Latest / DEEP INSIGHT / Trump talks to Xi like arsonist saying he's going to put out the fire

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Trump talks to Xi like arsonist saying he's going to put out the fire · DEEP INSIGHT

• 0:00
  Speaker 1: I have to push back on this idea that we
• 0:01
  Speaker 1: got nothing out of the trade, where we've got two
• 0:04
  Speaker 1: hundred billion dollars, some of that paid for snap benefits
• 0:08
  Speaker 1: all through October, so that money is actually going directly
• 0:12
  Speaker 1: into the pockets of vulnerable Americans. Like to just say
• 0:15
  Speaker 1: we got nothing out of We gotteriff, we.
• 0:19
  Speaker 2: Got turiff revenue. We also got higher prices Americans are paid.
• 0:23
  Speaker 3: Consumer prices are not actually yes, they're actually actually actually yes.
• 0:29
  Speaker 3: Let me just play, let me play what the Fed
• 0:32
  Speaker 3: is not from good? Let me play what the FED
• 0:33
  Speaker 3: chair Jerome pal said about this literally today. Listen.
• 0:38
  Speaker 4: Higher tariffs are pushing up prices in some categories of goods,
• 0:42
  Speaker 4: resulting in higher overall inflation. A reasonable base case is
• 0:47
  Speaker 4: that the effects on inflation will be relatively short lived,
• 0:50
  Speaker 4: a one time shift in the price level. But it
• 0:53
  Speaker 4: is also possible that the inflationary effects could instead be
• 0:57
  Speaker 4: more persistent, and that is a risk to be assessed
• 1:00
  Speaker 4: and managed.
• 1:03
  Speaker 3: Tariffs are contributing to inflation and Trump redistributing wealth in
• 1:10
  Speaker 3: this country from people who are paying for goods, which
• 1:14
  Speaker 3: if you're paying for goods coming from China, they're usually
• 1:16
  Speaker 3: lower priced goods. So you're talking about people who are
• 1:18
  Speaker 3: working class or or lower on the economic spectrum to
• 1:23
  Speaker 3: other parts of the of the economic system. Is just redistribution,
• 1:27
  Speaker 3: that is all that it is.
• 1:28
  Speaker 1: The vast majority of the tariffs have been paid by
• 1:30
  Speaker 1: American corporations and foreign importers.
• 1:33
  Speaker 3: Yeah, but there's a vast majority. Yeah, I mean, I'm
• 1:36
  Speaker 3: so going to acknowledge that.
• 1:37
  Speaker 1: Sumer prices are by less than one percent. You have
• 1:40
  Speaker 1: billion dollars.
• 1:42
  Speaker 3: Some of them have been paid by those corporations, but
• 1:45
  Speaker 3: some are being borne by Americans. And even more so,
• 1:48
  Speaker 3: the cost of tariffs, which is by some estimates over
• 1:52
  Speaker 3: a trillion dollars to American companies, is rippling down on
• 1:56
  Speaker 3: those companies. When that when they when you apply that
• 1:59
  Speaker 3: to come and they are making less money, guess what
• 2:02
  Speaker 3: they're going to do. They're going to raise prices or layoff.
• 2:05
  Speaker 1: Workers keeping and it keeps not out. But I think Abby,
• 2:08
  Speaker 1: what actually happened was corporations raised prices by fifteen percent,
• 2:14
  Speaker 1: but ever pros down.
• 2:16
  Speaker 3: Saying that the unemployment picture was weakening, So it was
• 2:21
  Speaker 3: in the pandemic that was ra Look, I mean, there's
• 2:23
  Speaker 3: clearly an impact, and if there weren't an impact. Then
• 2:26
  Speaker 3: Trump wouldn't be over there. Well, I wouldn't be over
• 2:28
  Speaker 3: there trying to stop this trade war because the trade
• 2:31
  Speaker 3: war he knows cannot continue like this forever.
• 2:34
  Speaker 5: Well no, I mean to say that he's over there
• 2:35
  Speaker 5: stopping it is acting like this wasn't something that he
• 2:39
  Speaker 5: you know, we started the terrafs. I mean, this is
• 2:41
  Speaker 5: the whole. That's what he ran on to bring back manufacturing,
• 2:44
  Speaker 5: to put American workers first. Now, I don't think anyone
• 2:47
  Speaker 5: at this table or anyone else could say, oh, I
• 2:49
  Speaker 5: know exactly how to do that without any you know,
• 2:51
  Speaker 5: tariff or cost price, you know, cost rising or anything
• 2:54
  Speaker 5: like that. It's a long process. Looking at that table
• 2:57
  Speaker 5: of everyone who's sitting there, I can't think of anyone
• 2:59
  Speaker 5: else who'd rather be there than Trump, Secretary Rubio, Secretary Besson.
• 3:02
  Speaker 5: I mean, that's a really smart table. And that is
• 3:04
  Speaker 5: why the soybean farmers, who yes, they have been going
• 3:08
  Speaker 5: through a tough time now will run through a brick
• 3:09
  Speaker 5: wall for the president because they see him there fighting
• 3:12
  Speaker 5: for him And I think you just got a load
• 3:13
  Speaker 5: of cook and screwed.
• 3:16
  Speaker 3: That's the reason why they're not They are out of business.
• 3:20
  Speaker 3: What do you mean a brick wall. What do you
• 3:22
  Speaker 3: mean they're going to run through a brick wall and
• 3:23
  Speaker 3: they are literally saying that we are not going to
• 3:26
  Speaker 3: be able to sustain getting zero.
• 3:28
  Speaker 5: And when he comes out of them the nighting tonight, today,
• 3:31
  Speaker 5: this morning, with the deal fixed, with a better deal.
• 3:35
  Speaker 2: This is like the arson is thing. I'm going to
• 3:36
  Speaker 2: put out the fire that I thought this is.
• 3:38
  Speaker 5: This is very elementary to think that you can just
• 3:41
  Speaker 5: walk into you know, a Chinese uh conference Serman say
• 3:44
  Speaker 5: we need to we need to you know, increase our production.
• 3:47
  Speaker 5: You need to stop you know, UH taxing and doing this.
• 3:50
  Speaker 5: We have to go a process.
• 3:51
  Speaker 6: It's elementary to just do blanket tariffs on every country,
• 3:54
  Speaker 6: which he did at the beginning. He didn't think about plan.
• 3:59
  Speaker 6: Let me, let me finished, let me finish. Why is
• 4:02
  Speaker 6: he there then, because he does not have a trade day?
• 4:04
  Speaker 1: Do you think you are literally are you that he
• 4:08
  Speaker 1: just got a trade deal with Japan and South Korea?
• 4:10
  Speaker 6: But I'm saying, why is he he doesn't have an
• 4:19
  Speaker 6: I'm not saying he said it was elementary for us
• 4:24
  Speaker 6: to think he would walk into a Chinese conference room
• 4:27
  Speaker 6: and just say let's have What I'm saying is elementary
• 4:29
  Speaker 6: on day one to put blanket tariffs out without a plan.
• 4:32
  Speaker 6: Do you know that.
• 4:35
  Speaker 7: Americans are don't know what President Okay, everybody, I want
• 4:41
  Speaker 7: to ask your thought about what you were saying about
• 4:44
  Speaker 7: the frameworks that they announced this week.
• 4:46
  Speaker 2: Yeah, I mean these are very vague framework agreements, which
• 4:49
  Speaker 2: is what he keeps h announcing around the world. It's
• 4:52
  Speaker 2: very hard to know to what extent they're actually enforceable
• 4:55
  Speaker 2: or what the details are because he's not presenting any
• 4:58
  Speaker 2: trade treaties for ratification by the Senate. Instead, he's making
• 5:02
  Speaker 2: these grand pronouncements. For example, he claims that, you know,
• 5:05
  Speaker 2: Japan and South Korea are going to invest hundreds of
• 5:07
  Speaker 2: billions of dollars in the US, but they keep disagreeing
• 5:10
  Speaker 2: over the details of how that's actually going to happen,
• 5:12
  Speaker 2: so it's not clear what that actually translates into into action.
• 5:15
  Speaker 2: The one thing that is clear is that our average
• 5:19
  Speaker 2: tariff level has gone from about two point four percent
• 5:21
  Speaker 2: when Trump took over to about eighteen percent. And it's
• 5:24
  Speaker 2: true that foreign corporations and US corporations are eating some
• 5:27
  Speaker 2: of that costs for now, but some of it is
• 5:29
  Speaker 2: also being passed on to American consumers. As the FED
• 5:32
  Speaker 2: chairman just said, and.
• 5:33
  Speaker 8: You just mentioned the US Senate. The US Senate, with
• 5:36
  Speaker 8: some bipartisan support, just passed resolutions to end Trump's tariffs
• 5:43
  Speaker 8: on Brazil, which were retribution for them sending Bolsonaro his
• 5:48
  Speaker 8: buddy to trial, and on Canada. So I think the
• 5:51
  Speaker 8: US Senate has, you know, including some Republicans, realized that
• 5:55
  Speaker 8: this is not working. But you know, a lot of
• 5:57
  Speaker 8: times when we talk about tariffs and the economic effect,
• 6:02
  Speaker 8: we don't realize or we don't talk enough about the
• 6:05
  Speaker 8: immediate effect. So it's been months of suffering for the
• 6:09
  Speaker 8: soybean farmers, and a lot of those farmers don't have
• 6:13
  Speaker 8: the margins, don't have the cushion, don't have the savings
• 6:17
  Speaker 8: to be able to survive six months of not selling
• 6:21
  Speaker 8: one bushel of soybeans to China. But it went down to.
• 6:26
  Speaker 9: Zero, from our biggest market to zero. And so you know,
• 6:31
  Speaker 9: we talk about, oh, yeah, they're gonna go through brick
• 6:34
  Speaker 9: walls for Trump, where they're at a brick wall right now,
• 6:37
  Speaker 9: and some of them don't have the money and not
• 6:38
  Speaker 9: gonna go bankrupt.
• 6:39
  Speaker 3: There may not be a later for some of these
• 6:42
  Speaker 3: right EXPO. So that's part of the problem here, and again,
• 6:44
  Speaker 3: Trump wouldn't be over there if he wasn't trying to
• 6:48
  Speaker 3: de escalate the trade situation with China, which so far
• 6:51
  Speaker 3: has only been escalating over the last few months.