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Donald Trump Today 4/2/25 · Gil I Am

• 0:05
  Speaker 1: And I'm joined now by someone who's at the front
• 0:07
  Speaker 1: lines of what is becoming a trade war between the
• 0:09
  Speaker 1: United States and Canada, Doug Ford, who is the Premier
• 0:12
  Speaker 1: of Ontario. Mister Ford, thank you so much for joining me.
• 0:14
  Speaker 1: We appreciate it. You told reporters last week that you
• 0:18
  Speaker 1: and top Canadian officials have prepared retaliatory tariffs for whatever
• 0:23
  Speaker 1: President Trump announces tomorrow. Will the severity of your response
• 0:27
  Speaker 1: depend on what you hear from President Trump?
• 0:30
  Speaker 2: That's correct, Brian.
• 0:31
  Speaker 3: First of all, I always start off every interview saying
• 0:33
  Speaker 3: Canadians love Americans. They love the US. I love the US.
• 0:37
  Speaker 3: I spent twenty years of my life there. But yes,
• 0:41
  Speaker 3: we're going to retaliate. We're going to retaliate appropriately but
• 0:44
  Speaker 3: hard as well. As I've always said, we have the
• 0:47
  Speaker 3: two greatest countries in the world. Let's build a nam
• 0:50
  Speaker 3: can fortress. You know, President Trump ran on growing the economy,
• 0:55
  Speaker 3: creating jobs, and that's not going to happen. It's going
• 0:58
  Speaker 3: to hurt the American economy. I don't call it liberation
• 1:01
  Speaker 3: Day for Americans. I call it termination day because there
• 1:04
  Speaker 3: are people going to be laid off. Assembly lines will
• 1:07
  Speaker 3: shut down. You can't just cut off your largest customer
• 1:10
  Speaker 3: in the world, and that's Canada. And we're at a
• 1:13
  Speaker 3: fever pitch right now in this country. As my American
• 1:17
  Speaker 3: friends are just going on their daily business every day,
• 1:20
  Speaker 3: there's forty million Canadians that are ramped up, literally going
• 1:25
  Speaker 3: down retail shopping isles looking to see what's made in Canada,
• 1:30
  Speaker 3: what's made in the US. I've never seen anything like it.
• 1:34
  Speaker 1: And you said so that you spoke to Commerce Secretary
• 1:36
  Speaker 1: Howard Lutnik about what to expect from Ontaria tomorrow and
• 1:40
  Speaker 1: then he didn't even know. What does that tell you
• 1:42
  Speaker 1: about how the way the administration is handling all of this?
• 1:46
  Speaker 3: Well, you know something, I'm not too sure how the
• 1:48
  Speaker 3: administration's handling this. Sometimes I wonder do they really not
• 1:53
  Speaker 3: know or are they just blowing smoke. I think a
• 1:56
  Speaker 3: lot of them really don't know, at least the at
• 2:01
  Speaker 3: least the senators and governors and congress women and men,
• 2:06
  Speaker 3: they aren't too sure what's going on. And to be
• 2:09
  Speaker 3: very frank, we aren't too sure.
• 2:11
  Speaker 2: So let's see what.
• 2:12
  Speaker 3: Happens tomorrow April second. The market's going to respond negatively.
• 2:18
  Speaker 3: These are people's pension funds. Americans will be hurt, and
• 2:22
  Speaker 3: that's the last thing I want to see. I want
• 2:25
  Speaker 3: to build a strong amcan fortress to protect Canada and
• 2:29
  Speaker 3: the US. We have the critical minerals, we have the energy,
• 2:32
  Speaker 3: we have the pot ash and uranium, and the list
• 2:34
  Speaker 3: goes on. And there's no one else that want to
• 2:36
  Speaker 3: salt you more than our greatest allies and friends in
• 2:39
  Speaker 3: the entire world.
• 2:40
  Speaker 1: Well, I have to imagine though, that that level of
• 2:43
  Speaker 1: unpredictability makes it very difficult for you as well. Talk
• 2:47
  Speaker 1: to me a little bit about how just not knowing
• 2:50
  Speaker 1: what this outcome could be and the impact that could
• 2:52
  Speaker 1: potentially have on both the economy of the United States
• 2:55
  Speaker 1: and Canada.
• 2:56
  Speaker 3: Well, Ry I, no one makes uncertainty. Americans don't like uncertainty.
• 3:00
  Speaker 3: In ston't, businesses don't. The market doesn't like uncertainty. It
• 3:03
  Speaker 3: stalls investments. That's the last thing we want to do,
• 3:06
  Speaker 3: especially with turbulent times happening around the world. You have
• 3:10
  Speaker 3: to stick together. We're part of the family, as we
• 3:13
  Speaker 3: believe for two hundred years, and I know a lot
• 3:15
  Speaker 3: of Americans feel the same way. We're there to support
• 3:19
  Speaker 3: our greatest friends and allies. We'll always be there, but
• 3:23
  Speaker 3: we can't be under attack by one person.
• 3:26
  Speaker 1: When we spoke to you last month, you said that
• 3:29
  Speaker 1: you rescinded your threat to impose a surcharge on electricity
• 3:32
  Speaker 1: imports of the US. Are you prepared how to go
• 3:35
  Speaker 1: forward with that charge if the new tariffs are imposed
• 3:38
  Speaker 1: again against Canada and Ontario in particular.
• 3:42
  Speaker 3: Well, the reason we did that I want to bring
• 3:44
  Speaker 3: the temperature down. I wanted to sit in front of
• 3:46
  Speaker 3: Secretary of luten I can get the whole story. And yes,
• 3:50
  Speaker 3: you know, we got together, had a good, good conversation,
• 3:53
  Speaker 3: but the only thing acceptable is zero tariffs. We need
• 3:58
  Speaker 3: you know, Americans, and Americans need Canadians. We have such
• 4:01
  Speaker 3: an incredible relationship together. I've talked to endless ceo the businesses.
• 4:06
  Speaker 3: I've yet to find one CEO that agrees with us.
• 4:09
  Speaker 3: It's just going to hurt their economy. That's what it's
• 4:12
  Speaker 3: going to come down to. And people are going to
• 4:15
  Speaker 3: be laid off in the US. So that's the last
• 4:18
  Speaker 3: thing we want to do. Let's you know, I always say,
• 4:20
  Speaker 3: you can't unscramble an egg. You have to make the
• 4:22
  Speaker 3: omelet larger. And who better than with your closest friends
• 4:26
  Speaker 3: and allies and so we're prepared. We have additional sixty
• 4:31
  Speaker 3: five billion dollars of retaliatory tariffs on the table. We've
• 4:35
  Speaker 3: already done sixty billion. That is going to hurt, and
• 4:39
  Speaker 3: it's going to hurt a lot. That's the last thing
• 4:41
  Speaker 3: we want to do. But we we just aren't going
• 4:44
  Speaker 3: to roll over. And I got to apologize to the
• 4:46
  Speaker 3: American people. We absolutely love you. I'm sorry you've been
• 4:50
  Speaker 3: put in this position, but we have no choice.
• 4:54
  Speaker 1: Let's play a little bit of what your Prime Minister
• 4:56
  Speaker 1: Mark Carney told reporters today about the situation you're facing
• 4:59
  Speaker 1: to Blessing.
• 5:02
  Speaker 4: We will not disadvantage Canadian producers and Canadian workers relative
• 5:06
  Speaker 4: to American workers. So there are measures that we can
• 5:10
  Speaker 4: take that at a minimum level the playing field with
• 5:14
  Speaker 4: the United States, and again it depends on the broader
• 5:16
  Speaker 4: measures they take tomorrow with indeed they do against Canada.
• 5:20
  Speaker 1: Maybe explain what some sort of measures is he talking
• 5:22
  Speaker 1: about there.
• 5:24
  Speaker 3: Well, I agree with the Prime Minister one hundred percent.
• 5:27
  Speaker 3: We just want to see the list per se of
• 5:30
  Speaker 3: the tariffs that we're going to be facing, and then
• 5:33
  Speaker 3: we'll go tear for tariff for a dollar for dollars
• 5:36
  Speaker 3: and it's unfortunate. There's so many other countries that aren't
• 5:41
  Speaker 3: our friends. Let's say we need to be focused on China,
• 5:44
  Speaker 3: not your closest friend in the world, part of the
• 5:47
  Speaker 3: family Canada. It's just the wrong thing to do. We're
• 5:50
  Speaker 3: the number one trading partner to twenty eight states across
• 5:55
  Speaker 3: the country, just Ontario alone. Nine million Americans wake up
• 6:00
  Speaker 3: up every morning to produce products for Ontario a loan.
• 6:04
  Speaker 3: And what's happening with the retailers and other people. They're
• 6:07
  Speaker 3: trying to on board the people that make a certain widget.
• 6:11
  Speaker 3: Let's bring them to Ontario. We'll give them an incentive,
• 6:13
  Speaker 3: the government will help you build the building, give you
• 6:17
  Speaker 3: tax breaks. Just on board into Ontario or somewhere in Canada.
• 6:21
  Speaker 3: And that's going to cost American jobs. This is the
• 6:25
  Speaker 3: most ridiculous thing I've ever seen. Let's work together. Let's
• 6:29
  Speaker 3: be the two stormst nations of the world.
• 6:31
  Speaker 1: All right, Premiere Ford as a Western New York day.
• 6:33
  Speaker 1: Have I spent a lot of time in your province,
• 6:35
  Speaker 1: a beautiful part of the world. So it was great
• 6:37
  Speaker 1: to talk to you, and we'll have to see what
• 6:38
  Speaker 1: happens tomorrow. Thank you so much for joining us.
• 6:40
  Speaker 3: Well God Bless America, God bless Canada. Let's get through this.
• 6:44
  Speaker 3: I asked the Congress, Senate and governors put pressure on
• 6:49
  Speaker 3: the administration. This can't move forward.
• 6:52
  Speaker 1: Okay, thank you, Premiere Ford. We appreciate it.
• 6:54
  Speaker 2: Thanks for watching.
• 6:55
  Speaker 5: Stay updated about breaking news and top stories on the
• 6:59
  Speaker 5: NBC News app or follow us on social media.
• 7:08
  Speaker 6: The countdown is onto Donald Trump's so called Liberation Day.
• 7:12
  Speaker 6: In just twelve hours time, the President will announce sweeping
• 7:15
  Speaker 6: global tariffs on products imported to the United States. The
• 7:20
  Speaker 6: announcement could affect trillions of dollars of US imports, and
• 7:23
  Speaker 6: there are fears that it could trigger a global trade war.
• 7:26
  Speaker 6: While the head of the European commission Ersla vonder Lyon
• 7:29
  Speaker 6: said that the EU was ready to retaliate to protect
• 7:33
  Speaker 6: its interests, while Akir Starmer has said that all options
• 7:36
  Speaker 6: are on the table for the United Kingdom, the Trump
• 7:39
  Speaker 6: administration insists that the policy will improve American competitiveness. Despite
• 7:44
  Speaker 6: hefty criticism and widespread economic uncertainty.
• 7:49
  Speaker 7: Those days of America beginning tomorrow being ripped off are over.
• 7:54
  Speaker 7: American workers and businesses will be put first under President Trump,
• 7:59
  Speaker 7: just as he promised on the campaign trail. The President's
• 8:02
  Speaker 7: historic action tomorrow will improve American competitiveness in every area
• 8:06
  Speaker 7: of industry, reduce our massive trade deficits, and ultimately protect
• 8:11
  Speaker 7: our economic and national security.
• 8:14
  Speaker 6: Well, President Trump has already imposed a range of tariffs
• 8:17
  Speaker 6: that target key industries and major economies. The threats of
• 8:20
  Speaker 6: new levees heightened tensions with some of America's historically closest
• 8:25
  Speaker 6: trading partners, namely Canada and Mexico. Here's what the leaders
• 8:29
  Speaker 6: of Canada and Mexico had to say about their country's
• 8:32
  Speaker 6: responses to the threat of fresh tariffs.
• 8:35
  Speaker 4: As I made clear to President Trump in our call
• 8:38
  Speaker 4: last week, I will reject. I will reject all attempts
• 8:42
  Speaker 4: to weaken Canada, all attempts to wear us down, to
• 8:46
  Speaker 4: break us down so that America can own us. That
• 8:51
  Speaker 4: will never ever happen.
• 8:56
  Speaker 8: We do not believe in an eye for an eye,
• 8:58
  Speaker 8: a tooth for a tooth, because that always leads to
• 9:01
  Speaker 8: a bad situation. Of course, measures are taken in Mexico,
• 9:05
  Speaker 8: because measures are taken on the other side. But the
• 9:07
  Speaker 8: dialogue has to continue better.
• 9:11
  Speaker 6: So let's talk to Janis Vero faces former Greek finance minister,
• 9:15
  Speaker 6: also author, and so you were of course, at the
• 9:18
  Speaker 6: helm of Greece's negotiations during the economic crisis that was
• 9:22
  Speaker 6: triggered by the two thousand and eight financial crash. Is
• 9:26
  Speaker 6: Liberation Day potentially going to trigger something as large as
• 9:29
  Speaker 6: that two thousand and eight financial crash.
• 9:33
  Speaker 5: A better analogy to two thousand and eight is ninety
• 9:35
  Speaker 5: seventy one. Because this tramp shock, which we are all
• 9:39
  Speaker 5: expecting with beated breath to hit us today is not unprecedented.
• 9:45
  Speaker 5: President Richard Nixon delivered the original shock in ninety seventy
• 9:50
  Speaker 5: one with very similar objectives. The objective of Nixon was
• 9:55
  Speaker 5: graining the diminution of America's importance global economy following the
• 10:02
  Speaker 5: conversion of America from a surplus a trade surplus country
• 10:05
  Speaker 5: to a trade deficit country. He essentially unleashed a major
• 10:11
  Speaker 5: economic war against Europe and against Asia Japan in that case,
• 10:16
  Speaker 5: for the purposes of devaluing.
• 10:18
  Speaker 2: The American dollar, which he succeeded in doing.
• 10:20
  Speaker 5: And you know, everything that we have been experiencing in
• 10:23
  Speaker 5: the last thirty forty fifty years as the stage and score,
• 10:26
  Speaker 5: was the result of that Nix shock. So Trump is
• 10:28
  Speaker 5: trying to create his own version of the Nixon Shock.
• 10:31
  Speaker 5: And I think that we need to draw lessons from that.
• 10:34
  Speaker 5: And allow me to say, because I was listening to
• 10:37
  Speaker 5: your program when I hear Usula from the Lion or
• 10:40
  Speaker 5: the Canadian Prime Minister trying to outcompete Trump in terms
• 10:45
  Speaker 5: of bravado, My message to them is, folks, when you're
• 10:49
  Speaker 5: running a very large trade deficit, especially the European Union,
• 10:52
  Speaker 5: you know, two hundred and forty billion dollars of a
• 10:55
  Speaker 5: trade sorry trade surplus and deficit with the United States,
• 10:59
  Speaker 5: you cannot win a tariff war against Trump because you
• 11:03
  Speaker 5: will run out of things to tariff before he does.
• 11:06
  Speaker 5: So we better look inside our own economies for ways
• 11:10
  Speaker 5: of changing our own economic model, given that he is
• 11:14
  Speaker 5: trying to emulate Nixon and you blow up the prevailing
• 11:19
  Speaker 5: monetary and trade system, so.
• 11:21
  Speaker 6: That fighting talk from the EU that arguably is not
• 11:24
  Speaker 6: the right direction. We know that sir kiss Starmer, the
• 11:26
  Speaker 6: head of the Leader of the UK, of course, is
• 11:29
  Speaker 6: talking about not issuing retaliatory measures. Is that the way
• 11:34
  Speaker 6: to go.
• 11:36
  Speaker 5: Well, it's one of the very rare occasions I agree
• 11:38
  Speaker 5: with Kiss Starmer or anything, but I think his right
• 11:41
  Speaker 5: on is that the best retaliation is no retaliation when
• 11:45
  Speaker 5: you are in the weaker position because you're running a
• 11:47
  Speaker 5: surplus with the United States. What we should be doing
• 11:51
  Speaker 5: in the United Kingdom, in the European Union, what China
• 11:55
  Speaker 5: should be doing. We should all be looking at ways
• 11:58
  Speaker 5: of rebalancing our own economies so that we do not
• 12:01
  Speaker 5: rely on the American trade deficit for selling our net
• 12:06
  Speaker 5: experts to the United States. Why can't we raise our
• 12:10
  Speaker 5: own levels of investment and our own levels of aggregate
• 12:13
  Speaker 5: demand within Europe, within the United Kingdom, within China so
• 12:17
  Speaker 5: that we don't need to rely on the trade deficit.
• 12:20
  Speaker 2: Of the United States.
• 12:21
  Speaker 6: Is that realistic?
• 12:25
  Speaker 2: I'm sorry I didn't catch up.
• 12:26
  Speaker 6: Is I mean doing it in house? Is that arguably realistic?
• 12:30
  Speaker 6: Given that so much is exported to the US. There's
• 12:34
  Speaker 6: a reason for that. The markets work themselves out, So
• 12:37
  Speaker 6: is it realistic to do it in house?
• 12:40
  Speaker 2: There's nothing else which is realistic.
• 12:42
  Speaker 5: Trump has declared it, and I believe that this is
• 12:45
  Speaker 5: going to be a bipartisan position in the years to come,
• 12:48
  Speaker 5: whoever succeeds Donald Trump. We have to learn to live
• 12:51
  Speaker 5: in a world where we can no longer export deflationary
• 12:56
  Speaker 5: forces to the United States. I'm all for increased trade,
• 13:00
  Speaker 5: selling more but we have to buy more, not just
• 13:02
  Speaker 5: for the United States. This idea that for instance, Germany had,
• 13:06
  Speaker 5: that it can continue to piggyback on other people's demand
• 13:11
  Speaker 5: in order to maintain a model, an industrial model, which
• 13:14
  Speaker 5: is suppressing the living standards of the German middle class
• 13:20
  Speaker 5: and working class, in order to continue to export massive
• 13:25
  Speaker 5: quantities of stuff without importing equivalent amounts from its trading partners.
• 13:31
  Speaker 2: This is this is a sure way.
• 13:35
  Speaker 5: Of becoming dependent on capricious leaders like Donald Trump.
• 13:41
  Speaker 6: Yeah, let's just focus in on Greece. Obviously your Greece's
• 13:45
  Speaker 6: former finance minister, and Greece is within the EU block,
• 13:48
  Speaker 6: so you negotiate, Greece will be negotiating with the EU.
• 13:51
  Speaker 6: We've heard what you think of Slavonda lines stance there.
• 13:54
  Speaker 6: You historically said that the EURO is like Hotel California,
• 13:58
  Speaker 6: the song by the Eagles, a play you can check out,
• 14:00
  Speaker 6: but you can never arguably leave. Greece is binded now
• 14:04
  Speaker 6: with whatever the EU does. What's the future for Greece
• 14:07
  Speaker 6: when it comes to this liberation day that we're expecting
• 14:10
  Speaker 6: from Donald.
• 14:11
  Speaker 2: Trump, It's not looking very good.
• 14:13
  Speaker 5: I'm afraid because Greece is not going to be affected
• 14:17
  Speaker 5: directly by Trump's tariffs, because we don't sell that much
• 14:22
  Speaker 5: to the United States. But Greece is utterly dependent as
• 14:25
  Speaker 5: a result of having turned it to effectively a dead
• 14:28
  Speaker 5: colony of the European.
• 14:29
  Speaker 2: Union over the last twenty years.
• 14:31
  Speaker 5: It is utterly affected by the capacity of the German
• 14:35
  Speaker 5: industrial model to continue functioning. And I'm afraid that the
• 14:38
  Speaker 5: German industrial model has shown very sure signs recently that
• 14:43
  Speaker 5: it is caput, that it is gone. It is simply
• 14:46
  Speaker 5: not able to compete with Chinese technologies, especially when it
• 14:51
  Speaker 5: comes to electric vehicles, when it comes to green energy,
• 14:55
  Speaker 5: because let's face it, in Germany and in Europe, we
• 14:57
  Speaker 5: have not invested in the last fifteen years. We had
• 14:59
  Speaker 5: zero actual productive net investment, and so countries like Greece
• 15:07
  Speaker 5: are essentially hoping for the best while watching also for
• 15:12
  Speaker 5: the line and the incoming Chancellor of Germany trying to
• 15:18
  Speaker 5: maintain business as usual when business cannot be maintained as usual.
• 15:23
  Speaker 6: And just as a final thought, your assessment on how
• 15:26
  Speaker 6: much the Trump administration will stick to this, because obviously
• 15:30
  Speaker 6: we know he fluctuates. He says one thing, he does
• 15:32
  Speaker 6: something else. Economic instability markets hate that, But how likely
• 15:38
  Speaker 6: is it that he will continue with what he declares
• 15:42
  Speaker 6: later on today.
• 15:44
  Speaker 5: I think we overestimate the capaciousness of Donald Trump, and
• 15:50
  Speaker 5: he does flood the zone. This is the Steve Bannon expression,
• 15:54
  Speaker 5: in order to keep us guessing. But that's part of
• 15:56
  Speaker 5: his strategy. It's not that his mind is changing. He
• 15:59
  Speaker 5: keeps guessing. My view is that the types are here
• 16:03
  Speaker 5: to stay. They are imposed on everyone friend and thow simultaneously.
• 16:09
  Speaker 2: They're blanket tariff and then once they're there.
• 16:13
  Speaker 5: Essentially what we're talking about is increasing the average tariffs
• 16:17
  Speaker 5: in the United States from twenty half percent, which is
• 16:20
  Speaker 5: where they used to be, to some like twenty twenty
• 16:22
  Speaker 5: five percent. This is a massive increase, and then coming
• 16:25
  Speaker 5: to each one of us, to the Bridge, to the French,
• 16:29
  Speaker 5: to the Germans, the Japanese, to the Koreans, to the Chinese,
• 16:32
  Speaker 5: and negotiating individually, keeping us apart, keep us weak, and
• 16:37
  Speaker 5: effectively exact his pound of flesh and different pounds of flesh,
• 16:41
  Speaker 5: different types of flesh from different countries.
• 16:43
  Speaker 2: So from the Japanese who have one point two.
• 16:46
  Speaker 5: Trillion dollars the last time I counted of dollar savings,
• 16:50
  Speaker 5: he will want to sell those dollars in exchange for
• 16:55
  Speaker 5: very long dated American debt from the Germans. He's going
• 16:59
  Speaker 5: to demand that the German government doesn't do anything to
• 17:03
  Speaker 5: impede the migration of whole production lines from Volkswagen and
• 17:09
  Speaker 5: BMW and Bass and Zeman's to the United States.
• 17:13
  Speaker 2: So that's his strategy.
• 17:15
  Speaker 5: It is a mistake to think that, just because he's
• 17:18
  Speaker 5: in articulate and for some of us politically a very
• 17:22
  Speaker 5: poor excuse for human nature, that he doesn't have a plan.
• 17:25
  Speaker 5: He does have a plan. We don't have a plan.
• 17:27
  Speaker 5: It's about time we got one.
• 17:29
  Speaker 6: I'm sure his supporters think very differently to your view
• 17:33
  Speaker 6: of Donald Trump. But Jannis very Facus has always really
• 17:35
  Speaker 6: good to get your insight. Fascinating insight there, Thank you
• 17:38
  Speaker 6: so much.
• 17:44
  Speaker 9: The US President Donald Trump has repeatedly labeled April second
• 17:48
  Speaker 9: liberation there, well, what exactly does he wants to liberate
• 17:51
  Speaker 9: the US from. On February thirteenth, Donald Trump issued a
• 17:55
  Speaker 9: memo called the Affair and Reciprocal Plan designed to reduce
• 17:59
  Speaker 9: US t treate deficits in goods. He says the calibrated
• 18:03
  Speaker 9: terrorists he will roll out starting April second will target
• 18:06
  Speaker 9: other countries trade barriers and free the US from its
• 18:09
  Speaker 9: reliance on foreign goods. A trade deficit occurs when a
• 18:13
  Speaker 9: country like the US spends more on foreign goods compared
• 18:16
  Speaker 9: to what it earns selling its own products. Now Trump
• 18:19
  Speaker 9: believes that trade gap has balloon over the years as
• 18:22
  Speaker 9: trade partners take advantage of the United States. During his
• 18:26
  Speaker 9: first term, the trade deficit average around six hundred billion
• 18:31
  Speaker 9: US dollars. Fast forward to twenty twenty four, that is
• 18:34
  Speaker 9: ballooned to a record one point two trillion for the
• 18:38
  Speaker 9: whole year. Now, part of mister Trump's goal for putting
• 18:41
  Speaker 9: up trade barriers is to shrink that wine trillion dollar
• 18:44
  Speaker 9: gulf between US imports and exports by getting foreign nationals
• 18:48
  Speaker 9: to buy more American goods. From December twenty twenty four
• 18:52
  Speaker 9: to January this year, the monthly trade deficit search thirty
• 18:56
  Speaker 9: four percent to an all time high of one hundred
• 18:59
  Speaker 9: and thirty one point five for billion US dollars. That
• 19:02
  Speaker 9: is the largest jump since twenty fifteen.
• 19:05
  Speaker 10: When the Trump administration unveils its new tariff measures, some
• 19:09
  Speaker 10: trade partners will be feeling a lot of pain than others.
• 19:13
  Speaker 10: The White House is set to be focusing and applying
• 19:15
  Speaker 10: the reciprocal tariffs and countries with persistent trade imbalances with
• 19:19
  Speaker 10: the US and based on twenty twenty four data that
• 19:23
  Speaker 10: these are the nations with the biggest goods trade deficit
• 19:26
  Speaker 10: with the US. All Right, so looking ahead, let's us
• 19:30
  Speaker 10: speak now with push on. Dadt Professor of Economics and
• 19:33
  Speaker 10: Political Science at NCI to professor, thank you very much
• 19:36
  Speaker 10: for joining us. So we've been hearing at times, you know,
• 19:40
  Speaker 10: Trump and his officials framing these reciprocal tariffs as a
• 19:43
  Speaker 10: way to reduce trade deficit make us rich. Other times
• 19:48
  Speaker 10: they say it's to protect you as workers and industry.
• 19:51
  Speaker 10: I mean, what do you think is his strategy and
• 19:53
  Speaker 10: primary goal behind these tariffs.
• 19:57
  Speaker 11: So if you look historically at what Trump have been saying,
• 20:00
  Speaker 11: one of his core beliefs are that tariffs are the
• 20:02
  Speaker 11: magical solution to just about everything. So that's a position
• 20:07
  Speaker 11: he's held consistently. Now, what he's trying to do if
• 20:12
  Speaker 11: is actually to start getting production, especially manufacturing production, back
• 20:17
  Speaker 11: into the US. He's also laser like focused on the
• 20:21
  Speaker 11: goods deficity, ignoring sort of the services deficits, the services trade,
• 20:26
  Speaker 11: because the US is actually a big exporter of services.
• 20:29
  Speaker 11: Now there is a lot riding on this term reciprocal,
• 20:33
  Speaker 11: like reciprocal and what as you you know, you showed,
• 20:36
  Speaker 11: for instance, the trade imbalances between the US and its
• 20:39
  Speaker 11: trading partners. The reciprocal tariffs are also about tariffs, right
• 20:43
  Speaker 11: looking at what country charges the US and how much
• 20:46
  Speaker 11: the US charges them. This is agantuan, uh, you know,
• 20:51
  Speaker 11: undertaking if he's going to try and equalize this because
• 20:55
  Speaker 11: you know, there are one hundred ninety six countries in
• 20:56
  Speaker 11: the world. There are about seven thousand lines as they
• 20:59
  Speaker 11: are called in terms of trade, just in goods, and
• 21:03
  Speaker 11: you know that would there would that would mean something
• 21:05
  Speaker 11: like three million tariff lines have been negotiated. So it's
• 21:09
  Speaker 11: going to take a bit of time. It's also not clear,
• 21:12
  Speaker 11: you know, whether they will do it on a country
• 21:14
  Speaker 11: by country, good by good basis or they will you know,
• 21:17
  Speaker 11: just classify countries into like you know, a red category,
• 21:20
  Speaker 11: an orange category, and a green category. So there's a
• 21:23
  Speaker 11: lot of uncertainty out there, and I'm not sure where
• 21:26
  Speaker 11: these things will end up.
• 21:28
  Speaker 9: Professor that what's your call though, is see going to
• 21:31
  Speaker 9: be taking a reciprocal approach, you know, which you the
• 21:35
  Speaker 9: difficulties of which it just outline or do you think
• 21:37
  Speaker 9: it possibly might be universal. And there's also the question
• 21:41
  Speaker 9: of whether or not it's going to be phase or
• 21:43
  Speaker 9: whether it's going to be all out.
• 21:48
  Speaker 11: So I think it's going to be phaced. It has
• 21:50
  Speaker 11: to be because you know, as I said, it's it's
• 21:52
  Speaker 11: a it's a it's a massive undertaking. So you know,
• 21:55
  Speaker 11: I would say that this is going to happen over
• 21:57
  Speaker 11: a period of two to three months. Keeping in mind
• 22:00
  Speaker 11: that this time the tariffs are coming in much faster
• 22:02
  Speaker 11: than before compared to the first Trump administration. So in
• 22:05
  Speaker 11: the first Trump administration, the tariffs are narrower. They were
• 22:09
  Speaker 11: sort of on only a subset of countries. This time
• 22:11
  Speaker 11: they're broader because you know, he's got this set of
• 22:14
  Speaker 11: countries that are called the Dirty fifteen. These are some
• 22:17
  Speaker 11: of the countries that he showed there and these are
• 22:20
  Speaker 11: the ones that he's actually going to be targeting. So
• 22:22
  Speaker 11: it's actually, you know, even though he's been saying that
• 22:25
  Speaker 11: it's going to be you know, on a country by
• 22:28
  Speaker 11: country basis, you know, because trade has become so complicated
• 22:31
  Speaker 11: in goods cross borders so many times, this is essentially
• 22:35
  Speaker 11: going to broaden and it's going to shrink world trade
• 22:38
  Speaker 11: and that's going to really hurt countries like Singapore, which
• 22:40
  Speaker 11: are you know, heavily dependent on world trade.
• 22:44
  Speaker 9: Professor dud I mean, there was a lot at stake,
• 22:47
  Speaker 9: three point three trillion dollars in terms of total US imports.
• 22:53
  Speaker 9: I'm wondering how you think America's trading partners are going
• 22:56
  Speaker 9: to react, first of all to what's at stake there.
• 22:59
  Speaker 9: But also, you know, isn't it true that many governments
• 23:01
  Speaker 9: around the world need to protect certain sectors, you know,
• 23:05
  Speaker 9: like agriculture and food, but also manufacturing because it's just
• 23:10
  Speaker 9: simply a metal of their political survival. And I mean,
• 23:13
  Speaker 9: how are they going to, you know, I suppose get
• 23:15
  Speaker 9: around these difficulties.
• 23:19
  Speaker 11: So I think right now we are seeing there are
• 23:21
  Speaker 11: about three models out there in terms of how countries
• 23:24
  Speaker 11: are reacting. Okay, One is the Mexican model, which is
• 23:26
  Speaker 11: just to stay quiet and ACTUEUS and try to cut deals.
• 23:30
  Speaker 11: Then there is the Canadian, European Union, Chinese model. And
• 23:34
  Speaker 11: these are like large countries in the sense they are
• 23:37
  Speaker 11: very large trading partners, so they are threatening retaliatory tarists. Okay,
• 23:42
  Speaker 11: So that's the one where we see the all out
• 23:44
  Speaker 11: trade war, and the third one are relatively smaller countries
• 23:48
  Speaker 11: like Australia. So what Australia did was that they protested
• 23:51
  Speaker 11: very strongly against the tariffs against them, but they did
• 23:54
  Speaker 11: not impose tariffs on their own because these tariffs tend
• 23:57
  Speaker 11: to hurt consumers just by raising price, and they hurt
• 24:00
  Speaker 11: producers because suddenly the cost of things that you import
• 24:05
  Speaker 11: and then use in your final good production that actually
• 24:07
  Speaker 11: goes up and that gives your cost disadvantage. So again,
• 24:11
  Speaker 11: amongst the large countries, I think a big trade war
• 24:14
  Speaker 11: and not a direct impact on smaller countries like Singapore,
• 24:18
  Speaker 11: but I think a big indirect impact, especially since many
• 24:21
  Speaker 11: of the things that these countries make now cross bordered
• 24:25
  Speaker 11: multiple times. So that's going to lead to a lot
• 24:27
  Speaker 11: of you know, uncertainty and a lot of disruption because
• 24:32
  Speaker 11: of these tariffs.
• 24:33
  Speaker 10: Professor President Trump says that terraffs will make the US rich,
• 24:37
  Speaker 10: and in fact, trade advisor Peter Navarro estimating the US
• 24:41
  Speaker 10: would raise about six hundred to seven hundred billion dollars
• 24:45
  Speaker 10: a year from terrorfs. I want to get your thoughts
• 24:47
  Speaker 10: on that. What do you think about the projection or
• 24:50
  Speaker 10: do you think the risks outweigh the potential gains.
• 24:55
  Speaker 11: So Trump is you know, administering shocked therapy to the
• 25:00
  Speaker 11: US economy and to the world as a whole, because
• 25:04
  Speaker 11: the US is the largest importer in the world, so
• 25:06
  Speaker 11: it impacts all countries. But you know, neither the world
• 25:09
  Speaker 11: nor the US asks for either shock or therapy. So
• 25:13
  Speaker 11: so and you can see that reflected in the markets.
• 25:16
  Speaker 11: So the calculation. There are lots of contradictions in this policy.
• 25:21
  Speaker 11: So for instance, saying that you know, we will raise
• 25:24
  Speaker 11: a lot of revenues, you know, and therefore give tax cards.
• 25:28
  Speaker 11: We'll raise tariff revenues, but at the same time we
• 25:30
  Speaker 11: want you know, all these companies to actually relocate in
• 25:33
  Speaker 11: the US. Well, if they relocate in the US, then
• 25:35
  Speaker 11: they're not going to be paying tariffs, so in that case,
• 25:37
  Speaker 11: it doesn't raise tariff revenues. Sometimes you say that this
• 25:40
  Speaker 11: is about negotiations and if they get concessions on some
• 25:44
  Speaker 11: you know, you know, extra trade issues things like fentanel
• 25:47
  Speaker 11: or immigration, then the tariffs go away. But then again
• 25:50
  Speaker 11: you sort of don't get the tariff revenues. The biggest problem,
• 25:55
  Speaker 11: of course, is that imputs. Even though the number you know,
• 25:58
  Speaker 11: like three hundred bills in one trillion sounds big. It
• 26:02
  Speaker 11: is far, far less than the income based which is
• 26:04
  Speaker 11: about twenty trillion dollars in the US economy. So the
• 26:07
  Speaker 11: only way to raise that much that much revenue is
• 26:10
  Speaker 11: virtually impossible because if you put tariffs too high and
• 26:13
  Speaker 11: imposts go to zero and as a result, your tariff
• 26:16
  Speaker 11: revenues also go to zero.
• 26:17
  Speaker 9: Right, Professor, You mentioned Australia in Singapore, two countries which
• 26:21
  Speaker 9: have FTAs with the United States. I'm wondering what you
• 26:25
  Speaker 9: see happening to these FDAs. Is the Trump administration going
• 26:29
  Speaker 9: to rewrite all twenty of them because it does enjoy
• 26:33
  Speaker 9: a surplus with Australia in Singapore at this time.
• 26:38
  Speaker 11: Yeah, so the FDA is especially the one in Singapore,
• 26:42
  Speaker 11: which you know, actually bounds tariff rates. You know, there
• 26:46
  Speaker 11: are some complications out there that zero means that, you know,
• 26:49
  Speaker 11: Singapore and Australia are actually not vulnerable to these reciprocal tariffs,
• 26:55
  Speaker 11: whether you just look at the trade imbalance or whether
• 26:58
  Speaker 11: you look at you know, the tariff differences. But I
• 27:01
  Speaker 11: think you know, these countries should also focus on what
• 27:04
  Speaker 11: happened with NAFTA and currently called the USMCA. So NAFTA
• 27:09
  Speaker 11: was is one of the oldest free trade arrangement between Mexico,
• 27:12
  Speaker 11: Canada and the US. So during his first administration he
• 27:16
  Speaker 11: renegotiated that and he said that he came up with
• 27:18
  Speaker 11: the USMCA, the Trump administration, and it said that that
• 27:22
  Speaker 11: was an improvement, But then he proceeded to actually violate
• 27:25
  Speaker 11: the USMCA, which he himself had negotiated. So that I
• 27:29
  Speaker 11: think is sort of the key vulnerability that these FDAs
• 27:32
  Speaker 11: get renegotiated. Will he do it with Singapore, I don't
• 27:35
  Speaker 11: think so, because Singapore is actually, you know, too small
• 27:38
  Speaker 11: a country to come under the sites of the US,
• 27:40
  Speaker 11: whereas Mexico. You know, a lot of manufacturing jobs in
• 27:44
  Speaker 11: the US actually went to Mexico or they were scattered
• 27:48
  Speaker 11: around these complex supply chains between US, Canada and Mexico.
• 27:51
  Speaker 11: So I think on that front, Australia, Singapore, which had
• 27:56
  Speaker 11: not taken a lot of manufacturing jobs, they are not vulnerable.
• 27:59
  Speaker 11: But if we brought in the trade war away from
• 28:01
  Speaker 11: tariffs to things like investment incentives, like tax policy, which
• 28:05
  Speaker 11: Singapore provides at trying to get let's say the electronic
• 28:09
  Speaker 11: semiconductor sector back, then that will actually have a big,
• 28:13
  Speaker 11: big impact on Singapore.
• 28:15
  Speaker 9: All right, and mister professor will have to end the conversation.
• 28:17
  Speaker 9: For now. We have been speaking with push On Dark,
• 28:20
  Speaker 9: professor of Economics and political science at INCIA.
• 28:29
  Speaker 6: The countdown is onto Donald Trump's so called Liberation Day.
• 28:34
  Speaker 6: In just twelve hours time, the President will announce sweeping
• 28:37
  Speaker 6: global tariffs on products imported to the United States. The
• 28:41
  Speaker 6: announcement could affect trillions of dollars of US imports, and
• 28:44
  Speaker 6: there are fears that it could trigger a global trade war.
• 28:47
  Speaker 6: While the head of the European commission Ers La vonder
• 28:50
  Speaker 6: Lyone said that the EU was ready to retaliate to
• 28:53
  Speaker 6: protect its interests, whiles a Kair Starmer has said that
• 28:56
  Speaker 6: all options are on the table for the United Kingdom.
• 29:00
  Speaker 6: The Trump administration insists that the policy will improve American competitiveness.
• 29:04
  Speaker 6: Despite hefty criticism and widespread economic uncertainty.
• 29:10
  Speaker 7: Those days of America beginning tomorrow being ripped off are over.
• 29:15
  Speaker 7: American workers and businesses will be put first under President Trump,
• 29:20
  Speaker 7: just as he promised on the campaign trail. The President's
• 29:23
  Speaker 7: historic action tomorrow will improve American competitiveness in every area
• 29:27
  Speaker 7: of industry, reduce our massive trade deficits, and ultimately protect
• 29:32
  Speaker 7: our economic and national security.
• 29:35
  Speaker 6: Well, President Trump has already imposed a range of tariffs
• 29:38
  Speaker 6: that target key industries and major economies. The threats of
• 29:42
  Speaker 6: new levees heightened tensions with some of America's historically closest
• 29:46
  Speaker 6: trading partners, namely Canada and Mexico. Here's what the leaders
• 29:50
  Speaker 6: of Canada and Mexico had to say about their country's
• 29:53
  Speaker 6: responses to the threat of fresh tariffs.
• 29:56
  Speaker 4: As I made clearer to President Trump in our call
• 29:59
  Speaker 4: Life last week, I will reject, I will reject all
• 30:02
  Speaker 4: attempts to weaken Canada, all attempts to wear us down,
• 30:07
  Speaker 4: to break us down so that America can own us.
• 30:12
  Speaker 4: That will never ever happens.
• 30:15
  Speaker 8: And we do not believe in an eye for an eye,
• 30:19
  Speaker 8: a tooth for a tooth, because that always leads to
• 30:22
  Speaker 8: a bad situation. Of course, measures are taken in Mexico,
• 30:26
  Speaker 8: because measures are taken on the other side. But the
• 30:28
  Speaker 8: dialogue has to continue.
• 30:31
  Speaker 6: Better, So let's talk to Janis Varofacis, former Greek finance
• 30:36
  Speaker 6: minister also author, and Sir, you were, of course at
• 30:39
  Speaker 6: the helm of Greece's negotiations during the economic crisis that
• 30:43
  Speaker 6: was triggered by the two thousand and eight financial crash
• 30:46
  Speaker 6: is Liberation Day potentially going to trigger something as large
• 30:50
  Speaker 6: as that two thousand and eight financial crash.
• 30:54
  Speaker 5: A better analogy to two thousand and eight is ninety
• 30:56
  Speaker 5: seventy one. Because this tramp shock, which we are all
• 31:00
  Speaker 5: expecting with bated breath to hit us today is not unprecedented.
• 31:06
  Speaker 5: President Richard Nixon delivered the original shock in nineteen seventy
• 31:11
  Speaker 5: one with very similar objectives. The objective of Nixon was
• 31:16
  Speaker 5: to reign in the diminution of America's importance in the
• 31:21
  Speaker 5: global economy following the conversion of America from a surplus,
• 31:25
  Speaker 5: a trade surplus country to a trade deficit country. He
• 31:29
  Speaker 5: essentially unleashed a major economic war against Europe and against
• 31:34
  Speaker 5: Asia Japan in that case, for the purposes of devaluing
• 31:39
  Speaker 5: the American.
• 31:39
  Speaker 2: Dollar, which he succeeded in doing.
• 31:41
  Speaker 5: And you know, everything that we have been experiencing in
• 31:44
  Speaker 5: the last thirty forty fifty years as the status care
• 31:47
  Speaker 5: was the result of that Nixon shock. So Trump is
• 31:49
  Speaker 5: trying to create his own version of the Nixon Shock.
• 31:52
  Speaker 5: And I think that we need to draw lessons from that.
• 31:55
  Speaker 5: And allow me to say, because I was listening to
• 31:58
  Speaker 5: your program. When I here USUA f on the Lion
• 32:01
  Speaker 5: or the Canadian Prime minister trying to outcompete Trump in
• 32:06
  Speaker 5: terms of bravado, My message to them is, folks, when
• 32:10
  Speaker 5: you're running a very large trade deficit, especially the European Union,
• 32:14
  Speaker 5: you know, two hundred and forty billion dollars of a
• 32:16
  Speaker 5: trade sorry trade surplus deficit with the United States, you
• 32:20
  Speaker 5: cannot win a tariff war against Trump because you will
• 32:24
  Speaker 5: run out of things to tariff before he does. So
• 32:28
  Speaker 5: we better look inside our own economies for ways of
• 32:32
  Speaker 5: changing our own economic model, given that he is trying
• 32:35
  Speaker 5: to emulate Nixon and you know, blow up the prevailing
• 32:40
  Speaker 5: monetary and trade system.
• 32:42
  Speaker 6: So that fighting talk from the EU that arguably is
• 32:45
  Speaker 6: not the right direction. We know that Sir kist Arma,
• 32:47
  Speaker 6: the head of the Leader of the UK, of course,
• 32:50
  Speaker 6: is talking about not issuing retaliatory measures. Is that the
• 32:54
  Speaker 6: way to go.
• 32:57
  Speaker 2: Well, it's one of.
• 32:58
  Speaker 5: The very rare occasions I agree with Kirstamer or anything,
• 33:01
  Speaker 5: but I think his right on is that the best
• 33:03
  Speaker 5: retaliation is no retaliation. When you are in the weaker
• 33:07
  Speaker 5: position because you're running a surplus with the United States.
• 33:11
  Speaker 5: What we should be doing in the United Kingdom, in
• 33:14
  Speaker 5: the European Union, what China should be doing. We should
• 33:18
  Speaker 5: all be looking at ways of rebalancing our own economies
• 33:21
  Speaker 5: so that we do not rely on the American trade
• 33:24
  Speaker 5: deficit for selling our net experts to the United States.
• 33:29
  Speaker 5: Why can't we raise our own levels of investment and
• 33:33
  Speaker 5: our own levels of aggregate demand within Europe, within the
• 33:36
  Speaker 5: United Kingdom, within China, so that we don't need to
• 33:39
  Speaker 5: rely on the trade deficit of the United States.
• 33:42
  Speaker 6: Is that realistic?
• 33:46
  Speaker 2: I'm sorry I didn't catch up.
• 33:47
  Speaker 6: Is I mean doing it in house? Is that arguably realistic?
• 33:51
  Speaker 6: Given that so much is exported to the US. There's
• 33:56
  Speaker 6: a reason for that. The markets work themselves out, So
• 33:58
  Speaker 6: is it realistic to do within house?
• 34:01
  Speaker 2: There is nothing else which is realistic.
• 34:03
  Speaker 5: Trump has declared it, and I believe that this is
• 34:06
  Speaker 5: going to be a bipartisan position in the years to come,
• 34:09
  Speaker 5: whoever succeeds Donald Trump.
• 34:11
  Speaker 2: We have to learn to live in a world where
• 34:14
  Speaker 2: we can no longer.
• 34:15
  Speaker 5: Export deflationary forces to the United States. I'm all for
• 34:20
  Speaker 5: increasing trade, selling more, but we have to buy more,
• 34:23
  Speaker 5: not just for the United States. This idea that for instance,
• 34:26
  Speaker 5: Germany had that it can continue to piggyback on other
• 34:31
  Speaker 5: people's demand in order to maintain a model, an industrial
• 34:35
  Speaker 5: model which is suppressing the living standards of the German
• 34:41
  Speaker 5: middle class and working class, in order to continue to
• 34:44
  Speaker 5: export massive quantities of stuff without importing equivalent amounts from.
• 34:51
  Speaker 2: Its trading partners.
• 34:53
  Speaker 5: This is this is a sure way of becoming dependent
• 34:58
  Speaker 5: on capricious leader like Donald Trump.
• 35:02
  Speaker 6: Yeah, let's just focus in on Greece. Obviously your Greece's
• 35:06
  Speaker 6: former finance minister, and Greece is within the EU block,
• 35:09
  Speaker 6: so you negotiate, Greece will be negotiating with the EU.
• 35:12
  Speaker 6: We've heard what you think of Arsla Vonda Liones stance there.
• 35:15
  Speaker 6: You historically said that the EURO is like Hotel California,
• 35:19
  Speaker 6: the song by the Eagles, the place you can check out,
• 35:22
  Speaker 6: but you can never arguably leave. Greece is binded now
• 35:25
  Speaker 6: with whatever the EU does. What's the future for Greece
• 35:28
  Speaker 6: when it comes to this liberation day that we're expecting
• 35:31
  Speaker 6: from Donald Trump.
• 35:33
  Speaker 2: It's not looking very good.
• 35:34
  Speaker 5: I'm afraid because Greece is not going to be affected
• 35:38
  Speaker 5: directly by Trump's tariffs, because we don't sell that much
• 35:43
  Speaker 5: to the United States. But Greece is utterly dependent as
• 35:47
  Speaker 5: a result of having turned it to effectively a dead
• 35:49
  Speaker 5: colony of the European Union over the last twenty years.
• 35:52
  Speaker 5: It is utterly affected by the capacity of the German
• 35:56
  Speaker 5: industrial model to continue functioning. And I'm afraid that the
• 36:00
  Speaker 5: German industrial model has shown very sure signs recently that
• 36:04
  Speaker 5: it is caput, that it is gone. It is simply
• 36:07
  Speaker 5: not able to compete with Chinese technologies, especially when it
• 36:12
  Speaker 5: comes to electric vehicles, when it comes to green energy,
• 36:16
  Speaker 5: because let's face it, in Germany and in Europe, we
• 36:18
  Speaker 5: have not invested in the last fifteen years.
• 36:20
  Speaker 2: We had zero.
• 36:21
  Speaker 5: Actual productive net investment, and so countries like Greece are
• 36:28
  Speaker 5: essentially hoping for the best while watching also for the
• 36:33
  Speaker 5: land and the incoming chancellor of Germany trying to maintain
• 36:39
  Speaker 5: business as usual when business cannot be maintained as usual.
• 36:44
  Speaker 6: And just as a final thought, your assessment on how
• 36:47
  Speaker 6: much the Trump administration will stick to this, because obviously
• 36:51
  Speaker 6: we know he fluctuates. He says one thing, he does
• 36:53
  Speaker 6: something else, economic instability markets hate that. But how likely
• 36:59
  Speaker 6: is that he will continue with what he declares later
• 37:03
  Speaker 6: on today?
• 37:05
  Speaker 5: I think we overestimate the capriciousness of Donald Trump, and
• 37:11
  Speaker 5: he does flood the zone. This is the Steve Baron expression,
• 37:15
  Speaker 5: in order to keep us guessing. But that's part of
• 37:17
  Speaker 5: his strategy. It's not that his mind is changing. He
• 37:20
  Speaker 5: keeps us guessing. My view is that the types I
• 37:24
  Speaker 5: hear to stay, they are imposed on everyone friend and
• 37:28
  Speaker 5: foe simultaneously.
• 37:31
  Speaker 2: They're blanketariff and then once they're there.
• 37:34
  Speaker 5: Essentially what we're talking about is increasing the average tariffs
• 37:38
  Speaker 5: in the United States from twenty half percent, which is
• 37:41
  Speaker 5: where they used to be, to some like twenty twenty
• 37:43
  Speaker 5: five percent is a massive increase, and then coming to
• 37:46
  Speaker 5: each one of us, to the Bridge, to the French,
• 37:50
  Speaker 5: to the Germans, the Japanese, to the Koreans, to the Chinese,
• 37:53
  Speaker 5: and negotiating individually, keeping us apart, keep us weak and
• 37:58
  Speaker 5: effectively exactly his pound of flesh and different pounds of flesh,
• 38:02
  Speaker 5: different types of flesh from different countries.
• 38:04
  Speaker 2: So from the Japanese who have one point two.
• 38:07
  Speaker 5: Trillion dollars the last time I counted of dollar savings,
• 38:11
  Speaker 5: he will want to sell those dollars in exchange for
• 38:16
  Speaker 5: very long dated American debt. From the Germans, He's going
• 38:20
  Speaker 5: to demand that the German government doesn't do anything to
• 38:24
  Speaker 5: impede the migration of whole production lines from Volkswagen and
• 38:30
  Speaker 5: BMW and bas and Zemens to the United States.
• 38:34
  Speaker 2: So that's his strategy.
• 38:37
  Speaker 5: It is a mistake to think that, just because he's
• 38:39
  Speaker 5: in articulate and for some of us politically a very
• 38:43
  Speaker 5: poor excuse for human nature, that he doesn't have a plan.
• 38:46
  Speaker 5: He does have a plan. We don't have a plan.
• 38:48
  Speaker 5: It's about time we got one.
• 38:50
  Speaker 6: I'm sure his supporters think very differently to your view
• 38:54
  Speaker 6: of Donald Trump, but Jannis very Facus has always really
• 38:56
  Speaker 6: good to get your insight. Fascinating insight there. Thank you
• 38:59
  Speaker 6: so much.
• 39:00
  Speaker 8: Watch