Valuetainment - “I’ll Remember Them” - Tariff Refunds Trigger Trump WARNING To Companies

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00:00:17.820 Tariffs. The president makes a comment about tariffs.

00:00:21.240 He encourages companies not to seek tariff-free funds.

00:00:24.540 That's a Bloomberg story.

00:00:26.200 And he says, I'll remember companies that don't seek tariff refunds,

00:00:31.620 even though UPS and FedEx have already began filing for some of the refunds.

00:00:34.780 Here's what the president had to say about it.

00:00:36.060 Go for it.

00:00:36.480 On that topic, there's a whole number of very large companies, including Apple and Amazon and others,

00:00:42.840 that have not sought reimbursements yet for the tariffs, meaning they haven't tried to collect refunds.

00:00:50.720 And from what I understand, part of the reason that they have waited is because there is a worry

00:00:55.160 about, frankly, offending you.

00:00:59.280 Would you find it offensive for them to try to collect a refund?

00:01:02.580 I think it's brilliant if they don't do that.

00:01:04.800 I actually think if they don't do that, they got to know me very well.

00:01:08.700 I'm very honored by what you just said.

00:01:10.800 If they don't do that, I'll remember them.

00:01:13.020 I will tell you that, because I'm looking to make this country strong.

00:01:16.520 Supreme Court could have helped us.

00:01:18.180 Now they have birthright citizenship. 1.00

00:01:19.820 They'll probably rule against us. 1.00

00:01:21.120 No country in the world has it.

00:01:22.760 It's horrible for our country.

00:01:24.140 And I just see it, you know.

00:01:25.940 I see some of these Republicans that are nominated by me asking real bad questions.

00:01:33.300 And it looks like maybe we're going to lose that one, too.

00:01:36.600 Which one is he talking about?

00:01:38.000 It looks like we're going to lose that one, too.

00:01:39.900 One of the races was the Senate.

00:01:42.880 Yeah.

00:01:43.500 I think he's talking about the Supreme Court reviewing birthright, I think.

00:01:46.900 Is that it?

00:01:47.540 That could be it.

00:01:48.220 I think that's what he's talking about.

00:01:48.860 Tom, what do you think about that whole exchange with tariffs and how I'll remember you if you don't do it?

00:01:52.980 Well, I mean, let's face it. Most presidents are quietly, you know, the head of the Federal Trade Commission and their head of the FCC because they appoint people and then they pick up the phone.

00:02:07.320 And what we're seeing here is he's just playing the cards very, very openly.

00:02:11.360 It says, I will remember you. I said, what does that mean? I'll remember you.

00:02:15.620 And so, you know, people don't want to, people don't want to run afoul of a U.S. president that will say your name in headlines, potentially affect your stock price, and also take steps.

00:02:30.160 Yet FedEx and, you know, UPS both have had, you know, they've got earnings issues.

00:02:38.960 And I think some of these may not feel like, you know what, it may offend them, it may not offend them.

00:02:44.820 Maybe the midterms will go to a more neutral direction.

00:02:47.940 But you know what?

00:02:48.720 We've got to go get some of this money back.

00:02:50.620 And I think it's that simple.

00:02:52.100 David, where are you at?

00:02:53.580 I find it absolutely incredible that the Supreme Court ruled against his broad-based tariffs.

00:03:03.820 And now you have companies that, deservedly so, want to get their refunds.

00:03:10.500 And then you have the president in a veiled threat.

00:03:13.000 It's a veiled threat that he'll somehow come after them.

00:03:17.640 I don't like it.

00:03:19.460 I don't like it one bit.

00:03:20.940 Anti-tariffs?

00:03:22.100 Well, yes, I'm a free enterprise capitalist.

00:03:29.280 I felt at home in the Reagan Republican Party in the 1980s.

00:03:34.720 I believe in free trade because I think it unleashes productivity.

00:03:38.520 It reduces protectionism.

00:03:41.040 it forces companies to become more productive internally I don't like

00:03:47.080 tariffs one bit now Donald Trump has been in favor of tariffs publicly all

00:03:51.360 the way back to 1987 this is like religion for him so no I don't like

00:03:56.400 tariffs I can understand what his objective is I don't buy into and I've

00:04:01.420 looked at the data that the United States has not been ripped off by the

00:04:04.740 rest of the world the United States runs large trade deficits because it's a

00:04:10.500 consumption-oriented economy. It's geared towards consumer spending, and a lot of those consumer

00:04:15.160 spending comes out of imports, besides the fact that the flip side of the trade deficit is the

00:04:20.500 capital account surplus, so that money comes back into the U.S. markets. That's why the rate of

00:04:27.080 return on capital has always been superior in the United States than it is in the rest of the world.

00:04:32.440 It's why the cost of capital has been lower than it's been in the rest of the world. That's the

00:04:38.520 flip side it's called the balance of payments for a reason it's because they balance the trade

00:04:45.220 deficit is the mirror image of the capital account surplus which every American has benefited from

00:04:51.340 so yes I don't agree with tariffs one bit I don't even like the way that he carried it out because

00:04:57.820 if you want to identify countries that maybe you're cheating and maybe they are you do it on

00:05:03.320 one-to-one basis, okay?

00:05:07.900 Liberation Day was, I'm going to slap on indiscriminately tariffs on everybody.

00:05:11.360 And that's basically what he did.

00:05:14.160 But I think that a lot of it was part of his agenda to bring in manufacturing,

00:05:19.320 build a protectionist wall, attract manufacturing investment back into the country.

00:05:24.260 I think it's a very, well, it's a very, look, when you think about tariffs,

00:05:29.440 tariffs are a dirty three-letter word called a tax.

00:05:33.000 It is a tax.

00:05:34.260 It's a tax on goods.

00:05:36.280 And it hits, disproportionately, the most vulnerable parts of society,

00:05:41.020 which is the low-end consumer.

00:05:43.020 And this does not do anything to resolve the case shape

00:05:46.240 as to what's happening in the U.S. personal sector.

00:05:50.440 It exacerbates it.

00:05:52.740 The Supreme Court, I'm just going to say,

00:05:54.240 the Supreme Court already ruled against him.

00:05:56.780 And then the thing is that he's got these other avenues that he's pursuing.

00:05:59.820 So just pursue those other avenues until they either expire or they get ruled against.

00:06:04.840 But to then go and surreptitiously start to invoke threats, bail threats to companies, private companies, no, not a big fan of that strategy.

00:06:18.860 Well, do you think it's more national security or economic, though, because how do we fix the problem of other countries underselling companies in terms of what they could pay for labor, for manufacturing?

00:06:30.020 How are we supposed to compete with that?

00:06:32.900 Well, there might be reasons why these other countries in the world, you say, are underpaying their labor.

00:06:42.200 It could well be that these other countries in the world have surplus labor.

00:06:46.460 And if they have surplus labor, well, then it would stand to reason that their wage rates would be lower.

00:06:52.820 Like in the United States, you know, right now, because of the out-migration file, we don't have.

00:07:00.520 We have an unemployment rate barely more than 4%.

00:07:04.020 Are you going to come after Canada because the Canadian unemployment rate is 7%?

00:07:08.300 Would you think that Canada should not have reduced wage rates or pressures

00:07:13.660 because there's more of a surplus of labor in Canada

00:07:15.980 or anywhere else in the world relative to the United States.

00:07:19.260 You can't have it both ways.

00:07:20.140 You can't sit there and brag about,

00:07:21.800 well, we have a very healthy, vibrant labor market

00:07:24.220 and we have tight unemployment rates.

00:07:28.080 In which case, if that's true,

00:07:30.040 you're going to have wage pressure in your economy.

00:07:31.740 You can't have it both ways.

00:07:33.320 You can't say we have the best labor market in the world

00:07:35.480 and therefore our wage rates are going to be below our competitors.

00:07:41.680 That makes no economic sense whatsoever.

00:07:43.980 Well, let me ask you this.

00:07:44.740 As a Canadian yourself, what do you think about Carney's relationship with China right now?

00:07:52.160 Well, I think that his relationship with China is intertwined with his relationship now with really with the rest of the world.

00:07:59.180 So I think that Carney has almost given up on the United States as a viable partner.

00:08:08.760 So he's partnering with whoever is going to want to do business with Canada.

00:08:15.760 As a Canadian, do you see yourself as China as the number one enemy of Canada or no?

00:08:22.220 I would rather that Carney does more to foster a positive relationship with the United States, you know, than going and cozying up to China.

00:08:37.360 Yeah, you know, because I think China is not a military enemy.

00:08:42.180 China's not a military enemy of the United States either,

00:08:45.060 but it's a massive economic adversary.

00:08:47.920 And if it's an economic adversary to your biggest trading partner,

00:08:51.000 which is the United States,

00:08:52.720 which is really the bread and butter for Canada's economy,

00:08:55.500 it's a bit of a risk to go cozy up to China. 0.88

00:08:58.900 But you see, this is the byproduct. 0.99

00:09:00.480 You see, this is basically what I would have done 0.97

00:09:02.280 going into this war with Iran. 1.00

00:09:03.740 I want it to cobble together.

00:09:04.660 You see, what you want to do is get a global coalition, just like George H.W. Bush did.

00:09:10.780 That was a global coalition against Saddam Hussein, you know, back in Gulf War I in 1990 and 91.

00:09:21.520 I would have put an immediate moratorium on the tariffs, okay, to just give a kiss on the cheek to your partners.

00:09:30.760 Well, he didn't do that because tariffs are so important to him.

00:09:33.620 But yes, I find, look, I find a lot of Mark Carney's policies problematic.

00:09:39.800 I think that's one of them right there.

00:09:41.780 I would rather that he worked harder.

00:09:44.880 I'll tell you the truth.

00:09:45.800 I know the Europeans loved his speech in Davos.

00:09:50.000 I sort of like was thinking, because again, you read between the lines,

00:09:53.960 you really want to poke Donald Trump in the eyes like this.

00:09:57.920 And of course, he reacted.

00:09:59.040 um now i'm not saying that we have to go cap in hand and on our knees to the united states but

00:10:05.720 you know i i just wish there was more effort you have to it's like in our business the financial

00:10:11.000 industry the know your client rule um you know the people that have most successfully dealt

00:10:16.200 with donald trump uh whether it's uh scheinbaum in mexico uh or it's milani in italy although

00:10:23.640 he's a little upset with it right now but

00:10:25.560 there's leaders

00:10:27.840 out there that have treated

00:10:29.580 know how to treat

00:10:31.600 Donald Trump okay and so

00:10:33.420 Tom what are your thoughts on that? I just wish Canada

00:10:35.580 would have done more in that direction. Well let me

00:10:37.860 do this while you're saying that and Tom I'm going to come to you

00:10:39.840 here's what Howard Lundnick he had some

00:10:41.340 choice words for Canada go ahead Rob

00:10:43.260 Time is on our side because the pressures

00:10:45.660 on the US are only going to increase over time

00:10:47.520 basically you guys are in political trouble the longer

00:10:49.880 they wait the better a deal you're going to have to do

00:10:52.820 Good for them.

00:10:53.480 That is like the worst strategy I've ever heard. 1.00

00:10:55.400 They suck. 1.00

00:10:56.860 Look, we are a $30 trillion economy, right? 0.99

00:11:00.700 We are the consumer of the world, okay?

00:11:03.960 Carney has a problem with us.

00:11:05.540 He gets on a plane, and he goes to China.

00:11:09.240 Does he think the Chinese economy is going to buy his stuff?

00:11:13.860 China is entirely an export-driven economy, right?

00:11:17.760 So what did he do?

00:11:18.480 He came back and said, oh, we'll take their electric cars.

00:11:21.400 I mean, is this nuts?

00:11:24.600 Okay.

00:11:25.200 What do you think about what he's saying here, Tom?

00:11:26.620 So I think there's a lot of perceptions that go out there back and forth.

00:11:29.460 And, David, I'm going to present some numbers here.

00:11:31.520 And I think some of the things you said there, I kind of disagree with a little bit.

00:11:34.760 There's a little perception going, I think.

00:11:36.960 Just look at January.

00:11:38.420 We have all the numbers for January.

00:11:40.680 Canada exported to the United States $38 billion worth of stuff and only imported $25 billion.

00:11:46.080 So it was a net positive export for Canada, making stuff and sending them to us, of $13 billion.

00:11:52.420 And because the U.S. auto, with the interest rates, it gently went down toward the end of last year.

00:11:57.680 The U.S. auto sales perked up a little bit.

00:12:01.120 And GM makes a ton of pickup trucks just right over the border from Detroit and Windsor.

00:12:07.940 And so the auto exports to the U.S. were like up 24%.

00:12:12.780 But watch this, Pat.

00:12:14.080 What percent of Canadian exports to the USA today under Trump, Q1, arrive here duty-free?

00:12:22.460 What percent?

00:12:23.900 Probably 95 percent.

00:12:25.500 That's right, which means that this whole war that Carney is starting with Trump, 95 percent of what Canada exported here is duty-free.

00:12:34.640 Trump tried to make a point.

00:12:35.940 He actually moderated a little bit, and Carney's running around like Trump is this great boogeyman stepping on everybody's feet.

00:12:44.080 When he's got a good deal going, and I think he just sold out his old economy, going to get BYD to bring electric vehicles to Canada.

00:12:55.900 And BYD was known to be putting predatory pricing all across the EU and to undermine Mercedes and Volkswagen, which makes a ton of things, and the Nissan conglomerate and BMW.

00:13:10.840 They undermined everybody.

00:13:12.380 They sat there. What was it? Bulgaria? Check me on this. I think they have a BYD had an import place or a assembly, final assembly in Bulgaria, and they were sending all of this EVs into Europe and just undercutting everybody's price.

00:13:27.120 Does Carney think he's not going to get the same deal out of China, that they're not going to do that?

00:13:31.900 My goodness. So I'm kind of shocked. I feel like he's bowing to political pressure.

00:13:36.940 oh it's fashionable to be anti-Trump

00:13:39.160 but he's got to look at the facts

00:13:40.700 it's a great trading partner

00:13:42.880 and he's sitting here with very

00:13:45.180 very few tariffs on things right now

00:13:47.360 what do you disagree with

00:13:48.960 I think we're in total agreement

00:13:50.280 unless you said you agree with him

00:13:52.180 no you said you were not supportive of the tariffs

00:13:55.160 of the way he was doing it

00:13:56.220 and something you said is that he said since 1987

00:13:58.360 he's been for tariffs

00:14:00.180 the surplus is where

00:14:02.280 other countries win more

00:14:04.500 from doing business with us than we do

00:14:06.360 And so a lot of presidents have negotiated favorably on behalf of China, which, by the way, starting with Nixon, Nixon is who built China, because at that time, everybody was worried about the power USSR was going to have and, you know, Soviet Union and all this other stuff.

00:14:19.400 And then we said, hey, let's help these guys out.

00:14:21.740 They were number 10 in GDP.

00:14:22.900 I don't know what year they were.

00:14:24.340 Pull up China GDP ranking in the world in 1970. 0.73

00:14:29.000 OK, 1970, how they were doing.

00:14:30.920 And today we know they're number two.

00:14:33.320 But where was China in 1970?

00:14:34.860 Can you go to the ranking so we can see them ranked against others?

00:14:38.380 Go to images.

00:14:39.360 Rob, if you just go to images, there should be a ranking in 1970.

00:14:43.280 Does it show it?

00:14:45.660 What year is that?

00:14:48.760 Yeah, so anyways, China was top ten.

00:14:50.680 Now they're number two. 0.69

00:14:51.580 We've helped China become who they are.

00:14:53.320 And now you want me to accept the fact that each president comes in automatically, always favorable towards China?

00:14:59.480 No.

00:15:00.160 I kind of like the fact that finally somebody stood up to them.

00:15:03.720 And I remember this was going to pass when I had a conversation with Rand Paul.

00:15:07.680 And Rand Paul says the Supreme Court is going to rule against the president.

00:15:12.500 The Supreme Court is going to rule against the president.

00:15:15.540 And the president started kind of saying, hey, I hope they don't.

00:15:18.320 I hope they don't.

00:15:19.100 I hope they don't.

00:15:19.760 And we know what ended up happening.

00:15:21.600 You know, so to me, a part of I think what maybe Tom is saying is the fact that all these other countries are winning from having the best customers in the world, which is America.

00:15:29.760 And we need to make sure they're happy.

00:15:31.600 You said something which was interesting that it's a good debate to have.

00:15:36.420 Should he have done it where he went after every country around the world instead of doing it as one liberation day?

00:15:42.620 Maybe that's a good strategy to debate.

00:15:44.660 I can see that being a good debate because the reality of it is who was it really wanting to have trade war with?

00:15:50.620 Who was it with?

00:15:51.300 It wasn't with everybody.

00:15:52.100 It was with one company, country.

00:15:53.900 He didn't want to have issues with Mexico.

00:15:55.680 He doesn't want to have issues with Canada.

00:15:57.680 His main thing was China.

00:15:59.140 My opinion.

00:15:59.840 Your thoughts.

00:16:00.300 Well, that's not what he said. He said that the rest of the world was ripping them off.

00:16:06.100 Canada was ripping them off. Mexico is ripping them off. Europeans were ripping them off.

00:16:10.920 You know why Canada is ripping them off? The part of why Canada is ripping them off.

00:16:13.540 You guys don't put any money into the military. What percentage of your GDP do you put into the military?

00:16:17.160 We make you safe.

00:16:21.240 I'm not going to debate that one bit. And you can say the same thing for the Europeans, although that is starting to change.

00:16:27.420 And I think that Trump was right all along.

00:16:29.960 That's different.

00:16:31.620 Living up to your commitments in NATO is different than talking about balance of payments,

00:16:37.780 to which I will say that the president and his economics team do not understand

00:16:43.600 what the balance of payments really are.

00:16:45.740 If you want to eliminate the trade deficit, you will eliminate the capital account surplus.

00:16:53.600 You will have less investment coming in to U.S. bonds, U.S. credit, U.S. equities.

00:17:01.260 That's just how the balance of payments operates.

00:17:03.920 The capital account and the current account have to balance.

00:17:08.640 And you can't go on the podium and say, we are the best economy in the world,

00:17:13.520 and then on the other side say, but the rest of the world is ripping us off.

00:17:17.860 How does that compute?

00:17:18.980 They were tariffing us, and we weren't tariffing them,

00:17:20.780 and they dumped cheap goods into our market without any consequence.

00:17:23.020 I don't think they're worried about the trade deficit.

00:17:25.400 I think they're worried about that. 0.94

00:17:26.360 So how are companies supposed to compete with the Chinese company who could dump cheap goods 0.98

00:17:29.960 under our market?

00:17:30.540 I'm not talking, but I'm not talking about China because his tariff policy was multilateral.

00:17:36.320 It was every country.

00:17:37.260 Now, it's quite true that Canada was relatively unscathed, but it didn't mean that he didn't

00:17:40.980 raise tariffs on steel and tariffs on aluminum and tariffs on lumber.

00:17:45.540 Because our steel companies were going out of business because they couldn't compete.

00:17:47.780 We need steel companies in America.

00:17:48.940 Didn't manufacturing numbers just come up?

00:17:51.860 What manufacturing numbers just came up, Rob?

00:17:54.380 Can you find that real quick?

00:17:55.400 Please continue.

00:17:57.060 Yeah, the point I'm making is that if you can actually identify,

00:18:03.760 and I think this will, if you want to go through, 0.88

00:18:06.120 like we did with Japan in the 1980s with 301, go do it.

00:18:12.780 He didn't embark on that.

00:18:14.080 This was a broadly based tariff increase.

00:18:18.160 And if you go back to Liberation Day,

00:18:19.540 which really told me that they'd have no understanding

00:18:22.240 of the balance of payments,

00:18:23.160 the tariff rates they were applying

00:18:24.660 was based on the ratio of exports to imports.

00:18:28.180 It's just a transaction.

00:18:30.640 Okay, you get the construction worker

00:18:32.840 to come in and remodel your house.

00:18:36.220 He remodels your house, and then you pay him a check.

00:18:40.260 The United States runs a trade deficit

00:18:41.960 with the rest of the world, and then they cut a check,

00:18:44.080 and that check comes into U.S. capital markets.

00:18:46.800 It's a symbiotic relationship.

00:18:48.040 If you want to go back into a world where the trade balance will be zero for every country in the world, which is what I think President Trump would like, we're going to end up with much weaker global economic growth.

00:19:01.720 And because the U.S. is a large closed economy, it will be relatively better off.

00:19:06.940 But it'll be like cutting off your nose to spite your face.

00:19:09.520 Growth generally will be weaker.

00:19:11.220 You don't have to do much more than just go take an economics course in balance of payments economics, international trade economics, to know that free trade, if conducted properly, benefits everybody.

00:19:26.540 I don't know about that.

00:19:28.460 It's true in theory.

00:19:29.800 It's true in theory.

00:19:30.620 It's true in practicality.

00:19:31.860 Now, it doesn't mean that the principal cheater here has been and always been China, and not just in goods but also in services.

00:19:40.220 Well, then, well, that's what we've done all along for, and the big problem was not the get round of negotiations that started in the 1970s, which was multilateral.

00:19:50.080 It was when we allowed China into WTO, unshackled, back in 2001.

00:19:56.880 That was the problem, okay, then to globalize it, then to globalize it.

00:20:02.140 And it just showed me, I'll just tell you right now, everything I've seen out of the administration in the past year, since April last year, tells me there's a fundamental lack of understanding of how the balance of payments works.

00:20:18.720 And I know that people, for some reason, they think tariffs are a great thing.

00:20:24.120 I think that, once again, I'm a Reaganite, okay? 0.97

00:20:27.720 We knew back then that the cheater was really Japan. 0.91

00:20:31.180 It was really in the good sector, primarily steel and autos, and we went after them with Section 301. 0.75

00:20:38.340 We went after them, and then it got resolved.

00:20:41.020 That's what you do.

00:20:41.880 You can't treat everybody unilaterally.

00:20:44.240 Now, the one thing I'll say about Carney, and this is where we're in agreement, okay, by the way, because most of your commentary was on Carney.

00:20:52.360 By the way, you said Carney gave up on the U.S. and went elsewhere, and I'm like, how can he possibly give up?

00:20:57.660 But hold on.

00:20:58.240 I didn't defend that.

00:20:59.480 I criticized it.

00:21:00.360 I didn't defend it.

00:21:01.800 One iota.

00:21:03.300 And I think that it's going to cost us because I think come July,

00:21:07.800 we're going to have to start renegotiating the USMCA.

00:21:14.620 And I don't know what's going to happen on that score,

00:21:17.240 but the free trade agreement is, you know, when you talk about, for example,

00:21:21.280 all these, that 95% is still been protected under the tariff and trade actions,

00:21:29.220 that might come to an end in July.

00:21:30.940 I would say, look, the reality is this.

00:21:34.140 And this is where we're in agreement, okay?

00:21:36.460 Canada, United States, it's not an equal relationship.

00:21:39.340 It's never been an equal relationship.

00:21:41.500 It's not an equal relationship.

00:21:43.880 It will never be an equal relationship because we depend.

00:21:47.960 Like, we ship out, like, 80% of our GDP is shipped out south of the border.

00:21:54.240 So the United States has always had economic leverage.

00:21:57.500 And when you go back to when the free trade agreement was signed before Mexico, back in the late 1980s with Brian Mulroney and Reagan and George H.W. Bush, we just had to show in Canada that although we're going to be the immense beneficiary, you're going to benefit as well.

00:22:12.020 But the United States is a large, closed economy.

00:22:15.060 Here's what I would say.

00:22:15.760 Canada is a small, open economy.

00:22:16.320 For me, this is what I think, and I got it.

00:22:18.940 So a couple of things I want to share with you.

00:22:20.580 One, I think sometimes, you know, finance guys like you, and I'm in the market as well.

00:22:28.560 I want to see the market blow up.

00:22:30.760 I know what happens if we continue with tariffs.

00:22:33.800 Temporarily, I'm going to take a hit.

00:22:35.980 And, you know, the more they print money, the more money I make.

00:22:39.160 The more, you know.

00:22:40.560 So there's many ways, look at financially, where the right thing to do impacts the market.

00:22:47.500 But I'm not interested in what's the right thing to do for 6, 12, 24 months.

00:22:53.460 I'm interested in what's the right thing to do for America long term.

00:22:58.520 Not short term, long term.

00:23:00.760 So for me, when I sit there and I ask who is the enemy to you,

00:23:03.340 and you're like, well, you know, we kind of don't see China as the enemy

00:23:05.720 and all this other stuff.

00:23:06.580 Rob, this is 1970.

00:23:07.620 Can you play that?

00:23:08.140 I want to show three things.

00:23:09.700 This is where China ranked in GDP in 1970.

00:23:12.900 What is that?

00:23:13.480 2, 4, 6, 8.

00:23:14.560 They're number 8.

00:23:16.000 They had an $84 billion GDP, right?

00:23:20.080 And so who was ahead of them?

00:23:21.360 Italy was ahead of them.

00:23:22.280 Canada and China were the same. 0.91

00:23:24.780 Look at that at the screen.

00:23:26.700 It's the same exact size in 1970.

00:23:29.580 China and Canada.

00:23:31.020 And what ends up happening, Rob, if you play it,

00:23:33.240 it continues and maybe put it on 4.0 speed.

00:23:37.500 Canada passes China a little bit in 73. 0.63

00:23:40.180 Go as fast as you can. 0.98

00:23:41.780 Yeah, even fast.

00:23:42.500 Look at that.

00:23:42.880 And then slowly China drops to 10th place behind Mexico and it comes up and then go all the way fast forward to today.

00:23:51.540 Pretty much where they are. Press play. Yeah, that's fine from right there. They're number two.

00:23:55.940 So they went from 80 billion in 1970 to 18 trillion. Who helped them become 18 trillion?

00:24:02.640 Who got them there? U.S. And so now that we helped them become so powerful, Canada dropped, by the way,

00:24:10.200 You guys went from 7th place to 10th place.

00:24:12.940 They came to 2nd place.

00:24:14.880 And America's sitting around saying, we hope so many of these other economies grow,

00:24:19.020 and now China's caught up to us.

00:24:20.700 Look at the distance.

00:24:22.080 Go to the score before 1970, what it was at.

00:24:25.240 When they were 83 billion, where were we at?

00:24:27.800 When they were at 83 billion, okay, look at this.

00:24:31.020 83 billion, a little bit more, Rob, if you can go too much.

00:24:34.080 No, right there, okay.

00:24:35.200 They're at 83 billion, and we're at what?

00:24:37.860 One trillion.

00:24:39.060 That's how many times?

00:24:40.900 12 times?

00:24:41.920 Let's say 12x, 12.5x.

00:24:44.460 And they went from 12.5x to what?

00:24:47.500 Go to now, Rob.

00:24:48.640 So you guys were one-to-one, and then now it's what?

00:24:52.300 0.5.

00:24:53.980 0.5% a high, and we used to be 12x.

00:24:57.540 And they are now 9x you.

00:25:00.020 You used to be the same.

00:25:01.620 And we don't mind doing this.

00:25:03.460 I mean, that's how capitalism works.

00:25:04.680 Everybody wins.

00:25:05.380 Good things that's happening.

00:25:06.180 But now you want to come controlling.

00:25:07.740 And, you know, we saw what they did during COVID and we just kind of went by it.

00:25:11.400 Yeah, they could have controlled it much faster, but they didn't.

00:25:14.160 They released it and they're like, yeah, let it stay open.

00:25:16.160 You could have closed the airport.

00:25:17.520 You could have told the world about it.

00:25:18.980 No, what?

00:25:19.720 Eight trillion dollars of world economy loss.

00:25:21.740 And we're supposed to think these guys are honest players.

00:25:24.400 I like the fact that he's playing aggressive, to be honest with you.

00:25:27.380 And then we spend what percentage of our income GDP on military?

00:25:30.940 And I think Canada's I don't know what it's three percent, seven percent.

00:25:34.280 One of either Mexico, seven percent, Canada's three or vice versa.

00:25:37.300 that's a small number, we're the reason why you're safe.

00:25:40.300 America's the reason why you're safe.

00:25:42.480 And so if we finally have a leader that's pushing around his weight,

00:25:45.920 I don't mind it.

00:25:47.380 I like it.

00:25:48.500 I don't mind it.

00:25:50.000 And so that's the part because if he's a competitive guy from 1987

00:25:55.040 when he said it to now, he's seen us strengthen everybody else

00:25:57.900 and we're just sitting around clipping coupons

00:25:59.420 and allowing them to get stronger,

00:26:01.160 I don't mind a little bit of the audacity that he has.

Valuetainment - April 23, 2026

“I’ll Remember Them” - Tariff Refunds Trigger Trump WARNING To Companies

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