The Ben Shapiro Show - MOTHER OF ALL TARIFFS: The Tariff War Has Begun

00:00:00.000 Folks, covering the news in the markets, well, it is fast and furious like drinking out of a fire hose, but here is the thing.

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00:00:29.000 Unsurprisingly, the markets started the day down.

00:00:32.000 In pre-markets, the Dow Jones Industrial Average was down almost 1,000 points.

00:00:36.000 The S&P 500 was down about 2% as well.

00:00:40.000 Frankly, I'd be a little bit surprised if it doesn't go lower today.

00:00:42.000 And the reason I say that is because, of course, last night at 12.01 AM, all of America's tariffs went into place.

00:00:48.000 Now, how do those tariffs actually work?

00:00:51.000 It takes a little while for them to kick in in practical ways.

00:00:55.000 The way that these tariffs typically work is that There is a process.

00:00:59.000 The product arrives at a port of entry.

00:01:03.000 And then there is essentially a record that is kept of what has just been imported.

00:01:07.000 And then the company that brought it in has somewhere between 10 and 30 days to actually pay the tariff on the good.

00:01:14.000 And so there's a bit of a delay effect given this process.

00:01:19.000 With that said, you're going to see prices adjust very, very quickly because everybody can see the tariff train coming down the road, how it's going to impact their business.

00:01:26.000 So all the talk about how this is just for the stock market, it's just the Dow Jones, stop talking about the S&P 500, talk about Main Street and real business.

00:01:33.000 Once the tariffs are in place, it hits everybody.

00:01:35.000 So far, the markets are a good way of aggregating human knowledge in the moment.

00:01:40.000 As Benjamin Graham, the Warren Buffett mentor, suggested, in the short term, markets are a voting machine.

00:01:46.000 In the long term, they are a weighing machine.

00:01:47.000 We are now currently moving from voting to weighing.

00:01:49.000 So if the last several days have been about voting, about the markets saying what they think is going to happen, Now the rubber hits the road.

00:01:57.000 Now the pedal has hit the metal.

00:01:58.000 And we're going to find out what these tariffs are actually going to do.

00:02:01.000 The tariffs hit last night at 12.01 a.m.

00:02:05.000 According to the Wall Street Journal, U.S. stocks ended Tuesday in a downswing, capping a volatile session that began with hopes of newfound clarity on the president's tariffs policies.

00:02:12.000 Now remember, I talked yesterday and the day before about the fact that there are basically two different and widely variant rationales that have been given for the trade war.

00:02:22.000 One is that we are attempting reciprocality.

00:02:25.000 What we want is for everybody to go to zero.

00:02:26.000 It's sort of Elon Musk, Scott Besson's idea.

00:02:29.000 If we're going to do a trade war, the goal is to get everybody to come to the United States unbended knee. 0.99

00:02:33.000 We go to zero tariff policy, and now free trade rules the roost.

00:02:37.000 That is rationale number one.

00:02:38.000 Then there is the second rationale, which is, in fact, restrictionist.

00:02:42.000 The idea here is that tariffs make America rich.

00:02:44.000 We need to tax other goods from other countries in order to prop up domestic manufacturing, in order to come up with some sort of Subsidized industrial policy in the United States in order to reshore.

00:02:54.000 And this wing of the Republican Party is led by people like, for example, Peter Navarro and Howard Lutnick, the Commerce Secretary.

00:03:00.000 And these two rationales are incredibly different.

00:03:02.000 And Trump has been retailing both of them at the same time.

00:03:05.000 President Trump has been sometimes saying that he wants reciprocality, and sometimes he's been saying that tariffs will make us rich, and so it is totally unclear to the markets which one he wants.

00:03:13.000 And let us be perfectly frank about this.

00:03:16.000 If what he wanted was reciprocality, he did not need to declare a trade war on every country on Earth at the same time.

00:03:21.000 He could have simply gone to Japan and said, listen, we need you to do the following things to get to a better trade deal.

00:03:27.000 And if you don't, we're going to slap you with the tariff.

00:03:28.000 And he could have done it behind the scenes, and a trade deal could have been negotiated.

00:03:31.000 One of the problems right now, with all the tariffs kicking in at once, is that it takes a while to negotiate your way out of these things.

00:03:38.000 So, for example, the USMCA, which was the replacement agreement for NAFTA.

00:03:42.000 This is the one that President Trump negotiated with Mexico and Canada during his first term.

00:03:46.000 So now that the tariffs are kicking in,

00:04:13.000 the reality is going to set in.

00:04:15.000 The markets realized this late yesterday, which is why the Dow Jones industrials jumped at the beginning of the day on hopes that Trump was going to issue some sort of postponement, and then they dumped at the very end of the day on the realization that he, in fact, was not going to do that.

00:04:28.000 The S&P 500 fell 1.6%, the NASDAQ composite dropped 2.2%, each had rallied more than 4% earlier.

00:04:34.000 Again, there was sort of...

00:04:35.000 I don't think we've seen the bottom yet.

00:05:02.000 We're still early innings on this whole tariff issue.

00:05:04.000 It's going to take some time.

00:05:05.000 To play out.

00:05:05.000 And again, the enthusiasm started when Scott Besant, the Treasury Secretary yesterday, made clear that he thinks that we're going for an off-ramp.

00:05:13.000 So, for example, here was Scott Besant early yesterday saying, you're going to see some big deals fast.

00:05:17.000 And this is what made the market much more sanguine.

00:05:19.000 It's why you saw the markets yesterday jump, because the assumption was this means that Trump's going to do some postponement, that all of this was basically a big gamble, a big bluff, a sort of leverage play in order to get other countries to come on bended knee.

00:05:30.000 This is what the Treasury Secretary has been proposing to Trump all along.

00:05:35.000 You're starting to negotiate.

00:05:36.000 How soon do you think we could see some deals be made?

00:05:38.000 Well, we have one of the Vietnamese officials coming in this week.

00:05:43.000 The Japanese are very eager to get it over.

00:05:46.000 And I think you're going to see a couple of big trading partners do deals very quickly.

00:05:52.000 So then he reiterated that.

00:05:54.000 He said that President Trump had good calls with the Japanese.

00:05:57.000 As we mentioned, on Monday, the Nikkei dropped precipitously.

00:06:00.000 On Tuesday, it recovered precipitously.

00:06:02.000 The president had a very good call yesterday with the Japanese prime minister that led to these negotiations.

00:06:17.000 And look, the Japanese are military partners, they're economic partners.

00:06:23.000 We have a substantial imbalance with them, and I'm sure that they are as anxious as we are to get this remedied.

00:06:32.000 Again, so what you're hearing from one camp is take the off-ramp, get some good deals.

00:06:36.000 And so Japan, which was set to be hit, and last night, in fact, was hit with a 24% tariff, they were looking for an off-ramp.

00:06:44.000 And again, this is not just Scott Besson who is saying this.

00:06:46.000 Caroline Leavitt, who's the White House press secretary, she was saying this as well.

00:06:49.000 She said yesterday countries are falling all over themselves to make deals.

00:06:53.000 In total, since the Liberation Day announcement, nearly 70 countries have already reached out to the president to begin a negotiation.

00:07:01.000 Countries are falling over themselves to reform their unfair trade practices and free open their markets to our country.

00:07:07.000 Why? Because these countries greatly respect President Trump in the sheer power of the American market.

00:07:16.000 Okay, so, again, this sounds like off-ramp, correct?

00:07:19.000 Off-ramp is the sound of this, and this is why the markets yesterday were a little bit happier at the beginning of the day.

00:07:25.000 And Caroline Lovett, again, reiterated this because Prime Minister Benjamin Netanyahu had just visited the White House where he said that he was not only going to rectify any tariff imbalances, he was going to rectify the trade deficit, which, again, I'm not even sure how he would do that.

00:07:36.000 But this is the kind of verbiage that obviously the administration wants.

00:07:41.000 Just yesterday, President Trump held a bilateral meeting with Israeli Prime Minister Benjamin Netanyahu here at the White House.

00:07:47.000 The Prime Minister pledged to immediately eliminate America's trade deficit with Israel and remove their trade barriers.

00:07:55.000 Israel's proactive approach should serve as a model for the rest of the world.

00:08:00.000 Okay, well, the way that it could serve as a model is if the United States then, for example, went to Vietnam, which is also offering zero, or Taiwan, which is offering zero, or Israel, which is offering zero, and said, okay, Deal taken.

00:08:11.000 Great. We're postponing the tariffs with regard to you while we negotiate this thing out.

00:08:14.000 That, of course, is not what is happening.

00:08:17.000 Right now, people are holding off in the hopes that there will be an off-ramp.

00:08:21.000 Europe, for example, is not retaliating as of yet.

00:08:24.000 Europe is holding off in the hope that something here will come to fruition.

00:08:29.000 According to the Washington Post, the European Union is taking a zen approach.

00:08:33.000 The bloc's member states will vote Wednesday on its first belated response to a litany of Trump tariffs and will announce line item tariffs on American goods to counter U.S. levies on steel.

00:08:40.000 But the EU is still working through how exactly to respond to other U.S. tariffs, including on cars and a blanket 20 percent tariff that Trump announced in a global trade blitz.

00:08:48.000 The phased EU response partly owes to the nature of the 27 member bloc, which seeks political consensus among countries with disparate national priorities.

00:08:55.000 But it also comes from a desire in Europe to allow for negotiation, given the risk of further American escalation.

00:09:06.000 Even some of the biggest advocates of the tariffs are starting to make the argument that Trump should be taking off ramps here.

00:09:13.000 Here, I cite Oren Kass.

00:09:14.000 So Oren has been a longtime proponent of a sort of right-leaning industrial policy.

00:09:20.000 He's the chief economist at American Compass.

00:09:22.000 And again, his policy has been very interventionist with regard to the economy.

00:09:27.000 I did an interview with Oren.

00:09:28.000 It must have been seven or eight years ago at this point in which we discussed the fact that there really kind of were no in-principle limits on what he thought the United States government should do with regard to propping up particular parts of American industry.

00:09:39.000 He has a piece today titled, Stop Freaking Out, Trump's Tariffs Can Still Work.

00:09:43.000 But what it really is, is a plea to President Trump to not go as fast, not break as many things, and to negotiate off-ramps.

00:09:51.000 When even Orrin Cass is telling you, Mr. President, that you should really take this slower, you probably should take this slower.

00:09:58.000 Oren Kass writes this.

00:09:59.000 Going from zero to 60, he's talking about China here, which we'll get to in a moment.

00:10:01.000 He says, going from zero to 60 so fast is unnecessary and unwise.

00:10:05.000 The most determined company could not shift production so quickly.

00:10:07.000 A better approach would be to raise the Chinese tariff in three steps.

00:10:10.000 20 percentage points now, in a year, and in two years, which is actually quite slow, right?

00:10:14.000 And for Congress to legislate this by revoking China's permanent normal trade relations status, as was the bipartisan recommendation of the House Select Committee on the Chinese Communist Party.

00:10:23.000 For the trading partners who have already come forward to negotiate, Little would be lost and much saved, and Mr. Trump thanked them with a six-month grace period in which to bring their best offers to the table.

00:10:33.000 So, again, here you got Orrin Cass, who is a proponent of this tariff regime, agreeing with Bill Ackman, who certainly is not a proponent of the tariff regime because Cass understands that Leroy Jenkins-ing this thing, running into the middle of the world economy and slapping everybody in the face is actually not a particularly wise policy.

00:10:50.000 He says those who fail to deliver could be hit with half the Rose Garden tariff rate and be given six more months to get it right before the full weight lands.

00:10:56.000 Businesses would have time to assess their risk and plan accordingly, facing a landscape in which the obvious imperative is to start investing in the United States.

00:11:03.000 And he says, whatever path President Trump chooses, he could greatly increase the odds of successful negotiations and the largest possible U.S.-led economic bloc by explaining exactly what he wants.

00:11:13.000 And Orncast sounding very much like I sound here on this show.

00:11:16.000 Clarity would be good.

00:11:18.000 Gradual implementation would be good.

00:11:21.000 What exactly are we looking for would be a useful thing here.

00:11:26.000 And this is not about being a panic and this is about if you are going to do good policy, you need to know what the policy is.

00:11:32.000 What is the end game here?

00:11:34.000 It's funny.

00:11:35.000 People always want an end game with regard to, say, Ukraine, and they are right. 1.00

00:11:38.000 There should be an end game with regard to Ukraine. 1.00

00:11:39.000 I want an end game with regard to the trade war.

00:11:41.000 What is the goal?

00:11:43.000 What is the thing we are seeking to do?

00:11:44.000 Are we seeking to end all trade deficits because it ain't going to happen?

00:11:47.000 Are we seeking zero tariffs?

00:11:48.000 Because that's doable, but we should be negotiating that as expeditiously as possible.

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00:13:35.000 ...

00:14:04.000 I think, one of the things that is the unspoken part of what the trade war means.

00:14:10.000 It means massive government intervention in the American economy.

00:14:14.000 I'm not just talking about tariffs.

00:14:15.000 I'm talking about massive subsidies, shifts in wealth.

00:14:18.000 Shifts in economic burden from the 80% of people who are not in the manufacturing industry to the 10% of people in the manufacturing industry and maybe the 10% in agriculture.

00:14:32.000 That's what we're talking about.

00:14:33.000 We talk about a lot of 80-20 issues.

00:14:35.000 The services sector in the United States represents about 80% of all employment in the private industry sector of the United States.

00:14:42.000 Only about 10% is manufacturing.

00:14:44.000 What we're talking about here, if you're talking about reindustrialization, Not through deregulation, but through subsidy, is moving wealth from 80% of the public to 10% of the public, essentially, if what you're talking about here is tariffs that are designed to increase prices on everybody so as to benefit American manufacturing and or subsidies.

00:15:01.000 This requires massive interventionism.

00:15:03.000 This is a centralization of government power.

00:15:05.000 That is what this is.

00:15:06.000 There's no other way around it.

00:15:07.000 Oren Kass makes this clear.

00:15:08.000 He's at least honest.

00:15:09.000 He says Mr. Trump's administration needs to get serious about other policies necessary to support reindustrialization.

00:15:14.000 If the United States is going to reduce its trade deficit quickly without painful cuts to domestic consumption, it's going to have to increase production capacity just as quickly, either to expand efforts to other markets or to substitute for imports at home.

00:15:25.000 This requires industrial policy akin to what the Chips and Science Act has already achieved for semiconductor manufacturing.

00:15:31.000 Now remember, President Trump does not like the CHIPS Act.

00:15:33.000 He thinks the CHIP Act is bad and stupid.

00:15:36.000 So you can't have it both ways.

00:15:39.000 Warren Cass says new infrastructure will have to be built.

00:15:41.000 New source of energy brought online.

00:15:43.000 Perhaps most critically, enormous resources must be poured into workforce development.

00:15:47.000 Again, there's the boondoggle that has been workforce redevelopment in the United States.

00:15:53.000 The idea that you can simply retrain workers as opposed to how the job market actually works, which is you go to a job and you kind of learn how to do the thing on the job.

00:16:02.000 I've never seen an analysis that workforce development, meaning like you take what?

00:16:09.000 People who are in the services industry.

00:16:12.000 And now you're going to teach them how to work at a factory.

00:16:14.000 That what you actually need to do is put them at some sort of night school in order to do that.

00:16:18.000 In any case, when even Orrin Cass is telling you look for the off-ramp, the off-ramp seems pretty appealing.

00:16:23.000 But then there's the part of the administration that is saying no off-ramp.

00:16:26.000 And this mixed signal is the reason why markets are freaking out because they don't know exactly what to expect next.

00:16:31.000 But it's not going to matter.

00:16:33.000 Honestly, now it's not going to matter because now that the tariffs have hit, either the off-ramp is taken in quickly or it's not.

00:16:39.000 If the off-ramp is not taken, Then the pain is going to be felt by American consumers and, by the way, American producers.

00:16:45.000 And if the off-ramp is taken, yes, that will be better.

00:16:48.000 But a certain amount of damage is already done.

00:16:50.000 If you're an investor and President Trump is switching his policy from the most audacious tariff policy of our lifetime to the reverse, if you're an investor, are you putting all your money back in the market?

00:17:01.000 Are you perfectly complacent that whatever Trump's professed policy today will be President Trump's professed policy tomorrow?

00:17:09.000 And again, the Trump administration is signaling that there may not be an off-ramp.

00:17:12.000 This will take longer than expected.

00:17:14.000 So yesterday, President Trump spoke to the coal industry, and here's what he had to say.

00:17:19.000 We have just really well-deserving, great American patriots, and it's such an honor to be here and making such a big move, such a bold move in energy.

00:17:32.000 Because, you know, for years, people...

00:17:35.000 We just bemoan this industry and decimate the industry for absolutely no reason.

00:17:43.000 Because with modern technology and all of the other things that we do, it's one of the great, great forms of energy.

00:17:51.000 That's why other countries, leading countries, are using it some exclusively.

00:17:57.000 Okay, listen.

00:17:57.000 Coal is great.

00:17:58.000 And coal miners are wonderful people.

00:18:00.000 and we should be deregulating around coal.

00:18:02.000 But the idea that we need to reorient the entire American economy to produce more coal, for example, is a strange move.

00:18:10.000 President Trump last night did a speech in front of the National Republican Congressional Committee.

00:18:14.000 And there he briefly boasted about his, what he called war on the world.

00:18:19.000 Then he sort of revised his statement in the middle.

00:18:20.000 So

00:18:24.000 It's the best thing we've ever passed.

00:18:26.000 And I do think that the war with the world, which is not a war at all, because they're all coming here. 1.00

00:18:31.000 Japan is coming here as we speak. 0.99

00:18:33.000 They're in a plane flying, lots of them, all tough negotiators.

00:18:37.000 But things that people wouldn't have given us two years ago, wouldn't have even thought of it, two years ago, three years ago, five years ago, seven, they're giving us everything.

00:18:46.000 They don't want tariffs on themselves.

00:18:50.000 It's very simple.

00:18:51.000 We're making deals and people are paying tariffs.

00:18:55.000 Countries are paying tariffs.

00:18:56.000 Right now, China's paying a 104% tariff.

00:19:01.000 Think of it.

00:19:02.000 104%. Now, it sounds ridiculous, but they charged us for many items 100%, 125%.

00:19:11.000 Many countries have.

00:19:12.000 They've ripped us off left and right.

00:19:15.000 But now it's our turn to do the ripping.

00:19:20.000 Okay, so it's our turn to rip them off.

00:19:22.000 It's not exactly a modus for a zero-tariff policy.

00:19:28.000 This is why the mixed signals.

00:19:30.000 And the mixed signals are freaking the market out.

00:19:33.000 They are.

00:19:34.000 And it's not just the market.

00:19:34.000 Again, in the end, the policy is going to be what the policy is.

00:19:38.000 If the tariffs come down the way they're currently coming down, and if your prices skyrocket, if businesses that you like start to go under because it turns out that the marginal increase in price is too much.

00:19:48.000 For people who are selling you retail and they go under and jobs are lost, that will be a problem.

00:19:55.000 The economy is interconnected.

00:19:57.000 Pretending that there is kind of Main Street and Wall Street and that they are two sides of a wall and that they have no connection with one another is not true.

00:20:05.000 Peter Navarro, who is the architect of much of this trade policy, a man who used to be a zero-growther, actually, in his early career, and then...

00:20:15.000 ...called himself Ron Vara in his own writings to create a fake name under which to attribute many of his writings.

00:20:22.000 It was like Voldemort.

00:20:23.000 His last name is Navarro.

00:20:24.000 Get it?

00:20:24.000 Ron Vara?

00:20:25.000 Get it?

00:20:27.000 You don't?

00:20:27.000 Because it's dumb?

00:20:28.000 Anyway, here's Peter Navarro, who should be nowhere near trade policy, explaining that the actual goal of the administration is not, in fact, to go to zero tariffs.

00:20:37.000 It is, in fact, to rectify trade deficits.

00:20:38.000 Good luck with that.

00:20:39.000 The Vietnamese GDP per capita is $4,000 per year.

00:20:43.000 You're going to get them to buy a lot of American software, are you?

00:20:46.000 But my point here is, they're coming now and saying, we want to talk, we'll lower our tariffs to zero if you'll lower your tariffs.

00:20:53.000 That's not the problem.

00:20:55.000 Vietnam is a great example, Lord.

00:20:57.000 They sell us $15 for every one we sell them.

00:21:01.000 Zero tariffs would get us no reduction in the $123 billion deficit we have.

00:21:08.000 Five of that $15 they sell us, you know what?

00:21:11.000 It's China. 0.90

00:21:13.000 It's that clip you showed about Cambodia, how China just comes over.

00:21:16.000 It's the same thing, right?

00:21:16.000 It's the same kind of, we call it trans-shipping.

00:21:18.000 It's just crazy stuff.

00:21:20.000 Okay, so we're going to get the Vietnamese to write. 0.99

00:21:23.000 He says right there, zero tariffs is not enough.

00:21:25.000 This is the battle inside the administration.

00:21:27.000 Off-ramp?

00:21:28.000 No off-ramp.

00:21:29.000 U.S. Trade Representative Jameson Greer, he wouldn't put a timeline on any of this yesterday.

00:21:32.000 He was testifying before Congress.

00:21:35.000 Several of these countries, such as Argentina, Vietnam, India, and Israel, have suggested that they will reduce their tariffs and non-tariff barriers in line with the president's policy.

00:21:44.000 And these obviously are welcome moves.

00:21:46.000 Our large and persistent trade deficit has been over 30 years in the making, and it will not be resolved overnight.

00:21:51.000 But all of this is in the right direction, particularly as we start to negotiate with these countries.

00:21:58.000 Yeah, but there's no timeline.

00:22:00.000 So, again, the timeline is one of the keys here because people start to feel the pain and the timeline starts to accelerate rather dramatically.

00:22:08.000 The current polling suggests that less than half of Americans support the new tariffs.

00:22:15.000 Democrats, of course, say that they are very familiar.

00:22:17.000 Only 36% of Republicans say they are very familiar with the tariffs, by the way.

00:22:22.000 When it comes to the global tariffs, Brand new Reuters Ipsos poll finds 73% of Americans expect that prices are going to rise under President Trump's tariff plans.

00:22:30.000 Only 4% say prices are going to go down.

00:22:33.000 Those 4% apparently hang out with Peter Navarro.

00:22:35.000 The poll also showed 57% of Americans overall oppose the tariffs.

00:22:39.000 Only 39% support them.

00:22:41.000 That is not a popular policy.

00:22:44.000 A vast majority of Republicans still support the policy because, of course, President Trump is promoting it.

00:22:49.000 73% of Republicans back it.

00:22:51.000 That's a low number.

00:22:52.000 For President Trump's policies, most of his policies with Republicans are in the 90s.

00:22:55.000 About 24% of Republicans announced them.

00:22:58.000 Independents are split 57% against, 41% in favor.

00:23:04.000 And that is before anything kicks in.

00:23:07.000 So those numbers are likely to go the wrong way for President Trump, not the right way for President Trump, because again, nobody's actually feeling any pricing pain right now.

00:23:15.000 And there's no world in which the prices don't go up when you put these kinds of tariffs on products.

00:23:19.000 It doesn't work that way.

00:23:21.000 This has led to what is the most obvious proxy battle in the administration between Peter Navarro and Elon Musk.

00:23:27.000 Elon Musk has been just beating the living hell out of Peter Navarro online.

00:23:32.000 He called him yesterday, Peter Retardo.

00:23:36.000 Peter Navarro said to Elon Musk, he said that Elon's a car manufacturer, but he's not a car manufacturer.

00:23:42.000 He's a car assembler.

00:23:45.000 And then Elon responded, quote, Navarro is truly a moron.

00:23:48.000 What he says here is demonstrably false.

00:23:52.000 And then again called him Peter Retardo and said he was dumber than a sack of bricks.

00:23:58.000 I mean, I'm on Elon's side of this one.

00:24:01.000 Gotta be honest, I think that Navarro's policies here are ridiculous in the extreme.

00:24:06.000 The White House was asked about this, and Caroline Lovett gave the best response.

00:24:09.000 She says that this is Boys Will Be Boys.

00:24:11.000 Yeah, except one of these boys built trillions of dollars of value in the economy, and the other one of these boys used a pseudonym, Ron Vera, in order to promote his cockamamie economic policies.

00:24:20.000 So one of your boys is Doogie Howser over here, and the other one of your boys is the bizarre dude from the Goonies.

00:24:31.000 So, great.

00:24:32.000 Here we go.

00:24:34.000 These are obviously two individuals who have very different views on trade and on tariffs.

00:24:40.000 Boys will be boys, and we will let their public sparring continue.

00:24:44.000 And you guys should all be very grateful that we have the most transparent administration in history.

00:24:49.000 And I think it also speaks to the president's willingness to hear from all sides.

00:24:55.000 Caroline Leavitt is very good at her job.

00:24:57.000 She then dropped this.

00:24:59.000 She said that Nancy Pelosi hated trade deficits.

00:25:02.000 And so we are now doing Nancy Pelosi's policy.

00:25:04.000 Now I understand dunking on the left for switching their position.

00:25:07.000 I just don't understand why everybody on the right is switching their position in order to mirror Nancy Pelosi's position from 1996.

00:25:13.000 In June of 1996, Nancy Pelosi spoke on the House floor.

00:25:19.000 She urged her colleagues at the time to fight against the status quo trade policies that had contributed to America's trade deficit with China.

00:25:27.000 In fact, Nancy Pelosi said, how far does China have to go?

00:25:30.000 How much more repression?

00:25:32.000 How big a trade deficit?

00:25:33.000 How many jobs have to be lost for the American workers? 0.81

00:25:36.000 How much dangerous proliferation has to exist before members of this House of Representatives

00:25:40.000 I will not endorse the status quo.

00:25:43.000 Those are the words of Nancy Pelosi in 1996.

00:25:46.000 Well, President Trump is finally answering her call 27 years later.

00:25:51.000 Nancy Pelosi can thank President Trump today for the 104 percent retaliatory tariff that will be going into effect on China.

00:25:57.000 Yeah.

00:25:59.000 Okay, I mean, like, cool that we get to dunk on Nancy Pelosi and all, but I don't understand why, in order to dunk on Nancy Pelosi, we have to agree with Nancy Pelosi in 1996.

00:26:07.000 She was wrong then.

00:26:08.000 Nancy Pelosi is virtually always wrong, and she's only switching her position now because the Trump administration is mirroring her old... 1.00

00:26:14.000 It shows that she's dishonest.

00:26:15.000 It doesn't mean that she was right in 1996.

00:26:17.000 And Nancy Pelosi has been blind on politics for years.

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00:28:25.000 Meanwhile, again, the big story that the Trump administration is pushing and the most interesting story is, of course, the tariffs on China.

00:28:32.000 Now, from my perspective, it's the tariffs on everybody else that I'm the most concerned about.

00:28:36.000 I don't understand why we're hitting Lesotho with a 50% tariff.

00:28:39.000 The great and powerful people of Lesotho, GDP per capita, $916.

00:28:46.000 We must stop the Lesothans. 1.00

00:28:48.000 from stealing our precious bodily fluids.

00:28:51.000 We have to, the Cambodians must be, they must stop this. 1.00

00:28:55.000 The great and powerful people of Madagascar with their 47% tariff we hit them with last night.

00:29:01.000 Anyway, like, look.

00:29:05.000 But the trade deficit must be ended.

00:29:07.000 You know, Iraq.

00:29:09.000 Way too powerful.

00:29:10.000 The people of Iraq.

00:29:11.000 39% tariff.

00:29:13.000 So when it comes to alienating various countries, one of the things we need to look at is how much trade those countries or polities are doing with the United States versus how much trade they're doing with China, for example.

00:29:23.000 So I asked our sponsors over at Perplexity, the amazing AI service, this question.

00:29:29.000 Please provide the percentage of the following countries or polities' total trade represented by trade with the United States.

00:29:35.000 And the countries are China, the EU, Japan.

00:29:37.000 So for China, the percentage of China's total trade represented by trade with the United States is approximately 5.38%.

00:29:43.000 So in other words, yes, we trade a lot with China, but on an absolute basis, China is trading with the United States.

00:29:50.000 Like 95% of their trade is not with the United States, with other countries.

00:29:53.000 For the EU, our trade partnership with the EU represents about 46% of their total trade.

00:30:00.000 For Japan, because it's a far eastern country, We represent approximately 8% of their total trade.

00:30:05.000 Okay, so now take a look at the EU with regard to China.

00:30:11.000 So I asked Perplexity, what percentage of EU trade is with China?

00:30:14.000 And what percentage of Japan's trade is with China?

00:30:17.000 So the answer, according to Perplexity, is that the percentage of EU trade represented by trade with China is 21.25%, which is very, very high.

00:30:24.000 That is a very high number.

00:30:26.000 You would imagine that the United States would have a lot of trade with the EU.

00:30:29.000 Obviously, we have a lot of ties with European countries.

00:30:33.000 Our shipping is actually fairly easy.

00:30:35.000 It's directly across the Atlantic.

00:30:36.000 Shipping from China takes a fair bit longer, especially now that the Houthis have been holding up traffic in the Red Sea.

00:30:43.000 But that's a big number.

00:30:44.000 And so if we alienate the EU, could they swivel toward China?

00:30:47.000 Sure. How about Japan?

00:30:49.000 So Japan is a much more interesting case.

00:30:51.000 So Japan, only about 8% of their total trade is with us.

00:30:55.000 42% of their total trade is with China.

00:30:59.000 42% of their total foreign trade is with China, which means that if we alienate them and China offers them an open hand, will Japan start swiveling toward China?

00:31:06.000 This is one of the big questions.

00:31:08.000 The thing I'm worried least about is the Chinese on a moral level. 1.00

00:31:12.000 However, there are some complexities to Chinese trade policy.

00:31:15.000 Now, I'm an advocate of smacking the living hell out of China for as long as I can remember. 1.00

00:31:19.000 My entire political career.

00:31:21.000 I've always thought that the globalization warm-up with China was a gigantic mistake.

00:31:25.000 I think there's a case to be made that Henry Kissinger's opening of China in the 70s was a gigantic mistake.

00:31:29.000 We should have kept them closed and collapsed them from the inside, the way we did the Soviet Union. 1.00

00:31:33.000 We didn't do that.

00:31:34.000 We opened up China, and then China took advantage of capitalism in order to weasel its way into global markets in a completely damaging way to the United States and to world security. 0.97

00:31:44.000 So the United States said on Tuesday night, 104% duties on imports from China would take effect after midnight.

00:31:50.000 What exactly does that mean?

00:31:52.000 Well, it'll be interesting to see what the fallout is.

00:31:54.000 China, of course, is vowing to fight to the end on the tariffs.

00:31:58.000 The Chinese Ministry of Commerce said, quote, if the US threat to escalate tariffs on China is made, it's a mistake on top of a mistake.

00:32:04.000 If the US insists on its own way, China will fight to the end. 0.50

00:32:09.000 China then retaliated with its own gigantic tariff on American goods.

00:32:13.000 Now, of course, China already had tariffs on American goods and they consume far less of our product than we consume of their products.

00:32:20.000 So we're hurting them way worse than they are hurting us in these terms, for sure.

00:32:24.000 However, however, there are some complexities, which we'll get to in a moment.

00:32:28.000 Here's the Chinese foreign ministry spokesperson saying that pressure threats and blackmail will not work.

00:32:34.000 Pressure, threats and blackmail are not the right ways to engage with China.

00:32:43.000 If the U.S. disregards the interests of both countries and the international community, insists on launching a tariff or trade war, China will fight to the end.

00:32:54.000 And now, there are two possible risks here for the United States in what is happening with China.

00:33:00.000 And this is, I think, why Oren Kass, again, a proponent of the tariffs, is saying we should go slower with China.

00:33:04.000 There are two possible risks.

00:33:06.000 One comes from the fact that Donald Trump didn't just punch China in the face, which again, I'm not only fine with, I'm perfectly fine with it.

00:33:11.000 I think it's a good idea.

00:33:13.000 If you punch China in the face, you need to be offering a warm, welcoming hand to everybody who is ringing at China. 0.96

00:33:20.000 You can't alienate everybody at the same time.

00:33:23.000 If you are going to declare a trade war, you need allies in the trade war.

00:33:26.000 You need people who are on your side of the trade war.

00:33:29.000 Slapping Vietnam, slapping South Korea, slapping Japan, slapping everybody, slapping Australia, slapping everybody in the Indo-Pacific region. 0.95

00:33:37.000 At the same time you're slapping China is a great way of alienating people into China's orbit, especially when China is now going to all of these places and offering them zero tariff policies.

00:33:47.000 And the difference between China and the United States is that China, being an authoritarian state, can actually hold its power.

00:33:54.000 One of the benefits of democratic capitalism is that supposedly there will be a An open market policy that is predictable from administration to administration, if that shifts, and every two years you're going to get a complete change in free trade positions,

00:34:10.000 well, that is not a good basis for a solid world economy.

00:34:17.000 If you are any one of these allied American states, if you've cut a free trade agreement like Vietnam did with the United States in the 90s, if you have a free trade agreement with the United States like South Korea does, if you're one of these countries and we are currently alienating you, Aren't you going to start triangulating with China?

00:34:33.000 If you're going to do this thing, what you do is you solidify your alliances with all these countries and then you smack China. 0.86

00:34:38.000 If you alienate all these countries and then you smack China, China's going to go to them and offer them a warm hand.

00:34:43.000 And these countries, which have seen the United States over the course of the past two decades abandon Hong Kong, Afghanistan, Iraq, Ukraine, among others, the Kurds, they're going to start thinking maybe we need to triangulate.

00:34:56.000 Maybe the United States is no longer the world's global hegemon.

00:34:59.000 Maybe it's not that powerful anymore.

00:35:01.000 At the very least, we need to hedge our bets until you're actually strengthening China while you're attempting to fight China by smacking everybody who's not China. 0.97

00:35:08.000 Just on a geopolitical level.

00:35:10.000 That is risk number one.

00:35:11.000 Then there's risk number two.

00:35:12.000 And this risk is quite real.

00:35:14.000 That risk is, let's say that you really isolate China's economy.

00:35:17.000 Let's say you get what you want.

00:35:18.000 Everybody around China isolates China to the largest possible extent.

00:35:22.000 But you haven't done what you need to do in order to solidify the Taiwan Strait.

00:35:27.000 Why at that point would not China go for taking Taiwan, figuring it's got nothing to lose?

00:35:31.000 If you box them in so strongly, and again, I'm not saying this isn't a catch-22.

00:35:35.000 It is a bit of a catch-22, which is why a slow, more incremental, well-thought-out policy that allows the reshoring of key industries from China to Vietnam, to India, to other countries, including the United States, a gradual tightening of the news that doesn't at any point Give China the reason to just go and grab Taiwan and destroy the entire semiconductor industry for planet Earth.

00:35:59.000 That's the other danger.

00:36:00.000 You go too fast and you can provoke China into doing the thing.

00:36:04.000 Now again, it would be up to China whether to do that or not.

00:36:07.000 China would be at fault if China decided to invade Taiwan.

00:36:10.000 The moral blame would lie with China. 0.71

00:36:11.000 However, geopolitics is of course quite complicated and there are two possibilities here.

00:36:17.000 One is, if you alienate all the allies around China, they start to make common cause with China, you've now strengthened your enemy. 0.78

00:36:22.000 Two is, You isolate China.

00:36:24.000 Let's say you're successful.

00:36:25.000 You isolate China so successfully that China feels no compunction about going after Taiwan and breaking up the entire world economy by force. 0.96

00:36:33.000 And that is the other risk.

00:36:34.000 And these risks just exist.

00:36:35.000 They are on the table.

00:36:36.000 They are quite real.

00:36:37.000 And so navigating those risks requires some forethought and requires a policy that is not Leroy Jenkins-ing.

00:36:43.000 It's not just running into the middle of the room with a battle axe, hoping that everything goes right.

00:36:49.000 So how is all of this going to end?

00:36:53.000 Well, my guess is that as the consequences of the tariffs start to sink in, you're going to start to see more of the off ramp.

00:36:59.000 I think the off ramp is going to happen.

00:37:01.000 And at that point, you'll hear a bunch of people who are big fans of President Trump say that this was the plan all along.

00:37:09.000 This was not the plan all along.

00:37:11.000 This is coming from somebody who raised money for President Trump, campaigned with President Trump, and voted for President Trump.

00:37:17.000 The reason that I'm making this point...

00:37:20.000 Is because I think that it is important to recognize what good policy looks like and what good policy does not look like.

00:37:25.000 Good policy, there ought to be incentives for presidents of all parties to make good policy based on the actual quality of the policy, not based on do you trust this guy or do you not trust this guy.

00:37:36.000 The position that we all ought to hold with regard to our politicians who are in fact public servants is trust but verify.

00:37:42.000 Sure, I'm happy to let President Trump cook so long as I know generally what he is cooking.

00:37:48.000 And listen, I don't have any authority over President Trump.

00:37:50.000 He's going to do what he's going to do.

00:37:52.000 But this idea that's been going around online where if President Trump does global tariff war with the world, it's a genius idea, and if he backs off, it's just as genius.

00:38:01.000 If a commentator is telling you that thing, that commentator is not being honest with you.

00:38:07.000 They're not.

00:38:08.000 You should know where the commentator stands on the policy, not just on the president.

00:38:11.000 I like President Trump.

00:38:12.000 I want President Trump to be successful.

00:38:15.000 I think that the success of his presidency rides on avoiding a recession.

00:38:18.000 And yes, a global trade war.

00:38:21.000 I think there's a lot riding on what goes on right now, which is why I want to see him take the Scott Besson to Elon Musk pathway off.

00:38:27.000 That's why I want to see Peter Navarro's perspective ground into the dust here.

00:38:31.000 He's wrong.

00:38:32.000 I would like to see that perspective go the way of the dodo bird.

00:38:36.000 If you want better policy, you should call for better policy.

00:38:38.000 Alrighty, the domestic fallout from all of this is going to be quite interesting.

00:38:43.000 Some House Republicans are already mulling the possibility of having to step in and stop President Trump's tariff plans if they get too nasty.

00:38:50.000 Remember, there is a midterm next year.

00:38:52.000 There are a bunch of Republicans in swing districts.

00:38:54.000 Democrats are openly targeting these Republicans.

00:38:56.000 If you want Trump's agenda stopped dead, he loses the House.

00:38:58.000 If he loses the House, it's over.

00:39:00.000 President Trump gets nothing done for the last two years of his administration.

00:39:03.000 Then he really is a lame duck.

00:39:05.000 So a bunch of House Republicans are saying, like, I don't know how I go along with this.

00:39:09.000 if it means I lose my seat.

00:39:11.000 to Axios, at least a dozen House Republicans are now considering signing on to Representative Don Bacon's bill to restrict the White House's ability to impose tariffs unilaterally, according to Axios.

00:39:20.000 It's a significant break with President Trump.

00:39:22.000 Bacon told Axios two Republicans, Representative Jeff Hurd and Dan Newhouse, those are from Colorado and Washington, have signed on to the bill as co-sponsors.

00:39:29.000 Now, again, these are people in swing districts.

00:39:32.000 That is not exactly a shock.

00:39:34.000 Mike Johnson is not going to go along with that, at least not in the near term.

00:39:47.000 The Senate, too.

00:39:48.000 Senator Tom Tillis of North Carolina.

00:39:49.000 Again, North Carolina is kind of a purplish state.

00:39:52.000 He was asking, Jameson Greer, he said, listen, I understand you want me to let you cook.

00:39:57.000 All right, we'll let you cook.

00:39:58.000 Who do I strangle if this goes wrong?

00:40:01.000 The other thing in management consulting we like to focus on is this concept of one throat to choke.

00:40:08.000 In other words, when you're finally taking a look at a strategy, someone has to own it.

00:40:13.000 And you can't say that it's the president or the vice president.

00:40:16.000 So my first question to you, in this scenario, the decision maker who decided the a la prima approach, who has obviously had to have spent time anticipating what we saw in the markets and some of the pushback, I'm assuming this all got gamed out, because it's a novel approach,

00:40:33.000 it needed to be thought out.

00:40:35.000 Whose throat do I get to choke if this proves to be wrong?

00:40:40.000 And the answer, by the way, from the American people is if this chooses to be wrong, this is the risk Republicans run.

00:40:45.000 If a bad policy is totally attributable to the administration, the administration will be blamed.

00:40:50.000 And Democrats know this, which is why they are ramping up the attacks.

00:40:53.000 Here's Senator Elizabeth Warren going after the administration. 1.00

00:40:56.000 But you do this very carefully, and you do it in combination with things you're doing domestically to support so that work actually gets done.

00:41:05.000 not Donald Trump, comes in and basically starts the dumbest trade war in the history of this country.

00:41:13.000 The only thing that could have saved Democrats is a manufactured recession.

00:41:18.000 It is the only thing that could have saved Democrats, which is why it needs to be avoided.

00:41:23.000 It needs to be avoided.

00:41:24.000 Do you want Elizabeth Warren in charge of your national policy? 0.52

00:41:26.000 Do you want President AOC?

00:41:28.000 The way you get that is with a national recession that was engineered by bad trade policy unilaterally from the White House.

00:41:33.000 That is how you get that.

00:41:34.000 That is just what...

00:41:34.000 So again...

00:41:36.000 Maybe I'm wrong.

00:41:37.000 Maybe it all works out beautifully.

00:41:38.000 By the way, if it works out beautifully to the tune of We Take the Off-Ramp, that was what I was calling for from day one.

00:41:45.000 In order for me to be totally wrong on this, you'd have to maintain the trade war and it would all go right.

00:41:49.000 But, I don't care how it goes right so long as it goes right.

00:41:52.000 If it goes right, then the birds are singing and the sunshine is warming our shoulders and we're all living in a John Denver tune and that's great.

00:42:01.000 But if it goes wrong, and if there's a recession, President Trump's 25% tariffs on imported vehicles.

00:42:25.000 Which went into effect last week are already sending tremors through the auto industry, prompting companies to stop shipping cars to the United States, shut down factories in Canada and Mexico, and lay off workers in Michigan and other states.

00:42:36.000 Jaguar Land Rover, based in Britain, said it would temporarily stop exporting luxury cars to the United States.

00:42:40.000 Stellantis idled factories in Canada and Mexico that make Chrysler and Jeep vehicles and laid off 900 U.S. workers.

00:42:46.000 Audi, the luxury division of Volkswagen, paused exports of cars to the United States from Europe, telling dealers to sell whatever they still had on their lots.

00:42:54.000 So, again, there are problems.

00:42:58.000 Meanwhile, it may be that as the tariffs dump demand, meaning that prices go up, you don't have enough money left over for, say, travel, so you're just using less oil and gas, then what is the incentive structure for more drilling and drilling and drilling?

00:43:12.000 What we need right now in the United States is cheap energy.

00:43:14.000 The price of oil has been dropping precipitously along with the market over the course of the last week.

00:43:21.000 When the price of oil drops, it is no longer profitable to open new fracking wells, for example.

00:43:25.000 It undermines the American domestic energy industry when the prices actually drop too low on energy because, again, supply and demand.

00:43:31.000 If it turns out that it's more expensive to frack a well than it is to simply get your resources elsewhere, you'll get your resources elsewhere.

00:43:40.000 If the cost of gas is cheaper than the price to frack the well, the well ain't getting fracked.

00:43:45.000 And that's how you end up with underproduction.

00:43:47.000 According to the New York Times, President Trump's tariffs are posing a major barrier to his plans to expand oil production.

00:43:53.000 Since the tariffs were announced, oil prices have fallen to hover around $60 a barrel, a nearly four-year low.

00:43:58.000 At that price, fossil fuel companies will most likely reexamine their plans.

00:44:03.000 According to Rebecca Elliott, who's an expert on this, below this level, you start getting wells that are no longer economic to drill.

00:44:12.000 There are knock-on effects.

00:44:14.000 To all of the policies that are being made.

00:44:16.000 And by the way, we need to actually have more energy if you wish to, for example, supercharge AI.

00:44:21.000 So one of the cases that's made by tariff advocates is, okay, the most valuable resource that America can be in control of, the thing that is going to keep, for example, the dollar as the global reserve currency, is that we are going to produce so much in this country that everyone is still going to be reliant on us despite the tariffs.

00:44:36.000 We'll have a monopoly on the things that really matter.

00:44:39.000 And so when you say, okay, what are the things that really matter?

00:44:40.000 AI is the big one that comes up a lot.

00:44:42.000 Okay, the problem is, China is building out AI like nobody's business.

00:44:46.000 China is developing energy resources that are extraordinary in capacity.

00:44:52.000 China, again, is an industrial policy-driven nation.

00:44:56.000 Top-down, centralized.

00:44:57.000 And so they are pouring hundreds of billions of dollars into winning the AI race.

00:45:03.000 One of the things it takes to win the AI race is massive development of energy.

00:45:07.000 Well, if we are fracking fewer wells, and if we still have a bunch of regulation, On the books with regard to energy development, it's going to be very difficult for us to compete in the AI space.

00:45:16.000 This is the point that's being made by Neil Ferguson and Nick Cumblebin over at the Wall Street Journal today.

00:45:21.000 As they point out, despite tech firms' willingness to pay a premium for clean, reliable energy, the current US grid can't meet the AI challenge.

00:45:27.000 Leading data center markets in Northern Virginia, Georgia, and elsewhere are crippled by lack of power.

00:45:31.000 Environmental regulations and grid permit guidelines mean major data center projects have had to be canceled to protect, for example, the habitat of a rare bumblebee.

00:45:38.000 Without more power supply, AI data centers' growing demands could cause a spike in electricity prices, harming American consumers and industrial competitiveness.

00:45:46.000 And this is right.

00:45:46.000 We need to be focused here on deregulation.

00:45:48.000 We need to be focused here on out-competing everybody else, not out-taxing everybody else.

00:45:53.000 All this comes amid a new report out of Semaphore that apparently President Trump said last week to the Senate Budget Committee Republicans and Majority Leader John Thune.

00:46:06.000 That he was open to raising tax rates on some of the highest earning Americans.

00:46:10.000 If we start doing that, I'm just wondering at this point, what is the difference in policy between Republicans and Democrats?

00:46:15.000 If the idea is tariff barriers, massive subsidization of domestic industry, increased tax rates on highest earners, how is that distinguishable from kind of normal Democratic platform policy, precisely?

00:46:30.000 It's not going to happen, by the way.

00:46:32.000 Republicans in the Senate will not go along with that, nor will they go along with it in the House.

00:46:36.000 All the wins are on the table for President Trump.

00:46:38.000 Take the off-ramp.

00:46:40.000 Do the deals.

00:46:41.000 Do the deals as fast as possible.

00:46:42.000 By the way, we could have done the deals without all of this.

00:46:46.000 This is the other thing that I keep hearing.

00:46:47.000 We needed to do this giant nuclear bomb in the middle of the world trade system in order to get people to the table.

00:46:53.000 That's not true.

00:46:54.000 The United States is the 800-pound gorilla in the room.

00:46:56.000 If we wanted Japan at the table, all we had to do was make one phone call. 0.99

00:46:59.000 If you wanted Israel at the table, just call up Netanyahu. 0.57

00:47:02.000 If you want Viktor Orban at the table, just call him.

00:47:05.000 The United States remains, like, by the way, you actually stack the odds against yourself when you declare trade war on the entire world.

00:47:13.000 Why? Because now you have a possible axis forming in opposition to you.

00:47:18.000 What you should do if you want a better trade deal with Italy is go to Italy and tell them you want a better trade deal or you're going to smack them.

00:47:23.000 Because then you have the world's largest economy fighting not the world's largest economy.

00:47:29.000 One of the things that people should realize about world trade is that

00:47:33.000 represents a market that is like 17% of trade with the EU. The other 83% is coming from the EU and everywhere else.

00:47:40.000 Thank you.

00:47:41.000 America represents about 16% of the trade with China.

00:47:47.000 The other 84% is with somebody else.

00:47:50.000 Now, we can do a lot of damage.

00:47:52.000 We absolutely can.

00:47:54.000 With regard to China, we should, which is why we should be isolating them, not fighting everybody all at once. 0.99

00:48:00.000 Take the deals.

00:48:02.000 Take the deals.

00:48:02.000 Listen to Treasury Secretary Scott Besson.

00:48:04.000 Listen to Elon.

00:48:05.000 Listen to the people in the room who are giving you the rational solution to this problem, and you'll get some wins.

00:48:11.000 And you'll get plaudits for the wins.

00:48:13.000 Do those things, and do them fast, because let's be real about this.

00:48:16.000 The markets don't like what's going on, and it's not just the markets.

00:48:19.000 The markets are a thermometer.

00:48:22.000 They're taking the temperature.

00:48:24.000 Businesses aren't going to like it.

00:48:26.000 Again, when your costs increase, you're not going to like it either.

00:48:29.000 So, Right now, if the policies remain as they are, this is the high watermark for the popularity of the policies.

00:48:37.000 This is not the low point.

00:48:38.000 This is the high watermark for the popularity of these policies because it is literally the first day before all the effects are felt.

00:48:45.000 Take the off-ramp, Mr. President.

00:48:48.000 Please, take the off-ramp because I want you to succeed.

00:48:52.000 I want your policies implemented.

00:48:54.000 I want the world that you promised while you were campaigning.

00:48:58.000 I want a more solid world with more powerful America that lies at the center of global gravity. 0.98

00:49:05.000 Those are the things that I want.

00:49:06.000 A stronger American economy.

00:49:08.000 Not an autarkic American economy with higher prices, giant subsidized industrial policy, and more economic stagnation.

00:49:16.000 Those are the things that I want.

00:49:18.000 And those are the things the American taxpayers deserve.

00:49:21.000 And those are the things that I think President Trump can and will achieve if he takes the wins.

00:49:27.000 So take the win.

00:49:29.000 All right, coming up, President Trump actually did get a win, another win, from the Supreme Court yesterday.

00:49:35.000 Plus, we'll get into the mailbag.

00:49:36.000 The only way that you can watch all of that and the rest of the show is to join Daily Wire.

00:49:40.000 Plus, if you're not a member, become a member.

00:49:41.000 Use code Shapiro.

00:49:42.000 Check out for two months free on all annual plans.

The Ben Shapiro Show - April 09, 2025

MOTHER OF ALL TARIFFS: The Tariff War Has Begun

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