I DON’T THINK THAT’S GOING TO END UP WELL.
BUT AT LEAST IT’S BEEN AN
EXCITING STORY.
EXCITING STORY. >> YOU REALLY CARE ABOUT THIS.
DON’T YOU?
DON’T YOU? >> YOU HAVE A LOOK AT HOW THE
PRESIDENT’S TRADE POLICIES
SPECIFICALLY WITH CHINA ARE
AFFECTING AMERICAN WORKERS AND
CONSUMERS.
CONSUMERS. >> WE’VE GOT TO LOOK AT THE
SPORTS SECTION.
SPORTS SECTION. >> I JUST MOVED ON.
>> SO WE CAN TALK ABOUT HOW
TRUMP’S TARIFFS HAVE HAD AN
EFFECT ON THE U.S. AND IT’S NOT
A PARTICULARLY GOOD ONE.
LET’S START WITH STEEL.
SO AS WE ALL KNOW, TRUMP PUT
TARIFFS ON STEEL AND LOOK WHAT
HAPPENED.
HAPPENED. STEEL PRICES WENT UP 28% SINCE
THE BEGINNING --
>> WAIT, WAIT, STEVE.
WHO COULD HAVE EVER SEEN THAT
COMING?
COMING? >> YOU KNOW IT WAS A SURPRISE TO
ALL OF US.
>> WAIT.
>> WAIT. I THINK EVERYBODY WARNED HIM,
DIDN’T THEY?
DIDN’T THEY? >> A SURPRISE TO ALL OF US,
EQUALLY A SURPRISE TO ALL OF US
THAT STEEL IN EUROPE IS NOW 50%
OF THE COST OF STEEL HERE.
>> SO THAT’S GOOD FOR STEEL
WORKERS HERE.
WORKERS HERE. THE PROBLEM IS, THERE AREN’T SO
MANY STEEL WORKERS HERE.
THERE ARE ONLY ABOUT 80,000
STEEL WORKERS HERE.
>> IT’S GOOD FOR 80,000 PEOPLE.
HOW MANY DOES IT HURT?
>> THE 900,000 PEOPLE WHO WORK
IN INDUSTRIES THAT ACTUALLY USE
STEEL AND WHO ARE NOT GOING TO
BE ABLE TO MAKE IT HERE.
THERE WAS AN INTERESTING
STORY --
STORY -- >> IT HURTS THE PEOPLE IN THE
RED AND HELPS THE PEOPLE, THE
TINY AMOUNT OF PEOPLE IN THE
BLUE.
BLUE. >> THAT IS THE FACT.
>> EVEN THE PEOPLE IN BLUE,
DON’T THEY BUY ITEMS MADE OF
STEEL?
STEEL? SO ISN’T IT HURTING THEIR
PAYCHECK ALSO?
PAYCHECK ALSO? >> AND THEY’RE GOING TO PAY MORE
FOR ALL OF THEM.
>> EVERYTHING.
>> EVERYTHING. THEY’LL PAY MORE FOR EVERYTHING.
>> EVERYTHING THAT HAS STEEL IN
IT.
IT. >> EVERYBODY PAYS MORE.
SO IN EFFECT -- EVERYBODY IS A
LOSER.
LOSER. >> WELL THERE’S PROBABLY A FEW
OF THOSE --
>> A FEW THOUSAND STEEL WORKERS
WHO ARE GOING TO DO OKAY.
BUT YES --
>> MAYBE THE PEOPLE THAT OWN THE
STEEL COMPANIES MIGHT DO WELL.
BUT WORKING-CLASS AMERICANS OR
WORKING CLASS AMERICANS ARE
LOSERS WHEN THEY GO TO THE
STORE, BECAUSE OF DONALD TRUMP’S
TARIFF TAX.
TARIFF TAX. >> THAT IS TRUE.
BUT NOW LET’S LOOK AT THE OTHER
SIDE OF THE EQUATION.
>> WHO COULD HAVE PREDICTED
THAT.
THAT. >> WE’LL SEE SOME MORE LOSERS.
>> OF COURSE NOT SURPRISINGLY
ARE COMPETITORS HAVE RETALIATED
ON US.
ON US. AND YOU CAN TAKE A LOOK AT
WHAT’S HAPPENED TO SOYBEAN
PRICES, CHINA PUT A 25% TARIFF
AS DID OTHER COUNTRIES ON
SOYBEAN PRICES, YOU CAN SEE WHAT
HAS HAPPENED TO SOYBEAN PRICES.
>> AGAIN, WHO COULD HAVE
PREDICTED THIS?
PREDICTED THIS? WAIT, WAIT, PEOPLE HAVE BEEN
PREDICTING THIS, SOYBEAN FARMERS
WERE GOING TO BE ABSOLUTELY
CRUSHED BY THIS.
>> SEABEANS ARE THE NUMBER ONE
AGRICULTURE COMMODITY.
AGRICULTURE COMMODITY. >> SOYBEANS ARE THE MAJOR
FEEDSTOCK FOR ANIMALS AND OUR
BIGGEST AGRICULTURAL EXPORT.
>> AS DAN SAID IN MY EAR, MOST
IMPORTANTLY, WHISKEY AND MOST
IMPORTANTLY FOR JON MEACHUM.
YOU THINK THOSE SOY LATTES ARE
EXPENSIVE?
EXPENSIVE? NOW THEY’RE REALLY EXPENSEIVE,
RIGHT.
RIGHT. >> IF YOU MOVE FROM THE SOY
LATTE TO THE JACK DANIELS IN THE
COURSE OF A MORNING, YOU’RE
GETTING HIT TWICE.
>> SPEAKING OF JACK DANIELS --
>> THAT’S CALLED THE MEACHUM
TAX.
TAX. BOTH IN THE MORNING.
>> IT’S NOT A COINCIDENCE THAT
THE CHINESE PUT TARIFFS ON
SOYBEANS, BECAUSE OUR BIGGEST
SOYBEAN PRODUCING STATES ARE
IOWA AND ALSO PLACES LIKE NORTH
DAKOTA, LIKE MISSOURI, LIKE
INDIANA.
INDIANA. >> THE MIDWEST.
>> WHERE THERE ARE DEMOCRATS
RUNNING FOR ELECTION IN RED
STATES AND NOW THEY’RE GOING TO
BE ABLE TO BLAME TRUMP FOR
WHAT’S HAPPENED TO SOYBEAN
PRICES.
PRICES. YOU MENTIONED WHISKEY.
LET’S TAKE A LOOK AT WHAT’S
HAPPENED TO WHISKEY.
THE BEST WAY TO LOOK AT WHAT’S
HAPPENED TO WHISKEY IS A COMPANY
CALLED BROWN FOREMAN.
BROWN FOREMAN MAKES JACK DANIELS
AS MR. MEACHUM WELL KNOWS.
>> THAT NUMBER ALSO GOES DOWN TO
BE FAIR TO DONALD TRUMP.
THAT NUMBER ALSO GOES DOWN AS
FAR AS WHISKEY PURCHASES DURING
LENT WHEN MEACHUM DECIDES TO
STAY OFF OF IT.
>> BUT BROWN FOREMAN HAS ITS
HEADQUARTERS IN LOUISVILLE,
KENTUCKY.
KENTUCKY. WHO IS FROM LOUISVILLE,
KENTUCKY?
KENTUCKY? MITCH McCONNELL, THE MAJORITY
LEADER OF THE SENATE.
SO THE CHINESE AND THE EUROPEANS
AND THE MEXICAN WHO IS PUT THESE
TARIFFS ON WHISKEY ARE NOT
STUPID AND YOU CAN SEE HERE THAT
BROWN FOREMAN’S STOCK PRICE, A
PROXY FOR WHAT’S HAPPENING TO
OUR BUSINESS IN WHISKEY IS DOWN
18%.
18%. >> YOU’RE SAYING MITCH McCONNELL
CODDLING DONALD TRUMP WHEN IT
COMES TO TARIFFS ACTUALLY IS
HURTING PEOPLE IN MITCH
McCONNELL’S OWN DISTRICT?
>> VERY DELIBERATE RETALIATION
BY OUR TRADING PARTNERS TO STICK
IT TO DONALD TRUMP AND TO STICK
IT TO REPUBLICANS.
>> ALL RIGHT.
>> AND OF COURSE HARLEY DAVIDSON
IN WISCONSIN, RIGHT?
>> HARLEY-DAVIDSON IS
FASCINATING.
FASCINATING. BECAUSE HARLEY-DAVIDSON WAS HIS
POSTER BOY FOR AMERICAN JOBS.
AND ANOTHER RETALIATORY TARIFF
WAS TO TAX HARLEY-DAVIDSON.
NOW THEY’RE GOING TO MAKE THEM
OUTSIDE THE U.S. TO SHIP THEM TO
EUROPE.
EUROPE. >> THERE ARE ONLY SO MANY -- NOT
SO MANY, I DON’T MEAN IT THAT
WAY.
WAY. BUT THESE ARE ICONIC AMERICAN
BRANDS.
BRANDS. JACK DANIELS, HARLEY-DAVIDSON.
A FASCINATING WAY TO SEE HOW
THOSE BRANDS GET HIT FIRST.
>>> STILL AHEAD.
PRESIDENT TRUMP RALLIES IN NORTH
DAKOTA AND FEEDS THE CROWD
POLITICAL RED MEAT.
INCLUDING SEVERAL UNRESTRAINED