so 0:07:12.080 --> 0:07:14.000 I see what President Trump is trying to do in 0:07:14.040 --> 0:07:17.280 the long term in bringing manufacturing here to the United States, 0:07:17.880 --> 0:07:22.080 trying to make us more self reliant, self sufficient. 0:07:23.120 --> 0:07:23.320 You know. 0:07:23.320 --> 0:07:25.320 But the issue is time on a lot of these things, 0:07:25.400 --> 0:07:27.400 right like even you know, I mean, you know, this 0:07:27.440 --> 0:07:30.280 will probably be less complicated than even looking at bilateral 0:07:30.280 --> 0:07:33.160 free trade agreements, but you know those can average around 0:07:33.240 --> 0:07:37.080 one point five years to develop through period of time 0:07:37.120 --> 0:07:40.560 even manufacturing plants getting them running, even if you retrofit. 0:07:40.680 --> 0:07:45.080 It takes time, you know, so we don't have as 0:07:45.160 --> 0:07:47.720 much time, especially Republicans looking ahead. 0:07:47.520 --> 0:07:48.240 At the midterms. 0:07:48.280 --> 0:07:51.000 You know, he did promise this golden age in his term, 0:07:52.040 --> 0:07:54.920 so can can he bake some of these long term 0:07:55.000 --> 0:07:58.960 changes without sacrificing sort of this this short term, this 0:07:59.120 --> 0:08:00.880 four year period of golden age? 0:08:01.920 --> 0:08:03.720 You know. I mean, listen, if you were to build 0:08:03.960 --> 0:08:07.120 the world's most magnificent skyscraper, first should have to dig 0:08:07.160 --> 0:08:10.640 a big hole for the foundation. You know, it's it's 0:08:10.680 --> 0:08:13.040 it's I think that what they have to do. And again, 0:08:13.080 --> 0:08:16.440 this is where it's interesting to study William McKinley's presidency. 0:08:17.320 --> 0:08:19.480 So I think they just have to get the ball rolling. 0:08:20.080 --> 0:08:24.080 Uh uh. You know, we don't have to change have 0:08:24.680 --> 0:08:28.320 change the entire thing overnight. It's sort of unrealistic to 0:08:28.360 --> 0:08:30.400 think all these factories will be built in the next 0:08:30.400 --> 0:08:33.240 two to four years. But we can see the permitting, 0:08:33.280 --> 0:08:35.000 We could see some of the cranes put in place 0:08:35.880 --> 0:08:40.480 right now. We've been you know, America's worst problem right 0:08:40.480 --> 0:08:43.000 now is that we can't we don't we can't accept 0:08:43.000 --> 0:08:47.000 any pain whatsoever. If it's emotional pain, you can you know, 0:08:47.080 --> 0:08:49.120 go online or get an app. You know, listen to 0:08:49.559 --> 0:08:52.120 ocean music. If it's physical pain, you could pop a 0:08:52.200 --> 0:08:54.920 pill or smoke something. We don't. We don't even understand 0:08:54.960 --> 0:08:57.000 the notion, not even to lose weight anymore. Right, you 0:08:57.000 --> 0:08:58.560 don't have to go to the gym. A duke crunches. 0:08:59.240 --> 0:09:02.840 So we don't even understand that issue. And it's really 0:09:02.840 --> 0:09:04.719 going to hurt us longer term because they're going to 0:09:04.720 --> 0:09:06.600 be something other things like you know, when it comes 0:09:06.600 --> 0:09:11.000 to military uh uh and Taiwan eventually having to protect them. 0:09:11.200 --> 0:09:12.839 You know, I don't think we'll be able to be 0:09:12.920 --> 0:09:16.120 up to snuff to do it. But so messaging is 0:09:16.160 --> 0:09:19.600 important for Trump and a Trump administration. And but when 0:09:19.600 --> 0:09:21.760 people tell me we can't build a factory over nine ID, 0:09:21.800 --> 0:09:24.320 I know we can't. That's not the point. The point 0:09:24.400 --> 0:09:27.160 is China. Look up, Look up Google, if you get 0:09:27.160 --> 0:09:31.800 a chance, new cities in China. They're building cities. They 0:09:31.920 --> 0:09:36.040 they're completing the tallest bridge in the world. That just 0:09:36.120 --> 0:09:39.640 the things that're going so magnificent. The only thing that 0:09:39.679 --> 0:09:42.800 we build that's magnificent right now our football stadiums. We 0:09:42.880 --> 0:09:47.360 build great football stadiums, right, but those aren't We're not 0:09:47.600 --> 0:09:50.800 We're not investing in our children's futures. We're not investing 0:09:50.840 --> 0:09:53.400 in our own futures. Since two thousand and nine, our 0:09:53.440 --> 0:09:56.280 country made a decided shift. We're going to become in 0:09:56.320 --> 0:10:00.480 this nation. It's called financialization, and everything was going to 0:10:00.520 --> 0:10:03.240 be about money, making more money, all these new fangled 0:10:03.280 --> 0:10:06.000 products from Wall Street. And that's essentially what we've done. 0:10:06.200 --> 0:10:11.280 We've created four economic classes, the educated elite. The next 0:10:11.320 --> 0:10:14.280 class are the barista class that served them. We have 0:10:14.320 --> 0:10:17.120 a service economy all while we got a few blue 0:10:17.160 --> 0:10:19.319 collar jobs left. And then after that, I call it 0:10:19.400 --> 0:10:22.520 the play catered poor. They get enough government assistance that 0:10:22.520 --> 0:10:27.360 they don't rebel against the system. That's unsustainable. What we're 0:10:27.360 --> 0:10:30.000 talking about, there's unsustainable. That's how great empires in the 0:10:30.000 --> 0:10:35.120 past have fallen down right in part so I get frustrated. 0:10:35.200 --> 0:10:36.880 Someone said, we can't build a factory of a night. No, 0:10:36.960 --> 0:10:38.880 we can't, but we can. We can put a stake 0:10:38.920 --> 0:10:42.160 in the ground tomorrow. We can do the groundbreaking tomorrow. 0:10:42.200 --> 0:10:44.360 We can we can sign off on all the regulations. 0:10:44.440 --> 0:10:46.599 In fact, we need to get rid of all these regulations, 0:10:47.080 --> 0:10:49.600 these barriers. Right. We can do those sort of things 0:10:49.640 --> 0:10:52.000 and get the ball rolling. I think if Republicans can 0:10:52.040 --> 0:10:55.880 show that the ball is rolling, that that's what they 0:10:55.920 --> 0:10:58.240 need to do. You know, maybe by the midterms. It 0:10:58.320 --> 0:11:00.480 certainly of the four years, and we'll have some actories 0:11:00.520 --> 0:11:03.600 built again. We built some hellified football stadiums in less 0:11:03.600 --> 0:11:04.800 than four years. 0:11:06.040 --> 0:11:09.080 You know, why do you think President Trump is doing this? 0:11:09.240 --> 0:11:11.199 You know, what do you think is overall objective? 0:11:11.320 --> 0:11:11.400 Is? 0:11:12.240 --> 0:11:13.000 How do you see it? 0:11:13.880 --> 0:11:18.400 Well? I do a special report once a week. I 0:11:18.400 --> 0:11:20.480 do I write every single day for my clients, but 0:11:20.559 --> 0:11:22.880 I do one a weekly called Pain's Perspective. It is 0:11:22.960 --> 0:11:25.920 usually twenty pages long. And this one I featured in 0:11:25.960 --> 0:11:28.599 a one ad that Trump had taken out in the 0:11:28.600 --> 0:11:31.960 New York Times in nineteen eighty seven that said, talked 0:11:31.960 --> 0:11:35.200 about our defensive our defense preparedness, and he said, the 0:11:35.200 --> 0:11:37.200 only reason we haven't done it as a nation is 0:11:37.200 --> 0:11:40.240 we don't have the backbone. I mean, think about our 0:11:40.240 --> 0:11:43.440 conversation already. We immediately talk about how Republicans can get 0:11:43.480 --> 0:11:46.360 re elected. Well, if that's the only thing our politicians 0:11:46.360 --> 0:11:49.760 are focused on, will never be prepared because that means 0:11:49.880 --> 0:11:52.600 politicians have to go to DC and bring back home 0:11:52.600 --> 0:11:54.640 a bridge to nowhere so they can get re elected. 0:11:55.640 --> 0:11:58.640 No one has backbone. We can't even go to a 0:11:58.640 --> 0:12:01.760 two week correction in the stock market without people saying 0:12:01.800 --> 0:12:04.800 this is the end. So he's been talking about this 0:12:04.840 --> 0:12:09.720 for decades. For decades, he's on record talking about the 0:12:09.840 --> 0:12:13.319 unfair treatment of America. But by the way, this is 0:12:13.960 --> 0:12:17.880 mostly our fault, though we've allowed it to happen. And 0:12:18.000 --> 0:12:20.920 so I think he's doing it because he sincerely believes 0:12:21.000 --> 0:12:25.200 that we are extraordinarily vulnerable, and that this perch that 0:12:25.240 --> 0:12:28.640 we sit on is sitting on really just its thin ice. 0:12:29.120 --> 0:12:31.120 It feels good, but it probably felt good to Great 0:12:31.120 --> 0:12:32.880 Britain in the late eighteen hundreds when they of the 0:12:32.880 --> 0:12:36.360 preeminent nation, and to the Portuguese, and to the Habsburgs, 0:12:36.400 --> 0:12:39.200 and to Spain and who are whoever else at any 0:12:39.200 --> 0:12:41.760 given time was the pre eminent nation in the world. 0:12:42.000 --> 0:12:44.760 But those periods generally last for one hundred years. We're 0:12:44.760 --> 0:12:47.240 a little bit over one hundred years, so our expiration 0:12:47.400 --> 0:12:49.559 data is coming up. 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Please dial pound two fifty and say the 0:13:52.200 --> 0:13:56.080 keyword baby. That's pound two fifty baby, or visit preborn 0:13:56.160 --> 0:13:59.839 dot com slash booth. That's preborn dot com slash booth 0:14:00.040 --> 0:14:05.800 sponsored by preborn, you know. I mean it's interesting because 0:14:05.840 --> 0:14:09.240 I think President Trump thrives in chaos and uses chaos 0:14:09.280 --> 0:14:11.600 as a leverage, you know, of the other side wondering 0:14:11.600 --> 0:14:12.360 what is he going to do? 0:14:12.679 --> 0:14:13.880 You know, But then. 0:14:13.800 --> 0:14:17.440 Alternatively, in that chaos right now is obviously like setting 0:14:17.480 --> 0:14:21.000 off the markets and setting off panic. And so you know, 0:14:21.040 --> 0:14:25.120 I wonder how much laying out just some clear objectives 0:14:25.120 --> 0:14:27.920 of like here's why we're doing this, this is like 0:14:28.080 --> 0:14:31.080 what we're gonna get from it would sort of calm 0:14:31.520 --> 0:14:33.080 nerves and jitters. 0:14:33.720 --> 0:14:35.800 Well, I think he's done that, but you know, he 0:14:35.880 --> 0:14:38.160 got to be. He's got to be as a It's 0:14:38.200 --> 0:14:41.920 an interesting thing, you can't you know, a long he 0:14:42.000 --> 0:14:44.400 mentioned tariffs every campaign stop. He said, I'm gonna go 0:14:44.440 --> 0:14:47.160 out to China every campaign stop. In fact, everything Trump 0:14:47.200 --> 0:14:49.840 has done so far he promised he would do. He 0:14:50.000 --> 0:14:52.400 promised he would do this. Maybe we're shocked that a 0:14:52.440 --> 0:14:55.840 politician lived up to the promises. Maybe we underestimated what 0:14:55.840 --> 0:14:59.080 it would mean, but he did promise this. Uh, and 0:14:59.160 --> 0:15:01.840 so he's doing it, and he's got to make sure 0:15:02.480 --> 0:15:09.280 that he's not letting the mainstream media in America manipulate 0:15:09.360 --> 0:15:11.800 him to the point where it weakens his bargaining position. 0:15:12.280 --> 0:15:15.960 So last Friday last week, rather after we announced the 0:15:16.560 --> 0:15:21.000 initial the additional tariffs on China, they immediately announced tariffs 0:15:21.040 --> 0:15:23.800 on US. One smart Wallstree firm said the only reason 0:15:23.800 --> 0:15:25.800 they did that was to make the markets go down. 0:15:26.600 --> 0:15:29.320 And then, of course, the next day China issued to 0:15:29.320 --> 0:15:34.440 communicate saying the markets have spoken. In other words, hey America, 0:15:34.480 --> 0:15:36.760 look at your markets. They're telling you to back off. 0:15:37.520 --> 0:15:42.320 America's Americans cannot live for the stock market. It is 0:15:42.360 --> 0:15:44.520 so dumb for the average person out there to be 0:15:44.560 --> 0:15:48.240 concerned about the market going up every single day and 0:15:48.680 --> 0:15:51.920 they don't have any money in a bank. It's ridiculous. 0:15:52.080 --> 0:15:56.000 We already lived in this sort of new quasi patriotsism 0:15:56.400 --> 0:15:59.720 of let's keep the GDP higher by staying maxed out 0:16:00.040 --> 0:16:02.480 in debt delinquency. Don't know how our kids are going 0:16:02.520 --> 0:16:06.040 to college. But the economy was good, the GDP number 0:16:06.080 --> 0:16:08.640 was solid. That's not our job, you know. We have 0:16:08.800 --> 0:16:11.800 We have a responsibility to our families and to ourselves, 0:16:12.520 --> 0:16:15.120 and we spend too much money, to be quite honest 0:16:15.160 --> 0:16:16.960 with you, he was particularly jumped from China in the 0:16:16.960 --> 0:16:21.040 first place. U and so he's got to be careful. 0:16:21.600 --> 0:16:23.960 You know, he's he's doing the broad stroke stuff. He 0:16:24.000 --> 0:16:26.800 has other folks like Besant out there. I think I 0:16:27.240 --> 0:16:32.280 like to see Lutnick and Naviarl sit down. I like Greer. 0:16:33.120 --> 0:16:34.680 He doesn't speak a lot. I think I don't know 0:16:34.760 --> 0:16:38.080 if he's bashful or whatever. Besson's been on air a lot, 0:16:38.800 --> 0:16:42.760 Steven Myron. Those are good people to get out there 0:16:42.840 --> 0:16:46.320 to sort of articulate this. But again, Trump is negotiating 0:16:46.360 --> 0:16:49.640 this and he already knows that the media doesn't like him. 0:16:50.120 --> 0:16:52.320 China knows the media doesn't like him, so he can't 0:16:52.320 --> 0:16:56.560 be manipulated too much by trying to you know, again, 0:16:56.600 --> 0:16:59.680 this morning, when Delta Airlines earnings came out, all of 0:16:59.720 --> 0:17:01.760 fine ancial media, I was like, they're not going there. 0:17:01.840 --> 0:17:05.040 They're not going give us guidance. They're so afraid. Yeah, 0:17:05.080 --> 0:17:08.879 but what the news was was that the earnings were phenomenal, 0:17:09.280 --> 0:17:13.000 that people were taking planes. That was the news. So 0:17:13.160 --> 0:17:16.359 while people are concerned about the market, they haven't yet 0:17:16.400 --> 0:17:19.680 stopped traveling. They haven't yet stopped doing things that they 0:17:19.720 --> 0:17:23.119 normally do. Now they're scared enough, eventually they will and 0:17:23.160 --> 0:17:27.040 that's the danger. So you know, it's a narrow it's 0:17:27.080 --> 0:17:29.880 a narrow Trump has a very narrow area where he can, 0:17:30.200 --> 0:17:32.639 you know, do one or two. His main thing right 0:17:32.680 --> 0:17:35.600 now is he's got to hold the line. He put 0:17:35.640 --> 0:17:39.080 out a teriff plan that no one anticipated, myself included, 0:17:40.400 --> 0:17:43.400 and I just acquitted it last week when it came out. 0:17:43.400 --> 0:17:45.840 The only thing I could think of was his first term. 0:17:45.880 --> 0:17:49.199 You might remember this, Lisa, when he dropped Moab and 0:17:49.240 --> 0:17:52.879 it's the Mother of all bombs. So and that was 0:17:52.920 --> 0:17:56.560 the most non most lethal, non nuclear bomb in the 0:17:56.600 --> 0:18:00.800 history of mankind. No president was thought about using it before. 0:18:00.840 --> 0:18:05.040 He immediately dropped in on Isis and has sent a message. 0:18:05.640 --> 0:18:08.399 This is sort of an economic mo ad. There's not 0:18:08.440 --> 0:18:10.600 a lot of room to negotiate. This won't go tip 0:18:10.640 --> 0:18:12.639 for tet. There won't be a whole lot of meetings. 0:18:12.720 --> 0:18:15.000 We won't go to Paris and then a month later 0:18:15.040 --> 0:18:17.800 go to Brussels, then a month later go to Tokyo. And 0:18:17.800 --> 0:18:19.760 we're not gonna have a bunch of diplomats nodding and 0:18:19.800 --> 0:18:22.040 shaking their hands in a green to meet again. No, 0:18:22.359 --> 0:18:24.680 this is it line in the sand. What are you 0:18:24.680 --> 0:18:25.720 gonna do? The rest of the world. 0:18:27.200 --> 0:18:30.760 I guess the lead part that confuses me is, so 0:18:30.840 --> 0:18:34.040 I get like reciprocal tariffs. Obviously that sort of speaks 0:18:34.040 --> 0:18:37.959 for itself. I get bringing manufacturing here, but like, how 0:18:38.000 --> 0:18:39.760 do you equalize trade deficits? 0:18:41.200 --> 0:18:43.560 Ultimately, I don't think that's the goal, but yeah, what 0:18:43.600 --> 0:18:47.200 they're saying is that the people have to understand they're 0:18:47.240 --> 0:18:52.159 official tariffs and there are non tariff barriers. Now. On 0:18:52.200 --> 0:18:55.520 a recent show, I laid on about twenty non tariff barriers, 0:18:55.920 --> 0:18:59.320 but Scott Myron, who's part of this negotiating team, said 0:18:59.320 --> 0:19:01.479 that there are a thousand. We don't know about them. 0:19:01.480 --> 0:19:03.919 They're tough. You know. Let's say you bring a product 0:19:03.960 --> 0:19:07.120 into a country. Let's say you bring a product into America. 0:19:07.160 --> 0:19:10.040 You want to sell in into America, a blender, but 0:19:10.200 --> 0:19:13.080 New Jersey has a certain law that will stop it 0:19:13.119 --> 0:19:15.320 from going in whatever that was made of a certain 0:19:15.359 --> 0:19:18.720 plastic or California. You know, it's so nuanced, is so 0:19:18.840 --> 0:19:21.600 marbled into these nations ways of stopping us from being 0:19:21.600 --> 0:19:24.280 able to compete in their countries. They decided the only 0:19:24.320 --> 0:19:25.920 way they could figure it out is, you know, using 0:19:25.960 --> 0:19:30.000 trade deficits. Obviously, the bigger nation that a more powerful 0:19:30.080 --> 0:19:32.560 economic nation probably will have a higher trade deficit. But 0:19:32.600 --> 0:19:35.280 they also think hidden in there is the only way 0:19:35.320 --> 0:19:38.720 to sort of figure out just how long spare the 0:19:38.760 --> 0:19:41.600 system is because no one truly knows. All they know 0:19:41.680 --> 0:19:45.359 is that they're barriers beyond tariffs that stopped us, and 0:19:45.400 --> 0:19:48.679 so it's not fair trading, it's not free trading. And 0:19:48.720 --> 0:19:51.320 that's why we don't sell any beef in Australia, but 0:19:51.359 --> 0:19:54.800 they sell billions in America. So these things are nuanced. 0:19:55.240 --> 0:19:58.080 And again it's not a tactic that I necessarily or 0:19:58.320 --> 0:20:00.440 I wouldn't have thought of it. I'm not sure I 0:20:00.440 --> 0:20:02.840 would have used it, but they did use it, and 0:20:02.880 --> 0:20:05.480 they set the bar high. And so this is not 0:20:05.560 --> 0:20:08.399 a game. The rest of the world understands. This is 0:20:08.440 --> 0:20:10.320 not a game. You can try to go tip for tet. 0:20:10.800 --> 0:20:13.600 But there's a reason everyone wants to bring their products here. 0:20:13.640 --> 0:20:16.959 We have the wealthiest consumers in the world, and if 0:20:17.000 --> 0:20:19.639 you want to make money, you sell it here. You 0:20:19.720 --> 0:20:21.800 can't sell it anywhere else. You can't you know, no 0:20:21.800 --> 0:20:23.479 one's going to buy it, no one can afford it. 0:20:23.880 --> 0:20:26.240 You can put it in a warehouse. These countries are 0:20:26.280 --> 0:20:28.560 in bad shape. China economically is and worse shape than 0:20:28.560 --> 0:20:31.639