THANK YOU SO MUCH.
>> THANK YOU.
>> Pres. Trump: PROBABLY WISH
THEY MADE THE DEAL BEFORE THEY
TRIED TO RENEGOTIATE IT AND MAKE
A DEAL.
WE ARE NOT READY TO MAKE A DEAL
AND WE'RE TAKING IN TENS OF
MILLIONS OF DOLLARS OF TARIFFS
AND THAT NUMBER COULD GO UP
SUBSTANTIALLY.
>> PRESIDENT TRUMP SOUNDING OFF
ON TRADE TENSION WITH CHIEN A.
NEGOTIATIONS STALLED AND EACH
SIDE BLAMING EACH OTHER.
PRESIDENT TRUMP, AS YOU HEARD,
IS THREATENING ANOTHER ROUND OF
TARIFFS, COMING FROM THE CHINESE
HAVE HURT U.S. FARMERS.
WHERE DID THIS LEAD EVERYBODY?
MOST OF US AT HOME IN OUR POCKET
BOOKS, GENE MARKS WITH US, NICE
TO SEE YOU.
GENE, PRESIDENT MENTIONED WE'RE
PULLING IN TENS OF MILLIONS OF
DOLLARS WORTH OF TARIFFS, THAT
MONEY IS ESSENTIALLY COMING FROM
THE U.S. CONSUMER, WE BEGIN TO
FEEL THE PAIN YET WHEN THEY GO
TO WALMART OR TARGET OR THE
LOCAL GROCERY STORE?
>> NOT EXACTLY YET.
IT IS GOOD TO SEE YOU.
IT IS TENS OF BILLIONS OF
DOLLARS.
RIGHT NOW IT IS ESTIMATED THE
U.S. GOVERNMENT IN 2019 COULD
PULL IN 40 TO 100 BILLION
DOLLARS IN EXTRA REVENUE RELATED
TO THE TARIFFS.
FOR A GOVERNMENT DRIVING UP HUGE
DEFICIT AND STRAPPED FOR CASH OR
SOMETHING, THAT IS A LOT OF
MONEY.
THAT IS ONE REASON THE PRESIDENT
IS NOT IN ANY RUSH TO COME TO AN
AGREEMENT WITH CHINA.
ARE WE SEEING ISSUES IN --
>> YOU SAY IT LIKE THAT, SEEMS
LIKE TARIFFS ARE A GREAT THING
FOR THE ECONOMY.
OR --
>> I'M NOT SAYING IT IS A GREAT
THING FOR THE ECONOMY.
I'M TELLING YOU THIS MUCH, I'M
TELLING OUR CLIENTS NOW, MOSTLY
SMALL AND MEDIUM SIZED
BUSINESSES, MANY NOT AFFECTED BY
THE TARIFFS.
THE ONES THAT ARE, YOU CAN
EXPECT TARIFFS TO CONTINUE, EVEN
IF WE SEE AN AGREEMENT COMING
SOMETIME MAYBE WHEN THE
PRESIDENT MEETS WITH PRESIDENT
XI IN THE NEXT MONTH OR SO.
I DON'T EXPECT THE PRESIDENT TO
RELEASE TARIFFS, AT LEAST NOT
10% TARIFFS ANY TIME SOON, THE
BIGGEST REASON WHY IS
ENFORCEMENT.
HE HAS A LOT OF OPPONENTS AND
PEOPLE SAYING COME TO A DEAL
WITH CHINA, HOW DO WE KNOW CHINA
WILL LIVE UP TO THAT?
I THINK THE PRESIDENT WILL SAY,
WE WILL GIVE IT A YEAR, THAT IS
WHAT I'M PREDICTING.
>> ONE YEAR?
>> TARIFFS CONTINUE.
>> I SPEAK TO A LOT OF
CONGRESSMEN AND FOREIGN STATES
WHO SAY THEY CANNOT AFFORD
ANOTHER YEAR OF RECIPROCAL
TARIFFS BACK FROM CHINA.
THIS IS HOW THE MERP PUBLIC LOOK
AT THE CONDITION OF THE ECONOMY.
EXCELLENT GOOD NOW 47% THAT IS
DOWN TWO POINTS FROM JANUARY
2018.
ONLY FAIR UP TWO POINTS FROM
JANUARY.
IS THERE A SLIP IN CONSUMER
CONFIDENCE, DO YOU THINK?
>> I'M NOT SAYING IT, SOME OTHER
CONSUMER CONFIDENCE SURVEYS I'VE
SEEN COME OUT, FROM THE
UNIVERSITY OF MICHIGAN, SHOWING
CONTINUED UPTICK IN CONFIDENCE.
ON TOP OF THAT, LOOK AT SMALL
BUSINESS CONFIDENCE.
>> THE CHINESE ARE STEALING
INTELLECTUAL PROPERTY, DEPENDING
WHO YOU TALK TO.
WAGE GROWTH, THIS IS SOMETHING
THE PRESIDENT HAS CONTINUED TO
TOUT, 3.2% NINTH STRAIGHT MONTH
OF 3% GROWTH.
HAVE YOUR BUSINESS CLIENTS YET
STARTED TO PRICE IN THE
POSSIBILITY SOME WOULD SAY A
REAL POSSIBILITY, DEPENDING WHAT
POLLS YOU LOOK AT, DEMOCRATIC
PRESIDENT WHO IS GOING TO HAVE
DIFFERENT BUSINESS VIEWS,
DIFFERENT REGULATION AND
DIFFERENT TAXES?
>> MOST OF MY CLIENTS I TALK TO
ARE NOT YET, WHETHER OR NOT THAT
IS MISTAKE OR NOT, YOU CAN
CONSIDER, THE FEEL DEMOCRATIC
CHALLENGERS ARE, IT IS SO VAST
RIGHT NOW, MOST PEOPLE WAITING
TO SHORTEN UP, WAGE GROWTH IS A
BIG DEAL.
HEALTH CONCERN GOING UP COST OF
LABOR, LIKE PAID TIME OFF AND
TIME OFF FOR NEW PARENTS AND
OTHER BENEFITS BEING OFFERED
COUPLED WITH THE FACT IF YOU ARE
A SMALL BUSINESS, FINDING GOOD
PEOPLE, IT IS TOUGH.
COMPETING AGAINST BIG
GOVERNMENT.
>> MY PARENTS ARE UP IN NORTH
MICHIGAN, THE STATE THAT FLIPPED
PRESIDENT TRUMP.
THEY DROVE UP NORTH THIS SPRING,
THERE WERE SIGNS ALL OVER,
THOUSAND DOLLAR HIRING BONUSES
AND FINDER BONUSES FOR PEOPLE,
FINDING EMPLOYEES TO WORK, THAT
IN AND OF ITSELF A DANGER.
>> IT IS.
YOU KNOW, HAVING SAID THAT, I
COME ACROSS SO MANY PEOPLE
RUNNING BUSINESSES, IT HASN'T
SUNK IN.
IF YOU WANT TO COMPETE, YOU WILL
HAVE TO RAISE YOUR RATES, YOU
ARE PAYING YOUR PEOPLE, THAT IS
THE ONLY WAY TO DO IT.
DOES THAT MEAN INCREASING
PRICES?
THAT COULD HAPPEN.
FOR SOME SMALL BUSINESSES, ADDED
TARIFFS FROM TRADE, ALL THESE
CHALLENGES, AS GREAT AS THE
ECONOMY IS, I HAVE LEARNED WE'LL
HAVE CHALLENGES, NEVER GOING TO
BE PERFECT ENVIRONMENT, THAT IS
WHAT WE'RE LOOKING AT.
>> THAT IS WHY THEY HAVE YOU TO
HOLD THEIR HAND.