Podcasts about Nafta

Chuck Todd opens with a critical analysis of President Trump's approach to governance, suggesting that while his Middle East trip may yield positive results, his administration is missing crucial opportunities for bipartisan cooperation. He argues that Trump's executive order on prescription drugs lacks substance without legislative backing and that the president should "get caught trying" bipartisanship on issues where common ground exists. He also explores Putin's refusal of peace talks as a potential humiliation for Trump, and examines what recent political developments like the Omaha mayoral race might signal about Democratic prospects in upcoming elections.Then, he's joined by Congressman Ro Khanna, who delivers a candid assessment of the Democratic party's leadership crisis and brand damage. Khanna argues that Chuck Schumer has squandered his leadership position and addresses concerns about deportations in rural communities. The conversation delves into the economic realities facing the Midwest, and calls for Democrats to work more closely with business leaders. Khanna argues that deplatforming Trump after January 6th was "a huge mistake" and discusses the rightward shift among tech leaders. They conclude with Khanna's perspectives on America's global retreat, the timeline for presidential campaigns, and Gen Z's trust issues with politics. The episode wraps with "Ask Chuck," where Todd addresses questions about media coverage of Trump, potential Republican party fractures, and Chuck gives his thoughts on Pete Rose's posthumous Hall of Fame eligibility.Timeline:00:00 Introduction01:45 Trump's middle east trip may net some positive results02:30 Trump won't work with Democrats on issues they agree on04:15 Bipartisanship has become toxic06:30 Trump's executive order on prescription drugs is meaningless without legislation07:45 Congress has been useless08:30 Trump should “get caught trying” bipartisanship10:00 There are multiple issues where Trump could make bipartisan deals12:15 Trump made some great points in his middle east speech13:45 Trump has been pragmatic with his middle east policy 16:30 Trump can't pick and choose who to be pragmatic with18:00 The ball is in Trump's court after Putin turned down peace talks19:15 Putin is humiliating Trump… will he sit back and take it?19:50 Does the Omaha mayoral race show a blue wave building? 21:00 Pete Buttigieg admits Joe Biden is political baggage in Iowa town hall23:30 Chuck Schumer punting on the Biden question was cowardly25:30 Donald Trump is unpopular and the Democratic brand is still worse26:15 Ro Khanna joins the Chuck Toddcast! 27:45 Who is the leader of the Democratic party? 28:45 Chuck Schumer has squandered his leadership position 31:30 Rural communities are highly concerned about deportations 32:15 Is Hakeem Jeffries stuck in Nancy Pelosi's shadow? 34:00 How damaged is the Democratic brand and how to fix it? 37:15 Do midwestern voters want to work multigenerational factory jobs? 40:30 NAFTA benefitted the south and hurt the midwest 43:15 Republicans have become the big government party 45:45 Democrats need to work with business leaders 46:45 What caused the rightward shift of the tech leaders? 48:30 Deplatforming Trump was a huge mistake 50:30 Should Kamala Harris be the next governor of California? 53:30 What characteristics will voters be looking for in 2028 55:15 Will Democratic voters want a "celebrity" president? 58:25 What's the lesson learned from Biden's communications failure? 1:00:15 How do Democrats win over independent voters? 1:03:00 One issue he'd work with Trump on? 1:03:45 Will he debate JD Vance? 1:05:45 America's retreat is making the world more dangerous 1:07:15 Rubio needs to step up and assert America globally 1:10:00 It will take a generation to repair America's reputation 1:10:45 When is it appropriate to begin a run for president? 1:12:15 Kamala Harris and her team were too cautious in 24 1:13:45 Gen Z has trust issues with politics1:15:45 Chuck's thoughts on interview with Ro Khanna1:16:15 Ask Chuck1:16:55 Why are reporters not more combative with Trump?1:19:05 If the Republican party fractures, who would be in the traditional wing?1:21:45 Pete Rose finally eligible for Hall of Fame posthumously(Timestamps vary based on advertisements)

The Father of Reaganomics, David Stockman, joins us to explore the complex world of international trade and its impact on investors.  Key insights include: Challenging conventional wisdom about trade policies Understanding economic forces that drive investment opportunities Gaining expert perspective on global economic trends Stockman provides a candid analysis of current trade strategies, revealing: The true drivers of economic competitiveness Potential pitfalls of protectionist approaches Critical insights for strategic investors The episode cuts through political noise to offer clear, actionable economic intelligence for informed decision-making. Smart investors look beyond headlines to understand the deeper economic forces shaping their financial future. Resources: Check out David Stockman's Contra Corner Newsletter Show Notes: GetRichEducation.com/553 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  You get paid first: Text FAMILY to 66866 Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review”  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Automatically Transcribed With Otter.ai    Keith Weinhold  0:01   Welcome to GRE. I'm your host. Keith Weinhold, I sit down with a long time White House occupant who was the official economic advisor to an ex president. We get the real deal on tariffs and what they mean to you. Trump gets called out and the ominous sign about what's coming six months from now, today on, Get Rich Education.   Since 2014 the powerful get rich education podcast has created more passive income for people than nearly any other show in the world. This show teaches you how to earn strong returns from passive real estate investing in the best markets without losing your time being the flipper or landlord. Show Host Keith Weinhold writes for both Forbes and Rich Dad advisors and delivers a new show every week since 2014 there's been millions of listener downloads of 188 world nations. He has a list show guests include top selling personal finance author Robert Kiyosaki. Get rich education can be heard on every podcast platform, plus it has its own dedicated Apple and Android listener phone apps build wealth on the go with the get rich education podcast. Sign up now for the get rich education podcast, or visit get rich education.com   Corey Coates  1:14   You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education.   Keith Weinhold  1:30   Welcome to GRE from Brookline, Massachusetts to Brooklyn, New York and across 188 nations worldwide. I'm Keith Weinhold, and you are listening to get rich education, just another shaved mammal behind this microphone here. I recently spent some time with the father of Reaganomics, David Stockman, in New York City, and sometimes an issue so critical surfaces that real estate investors need to step back and understand a broader force in the economy. Three weeks ago, here, I told you how the second and third way, real estate pays you. Cash flow and ROA are sourced by your tenants employment and the future of your tenants employment is influenced by tariffs and other policies of this presidential administration. This is going to affect rates of inflation and a whole lot of things. Now, an organization called the American Dialect Society, they actually name their word of the year, and this year, it is shaping up to be that word, tariff. In fact, Trump has described that word as the most beautiful word in the dictionary. And I think we all know by now that a tariff is an import tax that gets passed along to consumers when it comes to materials used in real estate construction that's going to affect future real estate prices. Well, several key ones so far were exempted from recent reciprocal tariffs, including steel, aluminum, lumber and copper exempted. Not everything was exempted, but those items and some others were but who knows if even they are going to stay that way. And now, when it comes to this topic. I think a lot of people want to make immediate overreactions in even posture like they're an expert in become an armchair economist, and I guess we all do a little of that, me included. But rather than being first on this and overreacting, let's let the policy which Trump called Liberation Day last month when he announced all these new tariffs. Let's let policy simmer a little and then bring in an expert that really knows what this means to the economy and real estate. So that's why I wanted to set up this discussion for your benefit with the father of Reaganomics and I today. In fact, what did Reagan himself say about tarrifs back in 1987 this is part of a clip that's gained new life this year. It's about a minute and a half.    Speaker 1  4:13   Throughout the world, there's a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. Now there are sound historical reasons for this. For those of us who lived through the Great Depression, the memory of the suffering it caused is deep and searing, and today, many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot Hawley tariff greatly deepened the depression and prevented economic recovery. You see at first when someone says, Let's impose tariffs on foreign imports, it looks like they're doing the patriotic thing by protecting American products and jobs, and sometimes for a short while at work. Price, but only for a short time. What eventually occurs is first, home grown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets. And then, while all this is going on, something even worse occurs. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers, and less and less competition, so soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying. Then the worst happens, markets shrink and collapse, businesses and industry shut down, and millions of people lose their jobs.    Keith Weinhold  5:50   Now, from what I can tell you as a listener in the GRE audience, maybe you're split on what you think about tariffs. In fact, we ran an Instagram poll. It asks, generally speaking, tariffs are good or bad? Simply that 40% of you said good, 60% bad. Over on LinkedIn, it was different. 52% said they're good, 48% bad. So it's nearly half and half. And rather than me taking a side here, I like to bring up points that support both sides, and then let our distinguished guests talk, since he's the expert. For example, if a foreign nation wants to access the world's largest economy, the United States, does it make sense for them to pay a fee? I mean, it works that way in a lot of places, when you want to list a product on eBay or Amazon, you pay them a fee. You pay a percentage of the list price in order to get access to a ready marketplace of qualified buyers. All right. Well, that's one side, but then the other side is, come on, let's look at history. Where have tariffs ever worked like Where have they ever been a resounding, long term success? Do they have any history of a sustained, good track record? I generally like free trade. Then let's understand there's something even worse than a steep tariff. There are quotas which are imposed, import limits, trade limits, and then there are even all out import bans. What do terrorists mean to the economy that you are going to live in and that your tenants live in? It's the father of Reaganomics, and I on that straight ahead on Get Rich Education. I'm your host. Keith Weinhold.   you know what's crazy? Your bank is getting rich off of you. The average savings account pays less than 1% it's like laughable. Meanwhile, if your money isn't making at least 4% you're losing to inflation. That's why I started putting my own money into the FFI liquidity fund. It's super simple. Your cash can pull in up to 8% returns, and it compounds. It's not some high risk gamble like digital or AI stock trading. It's pretty low risk because they've got a 10 plus year track record of paying investors on time in full every time. I mean, I wouldn't be talking about it if I wasn't invested myself. You can invest as little as 25k and you keep earning until you decide you want your money back, no weird lock ups or anything like that. So if you're like me and tired of your liquid funds just sitting there doing nothing, check it out. Text, family to 66866, to learn about freedom, family investments, liquidity fund, again. Text family to 6686   Hey, you can get your mortgage loans at the same place where I get mine, at Ridge lending group and MLS, 42056, they provided our listeners with more loans than any provider in the entire nation because they specialize in income properties. They help you build a long term plan for growing your real estate empire with leverage. You can start your pre qualification and chat with President Caeli Ridge personally. Start Now while it's on your mind at Ridge lendinggroup.com, that's ridgelendinggroup.com.    Hey   Robert Helms  9:28   Hey everybody. It's Robert Helms of the real estate guys radio program. So glad you found Keith Weinhold in get rich education. Don't quit your Daydream.   Keith Weinhold  9:48   when it comes to White House economic policy like tariffs, taxes and inflation, don't you wish you could talk to someone that's often been inside the White House. Today, we are even better. He was the official advisor to an ex president on economic affairs, a Wall Street and Washington insider and Harvard grad. Today's guest is also a former two time congressman from Michigan. He's a prolific author, and he is none other than the man known as the father of Reaganomics. He was indeed President Ronald Reagan's budget advisor. He was first with us last year, but so much has happened since. So welcome back to the show. David Stockman,    David Stockman  10:26   very good to be with you, and you're certainly right about that. I think we're really in uncharted waters. Who could have predicted where we are today, and therefore it's very hard to know where we're heading, but you have to try to peer through the fog and all the uncertainty and the noise and the, you know, day to day ups and downs that's coming from this White House in a way that we've never seen before. And I started on Capitol Hill in 1970 so I've been watching this, you know, for more than a half century, actually, quite a while. And man, it's important to go through all this, but it's sort of uncharted waters.    Keith Weinhold  11:04   Sure, it's sort of like you wake up every day and all you do know is that you don't know. And David, when it comes to tariffs, I want to give you my idea, and then I want to ask you about what the tariff objective even is. Now, to be sure, no one is asking me how to advise the President. I'm an international real estate investor, but I do most of my business in the US, and I sure don't have international trade policy experience. It seems better to me, David, that rather than shocking the world with new tariffs that kick in right away, it would have been better to announce that tariffs begin in, say, 90 days, and then give nations space to negotiate before they kick in. That's my prevailing idea. My question to you is, what's the real objective here? What are terrorists proposed to do? Raise revenue, onshore companies merely a negotiation tactic? Is the objective? Something else?    David Stockman  12:00   Well, it might be all of the above, but I think it's important to start with a predicate, and that is that the problem is not high tariffs abroad or cheating by foreign competitors or exporters. There is a huge problem of a chronic trade deficit that is not benign, that does reflect a tremendous offshoring of our industrial economy, the loss of good, high paying industrial and manufacturing jobs. So the issue is an important one to address, but I have to say, very clearly, Trump is 100% wrong when he attempts to address it with tariffs, because foreign tariffs aren't the problem. Let me just give a couple of pieces of data on this, and I've been doing a lot of research on this. If you take the top 51 exporters to the United States, our top 51 trade partners, and this is Mexico and Canada and the entire EU and it's all the big far eastern China, Japan, South Korea, India, you know, all the rest of them. If you look at the and that's 90% of our trade, we have 2.9 trillion of imports coming in from all of those countries, and the tariff that we Levy, this is the United States, on those imports, is not high. It's higher than it was in the past, mainly because of what Trump did in the first term, but it's 3.9% now compared to bad times historically, decades and decades ago. That's relatively low. But here's the key point, if we look at the same 51 trading partners in terms of the tariffs they levy on our exports to China and to the EU and to Canada and Mexico and South Korea and all the rest of them. The tariff average, weighted average that they levy is 2.1% so let me restate that the average US tariff is about twice as high 4% around things as what our partners imposed 2% now the larger point is whether it's 4% or 2% doesn't make a better difference. That's not a problem when it comes to 33 trillion of world trade of which we are, you know, the United States engages in about five and a half trillion of that on a two way basis, import, export, in the nexus of a massive global trading system. So he's off base. He's wrong. The target is not high tariffs or unfair foreign trade. Now there are some people who say, Well, you're looking at monetary tariffs. So in other words, the import duty they levy on, you know, exports to South Korea or India or someplace like that, right? And that, the real issue, supposedly, is non tariff barriers. For instance, you know, some governments require you that all procurement by government agencies has to be sourced from a domestic supplier, which automatically shuts out us suppliers who might want that business. Well, the problem is we're the biggest violator of the non tariff barrier in that area. In other words, we have something like $900 billion worth of state, federal and local procurement that's under Buy America policies, which means EU, Mexico, Canada, China, none of them can compete. Now I mention that only as one example, because it's the kind of classic non tariff barrier, as opposed to import duty that some people point to, or they point to the fact that while foreign countries allegedly manipulate their currency, but you know the answer to that is that number one, overwhelming, no doubt about it, largest currency manipulator in the world, is the Federal Reserve. Okay, so it's kind of hard to say that there's a unfair trade problem in the world because of currency manipulation. And then there is, you know, an argument. Well, foreign governments subsidize their exporters. They subsidize their industrial companies, and therefore they can sell things cheaper. And therefore that's another example of unfair trade, but the biggest subsidizer of tech industry, and of a lot of other basic industry in the United States is is the Defense Department. You know, we have a trillion dollar defense budget, and we put massive amounts of dollars in, not only to buying, you know, hardware and weapons and so forth, but huge amounts of R and D that go into developing cutting edge technologies that have a lot of civilian applications that, in fact, we see all over the world. That's why we're doing this broadcast right now. The point is that problem is not high tariffs because they're only low tariffs. The problem is not unfair trade, because there's all kinds of minor little interferences with pure free markets, but both, everybody violates those one way or another due to domestic politics. But it's not a big deal. It doesn't make that big a difference. So therefore, why do we have a trillion dollar trade deficit in the most recent year, and a trade deficit of that magnitude that's been pretty continuous since the 1970s the answer is three or four blocks from the White House, not 10,000 miles away in Beijing or Tokyo. The answer is the Federal Reserve has in the ELLs building there in DC, not far from the White House. Yes, yes, right there, okay, the Eccles building the Fed has a huge, persistent pro inflation bias, sure. And as a result of that, it is pushed the wage levels and the price levels and the cost levels of the US economy steadily higher, and therefore we've become less and less competitive with practically everybody, but certainly a lower wage countries nearby, like Mexico or China, far away. And you know, there's, it's not that simple of just labor costs and wages, because, after all, if you source from China, you've got to ship things 10,000 miles. You've got supply chain management issues, you've got quality control issues, you've got timeliness issues. You have inventory carry costs, because there's a huge pipeline, and of course, you have the actual freight cost of bringing all those containers over. But nevertheless, when you factor all that in, our trade problem is our costs are too high, and that is a function of the pro inflation policies of the Fed. Give one example. Go back just to the period when the economy was beginning to recover, right after the great recession. And you know the crisis of 208209 and I started 210 unit labor costs in manufacturing in the United States. Just from 210 that's only 15 years, are up 55% that's unit labor costs. In other words, if you take wage costs and you subtract productivity growth in that 15 year period, the net wage costs less productivity growth, which is what economists call unit labor costs, are up 53% and as a result of that, we started, you know, maybe with a $15 wage difference between the United States and.China back in the late 1990s that wage gap today is $30 in other words, the fully loaded way at cost of average wages in the United States. And I'm talking about not just the pay envelope, but also the payroll taxes, the you know, charge for pension expense, health care and so forth. The whole fully loaded cost to an employer is about $40 an hour, and it's about $10 in the United States and it's about $10 an hour in China. Now that's the reason why we have a huge trade deficit with China, because of the massive cost difference, and it's not because anybody's cheating. Is because the Fed, in its wisdom, decided, well, you know, everybody will be okay. We're going to inflate the economy at 2% a year. That's their target. It's not like, well, we're trying to get low inflation or zero inflation, but we're not quite making it. No, they're proactive. Answer is, we've got to have 2% or the economy is not going to work. Well, well, 2% sounds well, that's a trivial little number. However, when you do it year after year, decade after decade, for a long period of time, and the other side is not inflating at the same rate, then in dollar terms, you have a problem, and that's where we are today. So this is important to understand, because it means the heart of the whole Trump economic policy, which is trying to bring manufacturing home, trying to bring industry back to the United States, a laudable objective is based on a false diagnosis of why this happened, and it is unleashed ball in the china shop, disruption of global economic flows in relationships that are going to cause unmitigated problems, even disaster in the US economy. Because it's too subtle, when you think about it, the world trade system just goods. Now, we've not even talking about services yet, or capital flows or financing on a short term basis. The World Trade in goods, merchandise, goods only is now 33 trillion. That is a hell of a lot of activity of parts and pieces and raw materials and finished products flowing in. You know, impossible to imagine directions back and forth between dozens and dozens of major economies and hundreds overall. And when you start, you step into that, not with a tiny little increase in the tariff. To give somebody a message. You know, if our tariffs are averaging 4% that's what I gave you a little while ago. And you raise tariffs to 20% maybe that's a message. But Trump didn't do that. He raised the tariff on China to 145% in other words, let's just take one example of a practical product, almost all the small appliances that you can find in Target or even a higher end retail stores United States or on Amazon are sourced in China because of this cost differential. I've been talking about this huge wage differential. So over the last 20, 25, years, little it went there now 80% of all small appliances are now sourced in China, and one, you know, good example would be a microwave oven, and a standard one with not a lot of fancy bells and whistles, is $100 now, when you put 145% tariff on the $100 landed microwave oven is now $245 someone's going to say, Gee, are we going to be able to sell microwaves at $245 they're not certain. I'm talking about a US importer. I'm talking about someone who sells microwaves on Amazon, for instance, or the buyers at Walmart or Target, or the rest of them, they're going to say, wait a minute, maybe we ought to hold off our orders until we see how this is going to shake out. And Trump says he's going to be negotiating, which is another whole issue that we'll get into. It's a lot of baloney. He has no idea what he's doing. Let's just face the facts about this. So if orders are suddenly cut back, and the flow that goes on day in and day out across the Pacific into the big ports in Long Beach in Los Angeles is suddenly disrupted, not in a small way, but in a big way, by 20, 30, 40, 50% six or seven months down the road, we're going to have empty shelves. We're going to have empty warehouses. We're going to have sellers who suddenly realize there's such a scarcity of products that have been hit by this blunderbuss of tariffs that we can double our price and get away with it.   Keith Weinhold  25:00   Okay, sure. I mean, ports are designed. Ports are set up for stadium flows, not for surges, and then walls and activity. That just really doesn't work.   David Stockman  25:08   And let me just get in that, because you're on a good point. In other words, there is a complicated supply line, supply chain, where, you know, stuff is handed off, one hand to another, ports in China, shipping companies, ports here, rail distribution systems, regional warehouses of you know, people like Walmart and so forth, that whole supply chain is going to be hit with a shock. Everything is going to be uncertain in terms of the formulas that everybody uses right now, you know that you sell 100 units a week, so you got to replace them at the sales rate, and you put your orders in, and know that it takes six weeks to get here, and all this other stuff, all of the common knowledge that's in the supply chain that makes it work, and the handoffs smooth and efficient From one player in the supply chain to the next, it's all going to be disrupted. But the one thing we're going to have is we're going to have shortages, we're going to have empty shelves, and we're going to have price which I'm sure that Trump is not going to start saying price gouging of a you know, right? But that's not price gouging. If you have a you know, go to Florida. We have a hurricane. Where we live in Florida and New York, we have a hurricane. All of a sudden the shelves are empty and there's no goods around, because everybody's been stocking up getting ready for the storm. And then all of a sudden, the politicians are yelling that somebody's price gouging, because they raised their prices in a market that was in disequilibrium. Well, that's not price gouging. That's supply and demand trying to find a new balance basic economics. You know, when the demand is 100 and the supply is 35 okay, but I'm kind of getting ahead here, but I think there's very good likelihood that there's going to be a human cry right before, you know, maybe in the fall or right before Christmas, about price gouging and Trump then saying, Well, I was elected to bring prices down and bring inflation under control. It's out of control because all of these foreigners raised their prices. And no, they did, and it was the tariff that did it, and all the people in the supply chain are trying to take advantage of the temporary disruptions. So I think people have to understand, and I can't say this, and I don't like to say it, because I certainly didn't think the other candidate in the last election had anything to offer in terms of dealing with our serious economic problems in this country. I'm talking about Harris. But the fact is, Donald Trump has had a wrong idea for the last 40 to 50 years of his adult life. In that core idea is that trade deficits are a sign of the other side cheating. They're a sign that you're being exploited or taken advantage of or ripped off, or it's not at all okay. Trade deficits are a consequence of cost differences between different jurisdictions, and to the extent that we've artificially, unnecessarily inflated our costs. We need to fix the problem at the source. He ought to clean house at the Federal Reserve. But the problem is, Trump wants lower interest rates when, in fact, the low interest rates created all the inflation that led to our loss of competitiveness and the huge trade deficits we have today. So to summarize, it is important to understand, do not have faith in Trump's promise that we're going to have a golden age of economic prosperity. We are going to have a economic disaster, and it's a unforced error. It's self inflicted, and it's the result of the wrong fundamental idea of one guy who's in the oval office right now throwing his considerable weight around and pushing the economy into upheaval that really is totally unnecessary. He should have done what he was elected to do, and Matt's work on getting production up and costs down, that's not going to be solved with tariffs. David, I have another important point to bring up. But before we do just quickly, are those two to 4% tariffs you mentioned earlier. Those are the tariff levels pre Trump second term correct.    We could clarify that those are for the year 2023 that was the latest full year data that we have with great deal of granularity.    Keith Weinhold  29:56   The point I want to bring up is there any history? That tariffs actually work. Some people cite the Smoot Hawley Tariff Act from the 1930s and that it drove us deeper into the Great Depression. And David, on the one hand, when we think about, do tariffs actually work? If Indonesia can make shoes for us for $11 why would we want to onshore an activity like that? That is a good deal for us. And then, on the other hand, you have someone like Nvidia, the world's leading semiconductor company, they announced plans to produce some of their AI supercomputers entirely on American soil for the first time recently. And you have some other companies that have made similar announcements. So that's a small shred of evidence that tariffs could work. But my question is, historically, do tariffs actually work?    David Stockman  30:44   That's a great question, and there's a huge history. And you can go back all the way the 19th century, where Donald Trump seems to be preoccupied, but what he fails to recognize is that they worked in the 19th century because they were revenue tariffs. It wasn't an effort to, like, bring jobs back to America. We were booming at the time. Jobs were coming to America, not leaving, and it was the federal government's main source of revenue. Because, as you know, prior to 1913 there was no income tax, right? So that was one thing. Okay, then when we got into the 20th century and host World War Two, it became obvious to people that the whole idea of comparative advantage, going all the way back to Adam Smith, and that enhanced a global trade where people could specialize in whatever their more competitive advantage is, was a Good thing. And so we had round after round of negotiations after World War Two that reduced tariff levels steadily, year by year, decade by decade. So by the time we got to the 1990s when China, then, you know, arose from the disaster of Mao and Mr. Dang took over and created all the export factories and said, It's glorious to be rich and all these things is we got red capitalism. But if we start in the 1990s the average tariff worldwide, now this is weighted average on all goods that are bought and sold or imported and exported, was about 9% and there were have been various free trade deals done since then. For instance, we had NAFTA, and the tariffs on Mexico and Canada and the United States went to zero. We had a free trade deal in 212 with South Korea. This never comes up, but the tariff on South Korean goods coming the US is zero. The tariff on us, exports going to South Korea is zero because we have a free trade agreement, and it's worked out pretty well with South Korea. Now we're not the only ones doing this. Countries all over the world. The EU is a total free trade zone in economy almost as big as the United States that used to have tariff levels between countries. Now it's one big free trade zone. So if you take the entire world economy, that 9% weighted average tariff of the early 90s, which was down from maybe 2025, 30, pre World War Two in this Smoot Hawley era, was down to 2.25% by the time that Donald Trump took office, the first time around in 2017 now 2.25% is really a rounding error. It's hardly when you have $33 trillion worth of goods moving around, you know, container ships and bulk carriers and so forth all around the world, and air freight and the rest of it, rail. 2% tariff is not any kind of big deal, as I say in some of the things I write, it's not a hill of beans. So somehow, though 45 years ago, Trump got the idea that tariffs were causing a problem and that we had trade deficits, not because our costs were going up owing to bad monetary policy, but because the other guy was cheating. Remember, this is Trump's whole view of the world. It's a zero sum game. I win, you lose, and if I'm not winning, is because you're cheating. Okay? In other words, I'm inherently going to win. America's inherently going to win unless the other guy is cheating. Now, Trump sees the world the same way that I think he looked at electrical and plumbing contractors in the Bronx, you know, in the 1980s and 1990s when he was developing his various Real Estate projects. These are pretty rough and tumble guys. It's a wild, easy way to make a living. So there's a lot of, you know, there's a lot of pretty rough baseball that's played that mentality that the other guy is always trying to screw me, the other guy's always cheating, the other guy's preventing me from winning, is, is his basic mentality. And it's not Applicable. It's not useful at all to try to understand the global economy. Try to understand why America's $29 trillion economy is not chugging along as strongly and as productively as it should be, why real wages are not making the gains that workers should be experiencing and so forth. So he ought to get out of this whole trade, tariff trade war thing, which he started, I don't know how he does, it's a little late, and focus on the problems on the home front. In other words, our trade problem has been caused by too much spending, too much borrowing, too much money printing on the banks of the Potomac. It's not basically caused in Beijing or Tokyo or Seoul or even Brussels, the European Union. And we need to get back to the basic and the real culprit, which is the Federal Reserve and its current chairman, Paul, if he wants to attack somebody, go after the Fed. Go after Paul. But ought to give them a mandate to bring inflation to zero and to stop fooling around with everything else and to stop monetizing the public debt that is buying government debt, take care of your own backyard first before you start taking, yeah, sure, yeah, exactly. You know, I've been in this for a long time. I start, as I said, I started on Capitol Hill. There have been a lot of protectionist politicians, but they always argued free trade is good, but it has to be fair trade. And you know, we have this example in our steel industry, for instance, where we producers abroad are competing unfairly for one reason or another. But the point I'm getting to is they always said this is an exceptional case. Normally we would go for free trade, but we got to have protection here. We got to have a temporary quota. Even when I was in the Reagan administration, we had a big argument about voluntary quotas on Japanese car exports, and I was totally against it. I thought the US industry needed to get its act together, get its costs down. Needed to get the UAW under control, because it had pushed wages, you know, way, way, way too high terms of total cost. But they argued, yeah, well, you're right, but we have to have 10 years in order to allow things to be improved and adjusted and catch up. So this is only temporary. This is just this. Yes, this is protectionism, but it's temporary. It's expedient that we can avoid and so therefore we'll make an exception. But there is no one, and most of these people were, you know, in the payroll of the unions, or they were congressmen from south to South Carolina going to bad for the textile industry, or congressman from Ohio going to bat for the steel industry, whatever, but there was no one who ever came along and said tariffs are big, beautiful things, and we need to have permanent high tariffs, because that's the way we're going to get prosperity back in United States. It's a dumb idea. It's wrong. It's disproven by history and people. Even though Trump has done a lot of things that I like you know, he's got rid of dei he's got rid of all of this green energy, climate crisis nonsense, all of that that he's done is to the good when you come to this basic question, how do we get prosperity in America? The answer is, through free market capitalism, by getting the government out of the way, by balancing the budget and by telling the Fed not to, you know, inflate the economy to the disadvantage that it has today. That's how you get there. And Trump is not a real Republican. Trump is basically what I call a status. He's for big government, right wing status. Okay, there's left wing, Marxist status, then there's right wing status. But you know, all of this tariff business is going to create so much corruption that it's almost impossible to imagine, because every day there's someone down there, right now, I can guarantee it at the, you know, treasury department or at Commerce department saying, but we got special circumstances here in terms of the parts that we're making for aircraft that get assembled in South Korea or something, and we need special relief. Yes, every industry you're doing is putting in for everybody's going to be there the lobby. This is the greatest dream that the Washington lobbyist community ever had. Trump is literally saying he put this reciprocal tariff. You saw the whole schedule. That he had on that easel in the White House on April 2, immigration day. It was called Liberation Day. I called it Demolition Derby Day. There was a reciprocal tariff for every single country in the world based on a phony formula that said, if we have $100 million deficit with somebody, half of that was caused by cheating. So we're going to put a tariff in place closes half of the difference. I mean, just nonsense, Schoolboy idiocy. Now it is. I mean, I know everybody said, Oh, isn't it great? We've finally got rid of the bad guys, Biden, he's terrible, and the Democrats, I agree with all that, but we replaced one set of numb skulls with another set. Unfortunately, Republicans know better, but they're so intimidated, apparently buffaloed by Trump at the moment, that they're going along with this. But they know you don't put 145%tariff on anything. I mean, it's just nuts. David, I feel like you're telling us what you really think and absolutely love that.    Keith Weinhold  41:04   Interestingly, there is a Ronald Reagan clip about tariffs out there in a speech that he gave from Camp David, and it's something that's really had new life lately. In fact, we played the audio of that clip before you came onto the show today, Reagan said that he didn't like tariffs and that they hurt every American worker and consumer as Reagan's economic advisor in the White House. Did you advise him on that?    David Stockman  41:27   Yes, I did. And also I can give you a little anecdote that I think people will find interesting. Yeah, the one time that he deviated in a big way from his free trade commitments was when he put the voluntary export quota on the Japanese auto industry. That was big. I don't remember the exact number, but I think it said they couldn't export more than 1.2 million cars a year, or something like that the United States. And the number was supposed to adjust over time, but we had huge debates in the Cabinet Room about those things, and at the end of the day, here's what he said. He said, You know, I've always been for open trade, free trade. I've always felt it has to be fair trade. But, you know, in this case, the Japanese industry came to us and asked for voluntary quotas, so I didn't put up a trade barrier. I'm only accommodating their request. Well, the Japanese did come to him and ask. They did, but only when they were put up to it by the protectionists in the Reagan administration who, on this took them on the side, you know, their negotiators and maybe their foreign minister. I can't remember exactly who commerce secretary and said, If you don't ask for voluntary quotas, we're going to unleash Capitol Hill and you're going to get a real nasty wall put up against your car. So what will it be? Do you want to front for voluntary quotas? Are we going to unleash Congress? So they came to Reagan and said they were the Japanese industry said they're recommending that he impose voluntary restraints on auto exports. That was just a ruse. He wasn't naive, but he believed what you told him. He believed that everybody was honest like he was, and so he didn't understand that the Japanese industry that was brought to meet with him in the Oval Office had been put up to, it been threatened with, you know, something far worse, mandatory quote is imposed by Congress. But anyway, it's a little anecdote. What happened? On the other hand, he continued to articulate the case for small government sound money. We had deficit problems, but he always wanted a balanced budget. It was just hard to get there politically. And he believed that capitalism produces prosperity if you let capitalism work and keep the government out of the marketplace. And there is no bigger form of intervention and meddling and disruption in the capitalist system, in the free market, in the marketplace, than quotas on every product in every country at different levels. They're going to have 150 different countries negotiating bilaterally deals with the United States. That's the first thing that's ridiculous. They can't happen. The second thing is they're going to come up with deals that don't amount to a hill of beans, but they'll say, we have a deal. The White House will claim victory. Let me just give one example. As we know, one of the big things that Trump did in the first administration was he renegotiated NAFTA. And NAFTA was the free trade agreement between Mexico, Canada, United States. Before he started in 2017 the trade deficit of the US with Mexico and Canada combined with 65 billion. And he said, That's too big, and we got to fix NAFTA. We have got to rebalance the provisions so that the US comes out, not on the short end of the stick 65 billion. So they negotiated for about a year and a half, they announced a new deal, which he then renamed the United States, Mexico, Canada agreement, usmca, and, you know, made a big noise about it, but it was the same deal with the new name. They didn't change more than 2% of the underlying machinery and structure, semantics. Well now, so now we fast forward to 2024 so the usmca Trump's pride and joy, his the kind of deal that he says he's going to seek with every country in the world is now four years into effect. And what is the trade deficit with Canada and Mexico today, it's 230 5 billion okay? It's four times higher now than it was then when he put it in place. Why? Because we have a huge trade deficit with Mexico. Why because, you know, average wages there are less than $10 an hour, and they're $40 an hour here. That's why it has nothing to do with a bad trade deal. It has to do with cost differences.    Keith Weinhold  46:27   David, this has been great, and as we're winding down here, we have a lot of real estate investor listeners tell us what this administration's overall policies, not just tariffs, but overall policies, mean for future employment, and then tell us about your highly regarded contra corner newsletter.    David Stockman  46:45   Well, those are that's a big question. I think it doesn't mean good, because if they were really trying to get America back on track our economy, they would be fighting inflation tooth and nail to get it down to zero. They would be working day and night to implement what Musk came up with in the doge that is big spending cuts and balancing the budget. They're not doing that. They're letting all these announcements being made, but they're not actually cutting any spending. They would not be attempting to impose this huge apparatus of tariffs on the US economy, but they're not doing that. So I'm not confident we were going in the wrong direction under Biden, for sure, and we're going in an even worse direction right now under Trump. So that's the first thing. The second thing is, I put out a daily newsletter called David stockman's Country corner. You can yes signers on the internet, but this is what we write about every day, and I say A plague on both their houses, the Democrats, the Republicans. They're all, in many ways, just trying to justify government meddling, government spending, government borrowing, government money printing, when we would do a lot better if we went in the opposite direction, sound money, balanced budgets, free markets and so forth, so. And in the process, I'm not partisan. You know, I was a Republican congressman. I was a budget director of the Reagan administration. I have been more on the Republican side, obviously, over my career than the Democrats, but now I realize that both parties are part of the problem, and I call it the uni party when push comes to shove, the uni party has basically been for a lot of wars abroad and a lot of debt at home, and a lot of meddling in the economy That was unnecessary. So if you look at what I write every day, it tries to help people see through the pretenses and the errors of the unit party, Democrats and Republicans. And in the present time, I have to focus on Trump, because Trump is making all the noise.    Keith Weinhold  48:59   100% Yes, it sure has kept life and the news cycle exciting, whether someone likes that news or not. Well, David, this has been great. In fact, it sounds a lot like what Reagan might have told me, perhaps because you were a chief economic informant for him, smaller government, letting the free trade flow and lower inflation. Be sure to check out David stockman's contra corner newsletter if you like what we've been talking about today, just like it was last year, David, it's been a real pleasure having you on GRE today.    David Stockman  49:30   Well, thank you very much. And these are important issues, and we've got to stay on top of them.   Keith Weinhold  49:41   Oh, yeah. Well, David Stockman truly no mincing words. He doesn't like tariffs. In summary, telling GRE listeners that the problem with trade imbalances is inflation attack that instead quell inflation, don't impose tariffs. A lot of developing nations and China have distinct advantages over manufacturing in the United States, besides having the trained labor and all the factories and systems in place, think about how many of these nations have built in lower costs they don't have to deal with these regulatory agencies, no EPA, no OSHA, and not even a minimum wage law to have to comply with. And here in the US get this, 80% of American workers agree that the US would benefit from more manufacturing jobs, but almost 75% disagree that they would personally be better off working in a factory themselves. That's according to a joint Cato Institute in YouGov survey. It's sort of like how last century, Americans lamented the demise of the family farm, yeah, but yet, they sure didn't want to work on a farm themselves. Now there are some types of manufacturing, like perhaps pharmaceuticals or computer chips that could likely be onshore, because those items are high value items. Their value can exceed the cost of being produced in the USA, but a lot of these factory goods, not again. If these topics interest you do a search for David stockman's contra corner, or you can directly visit David stockman's contra corner.com. Big thanks to the father of Reaganomics, David Stockman on the show this week. As for next week, we're back more toward the center of real estate investing. Until then, I'm your host. Keith Weinhold, don't quit your Daydream. Y   Unknown Speaker  51:42   nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of get rich Education LLC   Keith Weinhold  52:02   You know, whenever you want the best written real estate and finance info, oh, geez, today's experience limits your free articles access and it's got paywalls and pop ups and push notifications and cookies disclaimers, it's not so great. So then it's vital to place nice, clean, free content into your hands that adds no hype value to your life. That's why this is the golden age of quality newsletters. And I write every word of ours myself. It's got a dash of humor, and it's to the point because even the word abbreviation is too long. My letter usually takes less than three minutes to read, and when you start the letter, you also get my one hour fast real estate video. Course, it's all completely free. It's called The Don't quit your Daydream. Letter, it wires your mind for wealth, and it couldn't be easier for you to get it right now. Just text GRE to 66866, while it's on your mind, take a moment to do it right now. Text GRE to 66866   The preceding program was brought to you by your home for wealth, building, getricheducation.com.  

Chuck Todd begins with analysis of the current travel chaos and President Trump's controversial comments on Alcatraz and movie tariffs. He highlights former Washington Governor Jay Inslee's successful tenure and discusses the evolving political landscape, including key Republican figures declining Senate runs and potential competitive races across the country that could reshape the balance of power.Then, former Washington Governor Jay Inslee joins the podcast, where he discusses his climate policy achievements and the existential threat of climate change. Inslee offers sharp criticism of Trump's energy and trade policies, warning they could cede technological leadership to China and harm American businesses. The conversation expands to examine political courage, institutional challenges, and what Democrats should be doing now to prepare for future elections. Finally, Chuck concludes with an "Ask Chuck" segment covering the promotion of moderate candidates, Glenn Youngkin's legacy, and papal politics00:00 Introduction01:15 The US travel situation is a mess03:15 Trump's alcatraz comment was a distraction07:00 Reopening Alcatraz isn't feasible07:20 Jay Inslee was wildly successful as governor09:20 Brian Kemp + Chris Sununu pass on senate run11:45 The political landscape is terrible for Republicans13:05 Senate map isn't great for Democrats15:45 If Ken Paxton beats Cornyn, Texas could be in play19:15 4 states where Democrats could put senate seats in play19:55 Joni Ernst in line to replace Pete Hegseth?22:20 200 house districts within a 20 point margin24:50 Jay Inslee joins the Chuck ToddCast 26:05 Do you feel less constrained outside of politics? 28:50 Inslee's biggest achievements achieved 60%+ support 31:10 What are the details of his Climate Commitment Act? 33:20 The potential of fusion power 35:50 Donald Trump's plan to kill clean energy makes no sense 37:50 Trump is ceding clean energy tech and production to China 38:50 Why aren't Americans in the streets en masse? 41:20 Americans will suffer under Trump's policies 42:35 A bad economy will wake up the public 43:50 We'll see empty shelves within weeks 45:50 Institutions capitulating to Trump only enables him 49:35 NAFTA created winners and losers 51:20 Trump is grossly incompetent 52:05 Trump gave away his leverage 53:20 Tariffs generally aren't productive for the economy 56:50 Flooding in WA a direct result of climate change 1:00:50 Americans don't truly understand climate change 1:02:50 The insurance industry will force the government's hand1:04:50 People in power KNOW climate will be a problem 1:08:50 What should the Democrats be doing? 1:10:20 What can we learn from Canada when dealing with Trump? 1:12:05 Trump took ownership of the economy at his own peril 1:13:05 There's a lot of talent in the Democratic Party 1:13:50 Republicans will get wiped out in the midterms 1:16:20 Congress is now a country club 1:18:20 Voters on each side have self-segregated 1:20:05 We need a president who follows the law1:22:00 Chuck's thoughts on Inslee interview 1:22:30 Ask Chuck 1:22:45 How can we promote more moderate candidates? 1:28:20 What will Glenn Youngkin's legacy be? 1:31:50 Thoughts on "Conclave" and papal politics?

For a long time, Republicans and many Democrats espoused some version of free-trade economics that would have been familiar to Adam Smith. But Donald Trump breaks radically with that tradition, embracing a form of protectionism that resulted in his extremely broad and chaotic tariff proposals, which tanked markets and deepened the fear of a global recession. John Cassidy writes The New Yorker's The Financial Page column, and he's been covering economics for the magazine since 1995. His new book, “Capitalism and Its Critics: A History,” takes a long view of these debates, and breaks down some of the arguments that have shaped the U.S.'s current economic reality. “Capitalism itself has put its worst face forward in the last twenty or thirty years through the growth of huge monopolies which seem completely beyond any public control or accountability,” Cassidy tells David Remnick. “And young people—they look at capitalism and the economy through the prism of environmentalism now in a way that they didn't in our generation.”

Chuck begins with analysis of the Trump administration's tariff implementation and personnel changes, including Mike Waltz's removal as national security advisor and Marco Rubio's expanding role within the administration. Then, he's joined by Oren Cass, a leading conservative economic thinker, on America's trade policy and the challenges of reindustrialization. Cass argues that while tariffs and reindustrialization may be sound concepts, the Trump administration's implementation has been completely counter-productive. They discuss how traditional right-of-center thinking on free trade has evolved, questions whether China's integration into global markets has delivered promised benefits, and explores the regional winners and losers of trade agreements like NAFTA.Cass tackles questions about America's trade deficit, consumer willingness to pay more for domestic products, and whether reshoring manufacturing is practical for the American economy. The conversation examines the national security implications of trade agreements, the potential for losing allies to China's influence, and what realistic reindustrialization might look like in today's economy.Finally, Chuck answers listener questions on the executive branch's guardrails, expectations for "Resistance 2.0," potential federal intervention in college sports, and whether media scrutiny of public officials' backgrounds has gone too far.00:00 Introduction02:00 If tariffs actually are a good idea, the way they've been implemented hasn't given it a chance to succeed03:30 The administration is only interested in communicating to their base07:30 What should we take away from Mike Waltz being removed as national security advisor?08:55 Marco Rubio is now holding four jobs in the administration09:45 Rubio has earned Trump's trust13:15 Is the new model to move staff to new roles rather than fire them?15:15 Abigail Spanberger may have had the best 100 days of any Democrat17:55 Wes Moore announces he won't run in 202820:35 Oren Cass joins the Chuck ToddCast! 22:35 Tools for achieving re-industrialization 23:35 Tariffs and reindustrialization is a good idea, Trump's rollout has been disastrous 25:35 The U.S. needs credible and sustainable trade policy 27:20 Right of center thinking for 40 years was simply "Free trade is good" 29:05 Has free and open trade been a net positive worldwide? 30:35 Does trade policy of the early 20th century make sense in the 21st century 32:20 Bringing China into the world market didn't lead to liberalization 33:50 Will we be forced to cut an unfavorable trade deal with China? 36:35 Wouldn't it make sense that the US had a trade deficit based on our consumption? 38:35 If we aren't selling other countries goods we produce, they buy our assets and debt 40:50 NAFTA produced winners and losers regionally in the United States 41:50 What could we have done differently to minimize the negative impacts of NAFTA? 44:35 Production has shifted from country to country based on lower costs 46:05 Will American consumers actually be willing to pay more for American made products? 48:50 How can we unwind globalization without severely damaging the U.S. economy? 50:50 The Toyota Camry has more American made parts than the Detroit built cars 52:35 Does reshoring low-cost manufacturing make sense for consumers and American businesses? 53:50 Will poor implementation of policy hurt the goal of reshoring manufacturing? 56:35 How do you weigh the benefits of national security provided by trade agreements? 1:01:05 Does America risk losing allies to China's sphere of influence? 1:02:05 Should our allies get a better deal than those that are unaligned or adversarial? 1:04:15 Does more trade equal less war? 1:07:05 What type of reindustrialization is realistic and what isn't? 1:10:05 Lack of competition has led to problems with Boeing 1:12:35 How long will it take to reindustrialize? 1:13:35 Would TPP have furthered the goal of isolating China?1:16:35 Chuck's thoughts on the interview Oren Cass 1:17:27 Ask Chuck 1:17:35 Were the guardrails on the executive branch always this frail? 1:20:35 What do you expect out of Resistance 2.0? 1:21:30 Will the federal government intervene in college sports? 1:22:50 Does the media go too deep into the background of public officials prior to their public service?(Timestamps may vary based on advertisements)

Trump's annexationist designs on Canada were the central issue in the country's elections this past week, which saw a victory for the intransigently anti-Trump candidate, Mark Carney. While this seems surreal after a generation of economic integration under NAFTA, the vast resources of Canada—especially hydrocarbons, water and energy—provide a long-term goad of conflict between the two giants of North America. The Pentagon does in fact have a contigency plan for an invasion of Canada, dating back to the 1930s. In Episode 276 of the CounterVortex podcast, Bill Weinberg explores the strategic and corporate agendas behind Trump's bellicose bluster. Listen on SoundCloud or via Patreon. https://www.patreon.com/countervortex Production by Chris Rywalt We ask listeners to donate just $1 per weekly podcast via Patreon -- or $2 for our new special offer! We now have 70 subscribers. If you appreciate our work, please become Number 71!

Robert Lighthizer, who served as U.S. trade representative in Donald Trump's first term, sits down with Margaret Hoover to discuss the president's trade agenda, his use of tariffs, and their impact on the economy.Lighthizer, author of No Trade Is Free, explains why he favors “balanced trade” over free trade and makes his case that tariffs can revive American manufacturing. He tells Hoover why he doubts chaos in financial markets will unseat the dollar as a global reserve currency, but he argues a weaker dollar could have benefits.A longtime critic of NAFTA and open trade with communist China, Lighthizer credits Trump for changing the debate about trade in America and trying to solve the problems caused by globalization. He also challenges critics who say tariffs are the wrong approach to come up with a viable alternative.Lighthizer assesses the potential for tariffs to drive up consumer prices and whether they could fuel broader inflation. He admits Trump's implementation of his “Liberation Day” tariffs was not perfect, and he reflects on whether he would join the new administration if asked.Support for “Firing Line for Margaret Hoover” is provided by Robert Granieri, Vanessa and Henry Cornell, The Fairweather Foundation, Peter and Mark Kalikow, Cliff and Laurel Asness, The Meadowlark Foundation, The Beth and Ravenel Curry Foundation, Charles R. Schwab, The Marc Haas Foundation, Katharine J. Rayner, Damon Button, Craig Newmark Philanthropies, The Philip I Kent Foundation, Annie Lamont through The Lamont Family Fund, The Susan Rasinski McCaw Fund, Cheryl Cohen Effron and Blair Effron, and Al and Kathy Hubbard. Corporate funding is provided by Stephens Inc. 

With the federal election campaign over and Mark Carney's Liberals securing a new mandate from Canadians, what relationships should the government prioritize going forward in its trade war with the Trump Administration? One country we might look to is Mexico. Given its close geographic proximity and strained relationship with the U.S., what opportunities might exist for Canada and Mexico to team up against Trump? Host Steve Paikin asks: José Luis Granados Ceja, co-host of the Soberanía Mexican Politics podcast and presenter of Sin Muros on Mexico's Channel 11; Solange Márquez Espinoza, Geopolitical analyst and Editor of "Mexico & Canada: Two Nations in a North American Partnership," and Alejandro García Magos, Lecturer of Political Science at the University of Toronto. See omnystudio.com/listener for privacy information.

Explore Mexico's struggles as a narco-state, facing human trafficking and fentanyl distribution that threat both locally and globally. Historical issues like NAFTA amplify immigration challenges, turning instability into a growing danger. Dual citizenship adds personal safety concerns. Urgency calls for international collaboration to combat cartel power and human trafficking. /// The Scalpel is proud to partner with Brickhouse Nutrition. Dr. Rose uses and highly recommends Field of Greens. Your purchase through this link supports The Scalpel Podcast. /// https://scalpeledge.com/brickhouse ------------------------------------------------- In this episode Dr. Rose and Blake Farenthold explore Mexico's complex journey as a "narco-state," where criminal cartels wield significant influence over its governance and operations. This dynamic has led to critical issues such as human trafficking and the devastating impact of fentanyl, which has claimed countless lives in the United States. The historical backdrop of NAFTA underscores economic dependencies, while recent policies reveal the turmoil caused by political ideologies. The instability in Mexico is not just a distant concern but a pressing issue due to its proximity to the U.S. border. Personal stories, like the speaker's wife with dual citizenship, add an emotional dimension, highlighting real-life impacts on families and communities. urgency is paramount as leaders worldwide must collaborate to dismantle cartel power and curb human trafficking. This episode calls for a serious and concerted effort to address Mexico's crises, emphasizing the need for international unity and action. --- Connect with The Scalpel: Website: https://scalpeledge.com Email: KFR@scalpeledge.com TruthSocial: @scalpeledge Rumble: @TheScalpel X: @TheScalpelEdge Instagram: @TheScalpelPodcast

Watch The X22 Report On Video No videos found Click On Picture To See Larger PictureCanada elected Carney, this was expected. Now Canada is going to head in the opposite direction of the US, it will enter a recession. Trump trapped Canada into renegotiating the USMCA. Bessent reveals the plan to bring back manufactures and says that tariffs will replace income tax. The [DS] is losing ground every step of the way. The agencies are now being cleaned out, the FBI has now confirmed that those within the agency are being given a lie detector test. Trump has now shutdown the [DS] payment system making it much more difficult to launder money. The [DS] is almost out of power, when Trump has them so weak he will attack. The WH put out a message, flyeaglesfly which refers to Bill Clinton. Will the Clinton's be on the run in the end?   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy https://twitter.com/EndWokeness/status/1917044090094412224 Carney is moving forward with the green deal and the great reset, watch Canada implode.  How the NAFTA/USMCA 2025 Review Underpins President Trump Remarks on Canada Only President Trump could get the Canadians to vote for an exit to the USMCA, and he did it brilliantly. To understand President Trump's position on Canada, you have to go back to the 2016 election and President Trump's position on the NAFTA renegotiation.  If you did not follow the subsequent USMCA process, this might be the ah-ha moment you need to understand Trump's strategy. During the 2016 election President Trump repeatedly said he wanted to renegotiate NAFTA, the North American Free Trade Agreement.  Both Canada and Mexico were reluctant to open the trade agreement to revision, but ultimately President Trump had the authority and support from an election victory to do exactly that. In order to understand the issue, you must remember President Trump, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer each agreed the NAFTA agreement was fraught with problems and was best addressed by scrapping it and creating two seperate bilateral trade agreements. One between the USA and Mexico, and one between the USA and Canada. In the decades that preceded the 2017 push to redo the trade pact, Canada had restructured their economy to: (1) align with progressive climate change; and (2) take advantage of the NAFTA loophole.  The Canadian government did not want to reengage in a new trade agreement. Canada has deindustrialized much of their manufacturing base to support the ‘environmental' aspirations of their progressive politicians.  Instead, Canada became an importer of component goods where companies then assembled those imports into finished products to enter the U.S. market without tariffs.  Working with Chinese manufacturing companies, Canada exploited the NAFTA loophole. Justin Trudeau was strongly against renegotiating NAFTA, and stated he and Chrystia Freeland would not support reopening the trade agreement.  President Trump didn't care about the position of Canada and was going forward.  Trudeau said he would not support it.  Trump focused on the first bilateral trade agreement with Mexico. When the U.S. and Mexico had agreed to terms of the new trade deal and 80% of the agreement was finished, representatives from the U.S. Chamber of Commerce informed Trudeau that his position was weak and if the U.S. and Mexico inked their deal, Canada would be shut out. The key points to remember are: (1) Trump, Ross and Lighthizer would prefer two separate bilateral trade agreements because the U.S. import/export dynamic was entirely different between Mexico and Canada.

Trump can crow about his big wins, but he sees the same polls we do; Setting the record straight on the Trump economy (it was good, not great); NAFTA was a job killer and nobody's hands are clean; Doug in Slidell's feelings about Trump crash into the iceberg of reality

As Canada heads to the polls on Monday, a historic shift in national identity and foreign policy is unfolding, driven by growing disillusionment with the United States and a renewed embrace of European alliances. Across Canada there is a strong sense that this crucial election is about more than domestic policy.It is being seen as a referendum not just on leadership, but on Canada's place in the world – particularly in terms of its increasingly strained relationship with the United States and a growing desire to forge closer ties with allies in Europe.“This election really matters,” said Shachi Kurl, president of the Angus Reid Institute, a Canadian, non-profit polling organisation.“More than nine in 10 Canadians say it's more important than the last two elections – and over seven and a half million have already voted early. That's huge, in a country of just over 40 million."From Trudeau to CarneyThe election follows the resignation of Justin Trudeau in January, after nearly a decade in office.While once a global liberal icon, Trudeau had seen his domestic popularity plunge, and by the end of 2024 his Liberal Party was trailing the opposition Conservatives by 30 percentage points.His departure set the stage for Mark Carney, the former Bank of England governor, to step into the political spotlight as the new Liberal party leader.But it wasn't just the change in Liberal leadership that shifted the political winds.“The other main character,” as Kurl put it, “was Donald Trump."Trump unveils sweeping US tariffs on Canada, Mexico, China - EU next?Trump's re-emergence on the US political stage – and his increasingly provocative comments about Canada – electrified the Canadian political conversation.He floated ideas about annexation, referred to Canada as "ripe for reabsorption", and reintroduced aggressive trade rhetoric – all of which triggered a wave of public backlash north of the border.“Canadians initially dismissed it as Trump being Trump,” Kurl told RFI. “But the more he talked, the more seriously people took it. There was real anger, a sense of betrayal – and the politicians who leaned into that emotion did well”.Nationalism, the Canadian wayCarney responded with a tone rarely seen in Canadian politics: firm, unapologetic nationalism.He rejected Trump's rhetoric outright, reiterated Canada's sovereignty and committed to defending Canadian interests – economically and politically.“We don't tend to do overt nationalism in Canada,” Kurl explained. “But this time, it worked."We saw a huge swing in the polls – from a 30-point deficit to a five-point Liberal lead today. And that shift is in no small part down to Carney embracing a message of pride and independence."What's changed most dramatically is the tone of Canada's relationship with the US, once its closest ally.Kurl notes that Canadian travel to the US has dropped significantly in recent months, a reflection of a more widespread cooling of sentiment towards the country's southern neighbour.“The US was Canada's best friend – not just its biggest trading partner, but emotionally too. And now people are saying, this just isn't working."And for Conservative leader Pierre Poilievre, this has been a missed opportunity, as he ignored the Trump factor until the campaign was already under way.For Kurl, Poilievre's recognition of Canadian anger and disappointment with the US came "too little, too late".New Canadian PM in Europe to seek 'reliable partners' amidst trade war with USLooking towards EuropeIn Carney's first foreign visit as prime minister, he bypassed Washington opting instead to meet with French President Emmanuel Macron in Paris.The symbolism was clear: Canada is looking elsewhere for dependable allies.That shift is not just diplomatic theatre. The Carney-Macron meeting produced agreements on cybersecurity, clean energy and artificial intelligence, and reaffirmed both countries' support for Ukraine.This new strategic alignment has deep roots – particularly in Quebec, where cultural and historical ties to France have given the pivot to Europe added momentum and legitimacy.“It's not just short-term crisis management,” said Kurl. “Canada's been burned before by Trump. During his first term, we saw the renegotiation of Nafta and a lot of anti-Canada trade rhetoric. But nothing really changed – the economy remained heavily tied to the US. This time, there's a real sense that we need to act, not just wait it out."That said, a full break with the US is not on the cards.“There can never be a complete divorce,” Kurl concedes. “Our economies are deeply intertwined, and we share a very, very long border. But there is a renewed focus: Canada must diversify its economic relationships. It can't afford not to."French PM defends Ceta trade deal on visit to Canada, despite lawmakers' rejectionFor voters, this election is about who can best protect Canada's independence, its values and its interests, in an increasingly volatile international environment.As Kurl said: "Canadians are taking this election very seriously, because they know what's at stake. The question is no longer just, who should lead us? It's, where do we go from here?"

Send us a textOdyssey Marine Exploration's CEO Mark Gordon discusses company's prospects and opportunities post-NAFTA court decision, including potential development of phosphate resource off the coast of Mexico and progress portfolio companies are making in Cook Islands' polymetallic nodule-rich EEZ.

Glenn Beck Special. How So-Called 'Free Trade' DESTROYED American Jobs As the markets spin from President Trump's tariff strategy and the globalists clutch their pearls, Glenn Beck zooms out to see the bigger picture — the story of how elite-driven trade policies over the last 30 years gutted America's middle class. Deals like NAFTA and China's WTO entry sounded like progress to a lot of people, but they left devastation in their wake, killing jobs, draining small towns, and fueling an opioid epidemic in the heartland. To understand Trump's tariffs, you have to understand the real human cost behind tens of thousands of shuttered U.S. factories and the erosion of the American dream. No one knows the toll of the real human cost better than journalist Salena Zito, who wrote in the Washington Post, “What I learned about ‘America First' in a Pennsylvania steel mill.” U.S. Steel workers who once opposed Japan's investment now welcome it because “if this deal doesn't happen, these jobs will be gone.”  She rejects the claim that Americans don't want manufacturing jobs anymore and are scared of Trump's tariffs. “There's a very different feel in the middle of the country. ‘This might pinch now, but this is better not just for my kids, grandchildren — this is better for my country.'” Glenn argues Trump's tariffs aren't just policy — they're a rebellion against managed decline and a high-stakes gamble to restore American self-reliance.    Watch this video at- https://youtu.be/S0SSdipbsuc?si=IkIeTCE3pYD716Dd Glenn Beck 1.43M subscribers 14,566 views Premiered 5 hours ago #nafta #glennbeck #theblaze ► Click HERE to subscribe to Glenn Beck on YouTube: https://bit.ly/2UVLqhL ► Click HERE to subscribe to BlazeTV: get.blazetv.com/glenn ► Click HERE to subscribe to BlazeTV YouTube:    / @blazetv   ► Click HERE to sign up to Glenn's newsletter: https://www.glennbeck.com/st/Morning_... Connect with Glenn on Social Media:   / glennbeck     / glennbeck     / glennbeck   #glenntv #glennbeck #blazetv #theblaze #freetrade #globalism #nafta #americanjobs #americanmanufacturing

Since the 1980s, Donald Trump has been railing against what he calls unfair trade with a focus on Japan and then China. Also during the '80s, President Reagan, remembered as a free trader, was an interventionist when it came to the closed Japanese market. A decade later, Bill Clinton threatened punitive tariffs on Japanese luxury cars. Moreover, the question of what to do about the decline in U.S. manufacturing and living standards has weighed on policymakers and the working class for 40 years. In this episode, historian Nelson Lichtenstein traces the origins of today's backlash to free trade as President Trump tries, with the blunt force instrument of tariffs, to undo global economic arrangements decades in the making. Recommended reading: A Fabulous Failure: The Clinton Presidency and the Transformation of American Capitalism by Nelson Lichtenstein

Glenn reflects on Charlie Chaplin's birthday, linking his resilient "Tramp" character to Americans' hope. Was the "free trade" we were promised under NAFTA a lie? Glenn breaks it down, along with how insane the EU's tariffs and VAT taxes really are. Center for American Liberty CEO Mark Trammell shares the story of a mom in California who's fighting for her parental rights against a school that tried to hide her kid's gender transition. Learn more about your ad choices. Visit megaphone.fm/adchoices

CBS News host Gayle King compares herself to legendary astronauts after her rocket "ride" to space. Glenn is shocked to learn Jeff Bezos' real goals with Blue Origin and space. Glenn reflects on Charlie Chaplin's birthday, linking his resilient "Tramp" character to Americans' hope. Was the "free trade" we were promised under NAFTA a lie? Glenn breaks it down, along with how insane the EU's tariffs and VAT taxes really are. Center for American Liberty CEO Mark Trammell shares the story of a mom in California who's fighting for her parental rights against a school that tried to hide her kid's gender transition. Glenn separates facts from rumors as the media hides the truth about "wrongfully deported Maryland man" Kilmar Abrego Garcia, who's really an illegal immigrant from El Salvador with alleged ties to MS-13. Why are Democrats so insistent on bringing him back?! Rapper Topher discusses his hit song “Insurgent,” featuring Glenn's voice. Learn more about your ad choices. Visit megaphone.fm/adchoices

Death by Boomer with Jeff Styles - every Wednesday! NAFTA Sucks AND Lunch Whistles! Let's face it - the boomers are the 2nd greatest generation to ever walk planet earth! From our music to our toys (we survived lawn darts) - we made the world better! Yes, better even for you gen x'ers - gen y's and millennials - we're just better!! AND....worse - we also used up all the resources - became a little spoiled and maybe we have clung to power a little too long. Misunderstood - that is what we are! These short episodes will hopefully bridge the gap with the x'ers, y'ers (if that's even a word) and millennials - Death by Boomer with Jeff Styles on DTB - powered by Guardian Investment Advisors! Thanks to our sponsor: Guardian Investment Advisors: https://giaplantoday.com/ Please consider leaving us a review on Apple and giving us a share to your friends! This podcast is powered by ZenCast.fm

Joining Pam for this week's episode is Stanford Law Professor Alan Sykes, a leading expert on the application of economics to legal problems whose most recent scholarship is focused on international economic relations. In short, he is an international trade and law expert—and the right person to help us understand today's chaos. The discussion covers the credibility of the United States in international trade negotiations, the feasibility of renegotiating trade deals with multiple countries within a short timeframe, and the unconventional methods employed by the Trump administration. Sykes also highlights the importance of previously negotiated deals and the World Trade Organization—and how the Trump administration has sidelined the organization. This episode offers a comprehensive look at the legal and economic dimensions of Trump's tariffs, making it a must-listen for anyone interested in understanding the complexities of modern trade policies.Links:Alan O. Sykes  >>> Stanford Law pageThe Law and Economics of International Trade Agreements >>> Stanford Law pageConnect:Episode Transcripts >>> Stanford Legal Podcast WebsiteStanford Legal Podcast >>> LinkedIn PageRich Ford >>>  Twitter/XPam Karlan >>> Stanford Law School PageStanford Law School >>> Twitter/XStanford Lawyer Magazine >>> Twitter/X (00:00:00) Introduction and Overview of Trump's Tariffs(00:04:05) Impact on Imported Goods and Consumers(00:04:34) Exemptions and Intermediate Goods(00:05:14) Historical Context of U.S. Tariffs(00:24:38) Credibility of the United States and the 90-Day Pause

Chris slams the Trump administration's tariff policies, likening them to destroying a village to save it, arguing they're crushing small businesses while big corporations like Nvidia and AMD find workarounds. He debunks claims that NAFTA or the EU are the root of manufacturing woes, citing data showing job losses tied to China's WTO entry, and calls for targeted tariffs and a business-friendly environment to rebuild U.S. industry without sparking a global trade war that hurts Main Street the most. www.watchdogonwallstreet.com

Episode 108. (note: recorded Fall of 2024) This conversation with Alice Driver about her book Life and Death of the American Worker: The Immigrants Taking on America's Largest Meatpacking Company delves into the often unseen and harsh realities faced by workers in the meat industry. The discussion highlights the dangerous working conditions, the isolation and fear perpetrated by meatpacking plant owners, and the challenges workers face in organizing for better labor rights. It also touches on the broader implications of the true cost of food. Find Alice: Life and Death of the American Worker: The immigrants Taking on America's Largest Meatpacking Company by Alice Driver WebsiteBest of Exploring Labor and Working Conditions:Episode 92: NAFTA is in All of Our Bodies with Alyshia GálvezEpisode 90: Sh*t, Shipping, and Blood: Exploring the Ignored and Unseen with Rose GeorgeEpisode 82: Dust: Salvage, Water, and Hope with Jay OwensEpisode 81: The Tapestry of American Manufacturing with Rachel SladeSupport the Podcast:SubstackLeave a one-time Tip

NESTA EDIÇÃO. Aumento da produção no refino nacional é insuficiente para acompanhar o crescimento da demanda por combustíveis, indica PDE. Governador do ES propõe criação de Fundo Climático para novas fronteiras, como a Margem Equatorial. Frente Nacional dos Consumidores de Energia pede consulta pública para reforma do setor elétrico. Teremos transporte de hidrogênio liquefeito em navios? Pesquisadores estudam produção de diesel verde a partir de coco verde.

[WEEKEND RECAP 04-12-25] I'm old enough to remember when the national catchphrase wasn't “Build Back Better,” but BUY AMERICAN. It wasn't a marketing slogan—it was a wake-up call. People started noticing that the “Made in the USA” label was disappearing faster than Joe Biden memory at a press conference.Entire industries were being shipped overseas like suitcases with broken wheels. And instead of fighting for American jobs, we built a system that punished companies for making things here, and rewarded them for setting up shop in places where labor costs less than a vending machine soda. [X] SB – Stephen Miller on taxes Overall economic vision. Political class allowed it to happen. NAFTA, WTO, entry of China into the WTO  Now, I get it. Unions played their part. Many of them became bullies with lunch breaks, demanding so much that they drove companies to throw up their hands and say, “We'll show you!” But let's not forget who egged them on: Democrats. They coddled that selfishness, turned blind eyes to its consequences, and called it “worker advocacy.”Become a supporter of this podcast: https://www.spreaker.com/podcast/the-kevin-jackson-show--2896352/support.

00:00:00 - Bizarre Manager Tales and Alex Jones Clips Show opens with banter about Joe's intense management style and new gig. A selection of wild Alex Jones clips is played, prompting commentary on his chaotic delivery. Brief update on financial markets and some humorous talk about waffles and economic indicators. 00:10:00 - Trump's Tariffs and Global Trade Drama Trump enacts 125% tariffs on China, sparing other nations temporarily. Discussion on whether the goal is to isolate China or encourage wider global cooperation. Kevin O'Leary's call for 400% tariffs sparks debate about fairness and enforcement. 00:20:00 - China Retaliates and Trade War Escalates China responds with 84% retaliatory tariffs, calling for global unity against Trump. Memes and viral videos mocking American factory jobs are discussed. Hosts defend blue-collar work and examine why jobs were offshored post-NAFTA. 00:30:00 - Political Rage and Brain Circuitry New study links political extremism to specific brain circuits. Hosts joke about future pharmaceuticals to dull political emotions, like a “political Prozac.” Pharmaceutical industry's potential to profit off this condition is debated. 00:40:00 - CE-5 UFO Summoning and Sky Jellyfish Jake Barbour's team claims to psychically summon UFOs using CE-5 protocols. Descriptions of “Class 7” jellyfish-like UFOs that pulse and float intelligently. Mick West's debunking dismissed, with debate on whether these are balloons or something more. 00:50:00 - New Jersey Drone Mystery and FAA Denials Claims of anomalous drone behavior over New Jersey in December 2024. FAA reportedly unaware of or uninvolved in some sightings, raising suspicions. Speculation of government cover-ups and comparisons to historic UAP sightings. 01:00:00 - Restaurant Scammers and Ark Excavation Father and son duo scam over 100 French restaurants using fake card/ID trick. Scheme included pretending cards didn't work and leaving IDs they later replaced. Quick note that another attempt is underway to dig up Noah's Ark. 01:10:00 - Disturbing Teacher Abuse and Funeral Fails Shocking story of a teacher inappropriately involved with a special-needs student, also involving drugs and a murder plot. Shift to humorous but unfortunate funeral accident where pallbearers fall into a grave. Referenced comedy sketch “Coffin Flop” adds levity to an awkward moment. 01:20:00 - Middle-Aged Men Trading Cards in Japan Japanese trading card craze features real-life elderly men as collectible characters. Discussion on creating an American version featuring “Ohio Man” and regional archetypes. Hosts express genuine excitement and support for the quirky collectible concept. 01:30:00 - Urine Revenge and Tech Troubles A man throws bottles of urine at a business that denied him a job interview. Mike vents frustration about TeeSpring withholding merch funds, delaying tech upgrades. Conversation shifts toward moving to a new platform for merchandise fulfillment. 01:40:00 - Pee Tossing Fallout and David Paulides Kickstarter Extended jokes about urine-throwing suspect and weird job interview tactics. Update on David Paulides' successful Kickstarter for a new Missing 411 film. Mike reveals he won't receive his merch funds in time to upgrade his gear due to delays from TeeSpring. 01:50:00 - Mac Mini Upgrades and Japanese Card Economics Mike talks about upgrading his studio with a new Mac Mini to support soundboards. More commentary on Japanese middle-aged trading cards, including pricing, popularity, and potential U.S. parallels. Hosts suggest capitalizing on the trend with an American version featuring local archetypes.   Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research ▀▄▀▄▀ CONTACT LINKS ▀▄▀▄▀ ► Phone: 614-388-9109 ► Skype: ourbigdumbmouth ► Website: http://obdmpod.com ► Twitch: https://www.twitch.tv/obdmpod ► Full Videos at Odysee: https://odysee.com/@obdm:0 ► Twitter: https://twitter.com/obdmpod ► Instagram: obdmpod ► Email: ourbigdumbmouth at gmail ► RSS: http://ourbigdumbmouth.libsyn.com/rss ► iTunes: https://itunes.apple.com/us/podcast/our-big-dumb-mouth/id261189509?mt=2   - Affiliates Links - Jackery:  https://shrsl.com/3cxhf Barebones:  https://bit.ly/3G38773  Buy Tea! Mike's wife makes some good tea: Naked Gardener Teas: https://www.thenakedgardener.us/store Bags Art Store: https://www.redbubble.com/people/BagsDraws/  

China ups tariffs on U.S. imports to 84%, starting at midnight.Canada's retaliatory 25% tariff on US-made vehicles that do not comply with new NAFTA rules goes into effect. Israeli airstrike kills at least 29 Palestinians in Gaza City. Some Muslim and Arab-Canadian voters want to hear more from Canada's leaders on the war in Gaza. Conservative Leader Pierre Poilievre pitches a new tough on crime law. Longtime Ottawa resident stranded in the United Kingdom after her wallet and permanent residency card were stolen.

Wall Street legend Steve Eisman, famously depicted by Steve Carell in "The Big Short," joins us for a thought-provoking discussion on the shifting tides of the global economy. With his unique perspective on tariffs and trade wars, Steve dubs these issues a "theological problem," challenging the age-old teachings of free trade. We reflect on the historical impacts of NAFTA and China's WTO entry, contemplating their mixed blessings on GDP growth and job creation. This episode aims to cut through the noise, offering you a seat at the table for an expert analysis of today's complex economic landscape.   Our conversation explores the stark realities facing the American manufacturing sector amid globalization and trade policies. Together, Steve and I recount firsthand experiences from economically ravaged regions, discussing the potential impact of President Trump's tariffs. We consider the ripple effects on countries like China, Mexico, and Canada, pondering whether they can negotiate favorable trade deals. As companies like Apple and Nike adjust to new trade realities, we delve into how these policies might reshape supply chains and create unexpected opportunities.   Turning our attention to investments and future market conditions, we dissect the feasibility of rekindling U.S. manufacturing through tax incentives and organized labor's role. From emotional to rational decision-making, Steve sheds light on market dynamics and the potential for a full-blown trade war. We also explore the real estate market's current challenges, influenced by mortgage rate fluctuations, and the transformative role of AI in manufacturing and finance. As we wrap up, we reflect on the importance of interpreting information in a rapidly changing world, sharing insights from institutions like Wharton and Harvard on the art of data interpretation for market success.   CHAPTERS    (00:00) - Economic Trends (05:40) - Impact of Trade Policies on Manufacturing (12:47) - Implications of Trade War on Investments (18:56) - Real Estate Market Discussion and Insights (32:24) - Investors, AI, and Information Interpretation  

As our centennial series continues, Michael Froman, president of the Council on Foreign Relations (CFR) and former U.S. trade representative in the Obama administration, explores the history of American trade policies and the swings since the early 20th century between free trade and protectionism. 

[EP 25-139] I'm old enough to remember when the national catchphrase wasn't “Build Back Better,” but BUY AMERICAN. It wasn't a marketing slogan—it was a wake-up call. People started noticing that the “Made in the USA” label was disappearing faster than Joe Biden memory at a press conference. Entire industries were being shipped overseas like suitcases with broken wheels. And instead of fighting for American jobs, we built a system that punished companies for making things here, and rewarded them for setting up shop in places where labor costs less than a vending machine soda. [X]SB – Stephen Miller on taxes Overall economic vision. Political class allowed it to happen. NAFTA, WTO, entry of China into the WTO  Now, I get it. Unions played their part. Many of them became bullies with lunch breaks, demanding so much that they drove companies to throw up their hands and say, “We'll show you!” But let's not forget who egged them on: Democrats. They coddled that selfishness, turned blind eyes to its consequences, and called it “worker advocacy.”Become a supporter of this podcast: https://www.spreaker.com/podcast/the-kevin-jackson-show--2896352/support.

The gaping hole in Trump's righteous agenda to re-privatize the economy is a plan to fully wean off corporate and individual welfare. Lawmakers are trying to find every way imaginable to solve the debt problem without actually cutting spending. I also offer some more thoughts on the trade plan and how Republicans are taking legitimate observations and applying them in the wrong way and to a degree of demagoguery and sophistry. NAFTA was wrong, in my view, but it is not the primary reason for what ails us, and the notion that other countries taking advantage of us is the source of all ills is misleading. We can't give people the impression that simply by ending illegal immigration and rebalancing trade, America will come back without internal reforms and sacrifices. Next, we're joined by Rep. Chip Roy (R-Texas), who is trying to fight for some sense of purpose in this Congress. We discuss the horrible Senate reconciliation bill and how there is zero interest in cutting spending. Chip says he will not support the bill without concrete evidence of real spending cuts or some sort of transformational policy change, such as health care reform. He also weighs in the judicial tyranny and why he believes the best approach is for Congress to cut funding for certain district courts that are violating the Constitution. Learn more about your ad choices. Visit megaphone.fm/adchoices

It appears there’s movement in the Senate to get closer to one big, beautiful bill. But not without some Republicans causing trouble for the Trump agenda. Stigall names names and puts them on blast today. Same story for the slap-fighting between Republicans in the House. Daniel Turner from Power The Future and Stigall discuss what has happened to small-town America over the last 30 years under NAFTA and you’ll hear some surprise audio from a voice sounding strangely like Trump’s today on tariff policy on the Democrat side. A former Army ranger discusses the new DOD fitness requirement for all enlisted combat-ready troops, and how likely are we to get to the finish line for Trump’s Tax-Cuts and Jobs Act? Jim Pfaff of the Conservative Caucus breaks it down. -For more info visit the official website: https://chrisstigall.comInstagram: https://www.instagram.com/chrisstigallshow/Twitter: https://twitter.com/ChrisStigallFacebook: https://www.facebook.com/chris.stigall/Listen on Spotify: https://tinyurl.com/StigallPodListen on Apple Podcasts: https://bit.ly/StigallShow-Global Coin, for exclusive listener offers go to https://www.shopglobalcoin.com/pages/stigall or call 1-888-560-3125.See omnystudio.com/listener for privacy information.

     Gerald Celente of TrendsJournal.com, as he predicted Dot Com Bust 2.0, with the trigger of tariff tempest rocking the markets—Dow plummeting 1,400 points, NASDAQ down nearly 5%, and a Bust 2.0 looming on the horizon!     Celente rips apart the hypocrisy of Trump's trade wars, the genocide in Palestine, and the corporate sellout that gutted America's middle class. From Clinton's NAFTA betrayal to Vietnam's rising from the ashes of the Dominoe Theory to making dominoes, shoes and clothing — the dirty truth behind globalization's collapse. It's a nation on the brink, where billionaires soar, the rust belts rot, and the American Dream drowns in a sea of chaos!For 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

     AI-fueled madness as it concocts absurd tariff rates that fuels rage, has experts reeling, and nations retaliating. Five years after his lockdown lunacy—Trump is back with more imaginary science, this time the “dismal science”, to create an economic pandemic disruption.    And meet the new gods of paganism complete with their own religion, commandments, and “logic”    Then Gerald Celente joins to talk about Dot Com Bust 2.0Idiocracy Arrives with Made-Up Tariff Rates by Trump     Are they looking to create global economic destruction and disruption like they did 5 years ago with the nonsense “pandemic”?     Could Trump and his people actually be this stupid or is it deliberate?Trump's 2025 tariff charts are a chaotic mess straight out of ChatGPT's warped mind — LITERALLY.       ChatGate is far, far worse than SignalGate  Tariff Responses as The Downward Spiral Begins on Wall StreetWhat a coincidence that this is the worst day for stocks (and retirement funds) since Trump absurdly declared a pandemic emergency Why is Trump Attacking Companies That Buy MORE From US Than We Buy From Them?Countries that have ZERO tariffs are being punished and so are countries with whom we have a trade SURPLUS (profit).  One island that has NO HUMANS (only penguins) is targeted with high tariffs.  Is this how Trump's casinos went bankrupt? As We Saw in 2018, with Trump Tariffs Farmers Bleed, Food Prices Soar Sensational Stimulus crumbs won't save farmers as Trump's ChatGPT chaos starves the heartland! AI Writes Its Own Bible for Humans to Worship ItBesides being the basis for idiotic tariff numbers,ChatGPT has also penned its first book, ‘Transmorphosis,' a creepy AI ‘Bible' promising godlike powers and eternal life. The tone is satirical but the content is what the transhumanist techno-brats have been pridefully predicting for decades Pagan America's “Transgender Saints” and Their Commandments      AI writes its own bible,Transmorphosis, for humans to worship it as a god     Nashville & the FBI cover up the hate of a tranny child killer, Colorado's is calling misgendering ‘child abuse,' Minnesota's teaching ‘transgender saints,' and Planned Parenthood's raking in cash for abortions and gender drugs from CMS which will soon be run by Trump's pal, Dr. Oz, who has his own troubling background. Market Chaos Unleashed: Gerald Celente Slams Globalization and the Collapse of America's Soul     Gerald Celente of TrendsJournal.com, as he predicted Dot Com Bust 2.0, with the trigger of tariff tempest rocking the markets—Dow plummeting 1,400 points, NASDAQ down nearly 5%, and a Bust 2.0 looming on the horizon!     Celente rips apart the hypocrisy of Trump's trade wars, the genocide in Palestine, and the corporate sellout that gutted America's middle class. From Clinton's NAFTA betrayal to Vietnam's rising from the ashes of the Dominoe Theory to making dominoes, shoes and clothing — the dirty truth behind globalization's collapse. It's a nation on the brink, where billionaires soar, the rust belts rot, and the American Dream drowns in a sea of chaos!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

On Wednesday, President Donald Trump unveiled his plans for far-reaching new tariffs on almost all imported goods entering the United States. The move has plunged the global economy into turmoil amid fears of a wider trade war and higher consumer prices. The tariffs are the culmination of a populist backlash simmering since NAFTA and the 2000 China trade deal. The elimination of trade barriers at the time hammered America's industrial heartland amid warnings of a “giant sucking sound” of jobs and factories leaving the United States. But will Trump's new tariffs do more harm than good? And will they open the floodgates to another deluge of corruption? To answer those questions and understand what the tariffs mean for you, David Sirota sits down with veteran New York Times reporter Peter Goodman to discuss the real-world effects of what Trump is calling “Liberation Day."

     Gerald Celente of TrendsJournal.com, as he predicted Dot Com Bust 2.0, with the trigger of tariff tempest rocking the markets—Dow plummeting 1,400 points, NASDAQ down nearly 5%, and a Bust 2.0 looming on the horizon!     Celente rips apart the hypocrisy of Trump's trade wars, the genocide in Palestine, and the corporate sellout that gutted America's middle class. From Clinton's NAFTA betrayal to Vietnam's rising from the ashes of the Dominoe Theory to making dominoes, shoes and clothing — the dirty truth behind globalization's collapse. It's a nation on the brink, where billionaires soar, the rust belts rot, and the American Dream drowns in a sea of chaos!For 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

     AI-fueled madness as it concocts absurd tariff rates that fuels rage, has experts reeling, and nations retaliating. Five years after his lockdown lunacy—Trump is back with more imaginary science, this time the “dismal science”, to create an economic pandemic disruption.    And meet the new gods of paganism complete with their own religion, commandments, and “logic”    Then Gerald Celente joins to talk about Dot Com Bust 2.0Idiocracy Arrives with Made-Up Tariff Rates by Trump     Are they looking to create global economic destruction and disruption like they did 5 years ago with the nonsense “pandemic”?     Could Trump and his people actually be this stupid or is it deliberate?Trump's 2025 tariff charts are a chaotic mess straight out of ChatGPT's warped mind — LITERALLY.       ChatGate is far, far worse than SignalGate  Tariff Responses as The Downward Spiral Begins on Wall StreetWhat a coincidence that this is the worst day for stocks (and retirement funds) since Trump absurdly declared a pandemic emergency Why is Trump Attacking Companies That Buy MORE From US Than We Buy From Them?Countries that have ZERO tariffs are being punished and so are countries with whom we have a trade SURPLUS (profit).  One island that has NO HUMANS (only penguins) is targeted with high tariffs.  Is this how Trump's casinos went bankrupt?Trump Introduces the $5 Million Trump to Buy Your Way Into AmericaWho knows, maybe these rich guys will buy their way into Trump's White House, too.  The card features guess who... As We Saw in 2018, with Trump Tariffs Farmers Bleed, Food Prices Soar Sensational Stimulus crumbs won't save farmers as Trump's ChatGPT chaos starves the heartland! AI Writes Its Own Bible for Humans to Worship ItBesides being the basis for idiotic tariff numbers,ChatGPT has also penned its first book, ‘Transmorphosis,' a creepy AI ‘Bible' promising godlike powers and eternal life. The tone is satirical but the content is what the transhumanist techno-brats have been pridefully predicting for decades Pagan America's “Transgender Saints” and Their Commandments      AI writes its own bible,Transmorphosis, for humans to worship it as a god     Nashville & the FBI cover up the hate of a tranny child killer, Colorado's is calling misgendering ‘child abuse,' Minnesota's teaching ‘transgender saints,' and Planned Parenthood's raking in cash for abortions and gender drugs from CMS which will soon be run by Trump's pal, Dr. Oz, who has his own troubling background. Market Chaos Unleashed: Gerald Celente Slams Globalization and the Collapse of America's Soul     Gerald Celente of TrendsJournal.com, as he predicted Dot Com Bust 2.0, with the trigger of tariff tempest rocking the markets—Dow plummeting 1,400 points, NASDAQ down nearly 5%, and a Bust 2.0 looming on the horizon!     Celente rips apart the hypocrisy of Trump's trade wars, the genocide in Palestine, and the corporate sellout that gutted America's middle class. From Clinton's NAFTA betrayal to Vietnam's rising from the ashes of the Dominoe Theory to making dominoes, shoes and clothing — the dirty truth behind globalization's collapse. It's a nation on the brink, where billionaires soar, the rust belts rot, and the American Dream drowns in a sea of chaos!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

In this episode of The Mike Lindell Show, the spotlight is on the tumultuous day for Wall Street following President Trump's announcement on global tariffs. Vanessa Broussard discusses the market's steep decline, reminding viewers that such fluctuations are typical with major economic announcements. Viewers are taken to Flint, Michigan, where hope is brewing despite the area's economic struggles and job losses attributed to NAFTA. The once-thriving Motor City now finds itself seeking revitalization through anticipated boosts from domestic manufacturing. The episode also delves into President Trump's promises during his address before boarding Marine One, emphasizing fair trade and significant investments aimed at restoring American economic strength. Interviews with White House correspondent Cara Castronova and Jim Paff from the Conservative Concus explore the broader implications of these tariffs and their potential benefits for the U.S. economy despite initial market fears.

Dave Rubin of “The Rubin Report” talks about “The Daily Show's” Jon Stewart being surprisingly open to conservative economist Oren Cass' defense of Donald Trump's tariffs, Donald Trump's “liberation day” speech where he involved the benefit of his tariffs and how experts have been wrong about NAFTA and trade deals of the past; Thomas Sowell's telling the Hoover Institution's “Uncommon Knowledge” his reaction to Trump's tariffs and if he fears it is escalating into a trade war; Sky News' profiling of the ISIS kids of Syria who make it very clear what they want to do to Westerners; Keir Starmer blaming the manosphere for the online radicalization of young boys; fencer Stephanie Turner making a brave gesture to protect women's sports and protest her being forced to compete against trans athlete Redmond Sullivan; and much more. Dave also does a special “ask me anything” question-and-answer session on a wide-ranging host of topics, answering questions from the Rubin Report Locals community. WATCH the MEMBER-EXCLUSIVE segment of the show here: https://rubinreport.locals.com/ Check out the NEW RUBIN REPORT MERCH here: https://daverubin.store/ ---------- Today's Sponsors: Gravity Defyer - Sick of knee pain? Get Gravity Defyer shoes. Minimize the shock waves that normal shoes absorb through your feet, knees and hips with every step. Use the promo code "RUBIN30" at checkout, to get an extra 30% off orders over $120 or more. Just text RUBIN30 to 91888 or go to: http://gdefy.com and Use the promo code "RUBIN30" CBDistillery.com- Struggling with poor sleep or aches and pains? Take the advice of our over 2 million satisfied customers. Use CBD after physical activity for reductions in stress and pain. Order now and save up to 25% on everything! Go to: http://CBDistillery.com and enter PROMO CODE: RUBIN 1775 Coffee - Get the Longevity Bundle featuring their top-selling Anti-Aging Coffee, the ultra-rare Peaberry blend, an exclusive 1775-branded tumbler, plus more premium coffee and limited-edition merch you can't find anywhere else. Every dollar you spend enters you to win a blacked-out 2024 Tesla Cybertruck plus $30,000 cash! Rubin Report viewers get 15% off their order. Go to: https://1775coffee.com/RUBIN and use code RUBIN Learn more about your ad choices. Visit megaphone.fm/adchoices

       Spencer Morrison, lawyer, entrepreneur, historian, and author unveils the shocking truth behind America's economic collapse in his explosive new book, Reshore: How Tariffs Will Bring Our Jobs Home and Revive the American Dream.       Morrison focuses on the trade deficit, now largely forgotten in public debate.  He makes the case for tariffs and critiques the damage done by the free-trade myth (are trade agreements 1,000s of pages long “free”?)     From the sucking sound of NAFTA to the chilling parallels with Britain's imperial downfall, this is the wake-up call America can't ignore!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

Liberation Day or Taxmageddon? Your Wallet's Day of ReckoningBrace yourself as taxes skyrocket under a chaotic new regime! One thing's certain: your income tax isn't going anywhere, and tariffs are piling on. Gold Rush Frenzy: Cashing in on Chaos     As markets tremble and Trump's tariff tantrums ignite uncertainty, gold soars to dizzying heights! Investors flee to the shiny safe haven, but many are still heading for paper promises of ETFs.                Beware the blockchain bandits! Stablecoins and tokenized assets promise riches but deliver volatility and vulnerability. Governments and thieves salivate as your wealth goes digital—will this be the ultimate heist of the century?    Will AI Agents add even more volatility? Trump's Get-Out-of-Jail-Free for White Collar CriminalsHunter Biden's shady partners walk free, while fraudsters and bond scammers get VIP treatment Will Trump Reduce China Tariff so His Billionaire Buddy Can Buy It?A pro-Trump tycoon's $47 billion bid to snatch TikTok Border Gestapo: Tourists Shackled, Speech Silenced     Nightmares at the border as tourists face weeks in prison, chains and deportation for paperwork slip-ups!     Meanwhile, private groups hunt student protesters with facial recognition, blurring the line between law and tyranny. Is free speech dead? Multicultural Melting Pot Boils OverForeign wars spill onto American soil as clashing factions fight for dominance Toddler Transphobia: Nursery Nonsense Goes NuclearInsanity reigns as toddlers face suspension for “transphobia” in schools.  But what about the poor kids who are being gaslit and groomed into transgenderism, mutilation and sterilization? Anti-Anti-Semitism: Playing the Race Card for Politics Just Like the LeftOp-eds become terrorism as Trump Administration virtue signals for its paymasters in Israel Australia's Net Zero Bankrupts the Nation Prices soar, and the West's industrial heart bleeds out—climate fanatics cheer as civilization crumbles Christ or Chaos: The West's Soul Hangs in the BalanceFrom Ramadan lights to silenced prayers, foreign faiths muscle in while leaders sell out. Can Christendom rise again, or is this the end of our moral roots?How Globalism Stole Our Jobs, Our Land, and Our Future – Can Tariffs Restore by Reshore?       Spencer Morrison, lawyer, entrepreneur, historian, and author unveils the shocking truth behind America's economic collapse in his explosive new book, Reshore: How Tariffs Will Bring Our Jobs Home and Revive the American Dream.       Morrison focuses on the trade deficit, now largely forgotten in public debate.  He makes the case for tariffs and critiques the damage done by the free-trade myth (are trade agreements 1,000s of pages long “free”?)     From the sucking sound of NAFTA to the chilling parallels with Britain's imperial downfall, this is the wake-up call America can't ignore!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

       Spencer Morrison, lawyer, entrepreneur, historian, and author unveils the shocking truth behind America's economic collapse in his explosive new book, Reshore: How Tariffs Will Bring Our Jobs Home and Revive the American Dream.       Morrison focuses on the trade deficit, now largely forgotten in public debate.  He makes the case for tariffs and critiques the damage done by the free-trade myth (are trade agreements 1,000s of pages long “free”?)     From the sucking sound of NAFTA to the chilling parallels with Britain's imperial downfall, this is the wake-up call America can't ignore!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Liberation Day or Taxmageddon? Your Wallet's Day of ReckoningBrace yourself as taxes skyrocket under a chaotic new regime! One thing's certain: your income tax isn't going anywhere, and tariffs are piling on. Gold Rush Frenzy: Cashing in on Chaos     As markets tremble and Trump's tariff tantrums ignite uncertainty, gold soars to dizzying heights! Investors flee to the shiny safe haven, but many are still heading for paper promises of ETFs.                Beware the blockchain bandits! Stablecoins and tokenized assets promise riches but deliver volatility and vulnerability. Governments and thieves salivate as your wealth goes digital—will this be the ultimate heist of the century?    Will AI Agents add even more volatility? Trump's Get-Out-of-Jail-Free for White Collar CriminalsHunter Biden's shady partners walk free, while fraudsters and bond scammers get VIP treatment Will Trump Reduce China Tariff so His Billionaire Buddy Can Buy It?A pro-Trump tycoon's $47 billion bid to snatch TikTok Border Gestapo: Tourists Shackled, Speech Silenced     Nightmares at the border as tourists face weeks in prison, chains and deportation for paperwork slip-ups!     Meanwhile, private groups hunt student protesters with facial recognition, blurring the line between law and tyranny. Is free speech dead? Multicultural Melting Pot Boils OverForeign wars spill onto American soil as clashing factions fight for dominance Toddler Transphobia: Nursery Nonsense Goes NuclearInsanity reigns as toddlers face suspension for “transphobia” in schools.  But what about the poor kids who are being gaslit and groomed into transgenderism, mutilation and sterilization? Anti-Anti-Semitism: Playing the Race Card for Politics Just Like the LeftOp-eds become terrorism as Trump Administration virtue signals for its paymasters in Israel Australia's Net Zero Bankrupts the Nation Prices soar, and the West's industrial heart bleeds out—climate fanatics cheer as civilization crumbles Christ or Chaos: The West's Soul Hangs in the BalanceFrom Ramadan lights to silenced prayers, foreign faiths muscle in while leaders sell out. Can Christendom rise again, or is this the end of our moral roots?How Globalism Stole Our Jobs, Our Land, and Our Future – Can Tariffs Restore by Reshore?       Spencer Morrison, lawyer, entrepreneur, historian, and author unveils the shocking truth behind America's economic collapse in his explosive new book, Reshore: How Tariffs Will Bring Our Jobs Home and Revive the American Dream.       Morrison focuses on the trade deficit, now largely forgotten in public debate.  He makes the case for tariffs and critiques the damage done by the free-trade myth (are trade agreements 1,000s of pages long “free”?)     From the sucking sound of NAFTA to the chilling parallels with Britain's imperial downfall, this is the wake-up call America can't ignore!If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

On Retention Chronicles this week, Mariah Parsons spoke with Jesse Kaufman, CEO of Shipping Tree (now Kase), a third-party logistics (3PL) company for ecommerce brands. Kaufman discussed his experience growing Shipping Tree from its founding to managing thousands of orders daily. He highlighted the importance of diversifying shipping carriers due to recent changes at USPS that impacted DHL eCom, and the effects of Section 321 rule changes on import duties. Kaufman also addressed the psychological challenges brands may face when transitioning to a 3PL provider, emphasizing the need for trust and proper onboarding.Episode Timestamps:5:25 Challenges and Evolution of Shipping TreeJesse discusses the growth of Shipping Tree, from a small operation to fulfilling thousands of orders daily.He highlights the challenges faced in the early days, such as managing inventory and fulfillment without dedicated technology.Jesse emphasizes the importance of having a technological bridge between merchants and 3PLs, which was lacking in the early days.He shares insights into the evolution of 3PLs and the varying quality of apps used by different 3PLs.6:04 Transitioning to a 3PL and Overcoming Psychological BarriersMariah and Jesse discuss the psychological challenges brands face when transitioning to a 3PL, such as trusting a third party with their inventory.Jesse explains how Shipping Tree helps brands overcome these challenges by providing peace of mind and ensuring proper QA processes.They discuss the importance of founders evaluating 3PLs based on their systems and the level of care they show for brands and products.Jesse mentions the role of references and third-party validation in helping founders make informed decisions about choosing a 3PL.6:19 Minimum Order Volumes and Finding the Right 3PLMariah and Jesse discuss the minimum order volumes required by Shipping Tree, typically starting at 2000 orders per month.Jesse advises founders to look for 3PLs that fit their needs, whether they are small, mom-and-pop operations or larger, more established 3PLs.He highlights the importance of finding a 3PL that can grow with the brand and provides the necessary support and technology.Jesse mentions resources like Twitter and Third Person, a company that helps match brands with 3PLs, to assist founders in finding the right partner.23:33 Carrier Diversification and USPS ChangesMariah and Jesse discuss the importance of carrier diversification in light of changes in the USPS's contract with DHL eCom.Jesse explains how the USPS is canceling contracts with aggregators like DHL, which will affect the cost and delivery of packages.He notes that while the impact on rates will not be significant, it is still important for brands to diversify their carriers.Jesse shares how Shipping Tree's rate shopping tools help merchants find the cheapest options for their desired day in transit.32:32 Impact of Section 321 ChangesMariah and Jesse discuss the impact of the upcoming changes to Section 321, a NAFTA law that allowed brands to import products duty-free from Mexico or Canada.Jesse explains how the Biden administration announced plans to close this loophole, which has led to a scramble among brands to find new solutions.He notes that the President of Mexico recently stepped in to accelerate the timeline for these changes, adding urgency to the situation.Jesse expresses his support for the changes, believing they will create more jobs in the US and benefit the country overall.

Watch The X22 Report On Video No videos found Click On Picture To See Larger PictureInstitutional investors are pulling out of tech stocks, are they planning to bring down the market? Trump has been speaking out against NAFTA, WTO etc for over 40 years. Private investment has been pouring into the US. Elon gives us the direction, end the Fed. The [DS] playbook is not working on the people. When the people are awake and thinking logically the [DS] narratives do not work. This is why Trump needed the people awake. Elon is now exposing who got the kickbacks, expect the violence and attacks to intensify against Trump and Elon. Elon is now reporting that there is evidence of election fraud, he is now handing it over to DHS, is this why Trump has been mentioning a third term.   (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:13499335648425062,size:[0, 0],id:"ld-7164-1323"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="//cdn2.customads.co/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); Economy https://twitter.com/KobeissiLetter/status/1906745808927519199   to Goldman Sachs. Meanwhile, hedge funds' net selling of US tech stocks has hit the second-highest level in 5 years. Selling was particularly focused on Semiconductor, Software, and Tech Hardware subsectors. Hedge funds are reducing exposure to tech. https://twitter.com/KanekoaTheGreat/status/1906423106182549593   Trump Says 'Couldn't Care Less' If Foreign Auto Makers Raise Prices Due To Tariffs President Donald Trump said on March 29 that he did not ask automotive CEOs to avoid raising prices in response to sweeping tariffs and that he “couldn't care less” if they do so on foreign-made cars. The Trump administration is poised to levy 25 percent tariffs on all foreign-made automobiles and components on April 2, with temporary exceptions given to companies that import vehicles or parts under the United States-Mexico-Canada Agreement (USMCA) until the government creates a process for applying those duties, according to the White House.   I couldn't care less if they raise prices, because people are going to start buying American-made cars,” he said. “I couldn't care less. I hope they raise their prices, because if they do, people are going to buy American-made cars. We have plenty.” The president emphasized that he wasn't concerned about car prices increasing. Source: zerohedge.com    https://twitter.com/MAGAVoice/status/1906766748482953268    https://twitter.com/america/status/1906520545547489431 TAKE. A. LISTEN Political/Rights https://twitter.com/SecRubio/status/1906684174020284784  safe, @POTUS designated the Tren de Aragua and MS-13 as Foreign Terrorist Organizations. These criminals will no longer terrorize our communities and citizens.  Once again, we extend our gratitude to @nayibbukele and the government of El Salvador for their unparalleled partnership in making our countries safe against transnational crime and terrorism. https://twitter.com/elonmusk/status/1906717838032744488   Director Patel's five biggest victories: Arrest of the top MS-13 leader in the United States, Henrry Josue Villatoro Santos. Arrest of three fugitives on the FBI's Top Ten Most Wanted list - that's almost a third of the list nailed at a stroke. A successful raid and arrest of 22 members of a drug trafficking operation run by suspected violent drug cartel members in Lubbock, Texas. Arrests of Tesla vandals and terrorist attackers. Disruption of a major cryptocurrency scheme reportedly laundering money to support Hamas. These are major wins, especially the first two.   There is still a lot to be done to restore the public's trust in the FBI. The previous administration did not place a high priority on law enforce...

From a Queens real estate prodigy to the 45th and 47th President of the United States, Donald J. Trump's journey embodies the relentless pursuit of the American Dream. This documentary chronicles his unprecedented rise, blending business brilliance, unyielding patriotism, and a visionary blueprint to restore America's greatness.Born into a family of entrepreneurs, Trump transformed his father's real estate business into a global empire, turning iconic landmarks like Trump Tower into symbols of ambition and excellence 815. His transition from The Apprentice host to political outsider captivated the nation, culminating in a historic 2016 victory that defied establishment odds. Trump's "America First" agenda delivered record tax cuts, slashed stifling regulations, and revitalized industries, fueling a booming economy and creating millions of jobs Witness how Trump renegotiated trade deals like USMCA, replacing NAFTA to protect American workers, and achieved energy independence, unleashing U.S. oil and gas dominance 1215. His administration secured the border, appointed over 250 constitutionalist judges, and brokered Middle East peace accords, proving "peace through strength" is more than a sloganThe documentary highlights Trump's resilience against unprecedented opposition, including baseless impeachment attempts and a global pandemic. Through "Operation Warp Speed," his leadership fast-tracked COVID-19 vaccines, saving countless lives 15. In 2024, Trump's landslide reelection victory reaffirmed America's demand for bold, results-driven leadership—a testament to his unwavering commitment to renewing the American spiritFeaturing exclusive interviews with allies like Ivanka Trump and cabinet members, rare footage of Trump's Wharton School days, and heartwarming moments from his 2025 Congressional address—where he vowed to usher in a "New Golden Age"—this film is a celebration of patriotism, perseverance, and the power of believing in America 

No BS Newshour Episode #358Tariff This!How Canada stole our underpants.Everything you need to know about Tariffs, Nafta and the global game of Risk.Spoiler Alert- The American worker gets screwed.With John Stoll @johnstoll1977- Head of Global News for X (Twitter) Advisory: This is actual news.Editor's Note: The Ambassador Bridge was not involved in creating, nor has it approved, the content of this report⁠Subscribe to NBN on YouTube⁠⁠⁠⁠Subscribe to NBN on iTunes⁠⁠⁠⁠Subscribe to NBN on Spotify⁠⁠⁠⁠Like NBN on Facebook⁠⁠⁠⁠Follow to NBN on Twitter

Ralph welcomes Peter Beinart, to discuss his book Being Jewish After the Destruction of Gaza. An observant Jew, Beinart argues “We are not history's permanent virtuous victims. We are not hardwired to forever endure evil but never commit it.” Plus, premier global trade expert, Lori Wallach, joins to help sort out the on again, off again tariffs Donald Trump is assessing U.S. trade partners. What kind of a tool is a tariff? When should it be used? Who should it be used against? And are the current tariff threats on Canada really about stopping fentanyl?Peter Beinart is Professor of Journalism and Political Science at the Newmark School of Journalism at the City University of New York. He is also Editor-at-Large of Jewish Currents, an MSNBC political commentator, a frequent contributor to The New York Times, and a Non-Resident Fellow at the Foundation for Middle East Peace. His latest book is entitled “Being Jewish After the Destruction of Gaza” and his recent op-ed in the New York Times is “States Don't Have a Right To Exist. People Do.”We are not history's permanent virtuous victims. We are not hardwired to forever endure evil but never commit it. That false innocence, which pervades contemporary Jewish life, camouflages domination as self-defense. It exempts Jews from external judgment. It offers infinite license to fallible human beings.Excerpt from Being Jewish After The Destruction of Gaza by Peter BeinartIsrael can't destroy Hamas. Israel has totally laid waste to Gaza, and yet Hamas is still there. And Hamas will have new recruits from all of these people whose family members were killed by Israel. And Hamas will reconstitute its weapons, because I think actually a lot of the Hamas weapons now are coming from assembling Israeli weapons that were dropped on Gaza, just like the Viet Cong did in Vietnam. They reassemble to make their own weapons. So Hamas will still be there as a force for Israel to continue to fight. And I think Netanyahu will continue this war for as long as he can.Peter BeinartSo what I think Israel is trying to do, to various degrees of self-consciousness, is to try to reduce the population in Gaza and the West Bank. And that's why the Trump plan was so popular in Israel, not just among Netanyahu, but even among his centrist opponents, like Benny Gantz and Yair Lapid, who embraced the idea. Because for them, it solves the problem. Israel doesn't have a way of solving the Palestinian problem. So if you have fewer Palestinians, then they're less of a problem. This is, after all, how the United States solved its problem with Native Americans in the 19th century.Peter BeinartLori Wallach is a 30-year veteran of international and U.S. congressional trade battles starting with the 1990s fights over NAFTA and WTO where she founded the Global Trade Watch group at Public Citizen. She is now the director of the Rethink Trade program at American Economic Liberties Project and is also Senior Advisor to the Citizens Trade Campaign, the U.S. national trade justice coalition of unions and environmental, consumer, faith, family farm and other groups.He (Trump) also closed a thing called the de minimis loophole. That is this lunatic trade loophole that allows in uninspected (under $800 value) imports to every American every day… And then four days later, Trump met with the Federal Express CEO, who apparently was not happy because they deliver a bunch of those de minimis packages… This has become a superhighway for fentanyl… He (Trump) basically reversed the ability to stop fentanyl coming from China and to enforce his own China tariffs at the behest of the CEO of Federal Express.Lori WallachSo the difference between whether tariffs raise the consumer price has a lot to do with the same corporate price gouging that we've been seeing over the last couple of years. And we can see right now, for instance, on eggs. The actual supply of egg laying chickens and the actual supply of eggs is not a greatly reduced sector. That sector is now so concentrated at every level that the handful of companies can basically control the markup between what the farmers paid and what the consumer pays.Lori Wallach Get full access to Ralph Nader Radio Hour at www.ralphnaderradiohour.com/subscribe

Trump's tariff chaos backfires hilariously—his own USMCA treaty, a NAFTA glow-up he once hyped, trips up his team, leaving Canada and Mexico untouchableThe FDA's sham “black box” warnings shield Big Pharma's as he kills and cripplesWikipedia's Larry Sanger flips the script, trading hardcore skepticism for unshakable faith in a brain-busting journey rivaling C.S. Lewis.A “measles death” hoax unravels—hospitals dodge blame for a girl's RSV demise, pushing dodgy tests and MMR agendasDOGE crashes as courts prove they can squash his cuts with a single gavel. Will Trump challenge judicial supremacy?2:30 Trump Tariffs Sabotaged by His Own Trade TreatyNo one in the Trump administration read the USMCA (NAFTA rebranded) treaty Trump was so proud of in his first administration.  So the tariff pendulum swings back and forth.  How much of goods from Canada & Mexico are off limits? Will anything change in 30 days? 24:11 Black Box Cover-Up: People Dead or Disabled as FDA & Pharma Shifts Blame to Physicians & Pharmacists      A pharmaceutical scandal that's destroying lives—like Whistler's and 27-year-old Elisa's—with the dangerous drug Levofloxacin (aka Levaquin). Prescribed for pneumonia, it left Elisa trembling, crippled by nerve pain and joint agony, mirroring Whistler's nightmare.     The FDA's "black box" warnings are a sick joke—buried, ignored, and never shared by doctors or pharmacists who shrug, "It's rare!” This is how Big Pharma poisons with impunity while the FDA—Free to Do Anything—rubber-stamps their crimes. 44:34 LIVE comments from audience 55:59 Wikipedia Mastermind Shocks the World: From Atheist Skeptic to Christian Convert     Larry Sanger, co-founder Wikipedia, has a stunning embrace of Christianity! This isn't just another celebrity conversion—it's a PhD philosopher's epic showdown with faith, tearing through decades of skepticism like a intellectual bulldozer. Raised with unanswered questions Sanger dove into the Bible, not to believe, but to dissect it. What he found? Answers that rocked his Ayn Rand-loving, agnostic world!      Compared to C.S. Lewis and cold-case detective J. Warner Wallace, his journey from doubt to truth is a wild ride of reason, fueled by marriage, fatherhood, and a relentless quest for meaning. Uncover the shocking twist that's got everyone talking—faith isn't blind, it's bulletproof 1:05:28 “Measles Death” Looks Like Hospital Murder & Misattribution      Forget the headlines screaming “unvaccinated doom”—this little girl, battling RSV pneumonia, was allegedly denied breathing treatments while her desperate parents begged for help. No measles rash, just a dodgy PCR test, and now a second “death” pops up with the same shady story.      This sinister agenda to peddle MMR shots and bully RFK Jr. into submission worked like a charm.  They're even cooking up a “Gulf of Measles” scare for Spring Break, ignoring that college kids would be.   It's not about health—it's a power grab1:30:19 Check Your Chicks for mRNA, and Check MAHA for Bird Flu Fearmongering If you're going to get spring chicks for your backyard make sure they're not vaccinated as Tractor Supply boasts!  And make sure you're not supporting the “MAHA influencers” like McCullough who've shamelessly pivoted from truth-teller to fear-peddling shill, now pushing pandemic for profit1:45:21 Trump's DOGE Dream Crumbles: Courts Claw Back Billions as Judicial Supremacy Reigns!Pop the champagne? Not so fast!   Unless Trump fights judicial supremacy none of the celebrated DOGE cuts will stick.  Only one of 677 district judges can halt the parade whether it's probationary employees fired or USAID foreign aid cancelled. 2:03:10 Blackrock Bought Into Panama Canal Company About a Month After Trump's ElectionHmmm… 2:05:17 Trump's Wild Card Chaos: Gerald Celente Exposes the Billionaire Freak Show and Power GrabGerald Celente, trend-forecasting legend TrendsJournal.com, rips the mask off the Trump administration's unpredictable madness! From tariff whiplash to a billionaire-packed cabinet, the elites are cashing in while the world teeters on the edge of war and economic collapse. Trump steers Blackrock into the Panama Canal and China is overbuilt domestically and in other countries with the Belt & Road Initiative —trending toward a gold boomIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Money should have intrinsic value AND transactional privacy: Go to DavidKnight.gold for great deals on physical gold/silverFor 10% off Gerald Celente's prescient Trends Journal, go to TrendsJournal.com and enter the code KNIGHTFor 10% off supplements and books, go to RNCstore.com and enter the code KNIGHTBecome a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

The United States has officially imposed broad tariffs on two of its largest trading partners, Canada and Mexico, marking one of the most aggressive trade measures in recent history. With potential economic fallout looming, world leaders, economists, and businesses are scrambling to assess the impact of President Donald Trump's latest move.From Trade Deals to Trade Wars: How We Got HereDuring Trump's first term, his administration took a mixed approach to tariffs. While he aggressively targeted China with import duties — many of which remain under President Biden — his strategy with Canada and Mexico was more nuanced. Initial tariffs on specific industries such as lumber, steel, and aluminum eventually gave way to the U.S.-Mexico-Canada Agreement (USMCA), a revised version of NAFTA that stabilized trade relations.However, with Trump back in the White House, he has revived concerns over trade imbalances, particularly with Canada and Mexico. On January 20th, Inauguration Day, Trump signed an executive order launching a review of USMCA, with findings due in April. But before that process could unfold, he moved forward with major tariff increases.On February 1st, Trump announced two executive orders imposing sweeping tariffs. Canadian imports now face a 25% tariff, with a lower 10% tariff on energy exports like oil and gas. Mexico has been hit with a flat 25% tariff on all imports. Though negotiations initially delayed the tariffs by 30 days, they have now gone into full effect, shaking up a $1.3 trillion annual trade relationship.To justify the tariffs, Trump invoked the International Emergency Economic Powers Act, a legal framework typically used for sanctions. He linked the move to national security concerns, specifically citing fentanyl trafficking and illegal immigration.Sweeping Tariffs Hit North America HardThe response from Canada and Mexico has been swift and severe. Canadian Prime Minister Justin Trudeau condemned the tariffs as "absolutely unacceptable" and unveiled a $30 billion retaliatory tariff package, with plans for an additional $125 billion in tariffs within 21 days if the dispute is not resolved. Several Canadian provinces have announced bans on U.S. products, pulling American wine, beer, and liquor off store shelves.In Mexico, President Claudia Sheinbaum issued a sharp protest but has not yet outlined a formal retaliation. However, Mexican officials have signaled that they may target key U.S. industries, including soybeans, pork, and beef exports.Domestically, the tariff decision has sparked significant economic concern. Stock markets tumbled following the announcement, and major retailers like Target and Best Buy have warned that prices on imported goods will rise sharply, with businesses passing the cost onto consumers.Economists overwhelmingly predict inflationary pressure, warning that tariffs could lead to a U.S. recession and further damage trade relations. The automotive industry is expected to see major price hikes, as will sectors reliant on steel and aluminum, energy resources, agriculture, and consumer goods such as electronics, clothing, and household appliances.Trump's Endgame: Tough Negotiation or Economic Gamble?These tariffs will likely be felt most harshly by Canada and Mexico, as the United States is their largest export market. Seventy-five percent of Canadian exports go to the U.S., while for Mexico, that number is even higher at 80%. By limiting these exports, Trump is exerting maximum pressure on both countries, but the strategy raises significant questions.Is he using tariffs as leverage to renegotiate USMCA? Does he expect Canada and Mexico to cave under economic strain? Or is this a broader shift toward economic protectionism, despite warnings from economists?Trump's decision could make or break his administration. While his supporters may see the move as a strong stance against unfair trade practices, rising prices and economic downturns could alienate voters — especially those who supported him for his stance on inflation control. The coming months will reveal whether these tariffs are a negotiation tool or a long-term policy shift. For now, both the U.S. and its North American neighbors brace for an economic showdown.Chapters* 00:00:00 - Introduction* 00:02:39 - Ukraine Mineral Deal Fallout* 00:06:35 - The Impact of Tariffs on Trade Relations* 00:17:22 - Consequences of Tariffs on the Economy* 00:22:15 - Interview with Bill Scher* 00:58:09 - Update introduction* 01:00:13 - J.D. Vance's European Controversy* 01:03:02 - GOP Government Funding Bill* 01:04:48 - Democrats' Plans to Protest Trump's Speech* 01:08:00 - Interview with Katie Harbath* 01:45:25 - Outro This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.politicspoliticspolitics.com/subscribe

Our U.S. Public Policy and Currency analysts, Ariana Salvatore and Andrew Watrous, discuss why the dollar fell at the beginning of the first Trump administration and whether it could happen again this year. ----- Transcript ----Ariana Salvatore: Welcome to Thoughts on the Market. I'm Ariana Salvatore, Morgan Stanley's U.S. Public Policy Strategist.Andrew Watrous: And I'm Andrew Watrous, G10 FX Strategist here at Morgan Stanley.Ariana Salvatore: Today, we'll focus on the U.S. dollar and how it might fare in global markets during the first year of the new Trump administration.It's Tuesday, March 4th at 10am in New York.So, Andrew, a few weeks ago, James Lord came on to talk about the foreign exchange volatility. Since then, tariffs and trade policy have been in the news. Last night at midnight, 25 percent tariffs on Mexico and Canada went into effect, in addition to 10 percent on China. So, let's set the scene for today's conversation. Is the dollar still dominant in global currency markets?Andrew Watrous: Yes, it is. The U.S. dollar is used in about $7 trillion worth of daily FX transactions. And the dollar's share of all currency transactions has been pretty stable over the last few decades. And something like 80 percent of all trade finance is invoiced in dollars, and that share has been pretty stable too.A big part of that dollar dominance is because of the depth and safety of the Treasury security market.Ariana Salvatore: That makes sense. And the dollar fell in 2017, the first year of the Trump administration. Why did that happen?Andrew Watrous: Yeah, so 2017 gets a lot of client attention because the Fed was hiking, there was a lot of uncertainty about would happen in NAFTA, and the U.S. passed a fiscally expansionary budget bill that year.So, people have asked us, ‘Why the U.S. dollar went down despite all those factors?' And I think there are three reasons. One is that even though the possibility that the U.S. could leave NAFTA was all over the headlines that year, U.S. tariffs didn't actually go up. Another factor is that global growth turned out to be really strong in 2017, and that was helped in part by fiscal policy in China and Europe. And finally, there were some political risks in Europe that didn't end up materializing.So, investors took a sigh of relief about the possibility that I think had been priced in a bit that the Eurozone might break up. And then a lot of those factors went into reverse in 2018 and the U.S. dollar went up.Ariana Salvatore: So, applying that framework with those factors to today, is it possible that we see a repeat of 2017 in terms of the U.S. dollar decline?Andrew Watrous: Yeah, I think it's likely that the U.S. dollar continues to go lower for some of the same reasons as we saw in 2017. So, I think that compared to 2017, there's a lot more U.S. dollar positive risk premium around trade policy. So, the bar is higher for the U.S. dollar to go up just from trade headlines alone.And just like in 2017, European policy developments could be a tailwind to the euro. We've been highlighting the potential for German fiscal expansion as European defense policy comes into focus. And unlike in 2017, when the Fed was raising rates, now the Fed is probably going to cut more this year. So that's a headwind to the dollar that didn't exist back in 2017.So, on trade, Ariana. What developments do you expect? Do you think that Trump's new policies will make 2025 different in any way from 2017?Ariana Salvatore: So, taking a step back and looking at this from a very high level, a few things are different in spite of the fact that we're actually talking about a lot of similar policies. Tariffs and tax policy were a big focus in 2017 to 2019, and to be sure, this time around, they are too, but in a slightly different way.So, for example, on tax cuts, we're not talking about bringing rates lower on the individual and corporate side. We're talking about extending current policy. And on tariffs and trade policy, this round I would characterize as much broader, right? So, Trump has scoped in a broader range of trading partners into the discussion like Mexico and Canada; and is talking about a starting point that level-wise is much higher than what we saw in the whole 2018 2019 trade friction period.The highest rate back then we ever saw was 25 percent, and that was on the final batch of Chinese goods, that list four. Whereas this time, we're talking about 25 percent as a starting point for Mexico and Canada.I think sequencing is also a really important distinction. In 2017, we saw the tax cuts through the Tax Cuts and Jobs Act (TCJA) come first, followed by trade tensions in 2018 to 2019. This time around, it's really the inverse. Republicans just passed their budget resolution in the House. That lays the groundwork for the tax cut extensions.But in the meantime, Trump has been talking about tariff implementation since before he was even elected. And we've already had a number of really key trade related catalysts in the just six weeks or so that he's been in office.Andrew Watrous: So, you mentioned expectations for fiscal policy. What are recent developments there, and what do you think will happen with U.S. fiscal?Ariana Salvatore: I mentioned the budget resolution in the house that was passed last week. And you can really think of that as the starting point for the reconciliation process to kick off. And consequently, the extension of the Tax Cuts and Jobs Act.To be clear, we think that House Republicans will be able to align behind extending most of the expiring Tax Cuts and Jobs Act, but that's still in the books until the end of 2025. So, we see many months needed to kind of build this consensus among cohorts of the Republican caucus in Congress, and we already know there's some key sticking points in the discussion.What happens with the SALT [State and Local Tax] cap? What sort of clawbacks occur with the Inflation Reduction Act? All these are disagreements that right now are going to need time to work their way through Congress. So not a lot of alignment just yet. We think it's going to take most of the year to get there.But ultimately, we do see an extension of most of the TCJA, which is like I said, current law until the end of 2025.But Andrew from what I understand when it comes to fiscal policy, there are really two stages in terms of the market impact that we saw in the last administration. Can you walk us through those?Andrew Watrous: Yeah, so one lesson from 2016 to 2018 is that there were really two stages of when fiscal developments boosted the dollar. The first was right after the U.S. election in 2016, and the second was much later after the Tax Cuts and Jobs Act passed. So right after the 2016 election, within a couple of weeks, the dollar index rallied from 98 up to 103, and 10-year Treasury yields rose as well.And then things sort of moved sideways in between these two stages. Ten-year Treasury yield just moved sideways. Fiscal wasn't as supportive to the U.S. dollar. And as we know, the dollar went down. And then we had the second stage more than a year later. So, the TCJA was passed in December 2017. And then the dollar rallied after that along with the rise in Treasury yield.So, we think that now, what we've seen is actually very similar to what happened in 2017, where the dollar and yields moved a lot after the 2024 election; but now the budget reconciliation process probably won't be a tailwind to the dollar until after a tax cuts extension passes Congress. And as you mentioned, that's not going to be for many, many months. So, in the interim, we think there's a lot of room for the dollar to go down.Ariana Salvatore: And just to level set our expectations there to your point, it is probably going to be later this year. House Republicans have to align on a number of key sticking points. So, we have passage somewhere on the third or fourth quarter of 2025.But when we think about the fiscal picture, aside from the deficit and the macro impacts, a really key component is going to be what these tax changes mean for the equity market. The extension of certain tax policies will matter more for certain sectors versus others. For example, we know that extending some of the corporate provisions, aside from the lower rate, will have an impact across domestically oriented industries like industrials, healthcare, and telecom.But Andrew, to bring it back to this discussion, I want to think a little bit more about how we can loop in our expectations for the equity market and map that to certain dollar outcomes. How do you think that this as a barometer has changed, if at all, from Trump's first term?Andrew Watrous: Yeah, currency strategists like me love talking about yield differentials. But from 2016 to 2018, the U.S. dollar did not trade in line with yield differentials. Instead, in the initial years of President Trump's first term, equities were a much better barometer than interest rates for where the U.S. dollar would go.After President Trump was elected in 2016, U.S. stocks really outperformed stocks in the rest of the world, and the U.S. dollar went up. Then in 2017, stocks outside the U.S. caught up to the move in U.S. stocks, and the U.S. dollar fell. Then in 2018, all that went into reverse, and U.S. stocks started outperforming again, and the U.S. dollar went up.So, what we've been seeing in stocks today really echoes 2017, not 2018. Stocks outside the U.S. have caught up to the post election rise in U.S. stocks. And so, just like it did in 2017, we think that the U.S. dollar will decline to catch up to that move in relative stock indices.Ariana Salvatore: Finally, Andrew, we already discussed the U.S. dollar negative drivers from 2017. But what happened to these drivers the following year in 2018? And is that any indication for what might happen in 2026?Andrew Watrous: So 2018, as you mentioned, does offer a blueprint for how the U.S. dollar could go up. So, for example, if trade tensions evolve in a direction where our economists would have to significantly downwardly revise their global growth forecasts, then the U.S. dollar could start to look more attractive as a safe haven. And in 2018, there was a big rise in long-end Treasury yields. That's not what we're calling for; but if that were to happen, then the U.S. dollar could catch a bid.Ariana Salvatore: Andrew, thanks for taking the time to talk.Andrew Watrous: Great speaking with you, Ariana.Ariana Salvatore: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen and share the podcast with a friend or colleague today.