“China Blinked” - Trump's Tariff War Pressures Xi To CAVE As China's Economy TANKS
Episode Stats
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198.50781
Summary
Trump refuses to drop tariffs on China and says he will lower them when asked if he would ever lower them, adding at some point he would lower them because otherwise, otherwise, he would never do business with them. Trump says China is getting killed right now with their factories closing and unemployment going through the roof, asserting his tariffs are devastating China s economy.
Transcript
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U.S. President Trump in an NBC media press interview with host Kristen Welker
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refused to drop tariffs to bring China to a trade talk, stating
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no, when asked if he would ever lower them, and adding at some point I'm going to
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lower them because otherwise you would never do business with them. He claimed China's
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getting killed right now with their factories closing and unemployment going
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through the roof, asserting his tariffs are devastating China's economy.
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Trump defended his tariff strategy, arguing it benefits large industries,
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telling Welker the car industry are going to make a fortune in citing
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multi-billion dollar investment from companies like Toyota Honda, General Motors,
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Stellantis, and Apple to build U.S. plants. Is this the one, Rob,
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that we're talking about? Yes, so it's separated in two clips. The first clip is him
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talking about not lowering the tariffs. The second one is him talking about the
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benefits on the auto industry. Which one would you prefer? Play both of them.
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Okay. Play both of them. Here's the first one. You're not dropping the tariffs
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against China to get them to the negotiating table. Those tariffs are staying on.
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At some point I'm going to lower them because otherwise you could never do business with them.
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Yeah. And they want to do business very much. Look,
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their economy is really doing badly. Their economy is collapsing.
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And here's the auto tariffs. So small businesses say they are being hurt by the Chinese tariffs and
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some could be forced to shut down. And many businesses are being helped.
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Are you considering tariff relief for small businesses?
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Why do you always mention that, you know, you pick up a couple of little businesses.
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What about the car business? They're going to make a fortune because of the tariffs.
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Do you know that the union, the head of the union, who was no fan of mine,
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Fane, Sean Fane, I guess his name is, right? He didn't endorse me. The Teamsters did.
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A lot of people did. A lot of unions did. But he didn't. He couldn't stand me.
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Now he's saying, wow, what's Trump's done for the automobile? I can't believe it.
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I assume he's going to probably now say the next thing he can say is I endorse this guy.
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He's the greatest I've ever seen. He can't believe it's happened. He said,
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we've been waiting 40 years for somebody to do what Trump is doing.
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So why don't you mention the big car industry instead of mentioning somebody that's doing
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strollers? Well, I'm just asking you about small businesses.
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Are there any discussions about giving any relief to small businesses?
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They're not going to need it. They're going to make so much money if you build your product here.
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Remember, there are no tariffs if you build your product here. It's very easy. It's very simple.
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Well, one thing the president's really right about, and that mainstream media is not talking about it,
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but I found an article in the Wall Street Journal, and there's a couple writers for the journal that I happen to like,
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one of them I like, because of the quality of his work and he's very numbers-oriented.
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So they pointed out, how bad is China's economy?
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Well, in the fourth quarter of 23, they suddenly stopped releasing data on certain things.
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Unemployment. Keep one more, one more, one more, so people can see it.
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So the unemployment rate for people 16 to 24, China is releasing it.
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All of a sudden, the data stops toward the end, in the middle of 2023.
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The unemployment rate for people 16 to 24 in China is over 20%.
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And similarly, they showed the number of people in urban areas who are receiving China's equivalent of unemployment benefits.
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All of a sudden, all of a sudden, the number of people is heading toward 3 million.
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That's the effect that the rest of the world had on COVID when they couldn't buy stuff and they were locked up.
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So China is suppressing its stats so that the rest of the world cannot see what's going on.
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And Trump is correct that the Chinese economy, specifically the real estate industry and unemployment among the youth and people getting welfare in big cities is rising.
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Unemployment is now over 20% for those people 16 to 24.
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However, when you have a government that really doesn't care about its people and a government says, oh, we're playing the long game, the long game includes incredible misery and hardship on the inside of its country.
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And thank you to The Wall Street Journal for digging up all the stuff where the data stops.
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They stopped releasing data to the rest of the world.
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So it cannot be used to negotiate with them or against them.
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Is the question whether this is a good deal or bad deal?
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I guess what's the question that we're looking that we're solving for right now?
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What Trump said, China's economy was in trouble.
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And if you make point one point two, he said the American auto industry, including the unions, are going to thank him.
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And I think Ford CEO Jim Farley was already saying, hey, I may have to update my my guidance for the year and my revenue and my profit.
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And I think we're ultimately going to be a win.
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And then the unions allegedly have now come out and said, you know, this does help our union workers.
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So I'm trying to under a minute and a half of us talking about it.
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So Trump says he will not drop tariffs to come to get China to the negotiating table.
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Now, if you have thoughts, if you want us to clarify it, it's what do you think about it?
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Should U.S. lower the tariffs to go to the table?
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If you don't have thoughts, you don't have thoughts.
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Then make your – just give your feedback on all of them.
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Okay, so, I mean, before you ask me what's my point, I wanted you to know what you think I should talk about.
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But the point is I think China is going to not come to the table anytime soon.
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Because they have no problem treating their people like absolute crap.
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They're basically saying Game of Thrones style, winter is coming.
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We have no plans of negotiating with the U.S. anytime soon.
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Because Trump is going to be out of office in the next four years.
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Who knows if he's doing his 2028 song and dance.
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So, we need to be prepared in the United States for Xi to be here for a long time and for these Chinese tariffs to basically have to be dealt with now.
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At the same time, I'm not defending Chinese tariffs.
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They're stealing everything, intellectual IP theft.
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Everything that happened during COVID, I'm no fan of what's going on in China.
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But we have four-year terms and they've got lifetime terms.
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So, you know, there's something called made in America.
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What percentage of products are made in America versus made around the world?
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10% of products are apparently made in America versus 90% of source products come from around the world.
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So, if we think we're just going to flip a switch and just everything's going to get made in America, real quickly, I doubt that.
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China's been preparing for this trade war for over a decade.
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Do I think this is going to be an easy battle and China's just going to bow to the United States?
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Remember Maximus in the end of Gladiator where Commodus, Joaquin Phoenix, stabs him, but he's out there and he's still fighting and you can't, you don't know that he's been stabbed and he's acting like everything's okay.
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Tom, you just named everything that's happening with them.
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Everything's falling apart, but they're up there and they're acting tough.
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I think, Adam, to go against that beast that you're talking about, that empire, we don't hold back.
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You go 100% because at the end of the day, it's a trade war.
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We're at war with these people and we don't let up on them.
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If we're going to have that adjustment, Pat, that's what we have to do.
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Ethane, which is a petrochemical which leads to the production of plastic.
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They dropped their 125% tariff and then when questioned by Reuters, they said the official declined the comment due to the sensitivity of the matter.
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So why did they go from 125% tariff on ethane down to zero?
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But they are blinking and their internal economy sucks.
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Here's the thing that they both have a very strategic mindset, but a dark mindset.
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Imagine you have a leader's bulletin where you're playing a game of football, okay?
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What do you mean we can't know the score of where they're at?
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Okay, so what's the benefit about being a private company versus a public company?
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What happens when you're a publicly traded company?
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Everybody knows everything that's going on with the company.
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So a publicly traded company, there's conference calls that you can jump on, shareholder conference
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calls, and they'll say, here's what's going on.
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And they'll tell you why their numbers are lower.
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China is a private company, which means what data do we have of China?
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If they don't tell us anything, what do we know about them?
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Yeah, you're killing the job market for the youth.
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Our social media companies are not there, so we can't get the videos.
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Their social media companies are not here, so we don't know what they're reporting on.
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Their people can't communicate out to release anything that's going on with them, or else
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Any of that data, and if Jack Ma used to be a guy that we used to watch every week, there
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When's the last time you heard anything from Jack Ma?
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China will make sure, if God forbid you leak anything, like you know loose lips?
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You know the mob side that loose lips sink ships?
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In China, if you have loose lips, you go and disappear.
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It's on fire, but the bad kind of fire, not the good kind of fire, right?
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Next week is Armed Forces Day, and we're celebrating folks who were in the military.
00:12:25.180
And so we came out with these hats simply because a lot of people were asking about it.
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So you see it says Future Looks Bright, but you get to put the USMC Future Looks Bright
00:12:48.140
And then we also have the, what do you call it, the shirts, Navy, Army, Air Force, what
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do you call it, Armed Forces that are there, Rob?
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Outside of that, we also have the new Angry Patriot.
00:13:01.040
So we have the Angry Patriot Bucket Act because we're in Florida, it's hot, the weather's
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Angry Patriot in the front, the Future Looks Bright in the back.
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And if you get anything, if you get this or you get anything from the Angry Patriot collection,
00:13:21.240
And FYI, outside of that, you're going to get dog tags, vitamin dog tags that say, out
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work, out strategize, out improve, and out last for every order you place.
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But more importantly, we just want to say thank you to your service for everyone that
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I got a call from a guy yesterday telling me, he says, Pat, you know, I'm in, out of the
00:13:45.760
And he says, one by one by one, everybody would look at me and they would say, hey,
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It's a community that's getting bigger and bigger.
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We want a million people wearing the future looks bright gear.
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