1 00:00:04,879 --> 00:00:07,160 Speaker 1: What's going on. Thank you so much for listening to 2 00:00:07,200 --> 00:00:09,640 this podcast. It is heard live every day from noon 3 00:00:09,679 --> 00:00:12,480 to three on WBT Radio in Charlotte. And if you 4 00:00:12,560 --> 00:00:16,719 want exclusive content like invitations to events, the weekly live stream, 5 00:00:16,760 --> 00:00:19,239 my daily show prep with all the links, become a patron, 6 00:00:19,320 --> 00:00:22,640 go to dpeteclendershow dot com. Make sure you hit the 7 00:00:22,640 --> 00:00:25,160 subscribe button. Get every episode for free right to your 8 00:00:25,160 --> 00:00:27,719 smartphone or tablet. And again, thank you so much for 9 00:00:27,760 --> 00:00:31,800 your support. Liberation Day, as Donald Trump called it yesterday. 10 00:00:34,079 --> 00:00:35,960 Not a fan, I'm not a fan. I've never been 11 00:00:36,000 --> 00:00:39,920 a fan of protectionism. That's me. You don't have to 12 00:00:39,960 --> 00:00:43,280 agree with me, but it's the consistent position that I 13 00:00:43,359 --> 00:00:45,679 have had. That doesn't mean I support the trade deals 14 00:00:45,679 --> 00:00:48,399 that they have that we have signed with other countries. 15 00:00:48,439 --> 00:00:51,799 I don't like the deal with China. I don't believe 16 00:00:51,799 --> 00:00:56,840 that that's a fair trade at all that they've got, 17 00:00:56,880 --> 00:00:59,240 you know, slave labor and child labor and all of that. 18 00:00:59,320 --> 00:01:03,039 I think like that we should not be encouraging that 19 00:01:03,119 --> 00:01:08,000 kind of behavior through trade. Now, if there's some sort 20 00:01:08,000 --> 00:01:12,680 of a larger play that Trump is making here, I 21 00:01:12,719 --> 00:01:15,200 don't know what it is. He did not tell me, 22 00:01:15,920 --> 00:01:18,879 which is pretty par for the course. He doesn't he 23 00:01:18,920 --> 00:01:21,200 doesn't consult me on this stuff, so I don't know. 24 00:01:21,480 --> 00:01:24,480 So all I can do is just like you watch, wait, 25 00:01:25,159 --> 00:01:29,640 pray that this is going to be beneficial. But I'm 26 00:01:29,760 --> 00:01:35,319 very concerned because tariffs historically end up costing us, we 27 00:01:35,480 --> 00:01:39,640 the consumers, right, So that's that's my concern. Maybe all 28 00:01:39,680 --> 00:01:44,319 of this works out totally awesome, and everybody has a 29 00:01:44,400 --> 00:01:49,640 now new paradigm, uh that we're operating under. Maybe there's 30 00:01:49,640 --> 00:01:51,640 a new world order. I don't want to use that term, 31 00:01:51,680 --> 00:01:53,599 but maybe there's some sort of a you know, a 32 00:01:53,680 --> 00:01:59,519 new I don't know, battle map on this stuff. And Okay, 33 00:01:59,760 --> 00:02:07,519 we shall see. But short term very concerning. And as 34 00:02:07,799 --> 00:02:11,560 James Antel writes over the Washington Examiner, which is on 35 00:02:11,680 --> 00:02:15,919 the right, that Trump is betting his presidency on this. 36 00:02:17,520 --> 00:02:20,479 So he's got a lot riding on this, as do 37 00:02:20,639 --> 00:02:23,639 all of the Republicans in Congress, all of the Republicans 38 00:02:23,639 --> 00:02:26,120 at the state and local levels. Everybody is going to 39 00:02:26,159 --> 00:02:28,919 get nailed with this. If this does not go well 40 00:02:28,960 --> 00:02:33,400 in the next eighteen months, Republicans are screwed. Okay, That's 41 00:02:34,080 --> 00:02:38,560 that's the concern among the Republican Party. That's why you're seeing. 42 00:02:38,680 --> 00:02:44,080 For example, I just saw this Republican Senator Chuck Grassley, 43 00:02:44,439 --> 00:02:49,680 along with Democrat Senator Maria Cantwell, have introduced legislation that 44 00:02:49,680 --> 00:02:53,080 would require tariffs to be approved by Congress within sixty 45 00:02:53,159 --> 00:02:58,000 days or the tariffs expire. You know, the other part 46 00:02:58,039 --> 00:03:04,960 of this here is that Donald Trump as president, does 47 00:03:05,000 --> 00:03:08,840 not have constitutional authority to be enacting these kinds of tariffs. 48 00:03:09,120 --> 00:03:12,319 This stuff comes from the Congress. It's supposed to come 49 00:03:12,360 --> 00:03:16,719 from Congress. It's supposed to originate in the House. And 50 00:03:17,319 --> 00:03:22,360 that's why the Canadian tariff issue that Ran Paul and 51 00:03:24,000 --> 00:03:26,120 who else Mitch McConnell I think signed on to is 52 00:03:26,159 --> 00:03:27,919 like a couple of Republicans and they got this thing 53 00:03:28,000 --> 00:03:32,560 passed through the Senate last night to repeal the uh. 54 00:03:33,400 --> 00:03:37,319 It's just a resolution saying they want the Canadian tariffs repealed. 55 00:03:38,719 --> 00:03:41,479 The House is probably not going to touch it. But 56 00:03:41,680 --> 00:03:46,000 the argument is sound, which is this is not the 57 00:03:46,039 --> 00:03:50,240 constitutional purview of the president, and what he's using is 58 00:03:50,719 --> 00:03:56,159 an emergency declaration in order to do this, And I 59 00:03:56,240 --> 00:04:00,280 disagree with that. I did not elect a rule, I 60 00:04:00,280 --> 00:04:02,680 didn't vote for a ruler. I don't want one guy 61 00:04:02,800 --> 00:04:06,319 doing stuff like this. The Constitution lays out the framework 62 00:04:06,360 --> 00:04:12,759 for this stuff. So I don't know if he has 63 00:04:12,800 --> 00:04:14,919 the authority to even do some of this stuff. I 64 00:04:14,919 --> 00:04:18,600 don't know, And I don't know if Congress is going 65 00:04:18,680 --> 00:04:21,319 to push back on him. I don't know. There's a 66 00:04:21,360 --> 00:04:23,000 lot of this stuff. I don't know. Like I said, 67 00:04:23,040 --> 00:04:25,240 I'm just like you. I'm sitting here watching it all too. 68 00:04:25,480 --> 00:04:31,399 I'm no expert on these things. So James Antel, the 69 00:04:31,480 --> 00:04:35,720 third elect, writes this in The Washington Examiner. Elected in 70 00:04:35,839 --> 00:04:39,439 large part due to voter dissatisfaction over high prices, Trump 71 00:04:39,519 --> 00:04:44,360 is imposing reciprocal tariffs on allies and adversaries alike. This 72 00:04:44,399 --> 00:04:49,199 includes a ten percent minimum tariff on all imports. Many 73 00:04:49,279 --> 00:04:52,120 twenty twenty four voters hoped that Trump would restore the 74 00:04:52,120 --> 00:04:56,920 pre pandemic economy, during which both unemployment and inflation were 75 00:04:57,000 --> 00:05:00,040 low and the stock market hummed along and economy. A 76 00:05:00,199 --> 00:05:04,240 downturn caused primarily by COVID nineteen lockdowns brought the Trump 77 00:05:04,399 --> 00:05:07,680 boom to a halt and cost him the twenty twenty election. 78 00:05:08,160 --> 00:05:12,160 Four years later, Trump was no longer held as responsible 79 00:05:12,240 --> 00:05:16,519 for the business closures. Trump is operating under the theory 80 00:05:16,800 --> 00:05:21,240 that the US structural trade deficit is less a product 81 00:05:21,240 --> 00:05:26,879 of market forces than the mercantilist practices of our trading partners. 82 00:05:27,800 --> 00:05:35,399 Allies and rivals erect trade barriers, subsidize their industries, and 83 00:05:35,600 --> 00:05:40,439 manipulate their currencies to improve their share of the global marketplace. 84 00:05:41,720 --> 00:05:44,439 Many and some of that is true, by the way, right, 85 00:05:44,480 --> 00:05:47,959 That is, like, there are countries that do those things. Absolutely. 86 00:05:49,319 --> 00:05:53,079 Many of these countries are more dependent on access to 87 00:05:53,279 --> 00:05:57,040 US markets than the other way around. Trump and his 88 00:05:57,120 --> 00:06:00,720 advisors believe that gives Washington the leverage to get foreign 89 00:06:00,800 --> 00:06:05,839 countries to tear down their trade barriers or relocate production 90 00:06:06,000 --> 00:06:10,959 to America to avoid the tariffs. Okay, that's according to Antel, 91 00:06:11,120 --> 00:06:15,600 that's their thinking here. It's successful. The tariffs might lead 92 00:06:15,639 --> 00:06:19,959 to more jobs and production domestically. They could also be 93 00:06:20,040 --> 00:06:26,680 short lived if foreign governments respond as Trump envisions, but 94 00:06:26,800 --> 00:06:30,680 even he concedes there will be short term pain during 95 00:06:30,720 --> 00:06:36,079 the transition. A spike in inflation or a recession could 96 00:06:36,079 --> 00:06:39,639 prove costly to Trump and Republicans. The tariffs are being 97 00:06:39,680 --> 00:06:44,279 implemented nineteen months before the midterm elections and long before 98 00:06:44,399 --> 00:06:47,839 the twenty twenty eight presidential election. So that would give 99 00:06:47,879 --> 00:06:50,959 the economy time to recover or for Trump to course 100 00:06:51,040 --> 00:06:55,639 correct if the tariffs do not work as he intends 101 00:06:56,160 --> 00:06:59,000 they do. Right, So there is a bit of a 102 00:06:59,040 --> 00:07:02,959 time cushion to see what the response is going to be, 103 00:07:03,279 --> 00:07:05,560 to see how this is all gonna work. And you've 104 00:07:05,600 --> 00:07:09,040 got you know, some countries have reached out saying they 105 00:07:09,040 --> 00:07:12,160 want to renegotiate the or negotiate the tariffs and the 106 00:07:12,720 --> 00:07:15,279 trade deals and stuff, to do a lot of one 107 00:07:15,319 --> 00:07:19,279 on one deals, and that would be a good thing, right, 108 00:07:19,319 --> 00:07:22,079 I would applaud that if this, if Trump is able 109 00:07:22,120 --> 00:07:25,480 to extract these kinds of concessions through this. And I 110 00:07:25,519 --> 00:07:29,720 think it was Bob on the email, yeah, who said 111 00:07:29,800 --> 00:07:33,240 chaos is a negotiating strategy. Right, And we've seen this 112 00:07:33,319 --> 00:07:36,199 so many times, right, Trump throws out some crazy things. 113 00:07:36,199 --> 00:07:37,920 It's in the art of the deal. He talks about it. 114 00:07:37,920 --> 00:07:40,920 So it's like you just you come in, you disrupt, 115 00:07:40,920 --> 00:07:44,560 you cause chaos or whatever, and then he makes the deal. 116 00:07:45,120 --> 00:07:50,959 And that might be what he's doing. We'll see anybody 117 00:07:50,959 --> 00:07:52,439 that tells you they know how this is going to 118 00:07:52,480 --> 00:07:55,959 shake out, they're lying to you. They don't know. Nobody knows. 119 00:07:58,439 --> 00:08:01,920 Antel goes on to say voters have frequently lacked the 120 00:08:02,000 --> 00:08:07,759 patient for major transformations of the economy. Clinton's Democrats lost 121 00:08:07,800 --> 00:08:09,839 control of the House for the first time in forty 122 00:08:09,920 --> 00:08:13,639 years after his administration introduced an unpopular healthcare reform bill. 123 00:08:14,319 --> 00:08:18,079 Barack Obama's Democrats suffered even worse losses in the House 124 00:08:18,560 --> 00:08:23,600 after passing Obamacare. Another issue is that support among congressional 125 00:08:23,639 --> 00:08:27,879 Republicans for Trump's tariff agenda is pretty thin. It's not 126 00:08:28,120 --> 00:08:31,199 clear how patient lawmakers will be in the face of 127 00:08:31,240 --> 00:08:34,960 any public backlash against the tariffs, and it is possible 128 00:08:35,000 --> 00:08:38,559 that bipartisan majorities will try to chip away at his 129 00:08:38,679 --> 00:08:44,000 congressionally granted powers to unilaterally impose them. There is no 130 00:08:44,120 --> 00:08:48,200 issue on which Trump has been more consistent than on trade. 131 00:08:48,240 --> 00:08:53,159 He's been talking about this for forty years now. He 132 00:08:53,279 --> 00:08:57,240 is staking both his reputation for business acumen and his 133 00:08:57,360 --> 00:09:01,320 populist reinvention of the Republican Party on these against the 134 00:09:01,399 --> 00:09:04,320 advice of most voices in Washington and on Wall Street. 135 00:09:04,360 --> 00:09:07,240 He is betting the House, literally, the US House, and 136 00:09:07,320 --> 00:09:09,919 control of the rest of the federal government too. Trump 137 00:09:10,000 --> 00:09:13,440 is finally able to do this. Will it work? We 138 00:09:13,519 --> 00:09:15,679 shall see all right. If you're listening to this show, 139 00:09:15,799 --> 00:09:17,320 you know I try to keep up with all sorts 140 00:09:17,320 --> 00:09:19,360 of current events, and I know you do too, And 141 00:09:19,480 --> 00:09:22,879 you've probably heard me say get your news from multiple sources. 142 00:09:23,360 --> 00:09:26,600 Why well, because it's how you detect media bias, which 143 00:09:26,679 --> 00:09:29,600 is why I've been so impressed with ground News. It's 144 00:09:29,679 --> 00:09:33,120 an app, and it's a website and it combines news 145 00:09:33,120 --> 00:09:35,080 from around the world in one place, so you can 146 00:09:35,120 --> 00:09:38,480 compare coverage and verify information. You can check it out 147 00:09:38,480 --> 00:09:43,120 at check dot ground, dot news slash pete. I put 148 00:09:43,120 --> 00:09:46,080 the link in the podcast description too. I started using 149 00:09:46,120 --> 00:09:49,000 ground News a few months ago and more recently chose 150 00:09:49,039 --> 00:09:50,960 to work with them as an affiliate because it lets 151 00:09:51,039 --> 00:09:54,639 me see clearly how stories get covered and by whom. 152 00:09:54,879 --> 00:09:57,879 The blind spot feature shows you which stories get ignored 153 00:09:57,879 --> 00:10:00,799 by the left and the right. See for your check 154 00:10:00,919 --> 00:10:05,399 dot ground, dot news slash pete. Subscribe through that link 155 00:10:05,440 --> 00:10:08,320 and you'll get fifteen percent off any subscription. I use 156 00:10:08,360 --> 00:10:11,519 the Vantage plan to get unlimited access to every feature. 157 00:10:11,720 --> 00:10:14,480 Your subscription then not only helps my podcast, but it 158 00:10:14,519 --> 00:10:17,639 also supports ground News as they make the media landscape 159 00:10:17,679 --> 00:10:22,919 more transparent. Jake Sherman, I believe he is at political 160 00:10:23,000 --> 00:10:29,320 or CNN punch Bowl News. He says, up on Capitol Hill, 161 00:10:29,399 --> 00:10:35,320 there is a massive disconnect between Republicans versus the White 162 00:10:35,320 --> 00:10:41,559 House on tariffs. There's a messaging disconnect on the Hill. 163 00:10:41,679 --> 00:10:44,919 Republicans keep saying this is the beginning of a negotiation, 164 00:10:45,759 --> 00:10:49,000 but the administration is saying this is not a negotiation. 165 00:10:50,000 --> 00:10:53,519 So again, chaos, and maybe that's the point for some 166 00:10:53,840 --> 00:10:58,799 larger goal, right. This from Real Clear Politics Philip Wegman 167 00:10:59,519 --> 00:11:04,480 headline America gets even. Trump launches quote reciprocal tariffs. The 168 00:11:04,519 --> 00:11:07,600 Trump administrations imposing a ten percent tariff across the board 169 00:11:07,679 --> 00:11:11,759 on all imports and even higher individual rates for nations 170 00:11:12,200 --> 00:11:15,840 that his administration deems particularly unfair in their trade practices 171 00:11:15,879 --> 00:11:17,759 towards the US, although it looks like they used just 172 00:11:17,799 --> 00:11:23,440 some boiler plate formula based on the trade deficit. He 173 00:11:23,480 --> 00:11:27,919 had promised previously that reciprocal was a literal term. Whatever 174 00:11:27,960 --> 00:11:30,759 they charge us, will charge them, is what he said. 175 00:11:31,799 --> 00:11:34,519 But before the event, a senior White House official explained 176 00:11:34,679 --> 00:11:38,960 new arithmetic, telling reporters, quote, because the President is lenient 177 00:11:39,039 --> 00:11:43,399 and kind to the world, we're only charging half, so 178 00:11:43,440 --> 00:11:46,519 it's not reciprocal. The Republicans now in the White House 179 00:11:47,679 --> 00:11:50,960 are very different from past GOP leaders who were very 180 00:11:51,039 --> 00:11:55,080 much more friendly to Wall Street. Treasury Secretary Scott Bessent 181 00:11:55,120 --> 00:11:58,279 made headlines when he told investors that quote, access to 182 00:11:58,399 --> 00:12:01,879 cheap goods is not the s of the American dream, 183 00:12:02,360 --> 00:12:05,759 as did Commerce Secretary Howard Lutnick when he said that 184 00:12:05,799 --> 00:12:08,799 the increase or decrease of the stock market by half 185 00:12:08,799 --> 00:12:11,519 a percent on any given day is not the driving 186 00:12:11,600 --> 00:12:15,960 force of our outcomes. Instead, instead, he said, the focus 187 00:12:16,120 --> 00:12:21,399 is on the blossoming of American industry, or industry as 188 00:12:21,440 --> 00:12:25,360 Trump calls it. Though a vibe shift, the sentiment is 189 00:12:25,399 --> 00:12:29,320 not entirely alien on the right. Trump is the first 190 00:12:29,399 --> 00:12:33,759 to impose protectionist policies at such a scale, but his 191 00:12:33,840 --> 00:12:38,559 allies insist he is drawing from a well dug by others. 192 00:12:40,360 --> 00:12:45,159 Here's a quote from nineteen ninety eight. To me, the 193 00:12:45,200 --> 00:12:48,879 country comes before the economy, and the economy exists for 194 00:12:48,960 --> 00:12:51,720 the people. I believe in free markets, but I do 195 00:12:51,840 --> 00:12:55,600 not worship them. In the proper hierarchy of things. It 196 00:12:55,679 --> 00:12:59,039 is the market that must be harnessed to work for man, 197 00:12:59,480 --> 00:13:02,519 not the other way around. Do you know who said that? 198 00:13:04,159 --> 00:13:12,279 Pat Buchanan. More recently, Senator Eric Schmidt, a Missouri Republican, 199 00:13:12,840 --> 00:13:17,320 ally of Donald Trump, he said, America is not an 200 00:13:17,360 --> 00:13:20,720 economic zone. It is not a strip mall with an 201 00:13:20,759 --> 00:13:25,320 airport attached. It's a nation, it's a people, it's our home. 202 00:13:26,360 --> 00:13:28,360 Trump has been making that kind of argument for a 203 00:13:28,399 --> 00:13:30,919 long time, and the President will get points for consistency 204 00:13:30,960 --> 00:13:33,639 from his supporters right because he's been saying it for 205 00:13:33,639 --> 00:13:37,000 forty years. The question is whether his trade policies can 206 00:13:37,039 --> 00:13:39,840 actually deliver the roaring economy that he has promised on 207 00:13:39,879 --> 00:13:43,159 the campaign trail, or maybe a recession. Like we'll say, 208 00:13:44,919 --> 00:13:47,639 and I said this in the first hour to a 209 00:13:47,679 --> 00:13:56,039 caller when we were discussing this, that I I am 210 00:13:56,039 --> 00:14:01,679 probably well, I do not have as much confident as like, 211 00:14:01,720 --> 00:14:04,879 if you have a lot more faith and trust and 212 00:14:04,879 --> 00:14:07,879 confidence in Donald Trump than I do, then I think 213 00:14:07,919 --> 00:14:10,159 you're going to be more likely to go along with 214 00:14:10,759 --> 00:14:14,200 this plan and trust and have confidence and have faith 215 00:14:14,320 --> 00:14:15,519 that the plan is going to work. 216 00:14:16,840 --> 00:14:17,279 Speaker 2: I do not. 217 00:14:18,919 --> 00:14:20,399 Speaker 1: That doesn't mean I don't want to see it work. 218 00:14:20,840 --> 00:14:23,559 I hope it turns out to the benefit of all Americans. 219 00:14:23,679 --> 00:14:27,559 That'd be fantastic. It would completely change the way I 220 00:14:27,720 --> 00:14:30,080 think about tariffs. I'm open to be persuaded on it, 221 00:14:30,120 --> 00:14:32,720 because again I said it this in the first hour 222 00:14:32,759 --> 00:14:35,120 or two. But I may be the fish that doesn't 223 00:14:35,159 --> 00:14:38,360 know it's wet. I've all I've ever known is a 224 00:14:38,480 --> 00:14:41,919 sen You know, the last century of tariffs are bad. 225 00:14:42,039 --> 00:14:47,240 Tariffs are taxes on the American consumer, and you go 226 00:14:47,320 --> 00:14:49,840 to protectionists, you end up in trade wars and then 227 00:14:49,840 --> 00:14:53,639 they turn into shooting wars. So that's the ocean that 228 00:14:53,720 --> 00:14:58,799 this fish is in, and maybe maybe we'll learn something different. 229 00:15:01,279 --> 00:15:06,559 If not, things could get very bad for us. Trump 230 00:15:06,639 --> 00:15:09,919 said that the naysayers are not to be trusted. He 231 00:15:09,960 --> 00:15:12,960 said they were wrong about NAFTA, they were wrong about China, 232 00:15:13,320 --> 00:15:16,679 they were wrong about the transpecific partnership. He says, in 233 00:15:16,720 --> 00:15:21,200 every prediction about trade for the last thirty years, they've 234 00:15:21,200 --> 00:15:26,480 been proven wrong. Philip Wegman, White House correspondent, Real Clear Politics. 235 00:15:26,480 --> 00:15:29,240 He says, it is without a doubt, the most significant 236 00:15:29,320 --> 00:15:33,559 change to trade policy in decades, if not longer. Whether 237 00:15:33,639 --> 00:15:39,200 America craters into recession or rises to the advertised Golden age, 238 00:15:39,799 --> 00:15:45,559 these tariffs are going to be Trump's legacy. Now. That 239 00:15:45,720 --> 00:15:50,360 is predictive. That's speculative. We don't know. And now you 240 00:15:50,399 --> 00:15:53,320 hear me talk all the time about speculative journalism. Not 241 00:15:53,440 --> 00:15:56,039 a fan. I think I've been very clear here, and 242 00:15:56,080 --> 00:15:58,480 I know it's frustrates some people sometimes when I'm telling 243 00:15:58,519 --> 00:16:00,919 you I cannot predict the few future. There are a 244 00:16:00,919 --> 00:16:03,159 whole bunch of different things that could happen. I have 245 00:16:03,279 --> 00:16:05,519 no idea what is going to happen. If I knew 246 00:16:05,559 --> 00:16:08,159 what was going to happen, right, I would cancel my 247 00:16:08,200 --> 00:16:11,960 life insurance policy. No, actually, I do know that's going 248 00:16:12,039 --> 00:16:15,799 to happen. I'm that is a certainty, so I scrap that. 249 00:16:15,919 --> 00:16:21,159 But I would start buying lottery tickets. Okay, let's go 250 00:16:21,200 --> 00:16:23,720 over and talk to James. Hello, James, welcome to the show. 251 00:16:23,799 --> 00:16:28,120 Speaker 2: Hey, well, you've been talking about the tariffs, yes, sir, 252 00:16:29,120 --> 00:16:33,679 And for instance, I'm driving a forward that a large 253 00:16:33,759 --> 00:16:37,960 number of the parts come from Canada, and there's a 254 00:16:38,039 --> 00:16:43,120 twenty five percent tariff on now on anything automotive coming 255 00:16:43,120 --> 00:16:47,120 out of Canada, which means when I take my car 256 00:16:47,200 --> 00:16:49,720 in to get it prepared, suddenly I've got a twenty 257 00:16:49,720 --> 00:16:52,200 five percent increase in what it costs me to buy 258 00:16:52,200 --> 00:16:53,000 parts for my car. 259 00:16:53,879 --> 00:16:56,879 Speaker 1: Right this because This is the axiom that businesses don't 260 00:16:56,879 --> 00:17:00,919 pay taxes, the customers do and buy same logic. They're 261 00:17:00,960 --> 00:17:03,759 going to pass that cost of the tariffs right down 262 00:17:03,799 --> 00:17:04,599 to the consumer. 263 00:17:05,359 --> 00:17:08,279 Speaker 2: Of course they are. And anybody who doesn't understand that 264 00:17:08,359 --> 00:17:12,880 has never worked and anything vaguely resembling business in their 265 00:17:13,000 --> 00:17:13,640 entire lives. 266 00:17:14,119 --> 00:17:16,599 Speaker 1: So the I will tell you what the counter argument 267 00:17:17,200 --> 00:17:21,119 is would be that they will, in order to continue 268 00:17:22,680 --> 00:17:26,559 having market share a position and to you know, keep 269 00:17:26,599 --> 00:17:31,440 the prices low, they will move manufacturing to America, creating 270 00:17:31,480 --> 00:17:34,559 American jobs and that'll save them the money on the tariffs. 271 00:17:35,400 --> 00:17:39,200 Speaker 2: They've been manufacturing car parts in Canada since all the 272 00:17:39,279 --> 00:17:41,480 vehicles were being built in Detroit. 273 00:17:41,680 --> 00:17:44,640 Speaker 1: I'm just telling you what they say. That's their prediction 274 00:17:44,759 --> 00:17:45,279 on all of this. 275 00:17:46,359 --> 00:17:48,839 Speaker 2: Well, I think you just said something about if we 276 00:17:48,880 --> 00:17:51,559 could predict the fusion, we'd all start buying lottery tickets. 277 00:17:52,400 --> 00:17:55,559 Speaker 1: I did. This is my concern, like my. 278 00:17:55,599 --> 00:17:57,559 Speaker 2: Crystal ball doesn't work that well. 279 00:17:57,359 --> 00:18:00,640 Speaker 1: Yeah, no, mine either, And this is why I'm worried. 280 00:18:00,680 --> 00:18:02,559 And that's why I told people at the beginning of 281 00:18:02,599 --> 00:18:04,880 the show that if you have a lot of faith 282 00:18:04,880 --> 00:18:07,880 and confidence and trust in what in Donald Trump, just 283 00:18:08,160 --> 00:18:11,319 by default, then I think people are more willing to 284 00:18:11,359 --> 00:18:14,480 go along for this white knuckle ride. I don't have 285 00:18:14,559 --> 00:18:19,480 that level of confidence. No, and so that's my concern. Yeah, 286 00:18:19,680 --> 00:18:22,480 not in a politician, no, yeah, they're right, or in 287 00:18:22,519 --> 00:18:28,119 government right like yeah, this is yeah. 288 00:18:25,400 --> 00:18:28,680 Speaker 2: I have no book, I have no trust in government. 289 00:18:28,759 --> 00:18:31,000 Speaker 1: Yeah, James, I appreciate the call man. 290 00:18:31,039 --> 00:18:32,240 Speaker 2: Thanks, thank you. 291 00:18:32,279 --> 00:18:36,640 Speaker 1: So all right, se Yah to James's point, Stalantis Envy 292 00:18:37,880 --> 00:18:41,240 said on Thursday that it's temporarily laying off nine hundred workers. 293 00:18:41,240 --> 00:18:44,880 They announced this this morning at five US facilities after 294 00:18:44,920 --> 00:18:48,960 the announcement of the tariffs. They're temporarily pausing production at 295 00:18:49,000 --> 00:18:52,599 an assembly plant in Mexico and one in Canada. The 296 00:18:52,640 --> 00:18:56,200 maker of Ram trucks and jeeps said the US plants 297 00:18:56,480 --> 00:19:00,839 affected are the powertrain and stamping facility. These that provide 298 00:19:00,880 --> 00:19:04,680 parts for the two factories in Mexico and Canada that 299 00:19:04,799 --> 00:19:08,680 are now being idled. In a letter sent to employees, 300 00:19:09,119 --> 00:19:14,359 the chief operating officer for the Americas, Antonio Filosa, said 301 00:19:14,359 --> 00:19:17,200 the company is continuing to assess the medium and long 302 00:19:17,279 --> 00:19:19,720 term effects of these tariffs on our operations, but also 303 00:19:19,759 --> 00:19:23,559 have decided to take some immediate actions, including temporarily pausing 304 00:19:23,599 --> 00:19:26,440 production at some of our Canadian and Mexican assembly plants. 305 00:19:26,799 --> 00:19:30,119 Those actions will impact some employees at several of our 306 00:19:30,319 --> 00:19:35,160 US powertrain and stamping facilities that support those operations in 307 00:19:35,240 --> 00:19:42,000 Mexico and Canada. Again, we'll see what happens. Here's a 308 00:19:42,000 --> 00:19:44,880 great idea. How about making an escape to a really 309 00:19:44,960 --> 00:19:48,160 special and secluded getaway in western North Carolina. 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Call or text eight two eight, 327 00:20:47,079 --> 00:20:50,279 three six seven seventy sixty eight or check out all 328 00:20:50,319 --> 00:20:53,119 there is to offer at Cabins Offashville dot com and 329 00:20:53,200 --> 00:20:58,119 make memories that'll last a lifetime. Let me talk to David. Hello, David, 330 00:20:58,160 --> 00:21:02,240 Welcome to the shoe. Hey Pete, Hey, I'm doing all right. 331 00:21:02,279 --> 00:21:03,839 How are you good? 332 00:21:04,039 --> 00:21:06,440 Speaker 3: So just I don't have a christ of Ball either, 333 00:21:06,519 --> 00:21:09,400 but I will tell you. I grew up in the eighties. 334 00:21:09,680 --> 00:21:13,680 My dad was in textile industry and he was one 335 00:21:13,680 --> 00:21:16,279 of the part of one of the last looe manufacturers 336 00:21:16,319 --> 00:21:19,559 in the country called Draper. And I was out of Greensboro, 337 00:21:20,200 --> 00:21:23,519 and he talked all the time. I went to school, 338 00:21:23,559 --> 00:21:26,000 and by then I took some economics and we would 339 00:21:26,079 --> 00:21:30,000 argue about this issue. He ended up winning because he 340 00:21:30,079 --> 00:21:35,480 had to close down his business due to the trade issue. 341 00:21:35,559 --> 00:21:39,319 He actually voted for Perrot in ninety two, the last 342 00:21:39,319 --> 00:21:42,559 politician who brought up this issue. 343 00:21:42,759 --> 00:21:47,440 Speaker 1: Yeah, he talked about that sound yeah you're here as 344 00:21:47,480 --> 00:21:48,359 American jobs. 345 00:21:48,359 --> 00:21:52,599 Speaker 3: He said, there's really no such thing as international free trade. 346 00:21:53,200 --> 00:21:56,799 And he lost, not due to the Mexico or things 347 00:21:56,799 --> 00:22:00,240 in the South, but he lost to subsidized company iss 348 00:22:00,440 --> 00:22:05,519 from Italy and Germany on their loom manufacturing, and he 349 00:22:05,559 --> 00:22:10,119 couldn't compete. They undersold him in United States and he 350 00:22:10,200 --> 00:22:13,160 finally had had to sell the business and give it up. 351 00:22:14,359 --> 00:22:17,720 They had a plant, big plant down in Spartanburg, South Carolina, 352 00:22:18,119 --> 00:22:22,000 which is very vertical. You know, they made this, you know, 353 00:22:22,440 --> 00:22:25,720 was able to create the steel down there. They built 354 00:22:25,759 --> 00:22:29,440 the whole thing. And he said, look, I mean that 355 00:22:29,920 --> 00:22:32,559 Draper used to be based in Massachusetts and then in 356 00:22:32,599 --> 00:22:36,119 the early twentieth century it moved down for cheaper labor here. 357 00:22:36,680 --> 00:22:39,880 And he said, unless you know, he was in favor 358 00:22:39,880 --> 00:22:43,200 of load business taxes within the country and load consumer 359 00:22:43,279 --> 00:22:47,039 taxes within the country. But he said, internationally, there's just 360 00:22:47,039 --> 00:22:50,680 no such thing as true free trade. So that the 361 00:22:51,119 --> 00:22:53,279 argument that he claims he won because he had to 362 00:22:53,279 --> 00:22:54,480 tell his business right. 363 00:22:54,519 --> 00:22:58,039 Speaker 1: Well, and the same thing happens. I remember reading I 364 00:22:58,079 --> 00:22:59,720 think it was in a I think it was a 365 00:22:59,720 --> 00:23:03,200 book called The French Betrayal of America, and uh it 366 00:23:03,319 --> 00:23:09,839 talked about Boeing versus Airbus and how air Bus gets 367 00:23:09,880 --> 00:23:14,680 all of these government subsidies yep, and then that allows 368 00:23:14,759 --> 00:23:18,240 them to, uh when they go out to uh bid, 369 00:23:18,759 --> 00:23:23,200 they are able to undercut Boeing on their aircraft because 370 00:23:23,799 --> 00:23:26,319 the French government, and there's a whole bunch of like 371 00:23:26,640 --> 00:23:29,279 apparently over in France there's like sort of like an 372 00:23:29,319 --> 00:23:34,440 embedded uh corruption fee, you know, like that's just kind 373 00:23:34,480 --> 00:23:37,519 of rolled into the projects over there, and so uh 374 00:23:37,640 --> 00:23:40,160 and then they get subsidized from the government and so 375 00:23:40,319 --> 00:23:42,480 and so the Yeah, it's like a money laundering kind 376 00:23:42,480 --> 00:23:44,640 of deal, and it makes it impossible to compete. 377 00:23:45,480 --> 00:23:48,079 Speaker 3: Yeah, and here here in the US. And I'll just 378 00:23:48,119 --> 00:23:49,759 give you that. He said, when he was in school 379 00:23:49,799 --> 00:23:53,359 in the fifties, tariffs was not a bad word, and 380 00:23:53,400 --> 00:23:55,480 he took he was an engineer, and he took out 381 00:23:55,519 --> 00:23:58,000 econ engineering class. He said, tariffs was not a bad 382 00:23:58,039 --> 00:24:01,680 word back then. But by the eighties when I took it, 383 00:24:02,200 --> 00:24:04,160 I came home and argued with him free trade the 384 00:24:04,200 --> 00:24:07,519 whole way, and he said, international free trade and he 385 00:24:07,759 --> 00:24:09,519 just doesn't buy into Yeah. 386 00:24:09,960 --> 00:24:11,920 Speaker 1: All right, man, I appreciate it. Thanks for the thanks 387 00:24:11,920 --> 00:24:14,680 for the background, yes sir, all right, yeah, take care. 388 00:24:15,240 --> 00:24:18,400 Thanks David. Let me read some emails real quick, because 389 00:24:18,599 --> 00:24:21,519 I have a bunch of them. They've been building up 390 00:24:21,759 --> 00:24:25,480 in the inbox. Joseph said, tariffs are bad except for 391 00:24:25,559 --> 00:24:28,400 every other country, which is levy tariffs on our exports. 392 00:24:28,440 --> 00:24:32,079 Except then they were good. But I mean, if you 393 00:24:32,119 --> 00:24:34,759 take the position that tariffs are actually taxes on your 394 00:24:34,799 --> 00:24:38,640 own people, then know and you and you say that 395 00:24:38,680 --> 00:24:41,559 those are that that is bad, then it's bad for 396 00:24:41,640 --> 00:24:42,079 them too. 397 00:24:42,839 --> 00:24:42,960 Speaker 4: Right. 398 00:24:43,039 --> 00:24:44,880 Speaker 1: The other thing to keep in mind here is that 399 00:24:44,880 --> 00:24:50,359 the tariffs, well I don't know every single tariff on 400 00:24:50,400 --> 00:24:54,160 every single good in every single country. I'm sure there's 401 00:24:54,200 --> 00:24:58,119 a list out there someplace, right, but setting a ten 402 00:24:58,160 --> 00:25:02,880 percent global baseline is way above what any other country 403 00:25:02,920 --> 00:25:08,440 is charging as their own sort of baseline. So like, 404 00:25:08,480 --> 00:25:10,359 if every country, I mean, this is the thing, if 405 00:25:10,400 --> 00:25:13,559 every country enacts the tariffs in order to protect themselves 406 00:25:13,599 --> 00:25:16,559 from competition, because that's what you're doing, You're protecting yourself 407 00:25:16,559 --> 00:25:20,799 from competition, then fine, I guess, but that doesn't get 408 00:25:20,839 --> 00:25:23,119 rid of trade deficits. Per se. And so then if 409 00:25:23,160 --> 00:25:26,920 you're going to now throw additional tariffs onto countries who 410 00:25:27,000 --> 00:25:30,119 happen to maybe sell a lot like Honduras grows bananas, 411 00:25:30,279 --> 00:25:32,319 they sell a lot of bananas in America because we 412 00:25:32,319 --> 00:25:35,640 don't grow bananas here, So there's always going to be 413 00:25:35,640 --> 00:25:37,880 that deficit there. So are you saying then that we 414 00:25:38,000 --> 00:25:41,440 have to raise the tariffs on the bananas high enough 415 00:25:41,559 --> 00:25:45,839 so it's neutral, So it's zero zero, so there's no deficit. 416 00:25:46,799 --> 00:25:50,799 What if Honduras can't afford anything that we're producing, like 417 00:25:50,960 --> 00:25:54,039 now we're going to force them to buy stuff. What 418 00:25:54,119 --> 00:25:55,720 if they can get a better deal from a neighboring 419 00:25:55,759 --> 00:25:57,519 country for all the other stuff? They don't need to 420 00:25:57,519 --> 00:26:00,279 buy stuff from us. They're not developed enough to buy 421 00:26:00,319 --> 00:26:03,440 stuff from us. This is the problem with looking at 422 00:26:03,480 --> 00:26:08,680 a trade deficit as the major metric. It's it shouldn't 423 00:26:08,720 --> 00:26:14,200 be that, right, it should be unfair protectionist activity. And 424 00:26:14,240 --> 00:26:20,240 that would also include slave labor like China uses all right, sorry, 425 00:26:20,279 --> 00:26:22,160 John goes or Joseph rather goes on to say, the 426 00:26:22,160 --> 00:26:25,880 globalization experiment failed Middle America. I don't care how much 427 00:26:25,880 --> 00:26:28,519 pain is inflicted on the stock market, because they didn't 428 00:26:28,519 --> 00:26:31,039 care how much pain Americans suffered when they opened up 429 00:26:31,079 --> 00:26:34,720 phony free trade to countries with child labor, manipulated currencies, 430 00:26:34,720 --> 00:26:37,400 and protectionist policies of their own reap the whirlwind. Well, 431 00:26:37,400 --> 00:26:39,279 see this is the thing, Like, this is a nihilistic, 432 00:26:39,799 --> 00:26:44,640 nihilistic perspective, Joseph. Right, you realize that, right, like, burn 433 00:26:44,680 --> 00:26:47,079 it all down, make everybody suffer, because it's not just 434 00:26:47,160 --> 00:26:51,039 going to be like the wealthy elites, the globalists, they're 435 00:26:51,440 --> 00:26:53,640 they're gonna be just fine. The Wall Street guys, they're 436 00:26:53,640 --> 00:26:58,480 gonna be just fine. The middle Americans we're screwed. The 437 00:26:58,519 --> 00:27:02,680 poor Americans screwed. I don't look at the stock market 438 00:27:02,680 --> 00:27:08,039 as the only metric. And I'm frequently criticizing media coverage 439 00:27:08,240 --> 00:27:10,839 of economic data, like oh, the jobs numbers are out 440 00:27:10,839 --> 00:27:13,000 in good news for the economy, and it's like, the 441 00:27:13,039 --> 00:27:16,720 economy is so much larger than a simple data point, 442 00:27:16,839 --> 00:27:20,079 you know. And that's the beauty of a free market 443 00:27:20,160 --> 00:27:23,240 is that it allows for all of those data points 444 00:27:23,319 --> 00:27:26,759 to work and send the signals people to react to 445 00:27:26,799 --> 00:27:31,000 the signals, rather than a command control economy. The concept 446 00:27:31,400 --> 00:27:37,880 of fair trade, the concept, I think is the proper concept. 447 00:27:38,559 --> 00:27:42,079 How you do it, that's the problem. That's what we 448 00:27:42,119 --> 00:27:45,240 saw with NAFTA. That's why Trump renegotiated it and did 449 00:27:45,240 --> 00:27:50,039 a deal right, a fairer deal. But the deal with 450 00:27:50,119 --> 00:27:52,440 China is awful, all right. So spring is here a 451 00:27:52,519 --> 00:27:57,400 time of renewal and celebrations. You've got graduations, weddings, anniversaries 452 00:27:57,519 --> 00:27:59,960 and the special days for mom and dad. Your family's 453 00:28:00,079 --> 00:28:02,000 making memories that are going to last a lifetime. But 454 00:28:02,119 --> 00:28:05,119 let me ask you, are all of those treasured moments 455 00:28:05,160 --> 00:28:07,599 from days gone by? Are they hidden away on old 456 00:28:07,680 --> 00:28:12,920 VCR tapes, eight millimeter films, photos slides? Are they preserved? 457 00:28:13,039 --> 00:28:16,480 Because over time, these precious memories can fade and deteriorate, 458 00:28:16,799 --> 00:28:20,319 losing the magic of yesterday. 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A couple more 469 00:28:55,279 --> 00:28:57,480 emails and a phone call or two to get to here. 470 00:28:57,559 --> 00:29:02,519 This is uh Thomas, who says, basically, these tariffs are protectionism. 471 00:29:02,759 --> 00:29:06,279 Although I haven't heard the word bantered about, I remember, 472 00:29:06,319 --> 00:29:08,519 I think I've said it a bunch, But I remember 473 00:29:08,519 --> 00:29:11,519 one of my economics professors who once said, paraphrasing, here, 474 00:29:11,920 --> 00:29:15,079 if the protectionists have their way, eventually we'll be trying 475 00:29:15,079 --> 00:29:17,680 to grow bananas in Detroit and they'll be trying to 476 00:29:17,720 --> 00:29:24,000 manufacture cars in Honduras, then that speaks to comparative advantage. 477 00:29:25,640 --> 00:29:28,319 Dennis says, my financial advice, if you want to insure 478 00:29:28,359 --> 00:29:31,519 yourself against any negative results from the Trump tariffs, just 479 00:29:31,599 --> 00:29:34,480 follow what Nancy Pelosi does, not what she says, but 480 00:29:34,519 --> 00:29:37,519 what she does she seems to have mastered the manipulation 481 00:29:37,640 --> 00:29:44,880 of the money market. Just my personal observation. Let's see here. 482 00:29:44,920 --> 00:29:47,079 Oh my gosh, I have so many emails. I'm sorry, guys. 483 00:29:49,799 --> 00:29:53,200 Who is this Mark in Weddington? To state the obvious, 484 00:29:53,240 --> 00:29:57,680 we have been on a path accelerated Biden's six trillion 485 00:29:57,680 --> 00:29:59,880 plus budget plan. We have been on a path spending 486 00:30:00,000 --> 00:30:04,119 towards bankruptcy and associated lower US credit ratings for a 487 00:30:04,200 --> 00:30:07,880 long time. Part of that quantitative easing spending all the 488 00:30:07,880 --> 00:30:10,079 way back to two thousand and eight two thousand and 489 00:30:10,160 --> 00:30:16,200 nine has led to the artificially increased market gains since 490 00:30:16,240 --> 00:30:20,400 that time. Short term thinking like offshoring, et cetera, is 491 00:30:20,440 --> 00:30:24,160 the US way, thinking in quarters instead of decades like 492 00:30:24,200 --> 00:30:29,640 the Chinese do. Folks forgot quickly about supply chain issues 493 00:30:29,720 --> 00:30:34,559 during COVID, Getting our house in order, bringing businesses back, 494 00:30:34,680 --> 00:30:38,599 market resets, spending, et cetera. Will cause short term pain 495 00:30:38,920 --> 00:30:42,279 all capital twelve to twenty four months worth, but for 496 00:30:42,359 --> 00:30:45,759 long term benefits, just like the two trillion already pledged 497 00:30:45,759 --> 00:30:48,759 by new businesses coming back expanding in the US. Just 498 00:30:48,880 --> 00:30:52,279 like that non existent and then temporary inflation that hit 499 00:30:52,319 --> 00:30:56,519 everybody across the board, this too will hit certain areas. 500 00:30:56,759 --> 00:31:00,680 You may recall Janet Yellen saying her thinking had changed. 501 00:31:00,720 --> 00:31:02,880 All we need to do is service the debt versus 502 00:31:02,960 --> 00:31:06,079 paying it off. That said it for me. We were 503 00:31:06,200 --> 00:31:10,240 about cooked. Yeah. I think even the White House is 504 00:31:10,279 --> 00:31:13,640 saying there's going to be pain, but there's going to 505 00:31:13,680 --> 00:31:17,359 be gained long term. See, and that's that's the ask, 506 00:31:18,000 --> 00:31:22,079 that's the trust me ask. And people who already trust 507 00:31:22,119 --> 00:31:25,400 Donald Trump are going to trust him. They're going to say, Okay, 508 00:31:25,720 --> 00:31:29,279 I will suffer through a lot, but most Americans are 509 00:31:29,319 --> 00:31:31,279 not going to be willing to put up with two 510 00:31:31,400 --> 00:31:40,039 years of job losses, pay cuts, loss of purchasing power. Right. 511 00:31:40,599 --> 00:31:43,960 I went through and through these things in the first hour. 512 00:31:45,119 --> 00:31:48,559 And the concerns that people have about the short term 513 00:31:49,039 --> 00:31:55,720 pain could redound to the benefit of Democrats. Republicans could 514 00:31:55,759 --> 00:31:59,880 get wiped out in the next midterm election. Trump is 515 00:31:59,880 --> 00:32:04,559 a lame duck and then Democrats control the White House, 516 00:32:04,839 --> 00:32:09,680 the House, and the Senate. That's the way this could Again, 517 00:32:09,799 --> 00:32:13,000 I'm not I don't want that to happen, but like, 518 00:32:13,039 --> 00:32:18,359 that is a potential outcome here. So whatever the benefits 519 00:32:18,359 --> 00:32:21,279 are that that they think they can achieve with this reset, 520 00:32:22,720 --> 00:32:23,519 the great Reset? 521 00:32:23,599 --> 00:32:23,920 Speaker 3: Is it? No? 522 00:32:24,200 --> 00:32:27,559 Speaker 1: But I hope it works. I want I want it 523 00:32:27,599 --> 00:32:33,200 to be beneficial for America. But I'm I'm very worried. 524 00:32:35,440 --> 00:32:38,119 Denny says, So, Pete, given the tariffs are a non 525 00:32:38,160 --> 00:32:42,200 a non removable necessary evil, what is the best way 526 00:32:42,240 --> 00:32:44,680 to manage them? Is it good to just announce we're 527 00:32:44,680 --> 00:32:48,359 eliminating all of our tariffs? If not, what metrics do 528 00:32:48,440 --> 00:32:53,039 you use to measure good tariffs? Please comment and keep 529 00:32:53,119 --> 00:32:57,920 up the great content. Well, I mean this, I don't 530 00:32:57,960 --> 00:32:59,440 know if I can answer that, Denny, because there's two 531 00:32:59,559 --> 00:33:02,200 there are two variables, and this is the problem. Like, 532 00:33:02,240 --> 00:33:06,359 if you're going to target certain products, certain industries, services, 533 00:33:06,440 --> 00:33:12,680 or goods, then you got non tariff protectionists, regulations and stuff. 534 00:33:12,720 --> 00:33:16,400 So there are so many different angles here. And if 535 00:33:16,440 --> 00:33:19,279 Trump is trying to negotiate deals one on one with 536 00:33:19,319 --> 00:33:23,359 every single country and get into the nitty gritty details 537 00:33:23,359 --> 00:33:30,400 of all of this stuff, then maybe it works. Right, 538 00:33:30,519 --> 00:33:32,599 this is Ronnie. It seems to me I hear just 539 00:33:32,640 --> 00:33:35,480 as many economists for tariffs as I do against. Oh 540 00:33:35,680 --> 00:33:38,599 I don't hear that at all. My view is that 541 00:33:38,680 --> 00:33:40,680 we have been doing. What we have been doing is 542 00:33:40,680 --> 00:33:43,599 obviously not working with the national debts so high. That's 543 00:33:43,720 --> 00:33:49,039 but the national debt has nothing to do with trade deficits. 544 00:33:49,119 --> 00:33:51,960 It doesn't. A trade deficit just means that we're buying 545 00:33:52,000 --> 00:33:55,519 products from another country and if we could make them 546 00:33:55,599 --> 00:33:58,119 cheaper here, we would make them cheaper here. But that 547 00:33:58,160 --> 00:34:03,640 doesn't necessarily mean that you would have more money to 548 00:34:03,680 --> 00:34:06,960 pay off the national debt. The debt is our own doing. 549 00:34:07,079 --> 00:34:10,000 That is our own government spending more than it takes in, 550 00:34:10,760 --> 00:34:14,119 right forgiving college loans and yeah, doing all of the 551 00:34:14,159 --> 00:34:16,440 safety net programs that it does, and all of the 552 00:34:16,480 --> 00:34:19,360 grants that it hands out. That's that's that is entirely 553 00:34:19,400 --> 00:34:25,239 our own making. So with the national nets so high, 554 00:34:25,280 --> 00:34:28,000 citizens severely taxed, I think it is a great idea 555 00:34:28,000 --> 00:34:30,679 to see if it works. If industries come to the US, 556 00:34:30,719 --> 00:34:33,880 as you know, it would be very significant for many reasons. 557 00:34:34,039 --> 00:34:36,320 And if we can use income from tariffs to reduce 558 00:34:36,320 --> 00:34:39,400 our national debt, it won't and lower our taxes. I'm 559 00:34:39,440 --> 00:34:42,000 all in. Things have changed so much in the world. 560 00:34:42,079 --> 00:34:44,039 I am not so sure we can use history as 561 00:34:44,039 --> 00:34:48,199 a predictor. Yeah, they're talking three hundred billion a year, 562 00:34:48,880 --> 00:34:52,079 that's what it would. That's the because it's three hundred 563 00:34:52,119 --> 00:34:57,320 it's three trillion dollars in trade, and so you you're 564 00:34:57,360 --> 00:34:59,679 ten percent across the board that generates three hundred billion, 565 00:34:59,719 --> 00:35:02,199 and that's paid by Americans. So it's a balloon. You're 566 00:35:02,239 --> 00:35:04,639 just squeezing one side of it, unless, of course you're 567 00:35:04,679 --> 00:35:07,800 able to get the businesses overseas to eat the costs, 568 00:35:08,320 --> 00:35:11,800 which I don't know if they will do that. I 569 00:35:11,840 --> 00:35:15,079 don't think they will. I think businesses tend to push 570 00:35:15,119 --> 00:35:19,239 that downstream to the customer. That's usually how that happens. Anyway, 571 00:35:19,679 --> 00:35:21,599 they go to the phone's here, get Pete. Hello Pete. 572 00:35:21,639 --> 00:35:23,480 Welcome to the program, Hey Pete. 573 00:35:23,760 --> 00:35:25,880 Speaker 4: Yeah, and the angle. I don't know if you discussed 574 00:35:25,880 --> 00:35:29,960 it or not, but it's probably worth discussing. The business 575 00:35:30,000 --> 00:35:33,599 I was in when I'm retired now was automation for 576 00:35:33,719 --> 00:35:37,440 manufacturing in North and South Carolina primarily, and at the 577 00:35:37,559 --> 00:35:40,920 time when I started. You know, in my career, the 578 00:35:40,960 --> 00:35:46,360 industry is for textiles, tobacco, and surnature. 579 00:35:46,840 --> 00:35:49,760 Speaker 1: Oh wow, you hit the trifecta there, do Yeah. 580 00:35:49,599 --> 00:35:52,760 Speaker 4: They've basically been wiped out. And so now if you 581 00:35:52,800 --> 00:35:56,039 go to these towns like Siler City or Burlington or Ashburough, 582 00:35:57,239 --> 00:36:00,920 they're pressed for ghost towns. Yeah, I say, now, well, 583 00:36:00,960 --> 00:36:04,559 these terraced remedy that I don't know, No one knows, 584 00:36:04,719 --> 00:36:07,480 but I think Trump's taken part of what he's doing 585 00:36:07,480 --> 00:36:10,800 is taken upon himself to at least try, and that 586 00:36:10,920 --> 00:36:13,639 we are seeing a lot of businesses make commitments from 587 00:36:13,679 --> 00:36:17,199 overseas in our own domestic companies here to reinvest in 588 00:36:17,239 --> 00:36:21,000 America for manufacturing. So I think your perspective is a 589 00:36:21,039 --> 00:36:23,800 little bit different if you're sitting and Bington, North Carolina 590 00:36:23,840 --> 00:36:26,599 than if you live in the metropolis to Charlottorpe Caroline. 591 00:36:26,760 --> 00:36:29,000 Speaker 1: Well, to be fair, I live in Mecklenburg County. I 592 00:36:29,000 --> 00:36:32,400 live in the county, and I have lived I lived 593 00:36:32,480 --> 00:36:36,079 up in Ashville, that whole area also not in Ashville, 594 00:36:36,119 --> 00:36:39,480 but the surrounds, and so yes, I understand it, like 595 00:36:39,519 --> 00:36:43,000 for people who have seen the entire because look, when 596 00:36:43,039 --> 00:36:45,719 I went up to Asheville, all I heard was the 597 00:36:45,800 --> 00:36:48,480 talk about the Gerber plant and how it closed up there. 598 00:36:48,840 --> 00:36:52,519 And this was a major manufacturer that employed a lot 599 00:36:52,519 --> 00:36:56,679 of people. The Gerber plant closed in the eighties, right, 600 00:36:57,199 --> 00:37:02,199 and they still talked about it and the devastation, the 601 00:37:02,280 --> 00:37:06,239 economic ruin, and it scarred people. So I under like, 602 00:37:06,280 --> 00:37:08,440 I get that. I went up and talked to the 603 00:37:08,440 --> 00:37:12,320 people after the mill in Kannapolis closed down after NAFTA, 604 00:37:13,239 --> 00:37:17,079 So I understand that. But if you're saying that this 605 00:37:17,239 --> 00:37:20,360 is going to bring back the heyday of. 606 00:37:20,280 --> 00:37:22,559 Speaker 4: I didn't say that, Okay, mouth, No. 607 00:37:22,519 --> 00:37:26,760 Speaker 1: I'm asking you, Pete, I'm asking you, I said, if 608 00:37:26,800 --> 00:37:29,039 you are saying, yeah, I'm asking it. Do you think 609 00:37:29,079 --> 00:37:32,119 that that Trump's plan is going to bring that back? 610 00:37:32,840 --> 00:37:33,039 Speaker 3: Oh? 611 00:37:33,119 --> 00:37:35,400 Speaker 4: I don't know, but I think a large part of 612 00:37:35,440 --> 00:37:39,039 his voting block are these people. So I would say 613 00:37:39,079 --> 00:37:42,000 to them, they're probably pretty optimistic and happy about it. 614 00:37:42,039 --> 00:37:42,119 Speaker 1: Now. 615 00:37:42,159 --> 00:37:43,920 Speaker 4: Whether it's going to come to pass or not, I. 616 00:37:44,119 --> 00:37:46,599 Speaker 1: Don't know, nor to you, right, I have said that some. 617 00:37:46,760 --> 00:37:51,360 Speaker 4: Movement of some of these manufacturing plants apparently apparently coming 618 00:37:51,400 --> 00:37:52,000 back to us. 619 00:37:52,199 --> 00:37:54,159 Speaker 1: Yes, Pete, I appreciate the call. I got to leave 620 00:37:54,199 --> 00:37:56,280 it there. I will just say I have said that 621 00:37:56,400 --> 00:37:58,719 I don't know what's going to happen. I hope that 622 00:37:59,000 --> 00:38:01,840 whatever benefit that they're trying to hit, whatever goal they're 623 00:38:01,840 --> 00:38:04,400 trying to achieve, that they do, because that would be great. 624 00:38:04,840 --> 00:38:07,760 My concern is that they don't, Right, That's the concern. 625 00:38:07,880 --> 00:38:10,280 And I have said repeatedly also for the full three 626 00:38:10,320 --> 00:38:12,559 hours here that if you have a high trust and 627 00:38:12,639 --> 00:38:16,079 faith in Donald Trump, you're going to be I think, 628 00:38:16,360 --> 00:38:20,039 more confident that the plan will work, and if you 629 00:38:20,079 --> 00:38:22,599 have a lower trust and faith, you're going to be 630 00:38:22,679 --> 00:38:28,639 less confident that it works. All Right, that'll do it 631 00:38:28,679 --> 00:38:31,320 for this episode. Thank you so much for listening. I 632 00:38:31,360 --> 00:38:33,480 could not do the show without your support and the 633 00:38:33,480 --> 00:38:36,559 support of the businesses that advertise on the podcast, so 634 00:38:36,599 --> 00:38:38,679 if you'd like, please support them too and tell them 635 00:38:38,719 --> 00:38:40,679 you heard it here. You can also become a patron 636 00:38:40,760 --> 00:38:44,960 at my Patreon page or go to thepetecleanershow dot com. Again, 637 00:38:45,239 --> 00:38:47,760 thank you so much for listening, and don't break anything 638 00:38:47,800 --> 00:38:52,800 while I'm gone.