Trump’s former trade chief on how tariffs affect the economy, why he says the U.S. needs them
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- Опубліковано 8 лют 2025
- Economists say tariffs can increase prices for consumers, but Robert Lighthizer, President Trump’s former trade chief, argues they’re necessary.
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Lost manufacturing jobs in the U.S. are not due to the conduct of other countries. It is because the American companies decided to look for cheap labore in other countries. So, it was the greed of the American companies that created the problem. Thus, blaming other countries for the greed of the American companies is simply absurd and counterproductive.
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
Isn't industry putting billions into robotics and AI to get rid of the factory worker and automate everything except the executives?
Greed you idiots! How about those CEOs wages???
It’s the Triffin dilemma. A strong US dollar leads to trade deficits. It’s not the fault of other countries , it’s natural commercial phenomenon
Instead of working tgt with other countries to resolve this, US is blaming the only ppl who can be helping them (I.e plaza accord)
Yup
People who are recession-proof saying, "Well, if this fails, we can always go back," make me sick. The average, middle class person who loses their home to foreclosure can't just go back.
if I could upvote this a million times...
You think continuing the existing policies of the last 40 years of no/low tarrifs that have completely destroyed America's middle class by exporting jobs to cheap labor countries would be better?
The entire point of tariffs is to return an American supply chain, as well as pay down the national debt with the increased revenue. Paying down the national debt also reduces the amount of interest payments we have to pay, it's almost $2 reduced for every dollar we pay back.
This in turn allows the FED to reduce the monetary supply which reduces inflation, as well as the FED funds interest rate.
This means lower mortgage payments, lower car payments, lower credit card payments, and lower cost to borrow increasing local American Business investments.
Tariffs are just the tip of the spear that starts a chain reaction. Focusing on the tariffs themselves in absence of the other parts of the economic policy to grow, the middle class misses the big picture.
That's why you don't go into debt. This country loves to go into debt and trade in their brand new cars for more brand new cars, and switch houses and constantly be in the endless loop of debt and then wonder why that hard times come and all of a sudden they can't afford it? Seems like a pathetic reason to be mad here. I'm not saying it's not sad for people to lose their houses or that it doesn't happen to people who aren't doing this endless debt, but don't make it sound like all these people are victims when many are putting these issues on themselves and not behaving wisely.
@@anjin77 Let's start with the cost to create a shoe manufacturing plant in the US from scratch, then paying US workers fair wages that allow them to exist in the middle class. How much would that cost? Unreasonable. No investor would bother, they're all busy with tech, so we'll be paying more for shoes, as an example. Point: it's not like we're prepared to make the things we get from our trade partners. Not even microchips, at the moment.
Whether the point of tariffs is to pay down the national debt or not is beside the point when you impoverish your citizens to achieve it. Even the perk of someday paying less than the exorbitant 25-30% credit card interest, as an example, is still crazy if you're $50k+ in debt because you can't affordrent, clothes and food for your kids. Besides, with this administration shutting down funding and giving Musk access to Treasury Dept info, there's no guarantee the funds would go to paying down the deficit. Who's auditing? Everyone got fired.
Multiple economists have indicated that blanket tariffs will hurt the average middle class American. If you can afford to wait this out, pay higher prices for everything, etc. then good for you! The rest of us can't afford to wait for the $30 trillion to disappear. Maybe.
And that hasn't even begun to cover the impending trade wars. All three countries slapped return tariffs on us, too, which can slow production and export of goods made here. Possibly requiring companies to downsize as a response.
@@lynno6546 The US will subsidize plant development, not to mention, there are tons of factories that can be rebuilt for production.
The consequences of high tarrifs are borne by we the consumers, things are gonna be incredibly difficult in the coming days.The increase in prices of everyday items puts them at risk of running out of money. As prices rise, the amount of money retirees can withdraw from their retirement savings also increases.
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
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“If in TEN years it doesn’t work, I guess we’ll go back to what we’ve done in the past” - that’s a wild statement 😅
10 years of social experiment for the US citizens, rich ppl won’t feel a thing. Good luck to everyday persons.
The unfortunate thing about losing 90% of your manufacturing over decades is that it will take a while to get them back. Factories will have to be rebuilt with new supply chains for raw materials.
He might lose a little money and write it off on future taxes. The citizens meanwhile will be foreclosed on and lose their housing. I'm sure Lighthizer and his ilk will be more than willing to rent them accommodations for a price. You can bet they are hoping a bunch of Luigi's don't start coming for revenge.
I've been hearing since 2016 that in TEN YEARS we're going to see the truth. SO, the truth was the a convicted rapist and multiple felon was going to single-handedly destroy this country by destroying our economy.
In ten years they will wake up and realise that the USD isnt the reserve currency anymore, that people perceive them as the enemy, and that global trade has long restructured without the US. It will never go back to what it was. Never. If you think a nation if 349m can prevail over billions of people youre completely deluded. US is toast and they will have a rude wake up call sooner or later.
This guy really gives it away when he says the very well paid CEOs are gonna just have to figure it out. Yeah. They’re going to figure it out the way they always do. They are not going to cut their own pay and they are going to raise prices.
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
CEO s do it opposite from what this guy is saying, they will justify every bonus increase even if the employees go hungry.
Darned right you are!
And fight labor at every possible step, in order to keep wages and benefits as low as possible. Then just lay off workers as soon as they can replace them with AI and robots.
@ just like at the big grocery stores, the new robot semi trucks, etc
I’m no economist but I believe this will backfire. We don’t have the leverage we once had and we are pushing our allies away
these tariffs are for renegotiating NAFTA and USMCA... don't believe the media hype; is all going to be alright
The thing is… this seems like what Trump wants us to go crazy talking about. You’ve gotta look behind the smoke screen when it comes to Trump. He’s a very good con-man and most Americans are too gullible.
Mexico, China Allies?
I'm guessing this interview was conducted some time ago because Scott did not ask Lighthizer that if China is the existential threat to America, why is Canada, America's closest ally, being punished with stiffer tariffs than China?
yeah, trumps also going for the panama canal, which could be used to hold global trade hostage. Teriffying
I know this guy is supposed to be the expert, but his ideas sound very antiquated to me. Being the biggest, baddest bully on the block doesn't work when the "adversary" has a high intellect and is outsmarting us on several fronts. You can't gut the American people in education, increasing cost of living, healthcare, housing, higher education, giving advantages to corporations and lobbyists that are always at the expense of the people and expect us to remain a leading power when our greatest resource - the people, are struggling. We have no one to blame but ourselves.
He is not an expert. experts say the exact opposite.
Could we at least stop pretending that this has anything to do with fentanyl?
I think you'll need to find a new dealer now champ 😅😅😅
Every country in the world has trade deficit with America 🇺🇸, tariffs are a great tool to reduce deficits my liberal friends
Ronald Regan PROVED that "supply side economics" does NOT work, same with recreational drugs, slowing demand is multifold more effective than slowing supply.
Why.. you need a new connection.
@Neilmac-s6f Canada is only responsible for 0.02% of fentanyl.
when Trump is done and the next president removes these bogus tariffs.... we will have a different problem. companies wont wont to drop their prices because they will feel that customers are used to paying more. and they will want to keep profits high. so... yeah. everything will be more expensive from here on out.
Joe Biden kept The Donald’s tariffs tho
Former VP Harris was campaigning against this.
exactly. Kroger has been doing that since the Supply Chain normalized after the pandemic, their costs came back down (in general) but they maintained the same prices.
Yep they never go down!
@@sheep4521and agreed on the incoming hikes
The poor and middle class always paying the price & suffering the consequences of these greedy dictators. I’m sick of them.
when the top 0.1% US people richer than the bottom 90%..... yea (top 0.1%) America First.....
the big company always got tax cut and tax holiday too
Not sure who the greedy dictator is? Do you mean the President?
I agree - stop all imports!
@@jhassvmusic2657 if your financially distressed, stop listening to society. More is not needed for joy.
@jhassvmusic2657 C'mon just forget about Biden and his catering to the rich and Wall St. He's gone, now we have a new president who is also paying attention to Main Street USA as well. He has already saved us Billions in just 2 weeks.
Idiots. This will destroy the US economy. We live in a global economy, the US is not self sufficient. This will increase prices for everything across the board. Pure idiocy.
Tax cuts for the rich, tax increases for the lower and middle class. Tariffs will make everything more expensive for consumers too, and prices will go up even higher.
Tax increases on corporations are passed onto the consumers in higher prices.
@@duanekelly-fe5bt Yes so it is the little guy suffering as always. trump the destroyer at work again. His first term was an utter disaster this will be even worse. FAFO is an hot topic now with his voters.
No way, you finally realise you are run by a bunch of oligarchs milking the average citizen dry
Well, obviously-because the "rich," or simply job makers, don't have to lay off workers anymore. Since lower-priced goods are no longer imported, domestic industries remain competitive, ensuring stable jobs and sustainable growth.
Worse than that, the US now loses its position as leader of the free world. You're about to lose the system of alliances that keeps you safe. Economic war is war.
Most Americans don't have 10 years to test if the tariffs work.
We got the results from the last time Donnie taxed everything. The cult cried.
Question: Why no protests against carbon taxation but protest against tariffs? Both raise the price of goods and services. In fact, carbon taxation put most of Canada in the poor house to where businesses are definitely looking for ways to divest out of Canada. In addition, Germany's regulations have put VW in a situation to sell VW's assembly plants to the Chinese. My point is: what is the difference in outcome between external countries putting on tariffs and carbon regulations on American goods and services to the Trump tariffs?
As an American engineer, I have been tasked with reducing costs by 25%. Why shouldn't the Canadian and Mexican engineers and accountants find a way to reduce costs by 25%?
If I have to buy my maple syrup from Vermont and my hot sauce from Louisiana, I am not penalized much. Most steel comes out of Northern Indiana and the Copper comes from New Mexico/ Upper Peninsula in Michigan.
I can always buy a Tacoma out of Evansville Indiana or a Civic out of Marysville, Ohio.
If we don't do something, we won't have
a country in two years!!!
Most Americans don’t have 6 months to test if tariffs work.
like the vaccine most Americans is a guinea pig for test the vaccine
now become a guinea pig for tariff experiment
He says it so nonchalantly, if it doesn’t work in 10 years we just go back? Regular people are living paycheck to paycheck. They can barely meet their need expenses and what are they supposed to do in 10 years? Go into debt? I hope Americans are prepared for a real recession, if they think we already in one, they are going to feel it like a depression. When Rich dudes are selling their stocks it means is time to
If prices increase at any higher of a rate than the inflation by default, then I will have to switch to fasting every other day. I'm not alone in the struggle, 10s of millions of us will suffer as the working and impoverished class.
I was in awe when I heard that come out of his mouth, this man's choices are pretty much gambling the life's of the lower/middle working class 🥲
western people always think short term poor me. chinese think long term ill take you over and wait ..... the US military already is getting beaten very badly on productoin and having not enough things made in USA, that gets harder and harder to fix until you cant fix it anynore there are only 2 super powers now CHINA that makes everything itself ( close to everything) adn the USA that makes most things in CHINA..... i wonder what world you want to live in ..... probably the MAD MAX outlaw world . USA is the only country that can fix it otherwise every western country will be a province of CHINA one say economic blackmail is a form of warfare and CHINA is very good at it do what we tell you or else . Your position is dont do anything that effects me today nice one
Yes, for some people, these 10 years are their last. For others, they’re the first 10 years of childhood. These are 10 years of growing up in despair, of becoming adults-and for someone to be okay with their potential suffering? He knows that he'll be fine either way. That is vile.
I moved me, my wife and two daughters to a stable, safe and absolutely beautiful country … and we are now beginning a new life . I’m sad to leave America and we will miss our extended family but my wife and I had already discussed and prepared to make this move if that Thing was “elected”, (in the most important election in our nations history he won every single battleground state??? Think about that for a minute)
I strongly believe they are manufacturing a collapse.. they want to cripple the middle class and erase millions of poor. The aviation mix haps and the dismantling of the govt and tariffs is just the beginning. They want a hard reset in order to consolidate their power and wealth and construct a neo Christian and white only country .. this isn’t conspiracy- it’s in their own literature .. ITS LITERALLY IN THE HERITAGE FOUNDATIONS PROJECT! Good luck and god bless 🇺🇸
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This is where Trump is getting his advice on the economy. After listening to this guy, I am not impressed.
This is bonkers .
He's a lawyer, not an economist. What sort of legal advice do you think you'd get from an economist? There's a reason that you don't see economists representing clients in courtrooms. This guy is a bozo.
He has no background in economics. Another bloody lawyer.
60 minutes is a liberal rag. Should we just import BYD? That would give Americans 10K cars. 200 dollars a month for an average family...lol...what is her definition of average family? The Brady Bunch? Americans month to month will barely feel it Canada on the other hand...well...America first!
Tariffs protect American jobs and industries by countering unfair foreign practices-if you only see higher prices without understanding the bigger picture, you might be missing the forest for the trees.
His answer at the end was basically “oh well”. 🤷 That’s the problem when you have people who haven’t stepped in a grocery store in years making policies that affect regular folks
well regular folks were the ones who elected trump so oh well enjoy what you get.
Keep saying they haven’t stepped in grocery stores. I’m not saying they grocery shop but Trump has made multiple appearances in grocery stores, including the most recent being last week. Keep watching the news you agree with and ignoring the news you don’t
Trump only just learned what groceries are a few months ago. He'd never experienced them in his life.
@@pedrofan34 so he stepped into a grocery store yet ask him about the ingredients for a simple dish and he couldn't find them in the store....
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
No one talks about how these tariffs destroy the small businesses who aren't big enough to stalk pile on the front end like Walmart and other large, monopolistic corporations. Another power grab.
Stockpile
It only affects imports. Depends on the type of small business.
This isn’t sunshine and rainbows, this is life
And that is exactly the underlining goal of this administration. Do you really think this administration cares about the little folks. If you are not part of the Billionaire club they ain't here for you. It is just too bad the majority of the people that voted for the orange Mussolini is exactly just that. Small town, hick country folk that rely on Walmart and small business. Good luck to them.
@@deanh5249 Seriously.
"You don't know how much you love going to work until you can't go there anymore." So true!
What a clown. If it doesn't work, we'll go back. What about the lost reputation? What about the hate to USA? Nobody wants a bully partner. Sick man
Yeah you missed the last part of his comment where he said we'll go back and FAIL like we have in the past. Meaning when you're already failing , there's nowhere to go from here but up.
you're worried about reputation after 4 yrs of Biden?
Biden is a very respected man in Europe. It's too bad that Americans don't have the knowledge and common sense and voted for a clown
As a foreigner, I didn't see Biden doing enough to make us hate or love the USA.
Canada and Mexico folded to the will of the United States already. Looks like Trumps bluff tactics by threatening tariffs is working bud
Robert Lightthizer ignores the biggest incentive to move American jobs out of the United States. It began with Ronald Reagan's tax code changes that gave companies incentives to move manufacturing to other countries. Look it up!
THIS!
I was an economics major in the early 80’s and the conservative professors were arguing Milton Friedman’s monetary policy and taking good paying American jobs overseas would result in lower prices- forgetting the demand side of the equation when American jobs were lost there would be a decline of the middle class. Oh… but bigger profits for those lucky corporations who abandoned their own workers. Reagan response ? Get retrained to work in the “new economy “. Even though those new jobs might be hundreds of miles away and it was unrealistic a 50-year old factory worker could be retrained to work in finance or computer engineering. We are now living the nightmare.
I was an economics major in the early 80’s and the conservative professors were arguing Milton Friedman’s monetary policy and taking good paying American jobs overseas would result in lower prices- forgetting the demand side of the equation when American jobs were lost there would be a decline of the middle class. Oh… but bigger profits for those lucky corporations who abandoned their own workers. Reagan response ? Get retrained to work in the “new economy “. Even though those new jobs might be hundreds of miles away and it was unrealistic a 50-year old factory worker could be retrained to work in finance or computer engineering. We are now living the nightmare.
Yeah lightehizer was probably one of the architects of the plan!!
@@louisliberty8390 Excellent post. I used to work in finance and you nailed it. Nearly ever old economist today (and nearly all of them in charge or influence are old, including Democrats like Larry Summers) learned Friedman's dictum of monetarism, or neoliberal capitalism. That the free market would solve everything, and in essence everything should be privatized, and most of the government eliminated. Like going back to the year 1890.
The other aspect you didn't mention was something we still hear to this day that is BS: The notion with these companies new found profits, they would use the money to create new, better paying jobs. Rarely if ever does this happen. The almost always just hoard the profit, and only create new jobs when the demand on their products and services require it. But you could even hear in Lighthizer's voice he felt this would magically happen.
'The genius of American and our allies can turn this around'. Let's start by putting tariffs on our allies. Madness.
China was first and has the most, 35%.
What allies???
@@The1stDukeDroklar No, China's tariffs are only 10% (which is lower than Canada's)!
Mexico and Canada ?? Hello?! Anybody home?@@LawAndOrder00
Trump says the tariffs on Canada and Mexico have to with immigration and fentanyl. But here's a fun fact... net illegal immigration across the US/Can border is actually higher from the US to Canada than the other way around. And the tiny amount of fentanyl that crosses the border is nearly the same in both directions. Trump is crashing the economy and sticking it to Americans as a distraction from his dictatorial takeover of the government.
The middle class can not afford to fail for 10 years before someone acts responsibly. Homes and livelihood would have gone.
It's gonna be a lot longer than 10 years, at least 12
maybe yours. not mine. cant save everyone.
Why are they blaming other countries and not our politicians?
Blame our billionaires also
@@akiracha2519 Why? They're in control now. What could go wrong?
Actually you can blame it on our capitalistically inclined companies, both private and public, who would rather make lots of money than employ lots of Americans. Then, at a certain point they had no choice once their labor became unable to compete.
Because he is in Trump's pocket.
@ no, it's a choice. You don't _have_ to prefer low regulation, low wage countries. On the other hand, it's better for those countries to have work and not produce illegal products or migrants to flood over borders.
Highly paid CEOs will have to figure out how to make a profit? Yes, by cutting jobs. Labor is the biggest source of spending for a company. And these highly paid CEOs need to answer to shareholders and Wall Street. Higher prices mean less people will buy goods and services, leading to lower GDP, and thus leading to more unemployment. Lighthizer seems light-minded about this reality.
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
Not true; demand does not equate directly to price but product appeal, fashion, features, necessity etc. There are other ways to lower costs than just reducing labor, eg supply chain, innovation, etc. It's a new dynamic, not the end of the world.
who do you think is funding the Robot companies
We need a totally overhauled tax regime that forces corporations to pay more as payroll. A tax on stock buybacks and a multiplier tax on corporate profits not translated into wages.
Price does determine demand, indeed.
People don't have infinite money, middle class will have to buy less for more money as salaries can't catch-up
If the US wants to get serious about trade then go talk to Wall St to get them to believe in reduced corporate profits since the US economy is based primarily on consumption, not production.
The thing is there’s not much wrong right now with trade. Some small tweaks and maybe a few niche targeted big moves might make sense, but not these across the board idiotic tariffs.
All the money made from prices hikes is going to record profits. It needs to go to salaries. Then people could afford to pay the higher prices. CEOs act like wage growth causes inflation but you don't hear that on their earnings calls. Heck just give all employees a cut of the profits.
One of the first things Trump did was get rid of the international corporate tax agreement, to tax all corporations 15% regardless what country their head office is in, so they can't evade taxes by moving to another country
That should tell you all you need to know
The tariff thing, feels like a stock market scam, rattle enough until the stocks drop, and make profit on it. Scummy at its best.
That'll never happen. They know this is true but they don't care. Mostly all of them are greedy narcissists who will push people to their limit and right before they break they'll give them a cookie to appease them, like a 50¢ raise or something. They've been doing this for decades and getting away with it, and now with Trump on their side, they feel like they have the authority to do whatever they want and will never receive any pushback from the government. This is like the Enron scandal but for every billion or trillion dollar corporation around the world.
With Trump's re-elected, both US stocks and Bitcoin are seeing strong gains. I'm eyeing the potential for more market volatility, but Bitcoin's all-time high is interesting. With inflation and interest rates on the rise, I'm wondering if this is a good time to dive deeper into stocks or focus on crypto for diversification. Any thoughts on balancing both?
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@@danielquinn2 #1. I guess you missed the covid style crash yesterday, in both the stock markets and crypto? LOL #2. Inflation and interest rates have been declining. Inflation, ever since Biden took office and interest rates, ever since inflation came down to nearer-to--normal levels. #3. You're asking for financial advice in the comments section of a youtube video as if you're asking Robert Lighthizer, himself? My advice to you is to put your money in a tax-free savings account or GICs.
Tariffs = Cost passed onto Consumer = Higher Inflation = Higher Interest Rates
Corporate taxes = cost passed onto the shareholder = less shareholder value.
Since Ronald Reagan founded America to maximize shareholder value, we must look upon corporate taxes with disgust.
Question: Why no protests against carbon taxation but protest against tariffs? Both raise the price of goods and services. In fact, carbon taxation put most of Canada in the poor house to where businesses are definitely looking for ways to divest out of Canada. In addition, Germany's regulations have put VW in a situation to sell VW's assembly plants to the Chinese. My point is: what is the difference in outcome between external countries putting on tariffs and carbon regulations on American goods and services to the Trump tariffs?
As an American engineer, I have been tasked with reducing costs by 25%. Why shouldn't the Canadian and Mexican engineers and accountants find a way to reduce costs by 25%?
If I have to buy my maple syrup from Vermont and my hot sauce from Louisiana, I am not penalized much. Most steel is down in Northern Indiana and the Copper comes from New Mexico/ Upper Peninsula in Michigan.
I can always buy a Tacoma out of Evansville Indiana or a Civic out of Marysville, Ohio.
@@c.s.4374 Well, might a bit costly from now on to get that Civic since components are made overseas or come from retailers. Good luck convincing shareholders to get back production on US soil as well. And keep in mind, one or two won't suffice. Welcome to global economy.
High Interest is good for SAVERS..JUST BE BASIC IN LIFE OR BE FRUGAL
@@c.s.4374Lots of answers to your questions. First consider the purpose of the tariffs/taxes. Carbon taxes meant to punish heavy CO2 polluters (especially businesses) and incentivize cleaner energy sources. Tariffs are meant to reduce global trade, and the cost goes directly to consumers.
And sure you can buy locally made maple syrup & hot sauce, but will you buy locally made shoes, laptops, and toasters? The factories to mass produce these items don’t even exist on American soil. If they did, they’d be ran by American workers who demand American wages and workplace conditions. Since that infrastructure doesn’t exist today, we all get to pay 25-50% more now for no added benefit.
If you increase prices, you contract the economy. People on fixed or low incomes buy less. Asset prices will fall, and the Billionaires will buy everything because they are cash-rich. Disaster capitalism 101
they grossly underestimate the greed of CEOs
Do you know a CEO? They get paid a lot of money because they know how to make wise decisions for companies worth millions and billions that other people depend on like employees consumers and suppliers to these companies and on and on. You sound like one of those people that thinks some people are poor because other people are rich. Maybe they just played their cards right and didn’t waste their time complaining and pointing fingers and watching tv in their free time. They probably worked smart to get where they are at and provide great lives for their families. One CEO I know funds a walk in clinic for people that don’t have health insurance and they can get care for minimal cost if any in some cases. Just because you’re rich doesn’t make you greedy. Poor people can be greedy too because they think the world owes them something they never earned. If you settle for just enough you can’t even help your own neighbor if he should be in need.
Tariffs will increase costs of finished goods and components used throughout US manufacturing. This will be an immediate and huge hike in inflation. To fight inflation the Fed will have to hike interest rates which will be wonderful for the billionaires but possibly take away the middle class. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
The U.S. economy relies on ongoing credit and debt generation for sustenance. The Federal Reserve is expected to increase the money supply, leading to further debt accumulation for the average American. So how exactly can we guard against the coming financial reset Like what are really the best strategies to make our portfolio recession proof against the incoming financial reset? I'm very worried about my $310k stock portfolio.
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Her name is Annette Marie Holt can't divulge much. Most likely, the internet should have her basic info, you can research if you like
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European here… suddenly China looks like a better trading partner than the US.
i feel you have far bigger issues to worry about in europe
Actually you should be looking at Canada and Mexico , they will be motived to do deals .
It is always. because China knows how to do business. they are pure businessmen
Short term yes, but Europe is being de-industrialised now.
@@thanosianthemadtitanic Like? We spent 400 billion more on defense spending than Russia. We've in the EU 600k soldiers more than the US. Double the reserves soldiers. We don't have a small army. The UK isn't even included yet. The Soviet Union was a threat, Russia isn't. We can just sell ASML technology too to China. China gets Taiwan and the US economy crashes to nothing. The US forgot we in Europe apply Moore's law to chips all you tech companies need. It's a fatal mistake.
So he admitted it had nothing to do with fentanyl…it’s all economic. How about we just blame ourselves for decades of not building our manufacturing, etc.
When U.S. citizens stop using fentanyl, it will stop being sold - it's called supply and demand.
These other countries make it incredibly difficult for American manufacturing to compete
@@michaelxu4700 no Michael, US companies do that
@@michaelxu4700 Oh please! You probably meant it as a joke but it's obvious American manufacturing needs to reinvent itself to compete, the other countries did and so should the US. Absolutely no excuse!
Yes economics, China has a very low labor rate and Americans want the lowest prices on goods possible.
It’s really an easy formula. If you wanna make our lives better make the billionaires pay their fair share.
We are soooooo past that point. The billionaires are the ones taking away our health care, school funding, social security, infrastructure money, DISASTER FUNDING EVEN. please catch up!!!
That’s not how this works
@amc3463 Yes it is.
It's a little more complicated than just taking money from billionaires. Most billionaires are only 'worth' billions, they don't actually make billions. Investments can tank and are only taxed once you sell them.
...and the US Gov could stop spending this nation into the ground AND giving away countless billion$ to foreign nations,
and spend it right here in America - Tariffs do nothing but raise prices WE pay out of pocket, and Government's to thieve more money in as a veiled tax that required no votes or oversight to install. (and its funny as hell that Trump wants to 'buy' Greenland -hah - US is -$36.5 Trillion in debt ...buy with what money?) America is penniless.
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what the guy is saying made sense - 40 years ago. When Reagan allowed corporations to send jobs overseas ( "offshoring " ) THAT was the time for tariffs to punish the companies that send jobs overseas and protect our existing manufacturing base. Tariffs are NOT the solution now.
So your solution is "do nothing, continue declining, and continue increasing dependence on a foreign adversary". What do you want then?
Limiting capital inflows, import and quotas
Excatly!
@@reference2592 lookit, all I said was that tariffs are not the answer now-- the only way to bring back our industrial base here is for a long-term, massive increase in government investment in infrastructure on the order of the Marshall program, tariffs? TERRIBLE idea.
@@BillOptional Well, if you really believe that, then short American industries over the next 4 years and you'll profit. I'll be going long. Good luck.
We have a president trying to play chess with the skills of someone who can barely play checkers.
Well before anyone starts bashing him. Let’s see what happens. He’s got 4 years to turn this into a win. He did say why are we making foreign countries rich and making Americans poor? Shouldn’t that be the other way around? Like I said 4 years… either makes him the best president to ever live or the worst. Last time the democrats kept getting in the way but this time nothing will stop him.
Then why is he a billionaire and you’re broke?
That's a stretch - I think he'd struggle with CandyLand.
@@thecloud7424 Because he had daddy's money to play with. He still managed to bankrupt 3 casinos and stuff up his other ventures: airline, steaks, "university". TheCloud is about right, that's where your head is. Don't you read anything apart from fairy tales and propaganda?? Try googling some facts - you won't like it, but welcome to the real world when you do.
@@thecloud7424Because his parents gave him a few hundred million dollars. You also seem to equate genius with wealth which is not the case.
How on earth can 60 Minutes do an entire segment on tariffs without mentioning wage disparity between the U.S. and countries like China and Mexico?
Or the growing wage disparity between the working class and the richest 1%.
In 2025, Mexico's minimum wage is about $13.75-$20.70 USD per day, the U.S. federal minimum is $7.25 per hour, and Canada’s ranges from $11-$12 USD per hour depending on the province.
@califomia Look at average, though.
Or Minimum wages?
@@johndavidwolf4239 oh please 😂 Im so sick of hearing the 1% bs. They just pass down costs everyone knows that.
It's Smoot-Hawley meets Dunning-Krueger😂
Last phrase he said: If it doesn’t work… ooops 😂😂😂 These are the advisers? What a joke!😂😂😂
Good luck, USA. You’re gonna need it.
😂😂😂 bro come save me pls
@ Sorry buddy, but I’m sitting in Scotland waiting for our punishment for being a great ally.
Should be saving that energy for Canada. They'll need it even more
We already being punish when Biden is in office so it can't get any worst. Right know I need to call someone to open up the lock when I shop in retail .
Canada and EU better just build a couple of pipes and let that OIL flow! EU NEEDS IT! Can probably pay +10% than the the deal was with US anyway!
This guy is more trump than trump himself
trump is a GAS BAG filled by guys like this
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
WHY do You think trumpty dumpty wanted him !!
Yeah, it aint nice that we can see how politicians are basically just puppets? Here is an example of a PUPETEER
Because he knows what is going in long term.
Ya another Lap Dog
Translation :
Nothing new, The rich get richer , the middle-class & the poor get poorer
Tariffs are similar to raising taxes for everyone. And he is planning to reduce taxes for the riches. Well done.
He is working to eliminate income tax across the board. I didn't make much money in 2018 but I absolutely received a tax cut from his policies.
@@tobinkern5389 It won't happen. Your taxes will eventually go up to account for lowering taxes for the rich. There is always a catch.
@@tzt1182 Not as much as the Biden tax over that past 4 years! Folks will never recover from that!
Do you have Alzheimer's or did you forget that in 2018 Trump slapped 25% Tariffs on China and Canada and then that gave us the greatest economy in 100 years tariffs is a reason why everyone remembers prices at the grocery store, pump, and inflation was so low
Question: Why no protests against carbon taxation but protest against tariffs? Both raise the price of goods and services. In fact, carbon taxation put most of Canada in the poor house to where businesses are definitely looking for ways to divest out of Canada. In addition, Germany's regulations have put VW in a situation to sell VW's assembly plants to the Chinese. My point is: what is the difference in outcome between external countries putting on tariffs and carbon regulations on American goods and services to the Trump tariffs?
As an American engineer, I have been tasked with reducing costs by 25%. Why shouldn't the Canadian and Mexican engineers and accountants find a way to reduce costs by 25%?
If I have to buy my maple syrup from Vermont and my hot sauce from Louisiana, I am not penalized much. Most steel is down in Northern Indiana and the Copper comes from New Mexico/ Upper Peninsula in Michigan.
I can always buy a Tacoma out of Evansville Indiana or a Civic out of Marysville, Ohio.
13:20 My man's never heard of a false dichotomy....
Imagine investing in education and health care. Imagine preparing workers for the workforce. Imagine breaking up big banks, imagine cracking down on monopoly power, imagine all the other ways to spur domestic labor, production, and growth...
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
investing in education ? you mean like in Australia UK and USA where chiense students that cant speak english are passed in 3rd year university units and there is a rule not to fail any full fee paying students thats the quality education you talking about in western countreis where you can pass university without being able to read or write just because your family can pay a fee
Funny he say "Allies" 06:20. When we fire at our closest "Allies" by hitting them with 25% tariff. I don't think we are going to find much countries willing to cooperate with US.
Yeah! Instead of complaining about Mexico and Canada, president Trump should have find the guy who made that the current updated trade deal with Canada and Mexico in the first place, and fire that guy (maybe throw him into jail) as that "dealmaker" is clearly a bad negotiator and hasn't got US's best interests in heart🙂
Vance has just described Denmark as a bad ally.
Is it a bad ally that has followed the US in 2 wars with as many fallen in Afghanistan in relation to the population, and that has supported Ukraine 5 times as much as the US in relation to the population?
Or is it not rather the USA that is a bad ally with threats against allies and its own citizens?
In the future, will there be any country in the world that will trust the United States?
@@erikrahbekstergaard1402 Trump admistration's opinion on this matter (not my opinion, mind you): "Is Denmark good or bad ally? Depends on how much campaign money did they give for Trump..."
What's depressing about these right-wingers who advise Trump is they know this. However, they've bent the knee, and they have to continue spouting deceptive tripe because that's what they boss demands.
I am a Canadian and i believe we have taken advantage somehow of the USA ... this hurts . Because you can't change the numbers . I think Trump is doing what he thinks he has to do !
I am going back to avoiding US-built cars.
The cars are grossly overpriced due to US labor rates.
Better to buy foreign and get stuck with the tariffs.
In light of what he's saying, why do they let the Chinese buy US real estate and US companies?
Anyone can buy anything in the US. If we don't like them, that would go against the constitution..
He said we should make it policy to have a reciprocal zero investment policy with China. But how do you get there if you already have huge investments? China holds a lot of our debt and Elon Musk has a manufacturing facility in China, etc. These types like to pontificate in black and white, but most of us live in shades of gray. This is going to be a scary ride.
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
A question we should've been asking 20 years ago
THANK YOU!!!!
It's NOT "America First". It's "Corporate America and stockholders first".
I dont see how this helps corporations ( loosing migrant workers? stockholders .. stocks down 300points in week one. How is this "good?" I dont think anyone is winning here.
Now do I feel better? Heck no. Tarrifs didnt work on Russia either, it hurt all of us for months.
@@kimberiysmarketstrategy Lets hope the US stock market drops more!!! We can buy shares cheaper, awesome.
I'd love for you to explain your statement. Should be an interesting read.
What would rather have? Inexpensive goods from imports. But you got no job 😢. Or a low paying one?
@@chikachyk2911 I am European: Meta and others are firing people and they have nothing to do with goods coming from China.... what do you say about that one? They might create a couple of more jobs, but it will cost you as the taxpayer and the entire economy more than those few jobs. The fact that today you can buy your Nike shoes, fast fashion items, and many other things cheap, throw everything easily away when it gets dirty, you get bored of it and you replace it from the Dollarstore is because of all those "made in China" items...."made in USA" does not cost 1USD.
Fetenayl isn't the problem its Trump.
There aren't even any criteria for addressing Fentanyl in the tariffs. There's nothing these nations can do that will stop the tariffs. Fentanyl is just an excuse.
He;s using fentanyl as an excuse. He wants to steal the tariff money for himself and the oligarchs and make us pay the tariffs while he drops the tincome taxes on the very rich. Then we end up paying more for everything while also paying the taxes the rich no longer pay.
Trump deranged syndrome is the problem, altough we dodged the bullet for now..
@@josebastardes we dodged the problem? We still have one actually two Trump and Elon . They are both going to make billions of dollars from the country and the American people to line both there pockets. I don't understand why people don't see that.
I wonder if any of Trump's people know that American citizens smuggle more fentanyl into the US than migrants, data show 🤔🤷🏽♂️😉
Only a day later and this video already hasn’t aged well
How so? I am guessing you are the poorly educated Trump loves. The deals both Canada and Mexico made with Trump are the exact same as the ones negotiated by Biden last year that Trump rejected when he took office. Basically Trump being a coward caved in.
How? Trump caved in not Mexico or Canada.
From Australia over here it seems to me we are better off to start trading with the B.R.I.C.S nations. The US has lost the plot.
Trump will tax Europe and Aus soon
Everyone with connection to US owes them in his logic
Exactly the orange clown is literally driving everyone away from the U.S. right into the arms of … China. China was avoided due to human rights violations, etc, but the current admin is doing the same things if not worse. It’s about the lesser of the evils and currently the US is definitely not that. FAFO
It's full Idiocracy there. In Europe isn't much better either. Are folks still sane down under ?
Australia's future is in Asia. The US is a descending empire.
The U.S. doesn’t have much to gain by trading with Australia so who cares?
Tariffs are added taxes to us. Not some magic money going into his fantasy export department
Not exactly true since we have the dollar ❤
buy American products; and no, that is not exactly how it works since these tariffs are for renegotiating NAFTA and USMCA; people are freaking out over nothing
@@josebastardesThere are almost no american products that have fully local supply chain.
He likes to reminisce about 1880 to 1913, when the US was supposedly rolling in dough due to tariffs...until income tax ruined it. So he wants to get rid of income tax too. But when? It should go hand-in-hand with the tariff increases.
@, the absence of US local supply chains surely needs a permanent remedy. Trump already negotiated with Taiwan, for example, to decouple from China's tech manufacturing, and plants were being built here before the 2020 general elections. Although great and achievable, locality is not as important as who we trade with in the short term.
Regarding Canada and Mexico, NAFTA and USMCA are now expiring and carry, generally speaking, aggravated trade deficits from bidenoimcs; Trump is gearing towards renegotiating these contracts; that is the purpose of these tariffs; also, Trump adm has asked these nations to handle their border for the illegal migrant crisis and the fentanyl crisis; it fell on deaf ears, so they got hit with tariffs.
Rubio is in Panama now, and according to a breaking news report from Sky News Australia, Panama has ended their initiative with China, so Rubio's visit is a success.
I wouldn't worry too much about the media hype around these tariffs; it will all be alright.
When you enter Canada you enter through Canada's border and customs officers. When you enter the USA from Canada you enter through the USAs border and customs officers, so who's letting it in?
Because Canada has allowed millions upon millions of ppl across their borders who plan to enter America via this route. So yes we did stop them the point is the number is overwhelming because of their lack immigration policies.
@@migiknows or the US's policies?
@@darrylwood1220we have a policy now under Pres. Trump, just grab your popcorn and chair
@@imyourgillignova Lmao. K. Simping so hard for a politician. WILD.
True. I have crossed both borders before from buffalo, NY, and I will tell the canadian side looks more secure.
He says give it ten years and if tariffs don't work, "go back"...i hate to rain on his parade, but people aren't gonna last 10 months!
Man, you are COMPLETELY out of touch with what the MAJORITY of Americans are dealing with; struggles with higher prices for every single thing!
And he doesn't think companies will lay off people? They already are. Heard from several Channels in Tennessee and other nearby states.
People YOUNG AND OLD, are living in their cars, and renting rooms in stranger's homes!
Meanwhile, these people, along with everyone else, are watching an army of strangers tell us we are spending too much of the government's money, when we ARE the damn government!
People are being yanked off of Medicaid and Medicare and Snap and Wic and Meals on Wheels??? CHILDREN DON'T GET BREAKFAST and LUNCH AT SCHOOLS anymore! Seniors don't get their ONE HOT MEAL OF THE DAY thru SNAP? Newborns don't get FORMULA thru WIC? THE GOVERNMENT IS SUPPOSED TO EXPRESSLY HELP THOSE IN NEED!
Trump said he was stopping ALL FOREIGN AID TO ANYONE, in order to make AMERICANS FIRST.
Yet he's pulling the carpet out from people who often have to choose between MEDICATIONS or FOOD, because they don't have enough money for both!
And Medicare isn't free, btw! it's hundreds of dollars a month simply in basic charges and fees, and it doesn't cover everything!!! A senior or disabled person, will either pay an average of $500 a month OR they will be subsidized because they are lower income. Subsidized with programs thru Medicaid!
so why 10% on China but 25% on Canada who is the strongest ally (or used to be) to the US.
It is because some of Trump's rich friends have big business/factories in China....LOL
China already had 25% tariffs applied to them so an additional 10% is 35%.
Canada already had tariffs of 14% on their soft lumber
Trump is making the world economy far worse, and prices WILL NOT lower - but rise, not because they need to, but because GOVERNMENTS want to thieve more money out of the population.
Other countries should NOT commit retaliatory tariff hikes in return against Trump, as that will only hurt THEIR people and domestic economies - but instead: separate and advertise what is AMERICAN MADE - so that their people can boycott America at every level, -
Fun Fact: the USA only makes 8.5% of the worlds goods and services, we IMPORT the rest -
Lunatic Trump is about to tank the US Economy into a death spiral !!1
@@genebrittain2568This won’t be helping the US’s housing crisis…
Remember, folks. This guy's boss bankrupted not one, but THREE, Atlantic City casinos, PLUS all the contractors who built them. 😂
He was also charged and convicted of money laundering by the government back in 2014 for his casinos in AC. He had to pay a 10 million dollar fine to the government.
and still this clearly unfit man was elected as a president... madness
@@bentos117 Twice.
🤣🤣🤣🤣🤣
So let me get this straight. You want more entrepeneurship. But you don't want to provide education, you don't want to provide free heathlcare, you don't want to give time off to start companies like Scandinavia and other countries do, you don't want to provide affordable clean energy with solar and wind. You don't want to provide affordable transportation. You don't want affordable shipping. You don't even want free K-12. You don't want social security. And this is your plan to bring back entrepreneurship in America? LOL!
But remember, Trump promised his tariffs would easily pay for childcare! Can’t wait! 😒
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
Yes. Because in our oligarchy, we already have a wealthy caste who has all of the above & their children will be our next entrepenuaers & lead the way.
EXACTLY!!
Instead of providing education for Americans elon wants to bring in “talent” from other countries now, what happened to giving americans jobs?!?!
Canada, the EU and China have high tariffs on our things and they're kicking our butts in trade, so shouldn't we put tariffs on them and open up a can of a*swhoop? Why are tariffs only bad for the US, but okay for everyone else? Canada has a 276% tariff on US drywall, 238% tariff on US poultry, 270% milk, 265% sugar, 295% peanut butter, 245% cheese, 298% butter, 93% wheat, 160% barley, 163% eggs, 100% fish, 100% tobacco, etc etc. They wanna sell here tariff free and get all butthurt about a 25% tariff when they have triple digit tariffs on our things.
Looks like the Great Depression will be repeated…
No, replaced.
Overdue…unfortunately
And when it doesn't happen, are you going to issue an apology to trump?
@@hector8491F no!
@@hector8491 you going to apologize to us?
Guy has no training in economics. He's a lawyer...
Seems like trump doesn't either yet he boasts the wharton school all the time - this country has become a sick joke over night
Your most successful business people in history have no training in economics.
Lose the ignorance and educate yourself before you discredit someone. The man is literally a TRADE attorney. He was the deputy trade representative in the Reagan administration, where he developed and oversaw close to 30 foreign trade agreements on everything from textiles to steel. He spent the next 30 years practicing international trade law where he represented US businesses and their interests on the global trade stage. Then, he joined the Trump administration during his first term. One of the most reputable trade attorneys in the world who's worked for multiple presidential administrations with direct effect on policy. So please, explain to me how the man you claim "has no training in economics" isn't qualified to voice an opinion on matters concerning trade. Ha. Get a clue.
Jerome Powell has a law degree and he’s been the chair of the Federal Reserve since Trump’s first term.
chair Powell was an investment banker and Managing Director at the Carlyle Group - let’s not conveniently leave out his relevant experience and expertise. Now explain to us who/where U.S. dollars are created or shut up
No one needs to wonder what might happen because we have history with Trump‘s first term tariffs.. steel prices increased 30% and now eight years later US steel manufacturing has not increased..
spot on
still they hoping to miracle come......
But isn’t that because the last administration didn’t continue that plan? To create those jobs in America vs overseas?
@@duanesmith7000
Biden introduced the American first infrastructure bill that was designed to reinvest in America . Not a single Republican voted for it. But after it passed every one of those Republicans went back to their district and took credit for the job jobs and the factories it was creating.
Agreed.
The CONSUMER in the US will PAY the “TARIFF” PLAIN and simple!!!
In Brazil, a Shark vacuum cleaner that costs $148 here costs $2,048 there! This is how Brazilians live-everything is more expensive due to the high tariffs. I never imagined seeing this happen here in the U.S. After decades living here, it is sad to say that Republicans will transform the US in something ugly.
@@paraquepossamos 1,200% tariffs on vacuums in Brazil? Sure dude
You're just selfish
Sure it does. You are spreading blatant lies, exactly like Trump does.
Well done you.
cope harder. Buy made in the USA!
@@Tasmanautour middle class can’t afford “made in the USA”. Republicans struck down the bill to raise federal minimum wage, remember?
One word collapse.
So as a 40-year Republican we traditionally strived for zero tariffs.. this is not Republican and is batshit crazy.
President Reagan's 1988 radio address on free trade, delivered soon after the U.S.-Canada Free Trade Agreement was signed, remains timely: “Our peaceful trading partners are not our enemies; they are our allies. We should beware of the demagogues who are ready to declare a trade war against our friends-weakening our economy, our national security, and the entire free world-all while cynically waving the American flag.” 🇺🇸
IF they MUST HAVE TARRIFS to even the score on trade deficit THEN every small business & individual tax payer MUST HAVE every penny written off the INCOME TAX. simultaneously, each billion $ corporation pays CORPORATE TAX a percentage in proportion to the extra COST OF AUSTERITY. THATS only FAIR
Maybe you have been asleep for 40 years ... because you obviously don't understand how the global economy works now ...
Thank you for the honesty. Sweeping tariffs sounds alot like BIG GOVERNMENT to me, not exactly a Republican virtue.
You all let Maga run out all the actual Republicans... Even the Democrats were trying to tell you.. They know it's a much healthier country when Maga is OUT even if they don't stay in office. As an independent.. It's sad to see how many people are buying the massive propaganda campaign that Maga is constantly waging. It will eventually all come crumbing down unfortunately. He's even trying to have every jan 6th FBI case agent fired...
"America First" = "America Alone" What a dark joke.
Agreed, we are also pushing Latin America aka America's back yard to strengthen their relationship with China. While America has been wasting money and time in the middle east, China has been investing in Latin America.
@@JoniAntonioo And also in Africa. China is hungry and ready to dominate. Meanwhile, we throw a massive pity party, complaining that our friends aren't fair to us. Bullying and bluster -- the last cries of a former superpower.
President Reagan's 1988 radio address on free trade, delivered soon after the U.S.-Canada Free Trade Agreement was signed, remains timely: “Our peaceful trading partners are not our enemies; they are our allies. We should beware of the demagogues who are ready to declare a trade war against our friends-weakening our economy, our national security, and the entire free world-all while cynically waving the American flag.”
Do other countries tarrif us?
Trying to make a hero out of the deceitful godfather of neoliberal economics and illicit foreign interventions, hey? Reagan worked as well as a broken clock, correct for about 2 minutes out of every 24-hour day.
tRump never read Reagan's address because...well, you know. 😉
@@thinking7667 Import taxes are common throughout the world. Targeted tariffs may or may not still be used by some nations but I'm not sure. Blanketed tariffs just aren't used by anyone, anymore. They are an unmitigated disaster.
The economist have already said that it will be a disaster if Trump becomes president. I think he’s going to prove the economist right
When have economist ever been right?
@@Sundance_kidd Pretty often.
Commies gonna cry
@@richardvillanueva559why? We will either be beholden to Russia or a fascist state. Take your pick. You can read right? Think you can survive the coming depression? Hope you are young and strong. Because you are going to be working working working for pennies. Hard labor picking the fields and working the meat processors. Good luck.
@@catpaladin1 lmao if u say so dude
President Trump has done "the tariff" thing in his first term and has done it very successfully
Exactly
"...combined with our allies...." not gonna have many of those for long...
Europe here...
Unfortunately our "elites" are equally stupid.😅
How long until this economy collapses? Average family is already stretched thin.
I seriously believe that’s their goal. Musk is working on that right now. No one believes these people when they telegraph their intentions.
he said, lets try it for 10 years... if it fails, they can go back. nice, experiment on our backs , when experts have spoken!
Months...
Thank Joe Biden for that, don't blame Trump ...
@@Socrates21stCentury : You're no Socrates. And blaming Biden for the epic idiocy of this fraud and the racist Fascism of Der Don-old Serial Rapist only advertises your own rancid hypocrisy, cowardice, and militant ignorance. "Socrates!" Pffffft. Try Foghorn Leghorn, a figure much, much closer to who are.
What Lighthizer fails to mention is that so many of those products that used to be in the US are made in China now because the American companies ORDERED THEM from Chinese factories. US companies helped to create the very situation we find ourselves in.
Not just the companies but US tax policy under Dubya that gave companies tax breaks to ship jobs overseas. In the early 2000's I literally saw Chinese representatives swoop in and buy all of the equipment on a Detroit mom-and-pop machine shop floor, pack it up, then ship it to China. I also watched BWI (Beijing West Industries) buy Delphi's suspension and brake business, then over a weekend, without notice, pack up the equipment and send it to China.
Yes Jeff, but you read, unlike many ✌
Would that be because we don't have the natural resources in the US to make all that we sell. or is it due to the high cost of american labor would drive up the cost, therefor making that company not competitive in the market. Its Both!
They had to once one US company imports to cut costs, every other company usually ends up following to stay competitive. Watch Shark Tank, one of first things they ask is what is the cheapest a product can be made or landed in US.
What's your point exactly? The US government can't just demand that companies build stuff in the US. Tariffs and other policies are a way to try and give incentive to do so
I live in Europe, people are starting to talk about boycott US products.
I’m sorry fellow americans, this is not against you, it’s against Trump administration.
I dont know where this path is going to take us, but it’s not good for both sides…
Who is this guy kidding? "CEO's have to figure out a way to make a profit". Yeah, by cutting costs and raising prices.
While the poor get poorer, the rich get richer.
Not for long after a depression hits. No one buys - no ceo pay. Bankrupt stores. Bankrupt country. Hope the deficit is bankrupted on and that there are laws in place that disallow a deficit in the future.
How else does Trump bring jobs home?
That’s capitalism (edit, Republican unfettered capitalism).
as a truck driver, the road ahead is bumpy, courtesy of low to no freight coming in and going out to China, Canada and Mexico.
Anyway it’s a bumpy road for US TRUCKERS….since Canadians and MX truckers are roaring all over the US…plus Biden migrants with B1 Visa and temporary Green Cards holders and undocumented truckers 😂😂😂😂
@@RomeoUrsu-fy9qo reduced freight is even gonna make it worse
@@jmk9504
Maybe US truckers should work in Canada too….they make good money in US
We can take a trip in that direction too.
@@RomeoUrsu-fy9qoimagine elon wants to give more visas to "educated" people from all around the world lol
2 minutes in and this guy sounds crazy!
Trump will tell his people what they want to hear. He Always has and they fall for it.
More like Trump says something stupid and Fox sane washes it for their viewers while pushing outrage over things that don't affect people. How many trans athletes are there anyway?
that is incorrect
If they watched this they would refuse to believe it.
@@josebastardesyep!! Another one of those misguided people 🙄
10:36 this fool is not backing his claims with evidence or study, but his “educated guess”. And he is advising Trump. Of course it will be Brandons fault
Who the heck is Brandon?
@@theonemodifiertrump supporters call Biden as Brandon
A century of economics refutes what he's saying, and he has nothing to backup his claims.
@@theonemodifier The fake patriot people love their slogans.
@@banzay123 🤣🤣🤣🤣🤣🤣
Never underestimate the power of magical thinking.
tariffs are a smokescreen/diversion ... find out what's really going on ... won't get it from MSM
My life expectancy is about ten years. There is no going back for me.
Bet ya he owns a lot of shares in a company that stands to profit big from the tariffs!
Tariffs only affect poor people. Rich people don’t notice the increase in costs.
A poor person tax.
Yup. if Trump imposes too many tariffs, it's going to cause a world wide recession.
All taxes with how the system is setup are punishment for the poor.
@@user-gz4ve8mw9lBut Democrats are in favor of a lot of taxes, so that can't be the case, right?!
Nope its the opposite, tariff tax the rich while income tax, tax the poor.
So you are 100 percent for outsourcing jobs?
but you imposed tariffs on Canada and Mexico. Also, you fostered the rise of China, as the US sent all its manufacturing to China- to make Billions more and use cheap labour.
A tax on a foreign product, not a foreign country... 😂
Tariffs are similar to raising taxes on everyone. And he intends to reduce taxes for the wealthy. Well done.
@@GabrielMcnei He actually lowered taxes for everyone and maybe you weren’t listening every modern day president uses tariffs , Biden kept almost all of trump’s tariffs and actually increased some
@@kenspear4297Blanket tAriffs to our allies? Dude!!
@@kenspear4297ok so, we have to be careful when defining tax cuts. There are obviously many factors that go into the final tax payment after accounting for the unique policy changes that tax law can create. In the case of Trumps 2017 tax law, YES, he did lower the tax % for everyone, however after all of these unique policies, it only pushed the middle and lower class down even further. A couple of examples…
1. The corporate tax rate was significantly cut, in order to allow corporations to invest and provide more opportunities for the work force. What actually happened was that the delta profit was funneled into stock buy-backs and boosted dividends which just made the rich richer.
2. Those in the top 1% or the top 5% had TRIPLE the total tax cuts of the entire 60%(15 million vs 180 million people).
-Why? See #1 (Didn’t work)
3. There were other major provisions that RAISED taxes on families. Couple of examples…elimination of personal exemptions AND changed the parameters via the type of CPI that’s used to calculate what bracket people fall into year-to-year. This trends towards having us peons have the same relative wage, but over time end up in a higher bracket.
I could go on, but the short of it is that this has NOT been a good policy for the majority of American workers and even worse for the stability of our country.
@@trulytrue8008 there’s no blanket tariffs dude, it’s certain industries
@@kenspear4297Adding more tariffs when Americans are in a dire struggle to put food on the table is asinine.
This is 100% Trump's achilles heel. You can't have low prices (his campaign promise) and tariffs. Pick one or the other.
The man gave the answer @10:53, this isn’t about bringing jobs back to America, this about using tariffs to pay for tax cuts.
We are in this mess because of the massive tax cuts he gave the rich last time. It has put us ever more deep in debt. With all that's going on now what is the bottom line he's trying to achieve? Another round of massive tax cuts for the rich. The hole just got deeper and just may finish off our once great nation. How can we overcome this? Why do the Republicans want to destroy The United States?
People never actually cared about the debt if they simultaneously opposed tax increases.
So we’re giving the CEO’s that sold out our labor in the first place, the responsibility to bring it back? How naive can we be?
GOP used to be free market capitalists and all about small government. Tariffs and market manipulation are exactly the opposite.
Yes because it has changed into Trumpism. It's no longer Republicanism. It's just Trumpism. They've abandoned and completely reversed a plethora of positions that used to be at the heart of what it meant to be Republican.
your over generalizations are duly noted....
Lighthizer said that if it doesn't work in 10 years we can go back to the other way.
That does not seem very reassuring to me. Hang on to your money as there could be an economic downturn.☹
Lighthizer has forgotten how interdependent the two economies are and who can stomach more pain. Smartphones, PCs and electronic gadgets are made in the PRC. The USA offers some services but manufactures very little. Manufacturing smartphones, IC chips and batteries in the USA is no cakewalk.
''Hey buddy, can i help you?''........Officer get me a dbl whopper w/ cheese, lrg fries n a Pepsi........LOL.
Hey it feels like its more accurate to say "expect $200.00+ for every trip to the store despite the small list.
I believe her, not him.
People like her are why the U.S. has lost 2 million manufacturing jobs to Asia. Congrats!
Even domestically made products will go up because they will align their prices with the foreign made goods.
even worse, most of our domestic products still require components, chemicals, and pre-production materials that the USoA just doesn't even have and is reliant on these other countries for
There are plenty of flaws to Tariffs but this was just a weird assumption.
@@Bloodshotty See washing machine tariff 2018, "... economists Aaron Flaaen, of the Fed, and Ali Hortacsu and Felix Tintelnot, of Chicago, estimates that consumers bore between 125 percent and 225 percent of the costs of the washing machine tariffs. The authors calculate that the tariffs brought in $82 million to the United States Treasury, while raising consumer prices by $1.5 billion"
Yep.
The last thing we need is more inflation thru tariffs
Manufacturing isn't returning to America with those workers. Automation abd robots will be cheaper than them.
Exactly. 🎯
AI
LOL.... I was thinking the same thing and you said ! Are investors going to pay $20-25 p.h. for a middle aged tired workforce ?
No they won't. They are trying to force automation faster.
Manufacturing WILL NEVER return to US as they expect to be paid a lot and that's unrealistic.
Manufacturing isn't returning to America, period. All the automation in the world doesn't reduce the cost of rents, electricity, compliance costs, insurance, taxes $30m. CEO's etc.
Labor costs are barely a consideration in modern manufacturing. It's all of the other costs that are the problem.