What is a Tariff? We explain how President Trump is fixing 30 years of failure. Then Eric Bolling joins us to give us economic news and analysis. Do not let your hearts be troubled. Stay focused on the big picture, the macro picture.
00:00:34.000His spirit, his love of this country, he's done an amazing job building one of the most powerful youth organizations ever created, Turning Point USA. We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country.
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00:02:12.000However, America has been largely too focused on the importation of goods into America not being tariffed.
00:02:19.000And far too often, we don't even ask the question, What about the products we make in our country that we want to import to other countries?
00:02:27.000So the game that was constituted, the deal that was structured, was the following.
00:02:35.000It was that we are going to become a purchaser of other countries' goods, and we will become a service economy.
00:02:46.000Why do we need to go make stuff with our hands?
00:03:24.000President Trump very well could have avoided this.
00:03:26.000The American people voted for tariffs, they voted for stricter trade measures, and he very well could have avoided this.
00:03:31.000And understand that the menace of the Chinese Communist Party was made possible because of our overindulgence in internationalist trade policies.
00:03:41.000Americans like the idea of living in a country that makes things again.
00:03:47.000Not only do we want to make America great again, we want to make America make things again.
00:03:52.000You are not a country if you import everything made overseas.
00:03:57.000You are nothing more than a trading colony.
00:07:14.000The best tax cut in history, paid for in large part by tariff revenues from around the world, taken, Jesse, from the people who've been cheating us around the world with higher tariffs and higher non-tariff barriers.
00:09:06.000That reduces, Jesse, mortgage rates and interest rates, which helps stimulate the home market and allows consumers not to have that overhang of debt.
00:09:18.000What President Trump is doing, write this down, text to your friends, commit it to memory.
00:09:22.000What President Trump is doing is completely reorganizing the philosophical, the political, the geopolitical and the moral posture of the federal government.
00:09:41.000It's going to take a little bit of a process, but coming out of it will become the strongest, most robust, long-lasting American economy in history.
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00:11:44.000A bunch of smart guys like Mitt Romney and the consultant class, the ruling class, they all got their practitioner master's degrees from Harvard.
00:11:55.000And what they were told is the most important thing is maximizing profit.
00:12:00.000They were told the most important thing was maximizing the dollar.
00:12:04.000You see, but that's not the only political question.
00:12:06.000That's the only economic question, but when the political question, you must balance human happiness, community, family, crime, displacement.
00:12:17.000But if you only ask the economic maximalization question, especially those that have no interest in the well-being of the body politic of the nation, or in the citizenry, you get decisions like this.
00:12:30.000So you go to a place like Harvard and you get a master's degree from the Harvard Business School.
00:12:35.000And the Harvard Business School will tell you it makes sense to shut down the mill.
00:13:03.000If the American government would have said, actually, we're going to put a 10% tariff on, the consultant class like Mitt Romney, And all the Bain Capital cabal, they never would have been able to do this.
00:13:16.000This example right here happened tens of thousands of times.
00:13:20.000City by city, neighborhood by neighborhood, block by block.
00:13:24.000And this eventually led to, first, Ross Perot.
00:13:28.000Ross Perot was the first one to run under this energy.
00:13:31.000He was the first one to recognize this.
00:13:34.000This happened tens of thousands of times of plants closing and there were millions of people who lost their jobs.
00:13:40.000So I want you to multiply what you were about to see.
00:14:07.000It was way too quick of a deindustrialization.
00:14:10.000And drugs came in, and opioids came in, and crime came in, unemployment came in, and misery came in, and suicide came in.
00:14:16.000Playcut 141. For ages, hot molten steel has been the lifeblood of Johnstown, vigorously pumping dollars and jobs through the city's veins.
00:14:26.000But now, the pulse of the community is in cardiac arrest.
00:14:30.000Bethlehem officials aren't making any more comments than what's contained in this press release.
00:14:34.000They're sorry, but it's simply not cost-effective to run the mill any longer.
00:14:39.000It does hurt, and there's a dramatic spin-off that's going to come from that, and there's going to be a lot of problems that have to be solved.
00:14:46.000In part, Bethlehem cites fierce foreign competition and the national economy for their demise.
00:14:52.000For some Bethlehem employees, it's hard to look past the shocking news.
00:14:57.000Don't rely on a corporation that don't want you, in a sense.
00:15:23.000I'm saying the archetype of who this person is, that guy, whomever, I don't even know if he's still living, but he's a younger person in this.
00:15:33.000Or he might have died of heart disease and a broken heart, divorced and poor, because we decided to ship the factory overseas.
00:15:47.000And understand, just remember this, it is the experts who did this.
00:15:52.000It is the same type of experts that told us six feet to slow the spread, the same types of experts that came in all in the name of an abstraction called free trade, free trade, free trade.
00:16:03.000On certain things, of course, if we can have reciprocal free trade, but it was a neoliberal abstraction.
00:17:44.000I want to get into just some of your analysis of where the market is at.
00:17:47.000But first, I want to hear your comment, Eric, on what Trump is correcting.
00:17:51.000Trump is correcting a 30-40 year error where we allowed the middle class of this country to be hollowed out.
00:17:58.000And in came drugs, and in came homelessness and unemployment and misery.
00:18:03.000Eric, talk about how President Trump is fixing a multi-decade problem.
00:18:08.000Yeah, it's incredible, Charlie, what he's done in, what, 50 days or so.
00:18:13.000He's really literally rewriting everything, not just, you know, social structures, but he's also rewriting how things like Wall Street work with the tariff.
00:18:24.000He's teaching people, and I'll be perfectly honest with you.
00:18:44.000He mentioned something called, you know, we have the Internal Revenue Service, which means we're all paying money, we work hard, we pay our taxes.
00:18:52.000That's the internal within the United States.
00:18:55.000But these tariffs are external revenue, right?
00:19:00.000And, you know, it really does tell you, well, maybe it's taking some of the burden off us, the people who are paying the vast majority of the four.
00:19:08.000$5 trillion budgets that we're putting together.
00:21:06.000Every single American is going to benefit from those two guys right there.
00:21:10.000That handshake right there should scare the bejesus out of the liberals because that's going to make America great again and better.
00:21:16.000So, Eric, I want you to just speak some stability.
00:21:20.000There are people in our audience that have a lot of their retirement, their 401k, their nest egg, and they're seeing a little bit of red on their iPhone.
00:21:30.000They're seeing a little bit of red on their TV screen.
00:21:32.000They're not used to that always with President Trump.
00:21:35.000And they're not necessarily overly concerned, but you can start to hear the little voice in the back of the head.
00:21:58.000So historically, if you buy and hold, you've done amazing.
00:22:05.000You've literally, you've never, sure there are some bumps in the road, some recessions, 2007 hurt, but if you stuck it out, you're way better.
00:22:17.000We're triple, four times the level on all these indices that we were in 2007. Here's the thing that is really, really telling on all of this.
00:23:43.000We just saw egg prices that have gone up for the past four years actually slam down to the price that when Trump took over six weeks ago, seven weeks ago, and it will continue to go lower.
00:24:58.000As President Trump ends the Russian-Ukrainian war, as he makes the Middle East tensions go down, and that directly, without any other executive action, could actually bring down the price of oil.
00:27:14.000And again, with the AI, with this whole AI movement that's going on, we've become the global leader in AI. It's almost, remember back in the 80s when technology exploded for the first time and the internet exploded, we were the leader and then we farmed it out.
00:27:32.000We are again becoming the leader in technology.
00:27:36.000With our AI companies, Apple, NVIDIA, Silicon Valley.
00:27:48.000Energy is AI. If you do not have the energy to power these data servers and these data farms, your little chat GPT is more energy intense than you realize.
00:27:58.000It requires a lot of oil and natural gas to make that hum.
00:28:02.000And so when you have Drill Baby Drill and then you have an infrastructure project, boom, you are able to be the AI leader in the world.
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00:29:10.000I think I've been with Rav and I share a network with you and Bannon and just absolutely loving it.
00:29:17.000We're every day live at 4 o'clock and it just so happens somewhere around 4 o'clock or 3.30, President Trump likes to sign some executive orders.
00:29:26.000So we usually come in and he's signing orders and he's just playing with the reporters.
00:31:03.000And the Senate Democrats are now in the biggest bind of their, probably of their careers, where if they sign it, they've capitulated to Trump and they'll hate themselves for it.
00:31:15.000And if they don't sign it, they're going to be responsible for shutting down the government and America will be really ticked off at them.
00:31:22.000So I'm loving, I'm actually like making the popcorn to watch how this plays out over the next couple of days and the best part of this.
00:32:11.000So again, I'm an old school, more hardcore, you know, balanced budget type guy, but...
00:32:18.000That may not be realistic, but I really love the politics that's playing out right now because I can't wait to see what Chuck Schumer does.
00:32:25.000Here's the crisis, and Eric, you'll love it.
00:32:27.000This is the problem, is that a significant percentage of our federal budget, about $600 to $700 billion a year, is spent on, guess what?
00:33:21.000Is that D.C. is going to say, oh, spending spree can continue.
00:33:25.000But where we are at right now, I hope if you want to have one good talking point for your friend or a neighbor, right now we've spent $2 billion a day.