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 --> 00:00:12,519 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 --> 00:00:22,600 go to dpeakclendarshow 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 --> 00:00:27,679 smartphone or tablet. And again, thank you so much for 9 00:00:27,760 --> 00:00:28,320 your support. 10 00:00:29,039 --> 00:00:31,399 Speaker 2: Yeah a second, let me just check the market here 11 00:00:31,559 --> 00:00:32,200 real quick. 12 00:00:33,439 --> 00:00:43,000 Speaker 1: Okay, So yeah, it's sell off continues. But this is 13 00:00:43,079 --> 00:00:46,320 the short term gain or pain, sorry, short term pain. 14 00:00:47,159 --> 00:00:52,439 This is the short term pain for the long term gain. 15 00:00:53,159 --> 00:00:59,960 And I'm just curious how long is the short term pain? 16 00:01:00,960 --> 00:01:08,840 I know, is it like a month, two, three, four, five, six, 17 00:01:09,040 --> 00:01:12,239 or does it have you even thought about that? Is 18 00:01:12,280 --> 00:01:15,159 this a litmus test that you're putting me and anybody 19 00:01:15,159 --> 00:01:19,799 else through? And right now I'm speaking to people who 20 00:01:20,000 --> 00:01:24,959 really love Donald Trump. And once again, just to be clear, 21 00:01:25,120 --> 00:01:29,599 I voted for Donald Trump. However, Donald Trump is an 22 00:01:29,640 --> 00:01:34,400 elected politician. He is the head of the government. I 23 00:01:34,439 --> 00:01:38,439 don't trust my government. I don't trust anybody that is 24 00:01:39,000 --> 00:01:41,560 in that office to tell me the truth at all times. 25 00:01:41,840 --> 00:01:45,560 I think American history is pretty replete with examples of 26 00:01:45,599 --> 00:01:50,879 why we should not. Now I've been told that U 27 00:01:51,120 --> 00:01:54,480 and I went over this all yesterday, and I apparently 28 00:01:54,519 --> 00:01:59,000 have to keep hammering away to say, I don't know 29 00:01:59,319 --> 00:02:03,319 if Donald Trump's tariff regime is going to work. 30 00:02:04,959 --> 00:02:05,799 Speaker 2: It freaking better. 31 00:02:06,599 --> 00:02:09,919 Speaker 1: I'm just gonna say that it better because a lot 32 00:02:09,960 --> 00:02:12,199 of people are going to get hurt really badly if 33 00:02:12,199 --> 00:02:12,680 it doesn't. 34 00:02:12,759 --> 00:02:16,240 Speaker 2: So I hope it does. I hope he is the 35 00:02:16,280 --> 00:02:18,400 one guy who. 36 00:02:20,039 --> 00:02:26,360 Speaker 1: Can crack the code that virtually every economist of the 37 00:02:26,439 --> 00:02:30,759 last century has said, this is not a good economic 38 00:02:30,800 --> 00:02:34,719 policy to pursue. It creates inflation, it drives up prices, 39 00:02:34,840 --> 00:02:38,479 it's attacks on your own people like all of all 40 00:02:38,560 --> 00:02:43,199 of that that school of thought, every one of them 41 00:02:43,199 --> 00:02:48,520 are wrong, and and Donald Trump is right. That's what 42 00:02:48,560 --> 00:02:52,759 I'm being told I have to I have to believe. Now, 43 00:02:52,759 --> 00:02:55,479 you may not know this about me, but I am 44 00:02:55,560 --> 00:02:59,400 a bit I have a bit of an anti authority 45 00:02:59,439 --> 00:03:02,759 streak in me. Now, It's true. From the very beginning, 46 00:03:03,560 --> 00:03:08,879 I was like this a bit of contrarianism, oppositional defiance, 47 00:03:09,000 --> 00:03:13,319 whatever you want to call it, and so when Gov. 48 00:03:13,360 --> 00:03:18,520 Coe people tell me things, I'm a little skeptical. And 49 00:03:18,599 --> 00:03:21,759 so when somebody comes along and says the way that 50 00:03:22,080 --> 00:03:24,240 we have been doing this stuff for you know, one 51 00:03:24,319 --> 00:03:28,159 hundred years, and the you know, the free and fair trade, 52 00:03:28,199 --> 00:03:32,280 this idea that trade is a rising tide that lifts 53 00:03:32,319 --> 00:03:34,919 all boats and has lifted you know, the globe out 54 00:03:34,919 --> 00:03:37,639 of poverty, which, by the way, it has just for 55 00:03:37,719 --> 00:03:40,960 the case you weren't aware of that, Like, there are 56 00:03:41,000 --> 00:03:44,719 fewer people living in poverty now than ever before, and 57 00:03:44,759 --> 00:03:47,680 we have a larger population than ever before on the 58 00:03:47,680 --> 00:03:51,000 face of the planet. And I would submit that that's 59 00:03:51,879 --> 00:03:55,599 that's probably better than the alternative, right where more people 60 00:03:55,800 --> 00:04:01,960 become impoverished. But that whole, that whole philosophy, the whole 61 00:04:02,000 --> 00:04:06,360 idea that setting up protectionist policies ends up hurting the 62 00:04:06,360 --> 00:04:11,280 country that sets them up. As I said yesterday, maybe 63 00:04:11,319 --> 00:04:13,479 I'm just a fish that doesn't know it's wet because 64 00:04:13,520 --> 00:04:15,680 this is the water I've been swimming in. Because this 65 00:04:15,759 --> 00:04:20,759 has been the accepted understanding of economic theory my entire life. 66 00:04:21,639 --> 00:04:25,680 Because the mistakes were made in prior generations, they learned 67 00:04:25,680 --> 00:04:27,839 from those mistakes said let's not do that let's repeal 68 00:04:27,920 --> 00:04:30,720 those things, let's you know, change course. And they said 69 00:04:30,720 --> 00:04:34,839 this is a better course. And now we're going back 70 00:04:34,920 --> 00:04:37,319 to say no, no, no, that's all been wrong. What 71 00:04:37,399 --> 00:04:40,439 the original thing that they shifted away from. That's what 72 00:04:40,519 --> 00:04:43,439 we need to go back to. And that's what that's 73 00:04:43,480 --> 00:04:47,160 what we're all being brought along for. And that's why 74 00:04:47,199 --> 00:04:50,600 I said, Donald Trump better be right, because he's pinned 75 00:04:51,040 --> 00:04:55,759 his legacy on it. He's pinned your fortunes literally on it, 76 00:04:56,279 --> 00:04:59,920 your standard of living, my standard of living. He is, 77 00:05:00,199 --> 00:05:06,959 you know, risking global trade wars. He's upending everything. And 78 00:05:07,160 --> 00:05:10,680 I know people who love Donald Trump and trust him. 79 00:05:12,240 --> 00:05:15,920 I know that you are trusting that he knows what 80 00:05:15,959 --> 00:05:18,480 he's doing. And maybe for you, it's not even a 81 00:05:18,519 --> 00:05:20,800 thought that crosses your mind that he may be wrong 82 00:05:20,839 --> 00:05:23,720 on this. There's no way he could be wrong on it. 83 00:05:25,759 --> 00:05:30,160 But again, I have a little bit of skepticism about it. 84 00:05:32,120 --> 00:05:35,279 And here's the thing. You're not going to shame me 85 00:05:35,360 --> 00:05:39,240 for it. I've seen your emails and your tweets and 86 00:05:39,279 --> 00:05:41,240 all this. You're not going to shame me for being 87 00:05:41,279 --> 00:05:45,279 skeptical of it. Because when I'm skeptical of the Democrat 88 00:05:45,279 --> 00:05:45,959 in the White House. 89 00:05:46,240 --> 00:05:46,759 Speaker 2: You love it. 90 00:05:48,279 --> 00:05:51,279 Speaker 1: But if I'm skeptical of Donald Trump, now I'm a globalist, 91 00:05:52,319 --> 00:05:56,920 do you hear yourselves? It's just and I'll say this like, 92 00:05:57,000 --> 00:05:59,199 I don't have any animosity or anything. 93 00:05:59,199 --> 00:06:02,199 Speaker 2: It's just this is not so. 94 00:06:02,759 --> 00:06:04,759 Speaker 1: If you're going to set this up as a litmus 95 00:06:04,759 --> 00:06:07,120 test and you're going to say that if I don't 96 00:06:07,160 --> 00:06:10,040 agree with Trump on every single thing that he does, 97 00:06:10,360 --> 00:06:12,480 that flies in the face of not just what I 98 00:06:12,720 --> 00:06:16,279 prior believed and still do, but also all of the 99 00:06:16,879 --> 00:06:21,279 U the understanding of economists, Austrian economists and such that 100 00:06:21,399 --> 00:06:25,439 I'm now supposed to just discard all of those those beliefs, 101 00:06:25,439 --> 00:06:28,040 those ideas because Trump is saying something else. 102 00:06:28,360 --> 00:06:30,879 Speaker 2: Now you can do that. That's totally fine if you would. 103 00:06:31,000 --> 00:06:33,560 Speaker 1: You know, you hadn't had any thoughts about these things before, 104 00:06:33,959 --> 00:06:36,399 and now Trump says no, no, no, everybody's wrong. I'm right, 105 00:06:36,399 --> 00:06:38,360 and you're like, okay, I'm gonna go with Trump. Okay, 106 00:06:40,720 --> 00:06:44,720 but it's not going to change. It's that doesn't force 107 00:06:44,759 --> 00:06:48,839 me to change too, and threatening my job is not 108 00:06:49,000 --> 00:06:52,360 going to do it either. I made a good living 109 00:06:53,199 --> 00:06:57,240 before I got back to WBT. So your threats about 110 00:06:57,240 --> 00:07:01,319 that stuff don't. Actually they don't land the way you 111 00:07:01,399 --> 00:07:03,720 may think they do. And if this isn't, if you 112 00:07:03,800 --> 00:07:06,639 haven't thought these things, said, these things, emailed these things, 113 00:07:06,639 --> 00:07:09,519 And I'm obviously not talking to you. I'm just letting 114 00:07:09,639 --> 00:07:18,680 others know that it doesn't work on me. I don't 115 00:07:18,720 --> 00:07:22,759 need to cheer lead for policy that I don't think 116 00:07:22,839 --> 00:07:26,279 is correct, and me pointing out the problems or raising 117 00:07:26,319 --> 00:07:30,720 the questions of the policy doesn't mean I hate Trump, 118 00:07:30,720 --> 00:07:32,680 and it doesn't mean that I want him to fail, 119 00:07:32,720 --> 00:07:35,040 and it doesn't mean I hate American and it doesn't 120 00:07:35,040 --> 00:07:37,600 mean I'm a globalist all of these things. Okay, So 121 00:07:38,040 --> 00:07:40,160 I just want to set that, set that out on 122 00:07:40,199 --> 00:07:43,639 the table before we begin, because this is going to 123 00:07:43,720 --> 00:07:46,759 be a bumpy ride, that's what the White House says. 124 00:07:47,639 --> 00:07:50,120 So if you don't want to hear about the bumps, 125 00:07:51,600 --> 00:07:54,519 then I guess you know, tune out from the news 126 00:07:54,720 --> 00:07:57,959 for however long the short term pain is. And again 127 00:07:58,040 --> 00:07:59,680 I don't know how long that short term pain is 128 00:07:59,720 --> 00:08:05,240 going be. There was a famous quote, I think it 129 00:08:05,279 --> 00:08:07,360 was Reagan. He said, you know, he's looking for. 130 00:08:07,319 --> 00:08:09,800 Speaker 2: A one arm economist. Do you ever hear this joke? 131 00:08:10,279 --> 00:08:12,279 The one armed economist? 132 00:08:12,839 --> 00:08:13,160 Speaker 3: All right. 133 00:08:13,199 --> 00:08:15,040 Speaker 1: If you're listening to this show, you know I try 134 00:08:15,040 --> 00:08:16,800 to keep up with all sorts of current events, and 135 00:08:16,839 --> 00:08:18,920 I know you do too, And you've probably heard me 136 00:08:18,959 --> 00:08:23,160 say get your news from multiple sources. Why well, because 137 00:08:23,199 --> 00:08:25,879 it's how you detect media bias, which is why I've 138 00:08:25,920 --> 00:08:29,240 been so impressed with ground News. It's an app, and 139 00:08:29,439 --> 00:08:32,320 it's a website, and it combines news from around the 140 00:08:32,360 --> 00:08:35,080 world in one place, so you can compare coverage and 141 00:08:35,159 --> 00:08:39,000 verify information. You can check it out at check dot ground, 142 00:08:39,320 --> 00:08:42,320 dot news slash pete. I put the link in the 143 00:08:42,360 --> 00:08:45,600 podcast description too. I started using ground News a few 144 00:08:45,600 --> 00:08:48,320 months ago and more recently chose to work with them 145 00:08:48,360 --> 00:08:51,120 as an affiliate because it lets me see clearly how 146 00:08:51,240 --> 00:08:54,639 stories get covered and by whom. The blind spot feature 147 00:08:54,720 --> 00:08:57,360 shows you which stories get ignored by the left and 148 00:08:57,480 --> 00:09:01,480 the right. See for yourself. Check dot ground, dot news 149 00:09:01,840 --> 00:09:04,960 slash pete. Subscribe through that link and you'll get fifteen 150 00:09:04,960 --> 00:09:08,080 percent off any subscription. I use the Vantage plan to 151 00:09:08,080 --> 00:09:11,519 get unlimited access to every feature. Your subscription then not 152 00:09:11,559 --> 00:09:14,559 only helps my podcast, but it also supports ground News 153 00:09:14,600 --> 00:09:19,039 as they make the media landscape more transparent. Kevin writes 154 00:09:19,080 --> 00:09:23,519 in to Pete at the Pete klenershow dot com. He says, 155 00:09:24,000 --> 00:09:26,759 I really do hope this is six dimensional chess with 156 00:09:26,840 --> 00:09:31,799 these tariffs. But Pete, remember this is the same guy 157 00:09:31,840 --> 00:09:35,240 that said Haitians are eating the dogs and eating the cats. 158 00:09:35,639 --> 00:09:40,039 Speaker 2: That one, that one statement flip the switch in my head. 159 00:09:40,080 --> 00:09:42,679 I hoped, I hoped I was wrong, but had suspected 160 00:09:42,720 --> 00:09:43,759 something isn't quite right. 161 00:09:47,039 --> 00:09:49,480 Speaker 1: All right, So I said, I would tell you about 162 00:09:49,480 --> 00:09:54,759 the one armed economist. I believe it was Ronald Reagan, 163 00:09:55,039 --> 00:09:58,440 and he made a joke about how he wished he'd 164 00:09:58,480 --> 00:10:02,759 only had one arm economists on staff, because whenever he 165 00:10:02,799 --> 00:10:06,519 would talk to his economists, they would say, well, on 166 00:10:06,559 --> 00:10:08,960 the one hand, this could happen and it would be good. 167 00:10:09,000 --> 00:10:11,399 But on the other hand, this could happen and it 168 00:10:11,440 --> 00:10:14,159 would be bad. And then on the other hand, this 169 00:10:14,200 --> 00:10:18,840 and that and whatever, right, and what's the uh, what's 170 00:10:18,879 --> 00:10:22,519 the premise of the joke? There the truth, the truth 171 00:10:22,519 --> 00:10:25,159 that makes the joke funny, which is that it is 172 00:10:25,879 --> 00:10:32,840 nearly impossible to predict a national global economy and the 173 00:10:32,879 --> 00:10:36,879 reactions and the movements and all of that because of 174 00:10:36,960 --> 00:10:42,240 all of the factors in an economy. I keep hammering away. 175 00:10:42,480 --> 00:10:46,480 At this point, the free market is all of us. 176 00:10:47,879 --> 00:10:51,320 It is you, it is me. That is the free market. 177 00:10:52,440 --> 00:10:55,440 When you go to the store, from the from the 178 00:10:55,440 --> 00:10:58,919 the time you choose to go right to the sale 179 00:10:58,960 --> 00:11:01,000 that they may be offering, to the products that you 180 00:11:01,120 --> 00:11:06,519 purchase at every single step along that way, along that journey, 181 00:11:07,799 --> 00:11:14,840 there are an infinite number of factors at play. Impulse 182 00:11:14,879 --> 00:11:19,440 buying at a grocery store, stuff like that marketing you saw. 183 00:11:20,559 --> 00:11:22,879 Do you remember did I need to get that coffee? 184 00:11:22,879 --> 00:11:24,639 I don't remember. I'll just go ahead and buy it. 185 00:11:24,679 --> 00:11:28,120 You see, like there were all these factors that central 186 00:11:28,159 --> 00:11:35,799 planning can never account for. So stay free. And the 187 00:11:35,840 --> 00:11:38,919 more that you get GOV co involved in these kinds 188 00:11:39,039 --> 00:11:45,320 of command control decisions, the less free the free market 189 00:11:45,759 --> 00:11:50,360 you will be. That's always been sort of my baseline. 190 00:11:50,399 --> 00:11:54,360 That's like my default position is always towards more freedom. 191 00:11:55,000 --> 00:11:57,480 That's not to say I cannot be persuaded. As I 192 00:11:57,519 --> 00:12:01,039 have repeatedly said, but people don't hear, which is that 193 00:12:02,000 --> 00:12:04,159 if this all turns out to be to play out 194 00:12:04,200 --> 00:12:08,399 exactly as everybody is telling me it's going to play out, 195 00:12:08,440 --> 00:12:12,240 and this is all going to be awesome for America, 196 00:12:12,879 --> 00:12:17,759 then I will obviously change my opinion because I don't 197 00:12:17,799 --> 00:12:22,639 hold opinions that I know to be false. But my 198 00:12:22,799 --> 00:12:28,960 question is, if it doesn't turn out that way, do 199 00:12:29,080 --> 00:12:33,480 the proponents change their opinions or is somebody else to 200 00:12:33,480 --> 00:12:35,879 blame for that? Is it going to be another sort 201 00:12:35,879 --> 00:12:38,840 of not my fault like Gary mcfatten our sheriff pulls. 202 00:12:39,120 --> 00:12:41,279 It's always somebody else's fault if it doesn't work out. 203 00:12:41,320 --> 00:12:45,600 You know, there was a call I got years ago 204 00:12:45,720 --> 00:12:47,720 during the two thousand and eight election. It was right 205 00:12:47,759 --> 00:12:49,759 after the two thousand and eight election. I was sitting 206 00:12:49,799 --> 00:12:53,039 right in this chair and a guy called in and 207 00:12:53,080 --> 00:12:55,120 he said he never thought he would see the day 208 00:12:55,159 --> 00:12:59,240 when America would elect a black president. And I asked 209 00:12:59,320 --> 00:13:01,559 him why, and he said, well, as a as a 210 00:13:01,600 --> 00:13:05,799 black man, I didn't think that white Americans would ever 211 00:13:05,919 --> 00:13:10,600 vote for a black candidate. This is after Obama had won. 212 00:13:11,440 --> 00:13:14,799 And so I asked him, does your opinion of Americans 213 00:13:14,960 --> 00:13:18,840 white Americans? Does that now change? And he said no. 214 00:13:20,440 --> 00:13:25,320 So even even when the evidence came back and proved 215 00:13:25,399 --> 00:13:29,200 that his opinion, his belief was incorrect, he still couldn't 216 00:13:29,440 --> 00:13:35,559 change his opinion. That's bigotry, by the way, that's what 217 00:13:35,639 --> 00:13:41,759 that is. So that's what I guard against for myself. Again, 218 00:13:42,080 --> 00:13:45,399 your mileage may vary. All right, Let's go over and 219 00:13:45,440 --> 00:13:47,519 talk with Clyde. Hello, Clyde, welcome to the show. 220 00:13:48,440 --> 00:13:50,720 Speaker 4: Thank god after me, Thank you, sir. 221 00:13:50,759 --> 00:13:51,279 Speaker 2: What's going on? 222 00:13:52,240 --> 00:13:54,679 Speaker 4: I think he's playing a big game of chicken in 223 00:13:54,720 --> 00:13:57,399 this deal. And if you're not going to see all 224 00:13:57,440 --> 00:14:01,480 these tariffs on there for very long, he knows how 225 00:14:01,519 --> 00:14:04,480 to make deals, and I'm thinking within a few days 226 00:14:04,519 --> 00:14:07,559 you're gonna start seeing a bunch of them disappear because 227 00:14:07,639 --> 00:14:11,600 he's pulling out these people for screwing us for years 228 00:14:11,840 --> 00:14:14,360 that nobody else has had to go the ads to 229 00:14:15,039 --> 00:14:17,679 address this problem. But I think he's just playing chicken 230 00:14:17,720 --> 00:14:19,679 with these guys and they're going to blink first on 231 00:14:19,759 --> 00:14:20,120 this deed. 232 00:14:20,679 --> 00:14:24,480 Speaker 1: So when playing chicken, I'm thinking in terms of like, 233 00:14:24,559 --> 00:14:26,919 you know, two guys in the fifties, you know, with 234 00:14:26,960 --> 00:14:29,399 their hot rods driving towards each other, and then one 235 00:14:29,440 --> 00:14:32,200 of them is going to pull away, you know, So 236 00:14:32,240 --> 00:14:34,919 what happens if neither side pulls away. 237 00:14:35,679 --> 00:14:39,559 Speaker 4: Well, then that's the problem. And you're exactly right, you 238 00:14:39,600 --> 00:14:42,600 don't know what's going to happen, but you've got the 239 00:14:42,759 --> 00:14:47,039 leverage on this, and we you know, the riches and 240 00:14:47,080 --> 00:14:49,799 so forth, and I think it's what's gonna happen. That's 241 00:14:49,840 --> 00:14:50,600 just my opinion. 242 00:14:51,080 --> 00:14:55,440 Speaker 1: Yeah, well, I mean that's speculative, and I'm hoping that 243 00:14:55,559 --> 00:14:57,240 if that is the play, which by the way, the 244 00:14:57,240 --> 00:14:59,039 White House said it wasn't that they're not trying to 245 00:14:59,080 --> 00:15:01,200 negotiate this stuff. But maybe they are, and they're just 246 00:15:01,279 --> 00:15:03,200 lying and saying that they're not trying to negotiate. 247 00:15:03,279 --> 00:15:04,960 Speaker 2: I don't know. I don't know. 248 00:15:05,120 --> 00:15:08,840 Speaker 1: And that's the concern is that they may not have 249 00:15:08,879 --> 00:15:12,519 a strategy. You're assuming that that is the strategy and 250 00:15:12,639 --> 00:15:15,320 hoping that it is the case, and because if it's not, 251 00:15:15,720 --> 00:15:17,759 then it's it's going to get very bad. 252 00:15:18,679 --> 00:15:21,720 Speaker 4: That's true. And I'm just hoping that's, you know, the 253 00:15:22,279 --> 00:15:24,360 way he's dealt with things in the past, and he's 254 00:15:24,399 --> 00:15:28,720 got this little brain power that we don't know about. 255 00:15:28,840 --> 00:15:31,240 I'm thinking that's exactly what he's gotten in mind. 256 00:15:32,519 --> 00:15:34,720 Speaker 1: Well, let's hope so Clyde have a great weekend, sir. 257 00:15:34,759 --> 00:15:40,879 I appreciate it, hiybody, Yeah, I see it. China announced 258 00:15:40,919 --> 00:15:43,879 today that it's imposing tariffs on us. It's increasing its 259 00:15:43,879 --> 00:15:49,320 tariffs imposed thirty four percent tariffs on the US. That's 260 00:15:49,360 --> 00:15:52,159 the same amount that Trump put on them. So reciprocal, 261 00:15:52,200 --> 00:15:55,120 you might say, although ours were reciprocal, but now there's 262 00:15:55,120 --> 00:15:59,559 a reciprocal You see how trade wars start because there 263 00:15:59,639 --> 00:16:04,840 is a there is an incentive to escalate. The new 264 00:16:04,879 --> 00:16:07,799 tariffs from China against the US go into effect April tenth, 265 00:16:07,840 --> 00:16:12,000 according to the Wall Street Journal. And then there's this 266 00:16:12,159 --> 00:16:16,720 from the communists over there, this gravely VI he's there 267 00:16:16,759 --> 00:16:18,519 talking about this is hang on a second. 268 00:16:18,559 --> 00:16:19,200 Speaker 2: This is their. 269 00:16:19,519 --> 00:16:24,279 Speaker 1: Foreign Ministry spokesperson Gaun who said, I think I pronounced 270 00:16:24,279 --> 00:16:24,559 that right. 271 00:16:24,600 --> 00:16:27,360 Speaker 2: He says, I think it's a He says. 272 00:16:28,639 --> 00:16:32,600 Speaker 1: This gravely violates World Trade Organization rules and undermines the 273 00:16:32,720 --> 00:16:36,559 rules based multilateral trading system. And we have a lot 274 00:16:36,600 --> 00:16:42,919 of experience doing this too, so we would know, like, guys, 275 00:16:44,000 --> 00:16:47,159 you're you're not the ones to make this argument China, 276 00:16:47,679 --> 00:16:49,440 you guys are not the ones to make it. And 277 00:16:49,519 --> 00:16:52,519 remember rule number one when dealing with communists is what 278 00:16:53,759 --> 00:16:59,759 communists lie, they lie. So I don't care what you're 279 00:16:59,799 --> 00:17:02,159 rat estional is you want to slap the tariffs on 280 00:17:02,279 --> 00:17:06,839 and retaliation, go for it. I expected that, I expect 281 00:17:06,839 --> 00:17:08,920 by the way, me personally, I have no idea if 282 00:17:08,920 --> 00:17:10,839 this will happen, and I hope it doesn't. But my 283 00:17:10,960 --> 00:17:13,920 expectation is that a whole bunch of other countries are 284 00:17:13,960 --> 00:17:16,920 going to hit hit us with uh these taxes too, 285 00:17:17,160 --> 00:17:20,799 with the tariffs also, that's my expectation. Now, I hope 286 00:17:20,799 --> 00:17:24,440 I'm disappointed, not disappointed, but I hope I'm wrong. So like, 287 00:17:25,480 --> 00:17:27,240 because if I'm wrong, then they don't hit us with 288 00:17:27,240 --> 00:17:29,480 all of the tariffs and we've got a good resolution. 289 00:17:29,720 --> 00:17:30,400 Speaker 2: That's awesome. 290 00:17:31,079 --> 00:17:36,599 Speaker 1: But yeah, no, I'm I'm yeah, maybe uh maybe that's 291 00:17:36,640 --> 00:17:40,039 a little pessimistic, but that's how I think these other 292 00:17:40,039 --> 00:17:42,240 countries are going to start reacting if they can't get 293 00:17:42,279 --> 00:17:43,240 their own carve outs. 294 00:17:43,279 --> 00:17:44,519 Speaker 2: As Clyde said, so. 295 00:17:44,480 --> 00:17:46,920 Speaker 1: Now everyone's going to go and negotiate with Donald Trump 296 00:17:46,920 --> 00:17:49,440 separately to try to get the deals and all of this. So, 297 00:17:49,480 --> 00:17:51,480 by the way, I have a question regarding because Clyde 298 00:17:51,480 --> 00:17:53,680 also mentioned that, you know, no one else has stood 299 00:17:53,759 --> 00:17:57,759 up to these other countries and did this thing. And 300 00:17:57,759 --> 00:17:59,640 and it's important to keep in mind that there is 301 00:17:59,640 --> 00:18:06,519 a difference between a trade deficit and barriers that includes tariffs, 302 00:18:07,240 --> 00:18:13,759 trade barriers. A trade barrier yes, can can impact the 303 00:18:14,599 --> 00:18:18,759 trade deficit, but a deficit does not automatically mean that 304 00:18:18,799 --> 00:18:22,279 there are barriers in place or tariffs in place. That's 305 00:18:22,279 --> 00:18:24,680 not an automatic thing. It's like a square is a rahmbus, 306 00:18:24,720 --> 00:18:26,799 but a rambas is not a square kind of a thing. 307 00:18:28,039 --> 00:18:32,559 A barrier can, yes, create more trade deficit, but a 308 00:18:32,599 --> 00:18:36,279 trade deficit doesn't automatically mean that they've got barriers. It 309 00:18:36,359 --> 00:18:40,559 might just mean, for example, if I'm digging a lot 310 00:18:40,559 --> 00:18:44,039 of coal, by country is dirt poor, but we got 311 00:18:44,039 --> 00:18:47,160 a lot of coal, and so are people. My people 312 00:18:47,160 --> 00:18:52,119 are digging coal. We don't have any factories to do 313 00:18:52,160 --> 00:18:55,759 anything with it because we are poor. We have no investment, 314 00:18:56,440 --> 00:19:00,440 we have no roads, we have a barely functioning government 315 00:19:00,559 --> 00:19:03,880 or whatever. And so we dig out this coal and 316 00:19:05,599 --> 00:19:08,680 America comes along and says, hey, we'll buy that coal. Okay, 317 00:19:08,720 --> 00:19:10,920 this was like a decade or so ago before we 318 00:19:10,960 --> 00:19:12,839 band all the coal, but you get the idea here, 319 00:19:12,880 --> 00:19:14,960 so like, we'll buy that coal. So they buy all 320 00:19:15,000 --> 00:19:19,279 of the coal. So now my poor country is selling 321 00:19:19,319 --> 00:19:21,839 all of this coal, but we have no money to 322 00:19:21,880 --> 00:19:23,079 buy anything from America. 323 00:19:24,039 --> 00:19:27,559 Speaker 2: So we have a surplus. We have a trade surplus. 324 00:19:27,200 --> 00:19:29,160 Speaker 1: Because we don't have any money to buy the stuff 325 00:19:29,200 --> 00:19:34,440 that you're making because we're poor, So are we. 326 00:19:36,319 --> 00:19:39,599 Speaker 2: Are? Are we cheating? Are we taking advantage of America? 327 00:19:39,720 --> 00:19:39,920 Speaker 1: Are? 328 00:19:40,200 --> 00:19:40,279 Speaker 3: Like? 329 00:19:41,599 --> 00:19:44,079 Speaker 1: This is the problem with this way of thinking about 330 00:19:44,079 --> 00:19:48,680 a trade deficit. A trade deficit is different than just 331 00:19:49,519 --> 00:19:52,559 like a fiscal deficit on your government books. And I 332 00:19:52,559 --> 00:19:56,519 think a lot of people are conflating these things together 333 00:19:57,880 --> 00:20:02,440 that somehow it's a loss of money and it simply 334 00:20:02,480 --> 00:20:05,240 means that we are buying more from another country than 335 00:20:05,240 --> 00:20:06,759 they are buying from us. And by the way, the 336 00:20:06,839 --> 00:20:09,759 data that the White House was using is only for goods, 337 00:20:10,000 --> 00:20:14,240 it's not for services, and America is seventy seven percent 338 00:20:14,720 --> 00:20:16,279 service based economy. 339 00:20:17,279 --> 00:20:19,759 Speaker 2: So keep in mind. 340 00:20:20,279 --> 00:20:22,960 Speaker 1: Here's a great idea. How about making an escape to 341 00:20:23,039 --> 00:20:26,519 a really special and secluded getaway in western North Carolina. 342 00:20:26,640 --> 00:20:28,799 Just a quick drive up the mountain and Cabins of 343 00:20:28,799 --> 00:20:33,200 Asheville is your connection. 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First Joseph, 363 00:21:40,720 --> 00:21:43,960 who says, Pete, you're letting the markets and the business 364 00:21:44,000 --> 00:21:46,920 pundits activate your spiritual boomer. 365 00:21:47,279 --> 00:21:50,480 Speaker 2: That's not true. It's been two days. 366 00:21:50,759 --> 00:21:52,839 Speaker 1: So when I started the show, I made a joke 367 00:21:53,279 --> 00:21:56,039 about the markets being down again as they were yesterday, 368 00:21:57,240 --> 00:21:59,480 and so I asked the question, how long is the 369 00:21:59,519 --> 00:22:02,599 short term paint? And so this is the attack on 370 00:22:02,680 --> 00:22:05,240 me for asking how much pain are we actually looking 371 00:22:05,279 --> 00:22:06,200 at and for how long? 372 00:22:06,720 --> 00:22:08,119 Speaker 2: And for just asking the question. 373 00:22:09,319 --> 00:22:12,680 Speaker 1: I am what did he say here activating my spiritual 374 00:22:12,720 --> 00:22:16,920 boomer dude? I'm a gen xer pound sand dude. It's 375 00:22:16,960 --> 00:22:19,839 like that doesn't that doesn't work on me. The gen 376 00:22:20,079 --> 00:22:23,000 x like I am more towards the individual than the 377 00:22:23,039 --> 00:22:28,880 collective than the Boomers were. So this globalist con has 378 00:22:28,880 --> 00:22:30,599 been going on for forty years. It's not going to 379 00:22:30,640 --> 00:22:33,079 go quietly, but it must go. The two hundred dollar 380 00:22:33,400 --> 00:22:36,559 fifty inch flat screen isn't worth a hollowed out nation 381 00:22:36,680 --> 00:22:40,759 of gig workers and onlyfan models. That is a false choice. 382 00:22:41,240 --> 00:22:44,319 But duly noted that we will own nothing and be happy, 383 00:22:45,160 --> 00:22:48,599 which sounds a lot like somebody else I've heard recently 384 00:22:48,640 --> 00:22:57,559 talking about a new reset of the global order. No, look, 385 00:22:57,680 --> 00:23:00,640 I'm sure, I'm sure everybody's going to be very satisfied 386 00:23:01,000 --> 00:23:06,960 going back to a factory job twisting caps onto toothpaste tubes. 387 00:23:08,720 --> 00:23:14,279 Sewing Nike sneakers and such, and then making you know, 388 00:23:14,400 --> 00:23:17,400 eighty ninety one hundred thousand dollars a year for that 389 00:23:17,440 --> 00:23:21,240 factory job, and only being able to afford you know, 390 00:23:21,279 --> 00:23:23,519 a single television in the home. 391 00:23:23,920 --> 00:23:24,079 Speaker 3: Right. 392 00:23:25,480 --> 00:23:27,839 Speaker 2: See, I can play the false choice game too, Joseph. 393 00:23:27,880 --> 00:23:34,000 Speaker 1: Come on, man, Greg says, My biggest gripe with Donald 394 00:23:34,000 --> 00:23:36,240 Trump being the nominee in this recent election is his 395 00:23:36,359 --> 00:23:40,039 loyal MAGA following. There are a lot of independent thinkers 396 00:23:40,200 --> 00:23:43,359 and smart folks in Maga, sure, but most of the 397 00:23:43,359 --> 00:23:46,359 mega people I know are much more shallow on the issues, 398 00:23:46,359 --> 00:23:49,400 and they just love Donald Trump no matter what. And 399 00:23:49,440 --> 00:23:52,039 by the way, that is always the case in you know, 400 00:23:52,079 --> 00:23:54,119 in any election with any candidate, there are people that 401 00:23:54,240 --> 00:23:57,480 just love the candidate and you know, the facts don't 402 00:23:57,480 --> 00:24:01,519 matter or whatever. That's enough, that's their god. They look 403 00:24:01,559 --> 00:24:05,799 at it like a team sport. I think there's a 404 00:24:05,839 --> 00:24:09,359 main source or sorry, I think that's a main source 405 00:24:09,359 --> 00:24:12,680 of this crazy tariff Dumpy just released. He knows that 406 00:24:12,720 --> 00:24:14,799 he will remain the savior to most of his base 407 00:24:14,880 --> 00:24:18,119 no matter what he does. My point is a politician 408 00:24:18,160 --> 00:24:20,799 that doesn't fear losing his base is sure to be 409 00:24:20,880 --> 00:24:23,960 reckless and take large risks like the one we are 410 00:24:24,000 --> 00:24:24,799 witnessing now. 411 00:24:25,039 --> 00:24:25,960 Speaker 2: But I hope it works. 412 00:24:29,480 --> 00:24:33,279 Speaker 1: Rick says, I suspect that Thomas Sole is highly regarded 413 00:24:33,319 --> 00:24:36,720 across the political spectrum, but particularly so among those who 414 00:24:36,839 --> 00:24:39,920 lean to the right. His book Basic Economics is an 415 00:24:39,960 --> 00:24:43,680 excellent source of information to help one better understand how 416 00:24:43,720 --> 00:24:47,480 economics work. In Basic Economics the book, there is a 417 00:24:47,559 --> 00:24:51,799 chapter on international trade. He explains very clearly why tariffs 418 00:24:51,839 --> 00:24:57,000 have unintended negative consequences and cites historic examples. I recommend 419 00:24:57,039 --> 00:25:00,240 this book highly. I do actually have Thomas Sol gave 420 00:25:00,240 --> 00:25:04,440 an interview a couple of m there's a couple of 421 00:25:04,480 --> 00:25:06,440 years ago, but it was I think during the first 422 00:25:06,640 --> 00:25:08,839 I've got it here someplace in the stack of stuff. 423 00:25:09,920 --> 00:25:14,079 His commentary on the first round of tariffs that Trump 424 00:25:14,119 --> 00:25:20,880 did in the first term. So let's see here is Chuck. 425 00:25:21,480 --> 00:25:23,640 It sounds like you climbed on the fence, Pete. 426 00:25:24,279 --> 00:25:24,519 Speaker 2: See. 427 00:25:24,519 --> 00:25:27,880 Speaker 1: This is the kind of stuff I get when when 428 00:25:27,960 --> 00:25:31,400 I disagree with anything Donald Trump does. I don't have 429 00:25:31,440 --> 00:25:33,279 to attack Donald Trump. I don't have to say anything 430 00:25:33,319 --> 00:25:36,319 negative about him. No, No, it's just hey, he did something. 431 00:25:36,359 --> 00:25:38,720 It's like I don't Yeah, I'm not a fan of 432 00:25:38,759 --> 00:25:44,319 that policy. And it's like you suck pete Like guys, really, 433 00:25:45,160 --> 00:25:48,480 so you're saying that I have to agree with every 434 00:25:48,519 --> 00:25:53,960 single thing Donald Trump says and does. That's ridiculous. That's ridiculous. 435 00:25:54,079 --> 00:25:56,480 There isn't anybody you should agree with one hundred percent 436 00:25:56,480 --> 00:25:56,920 of the time. 437 00:26:00,160 --> 00:26:00,519 Speaker 2: Goes on. 438 00:26:01,000 --> 00:26:04,599 Speaker 1: He is not a politician. He is the president. No, chuck, 439 00:26:04,640 --> 00:26:07,480 he's a politician. In fact, he said he was. He 440 00:26:07,519 --> 00:26:10,480 said he was. He made a comment at a stump 441 00:26:10,519 --> 00:26:14,519 speech a couple of years ago, and he talked about politicians, 442 00:26:14,519 --> 00:26:16,240 and then he said, well, I guess I guess I'm 443 00:26:16,240 --> 00:26:19,519 one of those politicians. Now, huh Yeah. When you run 444 00:26:19,559 --> 00:26:22,319 for a political office and then you win that political 445 00:26:22,400 --> 00:26:24,640 office and hold it and then run again for reelection 446 00:26:25,079 --> 00:26:31,200 and win it again, you're a politician. He's not not 447 00:26:31,279 --> 00:26:37,200 a politician just because you like him. Politicians have been 448 00:26:37,279 --> 00:26:40,440 running this kacas show for how long He's had to 449 00:26:40,480 --> 00:26:43,880 fight dang near everyone every step of the way. Why not, 450 00:26:44,079 --> 00:26:45,519 good Lord, give him a chance? 451 00:26:47,720 --> 00:26:48,440 Speaker 2: What have I said? 452 00:26:49,160 --> 00:26:51,200 Speaker 1: What have I said for the last twenty four hours 453 00:26:51,720 --> 00:26:53,640 since they unveiled this regime? 454 00:26:53,680 --> 00:26:54,279 Speaker 2: What have I said? 455 00:26:56,240 --> 00:27:01,519 Speaker 1: This goes against everything that I have ever learned about 456 00:27:01,759 --> 00:27:07,200 tariffs and international economics. And maybe I'm wrong, and maybe 457 00:27:07,240 --> 00:27:09,519 all those other people have been wrong all this time. 458 00:27:09,720 --> 00:27:12,160 And if you think that that's the case, good on you. 459 00:27:12,279 --> 00:27:14,599 It doesn't matter to me. I really don't care if 460 00:27:14,680 --> 00:27:17,880 people disagree with me, But apparently people think people really 461 00:27:17,880 --> 00:27:18,440 do care if. 462 00:27:18,359 --> 00:27:20,960 Speaker 2: I disagree with them. So I hope it works. 463 00:27:21,759 --> 00:27:23,920 Speaker 1: It would be fantastic if whatever it is that they're 464 00:27:23,920 --> 00:27:27,039 trying to do works and it redounds to the benefit 465 00:27:27,039 --> 00:27:30,920 of Americans, and then I will discard all that I 466 00:27:31,000 --> 00:27:34,960 knew or thought I knew about international economics and tariffs. 467 00:27:35,960 --> 00:27:39,039 Speaker 2: That's what I've said. But this is too far. This 468 00:27:39,200 --> 00:27:40,920 is a bridge too far, all right? 469 00:27:40,960 --> 00:27:44,240 Speaker 1: So spring is here a time of renewal and celebrations. 470 00:27:44,400 --> 00:27:48,039 You've got graduations, weddings, anniversaries, and the special days for 471 00:27:48,160 --> 00:27:50,480 mom and dad. Your family's making memories that are going 472 00:27:50,519 --> 00:27:52,920 to last a lifetime. But let me ask you, are 473 00:27:53,000 --> 00:27:56,119 all of those treasured moments from days gone by? Are 474 00:27:56,160 --> 00:27:59,480 they hidden away on old VCR tapes, eight millimeter films, 475 00:27:59,599 --> 00:28:04,000 photo slides? Are they preserved? 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I was also advised yesterday to stop 488 00:28:46,559 --> 00:28:50,880 scaring people by talking about the tariffs and the concerns 489 00:28:50,920 --> 00:28:51,759 that I have about them. 490 00:28:52,039 --> 00:28:54,640 Speaker 2: No, I'm I'm. 491 00:28:54,519 --> 00:28:57,039 Speaker 1: Not gonna stop talking about the concerns I have about 492 00:28:57,079 --> 00:28:57,759 what I'm seeing. 493 00:28:58,279 --> 00:29:00,359 Speaker 2: That's like, literally what I do. 494 00:29:03,839 --> 00:29:07,599 Speaker 1: You're talking about a reset of the global international trade order. 495 00:29:08,559 --> 00:29:15,839 I think it's worth a couple of conversations now, Eric, 496 00:29:15,880 --> 00:29:16,519 Welcome to the show. 497 00:29:16,519 --> 00:29:22,920 Speaker 3: Hello, Eric, Hey, Pete, Hey, what's up. It's not that 498 00:29:23,240 --> 00:29:26,000 here's my point or my problem with the argument that 499 00:29:26,039 --> 00:29:31,160 you've been taking is which argument that the terrorists, like 500 00:29:31,359 --> 00:29:34,519 you know that all these economics are economicists that you 501 00:29:34,559 --> 00:29:37,519 know they they're against terrorists. It's bad, it's going to 502 00:29:37,559 --> 00:29:38,359 be terrible. All that. 503 00:29:38,960 --> 00:29:40,400 Speaker 2: I've not made that argument. 504 00:29:42,480 --> 00:29:44,920 Speaker 3: Okay, here's much. Let me just talk my point. 505 00:29:45,000 --> 00:29:46,920 Speaker 1: Well, yeah, but if you're gonna but it sounds like 506 00:29:46,960 --> 00:29:49,119 you don't know what my argument what I've said, So 507 00:29:49,640 --> 00:29:51,920 if you're going to make a point that's like encounter 508 00:29:52,039 --> 00:29:54,680 to it's a counter argument is something I've said, I 509 00:29:54,680 --> 00:29:55,920 would like it to be something. 510 00:29:55,680 --> 00:30:00,119 Speaker 3: I've said, Well, haven't you said that you know, all 511 00:30:00,119 --> 00:30:03,680 these economists throughout the years, through you know, one hundred 512 00:30:03,720 --> 00:30:06,240 years of history or saying tariffs are bad. 513 00:30:06,720 --> 00:30:08,799 Speaker 1: Yeah, that they write they for well, they do a 514 00:30:08,880 --> 00:30:11,920 number of things that are you know, unintended consequences. They 515 00:30:12,440 --> 00:30:15,680 create inflation, they stifle innovation, They are tax on the uh, 516 00:30:16,359 --> 00:30:17,640 the domestic population. 517 00:30:19,400 --> 00:30:23,960 Speaker 3: Okay, well here's here's my problem is Okay, we know 518 00:30:24,640 --> 00:30:27,279 I think I think we agree that all these other 519 00:30:27,279 --> 00:30:30,000 countries are using tariffs. Now I know you've made the 520 00:30:30,000 --> 00:30:32,519 point because I listened yesterday that said well that's bad too, 521 00:30:33,400 --> 00:30:36,680 But the problem is they're doing it. So how can 522 00:30:36,759 --> 00:30:41,440 we fight that do we just unilaterally say, which is 523 00:30:41,480 --> 00:30:43,559 what we've been doing for forty years and not have 524 00:30:43,599 --> 00:30:46,519 a lot of tariffs. So countries have taken advantage of that, 525 00:30:46,599 --> 00:30:50,000 So what's our response? How can we correct that? Right? 526 00:30:50,119 --> 00:30:52,519 Speaker 1: So if and I said this yesterday too, that if 527 00:30:52,640 --> 00:30:57,480 the approach was to actually do reciprocal tariffs. For example, 528 00:30:58,039 --> 00:31:01,359 you got a country that you know, sells a lot 529 00:31:01,480 --> 00:31:07,440 of bananas into our country, and uh we and then 530 00:31:07,480 --> 00:31:10,279 we try to sell something into their country, say you know, 531 00:31:10,759 --> 00:31:14,960 I don't know banana milkshakes, and they are like, well, 532 00:31:14,960 --> 00:31:17,119 we're going to tear if you're banana milkshakes. Okay, well 533 00:31:17,160 --> 00:31:18,799 then we're going to tear if you're banana is at 534 00:31:18,839 --> 00:31:23,640 the same rate. But like, that would be a reciprocal tariff, right. 535 00:31:26,079 --> 00:31:28,759 Speaker 3: Right, But isn't what Trump's I agree, I agree. I 536 00:31:28,799 --> 00:31:31,319 would have liked to see Trump just do reciprocal. If 537 00:31:31,799 --> 00:31:34,960 Vietnam is charging US thirty percent, we would do thirty. 538 00:31:35,279 --> 00:31:37,440 But I think his approach was, Okay, I'm not going 539 00:31:37,519 --> 00:31:41,119 to go that hard line yet, so I'll say I'll 540 00:31:41,119 --> 00:31:42,880 cut these guys at break and say we won't we 541 00:31:42,920 --> 00:31:46,599 won't do full reciprocal yet. But I just this this 542 00:31:46,640 --> 00:31:48,680 is the argument from the one side that doesn't like 543 00:31:48,759 --> 00:31:52,119 this seems to be like a unilateral surrender, like let's 544 00:31:52,119 --> 00:31:54,880 just keep doing what we're doing, which look what has 545 00:31:54,880 --> 00:31:55,319 bought us. 546 00:31:55,400 --> 00:31:56,240 Speaker 2: No, that's not, but. 547 00:31:56,240 --> 00:31:58,039 Speaker 1: That's not I have not heard anybody say let's just 548 00:31:58,119 --> 00:32:00,640 keep doing what we're doing. There's no dis agreement that 549 00:32:00,680 --> 00:32:03,480 if you've got an unfair trade practice going on and 550 00:32:03,519 --> 00:32:07,319 you want to target with reciprocal tariffs, that that is 551 00:32:07,359 --> 00:32:10,680 a legitimate thing to pursue, right to go after another 552 00:32:10,720 --> 00:32:13,039 country or to you know, to slap them with tariffs, 553 00:32:13,079 --> 00:32:15,279 which apparently that's the only thing you can do with tariffs. 554 00:32:15,279 --> 00:32:19,160 Speaker 2: It's only slapping. I don't know why, but you only slap, right, 555 00:32:19,279 --> 00:32:20,720 So that's yeah. 556 00:32:20,759 --> 00:32:23,400 Speaker 1: Yeah, So like I like, I'm I've not seen anybody 557 00:32:23,440 --> 00:32:27,039 making the making the case that we have to you know, 558 00:32:27,200 --> 00:32:29,599 keep on the same path. Everybody has known what Donald 559 00:32:29,599 --> 00:32:32,119 Trump has thought about tariffs for you know, decades, right, 560 00:32:32,119 --> 00:32:34,839 He said the same thing about tariffs, but he also 561 00:32:35,480 --> 00:32:38,880 seems to just like tariffs as the end in and 562 00:32:38,920 --> 00:32:44,200 of itself. He sees tariffs as just a good thing 563 00:32:44,359 --> 00:32:48,559 to do, and it may not even be a means 564 00:32:48,640 --> 00:32:52,440 to a different end, because if you could go to zero, 565 00:32:52,680 --> 00:32:55,440 like for example South Korea. South Korea, you know what 566 00:32:55,480 --> 00:32:59,279 their their tariff is on America. It's like less than 567 00:32:59,319 --> 00:33:03,039 one percent, and we just nailed them with the ten 568 00:33:03,039 --> 00:33:07,960 percent baseline plus more. Brazil has a We have a 569 00:33:08,000 --> 00:33:12,480 surplus trading against Brazil and they got hit with terriffs. 570 00:33:13,119 --> 00:33:13,599 Speaker 2: That's what I mean. 571 00:33:13,880 --> 00:33:17,559 Speaker 1: This doesn't make sense, unless, of course, it's just because 572 00:33:17,759 --> 00:33:18,640 you like terrafs. 573 00:33:19,119 --> 00:33:20,759 Speaker 2: That's the problem. 574 00:33:21,519 --> 00:33:24,240 Speaker 3: Yeah, I agree if that, I don't know that kind 575 00:33:24,279 --> 00:33:26,559 of detail, and if that's true, then yeah, I don't 576 00:33:26,599 --> 00:33:29,160 agree with that. I agree with I think where you're 577 00:33:29,200 --> 00:33:32,279 at that you said, yes, I agree with doing reciprocal 578 00:33:32,519 --> 00:33:35,759 in Paris, but I just don't think we just do nothing, 579 00:33:35,799 --> 00:33:37,799 which is pretty much is what's been happening for the 580 00:33:37,880 --> 00:33:43,400 last whatever since maybe NaSTA nineties, and it seems like 581 00:33:43,480 --> 00:33:45,480 that's not the way to go. And Trump's at least 582 00:33:45,480 --> 00:33:46,319 trying to address it. 583 00:33:46,519 --> 00:33:46,759 Speaker 4: Yeah. 584 00:33:46,839 --> 00:33:50,119 Speaker 1: No, Look, he is definitely trying to, you know, turn 585 00:33:50,200 --> 00:33:54,079 over the tables and prompt a a you know, a 586 00:33:54,160 --> 00:33:58,359 radical realignment of some kind. And the problem is, I 587 00:33:58,400 --> 00:34:00,400 don't know what that what that looks like. I don't 588 00:34:00,440 --> 00:34:02,720 know what the end goal is, and I keep getting 589 00:34:02,759 --> 00:34:05,200 mixed messages, and then I'm told, well, that's part of 590 00:34:05,240 --> 00:34:08,320 the strategy is for everybody to be confused, and so 591 00:34:08,400 --> 00:34:11,800 then when I express the confusion, I'm then attacked because 592 00:34:11,840 --> 00:34:15,280 I'm confused, and I'm told basically shut up and just 593 00:34:15,360 --> 00:34:19,400 follow along, It'll all work out, and like, I'm not 594 00:34:19,480 --> 00:34:21,599 going to do that, so I keep So I'm just 595 00:34:21,760 --> 00:34:25,079 pointing out the confusion and the questions that I've got. 596 00:34:25,639 --> 00:34:28,920 Like Brazil, I think you mentioned somebody mentioned Vietnam. I 597 00:34:28,920 --> 00:34:31,199 think you may have mentioned just mentioned Vietnam. You know, 598 00:34:31,320 --> 00:34:34,519 Vietnam just moved a whole bunch of or companies moved 599 00:34:34,519 --> 00:34:38,000 a whole bunch of their production lines out of China 600 00:34:38,199 --> 00:34:42,639 into Vietnam in order to comply with Trump's tariff stuff 601 00:34:42,719 --> 00:34:45,400 last time. So now they've moved everything to Vietnam, and 602 00:34:45,400 --> 00:34:46,760 now Vietnam just got nailed. 603 00:34:47,239 --> 00:34:49,599 Speaker 2: So it's like, what do you like? What is it 604 00:34:49,639 --> 00:34:50,639 that we're trying to do? 605 00:34:50,840 --> 00:34:53,880 Speaker 1: And you know, if the tariffs go up and they 606 00:34:54,199 --> 00:35:00,440 reduce consumption of these foreign made products in America, and 607 00:35:00,519 --> 00:35:02,679 those companies are going to try to stay in business 608 00:35:02,719 --> 00:35:04,800 and make sales, who do you think they're going to 609 00:35:04,880 --> 00:35:08,519 sell to? I suspect they're going to sell to their neighbors, 610 00:35:09,199 --> 00:35:11,559 and that's a concern Also that I've got is that 611 00:35:11,920 --> 00:35:15,519 you're basically pushing these uh, these other countries to deepen 612 00:35:15,559 --> 00:35:19,360 their ties with communists China and help communists China when 613 00:35:19,400 --> 00:35:22,079 it actually looks like right now they're in some severe problems. 614 00:35:22,119 --> 00:35:24,599 They're having severe problems. 615 00:35:24,599 --> 00:35:27,119 Speaker 3: True, but don't don't we have the leverage. I mean, 616 00:35:27,199 --> 00:35:31,880 everybody wants to we have some Yeah, yeah, it is China. 617 00:35:32,119 --> 00:35:34,559 I mean, they're not going to let other like France 618 00:35:34,639 --> 00:35:37,639 or some of these other countries get into their market either. 619 00:35:38,320 --> 00:35:40,519 So it feels I feel like we have the leverage 620 00:35:40,559 --> 00:35:41,039 if we can. 621 00:35:41,320 --> 00:35:45,639 Speaker 1: Let they'll let Southeast Asian nations like they're going to 622 00:35:45,800 --> 00:35:49,320 just like their belt in Road initiatives, they're going to 623 00:35:49,599 --> 00:35:52,960 they're going to try and deepen those ties with their 624 00:35:52,960 --> 00:35:58,000 neighbors because they're trying to create h hegemony there or 625 00:35:58,039 --> 00:36:00,960 hegemony there. You know, they're trying to as certain control 626 00:36:01,039 --> 00:36:04,800 over that sphere, that hemisphere. And so my concern is 627 00:36:04,800 --> 00:36:09,320 that this gives them a really good, a really wide lane. 628 00:36:09,039 --> 00:36:09,519 Speaker 2: To run in. 629 00:36:12,760 --> 00:36:15,320 Speaker 3: Yeah, I agree with you that. I'm also in the 630 00:36:15,679 --> 00:36:19,199 camp of Okay, there's definitely some skeps is a little 631 00:36:19,199 --> 00:36:22,119 worry of where's this going to go? But again it's 632 00:36:22,320 --> 00:36:25,199 this hasn't been ever tried. Like, I think it's worth 633 00:36:25,239 --> 00:36:27,679 the effort. Yes, this could turn out badly, but I 634 00:36:27,719 --> 00:36:29,679 think something had to be done, right. 635 00:36:29,800 --> 00:36:33,199 Speaker 1: Yeah, Look again, I can agree that that the course 636 00:36:33,320 --> 00:36:36,840 needed to be corrected. I can agree that reciprocal tariffs 637 00:36:36,960 --> 00:36:39,800 would be appropriate when you're dealing with barriers put up 638 00:36:39,800 --> 00:36:44,239 by other countries. Absolutely, but I like, I don't know 639 00:36:44,280 --> 00:36:47,800 if this is the way that is that you best 640 00:36:47,840 --> 00:36:51,480 achieved that. And again, like as I said, like, there 641 00:36:51,480 --> 00:36:55,239 are unintended consequences to this, and this has like tariffs 642 00:36:55,320 --> 00:36:58,960 have been done over the course of the last you know, millennia. 643 00:36:59,039 --> 00:37:02,119 These things have been done, and America has a history 644 00:37:02,199 --> 00:37:05,960 that economists look at and they see the results and 645 00:37:06,000 --> 00:37:08,000 it's like, yeah, this is generally not a great thing. 646 00:37:08,400 --> 00:37:14,199 And also, these figures that the Trump administration has been 647 00:37:14,280 --> 00:37:19,440 using are not They don't include services, and we quote 648 00:37:19,480 --> 00:37:23,760 export a lot of services, and people disagree with that, 649 00:37:23,840 --> 00:37:25,880 and that's a fundamental question. 650 00:37:26,000 --> 00:37:27,039 Speaker 2: I think that's at the heart of this. 651 00:37:27,079 --> 00:37:29,400 Speaker 1: Also is that there are people that want to see 652 00:37:29,400 --> 00:37:35,239 America go back to a predominantly manufacturer manufacturing export country 653 00:37:36,360 --> 00:37:40,239 versus a services export country. And so that's why they 654 00:37:40,400 --> 00:37:42,119 like this idea is they think it's going to get 655 00:37:42,119 --> 00:37:45,119 them there, it's going to get us there, but we're already. 656 00:37:45,320 --> 00:37:47,800 We're still the number two manufacturing country in the world 657 00:37:48,519 --> 00:37:52,360 behind China. All right, that'll do it for this episode. 658 00:37:52,440 --> 00:37:54,519 Thank you so much for listening. I could not do 659 00:37:54,559 --> 00:37:56,679 the show without your support and the support of the 660 00:37:56,719 --> 00:37:59,760 businesses that advertise on the podcast, so if you'd like, 661 00:38:00,000 --> 00:38:02,000 please support them too and tell them you heard it here. 662 00:38:02,159 --> 00:38:04,679 You can also become a patron at my Patreon page 663 00:38:04,800 --> 00:38:08,360 or go to thepetecleanershow dot com. Again, thank you so 664 00:38:08,440 --> 00:38:12,199 much for listening, and don't break anything while I'm gone.