00:01:03.520Six trillion dollars evaporated in 48 hours.
00:01:07.560Now, Monday, everyone's wondering, how's the market going to open Monday morning?
00:01:12.080But there's a lot of concern that the market isn't done going down.
00:01:15.600And the question is, where do we go from here?
00:01:18.000And I'll tell you, the reason President Trump is doing this is important.
00:01:24.180The reason President Trump is doing this is that we've seen, over the last 50 years, a hollowing out of manufacturing in America.
00:01:32.160We've seen what used to be the heart of the American middle class, the heart of blue collar jobs going away, being pulled abroad, going overseas and the industrial Midwest just just being utterly decimated by good paying jobs leaving America.
00:01:53.680And President Trump was elected for many things, but heart and center to fight for bringing those jobs back.
00:02:00.160That's right at the core of this, bringing those jobs back to America.
00:02:04.360But there is now a very active debate within the White House.
00:02:10.820Do we use this as leverage to lower other countries' tariffs and then lower our own tariffs to reflect that?
00:02:17.620Or do we leave these tariffs up forever and ever and ever?
00:02:21.880And I'll tell you, there are different advisors in the White House.
00:02:24.280There are angels and demons on each of President Trump's shoulders, urging him, use them as leverage or keep them forever.
00:02:34.040We're going to break down that debate and what the consequences are for you, what it means for you if these tariffs are used as leverage to lower the tariffs of our trading partners,
00:02:45.420and what it means for you if these tariffs are simply a permanent economic feature of America.
00:02:51.740We're also going to talk about nationwide injunctions, nationwide injunctions we have seen in the last three months.
00:03:41.620Parents taking their kids to school, falling to the ground to lay on top of their small children, trying to comfort them as sirens blare.
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00:06:23.280This is a great opportunity to engage in let's make a deal.
00:06:27.900Here, listen to Kevin Hassett, who is the head of the National Economic Council, describing how countries are coming to the White House right now.
00:06:33.660I got a report from the USTR last night that more than 50 countries have reached out to the president to begin a negotiation.
00:06:39.860But they're doing that because they understand that they bear a lot of the tariffs.
00:06:44.140More than 50 countries, and that's just in a few days.
00:06:47.420And listen, I've had a lot of countries that are reaching out, talking to my office, and my advice to them is go cut a deal.
00:06:54.300And the front half of your deal needs to be the tariffs that we've imposed against U.S. goods, against U.S. crops, against U.S. livestock, against U.S. cars, against U.S. manufacturing, against U.S. services.
00:07:06.820All of those tariffs we are going to slash.
00:07:11.200If we see Vietnam came in, Israel has come in, Israel and Vietnam were right at the front.
00:07:52.620We asked, hey, can you take on this manufacturing instead of China?
00:07:56.800And there was a massive move of American companies that pulled manufacturing out of China and moved it to Vietnam.
00:08:03.640Look, everything we do to de-link from China is a good thing.
00:08:07.860So moving those jobs out of China was a terrific victory.
00:08:11.040And it was a victory for President Trump.
00:08:12.920It was the Trump administration that urged move those jobs to Vietnam.
00:08:18.180Now, Vietnam suddenly has a big trade deficit because all those jobs came out of China to Vietnam.
00:08:25.060And now Vietnam has a massive tariff that was levied on it by President Trump.
00:08:31.480The question is, are they going to work a deal where they lower barriers on both sides?
00:08:38.060I hope they will. But there's another path.
00:08:41.320Listen, there are voices in the White House who simply believe in tariffs as a permanent feature of the U.S. economy.
00:08:48.820There are voices in the White House that want these high tariffs to be in place in six months, in a year, in two years, in five years, in 10 years,
00:08:56.700that they want tariffs to be the main source of economic revenue for the federal government.
00:09:05.180And this is one of the things I'll tell you within the Senate with my colleagues, a lot of us are debating, OK, how much of this is leverage to get great deals from other countries?
00:09:15.960And how much of this is what you said, economic revenue for the government?
00:09:18.980And by the way, you know, you get some people that talk about, well, we'll do tariffs instead of the income tax.
00:09:25.420And I got to say, that sort of reminds me of the old cartoon Popeye.
00:10:12.420You mentioned the people coming to the table and you heard there in that comment, 50 nations are now lining up.
00:10:18.460You and I both know that that one of the things Donald Trump does really well is the art of the deal and and loves when there's something to celebrate celebrating it.
00:11:37.920And if the immediate effect for voters of these tariffs is serious inflation because the cost of what they're buying is going up.
00:11:47.740I mentioned on Friday's podcast how one of the big three American auto manufacturers told me last week the effect of this tariffs is they would increase the cost of the cars they sell by $4,500 a car.
00:12:00.660That's a lot of money to average Americans.
00:12:55.700Elon said last week, here's what he told Reuters.
00:12:58.980U.S. tech billionaire Elon Musk said on Saturday he hoped in the future to see complete freedom of trade between the United States and Europe.
00:13:06.120Speaking days after President Donald Trump announced tariffs on trading partners.
00:13:10.960Musk, a Trump advisor who's been working to eliminate wasteful U.S. public spending, spoke via video link at a congress in Florence of Italy's right-wing co-ruling party, co-ruling league party.
00:13:20.580Quote, this is from Musk, quote, at the end of the day, I hope it's agreed that both Europe and the United States should move, ideally, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America.
00:13:37.960So when I talked about angels and demons, Elon is one of the angels.
00:13:42.800This is a good, good voice that is focused on U.S. jobs that I hope the president is listening to.
00:13:48.680I hope the president is listening to Elon Musk.
00:13:51.700President Trump has an historic opportunity.
00:14:06.260Very good friend of mine, works in finance, very, very smart financier, suggested an idea for how to use this leverage and get even more of a win-win, which is he said, look, here's the problem.
00:14:20.220Let's say you're an American company or you're a foreign company and you've got a factory somewhere, you've got a factory abroad, you've got a factory in Vietnam, you've got a factory anywhere other than the U.S.
00:14:31.160And you're contemplating, do I move the factory to the United States?
00:14:35.640The problem with that decision-making is that move takes years.
00:14:41.320Even if you decide today, OK, let's build it in America, in a lot of places, just the permitting takes years to get a factory permitted, much less built.
00:14:51.200By the way, that's why everyone should come to Texas.
00:14:53.140If you're going to build a factory, come to Texas.
00:15:34.980If you go to California, you deserve what you get.
00:15:38.740So that being said, let's say you're a big car company and you're trying to decide where do I put my next car factory.
00:15:46.980Just the process of getting it permanent, getting it built, putting the equipment in, that takes a minimum of two, three, four, five years.
00:15:55.660So the problem for your decision making is if you're looking at this, if you're doing it based on the Trump tariffs, you don't know how long they'll be in place.
00:16:04.940If you're trying to look at the math, you don't know, A, is Trump going to lift them in a deal where you may make a decision for the tariffs and then suddenly the tariffs aren't there anymore and the math changes pretty substantially.
00:16:17.720Or B, at a minimum, in three and a half years, Trump is not going to be president.
00:16:22.740So you don't know if the next president is going to keep the tariffs or eliminate the tariffs.
00:16:26.800So the problem is by the time you opened your factory.
00:16:30.680Completely different group could be in charge.
00:16:32.620So the idea that my buddy from the finance world came up with is for the president to announce a fund, an InvestUSA fund, that individual CEOs could make it a commitment.
00:16:45.920Let's say you're the CEO of Mercedes-Benz, that you could make a commitment we are going to open three new factories in America, all in Texas.
00:16:55.860We're going to open three new factories in America, and we're going to invest $100 billion in building these factories.
00:17:03.280Now, the piece that has some teeth to what my friend suggested, look, you can make that announcement.
00:18:05.280For CEOs to invest in America, to create jobs in America, and to actually deploy the cash, because if you make the credit on the tariffs only dependent on the dollars actually being in the fund, let's say you give a two-to-one credit.
00:18:22.380So $100 deposit in the funds gets you a $200 credit on your tariffs.
00:18:26.580That's pretty economically compelling to lean in and invest.
00:18:31.380And what we want to see is what President Trump talks about a lot, a golden age in manufacturing where companies are profoundly incentivized to invest in America.
00:18:42.520Not only to grow, but to stay here so we don't have to worry about them leaving in the future.
00:18:46.460Yes, yes, and if that has some real potency, an idea like that, but if the solution is simply let's go back to the world in 1900 when you had really high tariffs, when you had 1933, you had Smoot-Hawley.
00:19:07.740That played a major role in the Great Depression.
00:19:10.520When you put up walls, it hurts America.
00:19:13.960We compete very well on the global level.
00:19:16.840We just need to make sure we're competing fairly, and I think the president has real leverage to do that right now if he's listening to the angels and not the voices in his administration that are saying more tariffs, more tariffs, higher tariffs forever.
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00:20:00.420Let me ask you a final question on this, and you talk about the two different viewpoints here.
00:20:13.800There is, like you said, this core idea that there should always be tariffs.
00:20:17.580I've heard people talking about Greg's example is China.
00:20:19.280We should always be at 20% or 30% or 40%, whatever that number is.
00:20:22.460And there's others saying, no, you use this as leverage, you get the better deal now, and then you have the market stabilized and people understand what the new norm is.
00:20:29.880That seems to be what you're advocating for, which is let the market know, the CEOs know, the people that are deploying their dollars to decide what they're going to do next.
00:20:39.920Give them whatever the new normal is going to be so that we can move forward.
00:22:04.340I think a lot of people, when you mention this is a different mentality with China and tariffs are good there, I agree with you.
00:22:10.800My reason for it is a lot of national security reasons.
00:22:14.240I think that's something that's not been talked about as much.
00:22:17.020Give me your thoughts on that quickly so people understand the national security aspect of this.
00:22:20.140So, look, we saw in the middle of COVID how much our critical supply chains were dominated by China.
00:22:26.180China is fighting a thousand-year war against the United States.
00:22:30.140When I arrived in the Senate 13 years ago, I said China is the single greatest geopolitical threat America is facing for the next hundred years.
00:22:39.040When I started saying that, almost nobody in the Senate agreed with me.
00:22:43.360All the Democrats disagreed and most of the Republicans disagreed.
00:22:46.740Most of the Republicans looked at China and they just saw dollar signs as far as the eye can see.
00:22:53.560A lot more people's eyes have opened up to the threat China poses today.
00:22:57.020And I think COVID did an awful lot of that.
00:22:59.960You know, in the middle of the COVID pandemic, there was one major Chinese state-owned newspaper that advocated cutting off life-saving pharmaceutical drugs manufactured in China from going to America.
00:23:12.620Because we've allowed much of our pharmaceutical drug industry to be manufactured in China.
00:23:17.360And they were literally threatening to take away heart medicine and cancer medicine and diabetes medicine from Americans who needed to live.
00:23:25.260That underscored, this is stupid, to let a communist government who is our enemy...
00:23:32.000Be in charge of our health in that way.
00:23:36.780China has a stranglehold of the production of critical minerals, which are essential for semiconductors and electronics and for defense and for all sorts of...
00:23:45.120We need to move all of that out of China.
00:23:47.880We need to be able to stand on our own.
00:23:50.100And I've got to say, President Trump has been really effective focusing on that threat.
00:23:54.260We need to accelerate the delinking from China.
00:23:56.740Another threat, and it's not been covered in the news the way that it should have because we've been dealing with this.
00:24:02.380Obviously, we led with this issue because it's very important.
00:24:05.920But it's judicial activism that's having a major impact on this administration.
00:24:10.640And in a shocking way, I would even say historic way, when you look at the numbers, you're dealing with this now in the Senate with these judges that are basically going to be activists, but their injunctions are having a hold nationwide.
00:24:24.560A lot of people didn't even know that was a possibility.
00:24:35.040We have seen against Donald Trump in the first two months of his administration, more nationwide injunctions issued against President Trump than in the entirety of the George W. Bush administration all eight years, the entirety of the Barack Obama administration all eight years, the entirety of the Joe Biden administration all four years.
00:24:54.720More in two months than in those 20 years.
00:25:36.080They're popping up every single day trying to control his executive power, trying to control where he believes our tax dollars should be allocated.
00:25:45.560And saying he won by an overwhelming majority is so important because that's what the American people want, what President Trump campaigned on and what he won on.
00:25:55.100And he's implementing that agenda at a rapid speed.
00:25:58.980None of us can keep up with him every single day.
00:26:01.640And so it's just we're going after all of these lawsuits.
00:26:08.720I talked to a judge this week and he described it this way because I was wanting to understand this subject.
00:26:13.940Obviously, we were going to talk about it's important and we haven't dealt with this a lot.
00:26:17.380He said, in essence, what the court's doing, Ben, is they are doing a coup against Donald Trump by neutering him with his agenda.
00:26:25.300And he said that is not how the Constitution was set up.
00:26:28.120Like you should not be able to neuter a president this way saying we know you won.
00:26:31.860We know the American people support you.
00:26:33.180They voted for you, but we're not going to let you do what you're supposed to do as president anyway.
00:26:36.840Well, and Barack Obama and Joe Biden put left wing radicals on the courts.
00:26:41.540And then this is Democrat state attorneys general and left wing radical groups going and seeking out these radical judges, many of whom, by the way, used to work for the groups that are suing.
00:26:50.700I mean, I mean, it is it is fundamentally corrupt and it is one judge.
00:26:54.920Normally, a judge has the authority over the parties before him or her.
00:26:58.780But these judges are issuing nationwide orders trying to stop everything President Trump is trying to do.
00:27:05.080We had a hearing of the Judiciary Committee last week on this that was focusing on the threat to democracy and the rule of law from these nationwide injunctions.
00:27:14.640Here's what I had to say at the hearing.
00:27:16.360It's long been said that hypocrisy is the tribute that vice pays to virtue.
00:27:21.860I have to admit, I'm enjoying listening to my Democrat colleagues suddenly discover the virtues of the rule of law after four years where they brazenly supported the most lawless Department of Justice and the most politically weaponized Department of Justice our nation has ever seen.
00:27:36.860We just heard the senator from Rhode Island talk about the imperative of protecting judges.
00:27:43.440And yet not not a single Democrat senator cared about the violent protesters that showed up outside Supreme Court justices homes, including, I might note, female justices like Justice Amy Coney Barrett, threatening their family.
00:27:55.960And Joe Biden's attorney general didn't do a damn thing and refused to enforce the law to protect those judges.
00:28:01.540Why? Because he agreed with the violent protesters and he wanted to intimidate and threaten those judges.
00:28:08.320Professor Bray, under our Constitution, who should decide elections, the voters or unelected judges?
00:28:15.480The voters are the ones who should vote in the election according to the laws, and the laws sometimes have to be applied by the judges if there are cases.
00:28:23.040And under our Constitution, who is charged with making policy decisions, elected representatives, elected by the people, or unelected federal judges?
00:28:33.240I think the question of policy, Senator, is a little broader than the particular case.
00:28:38.840So the basic laws should be enacted by Congress.
00:33:09.960The other remedy that you and I have talked about before is impeachment.
00:33:13.260Impeachment, you can impeach a judge in the House with a majority vote, 218 votes.
00:33:19.660It may well make sense that one or more of the most egregious district judges who are defying their oath of office should and perhaps will be impeached by the House.
00:33:33.120However, if and when that happens, it will come over to the Senate for the trial and under the Constitution, it takes two-thirds to convict.
00:33:40.580That means we need Democrats and the Democrats are not going to convict.
00:33:44.480There may be value in impeaching one or more of these judges anyway to highlight the utter brazen lawlessness of it.
00:33:53.060And doing so would mean we could have a trial on the floor of the Senate to lay out just how lawless their conduct was.
00:34:00.600But the judge is not going to be removed because the Democrats are all in in support of illegal aliens and against the rule of law.
00:34:08.560That means the remedy are, number one, the court of public opinion, making people understand.