>>> WE’RE TALKING ABOUT THE TRADE WAR AND ESCALATION.
LIST OF CHINESE GOODS WORTH $200
BILLION THAT WILL FACE 10%
TARIFFS.
TARIFFS. IF THEY GO INTO EFFECT, YOU
COULD SEE A MAJOR SPIKE IN
PRICES FOR BASICS IN YOUR HOME.
YOUR GROCERY BILL COULD GO UP,
PORK PRODUCTS, FISH, GRAIN SS,
FRESH AND FROZEN PRODUCE.
BUILDING MATERIALS ON RENOVATION
OR A NEW HOME WITH INCREASES ON
MARBLE AND GRANITE, PLASTER,
CEMENT AND METALS SUCH AS
COPPER, IRON AND KNICKEL.
HOW ABOUT YOUR HEATING BILL?
IT COULD SEE A SPIKE AS WE
PENALIZE IMPORTS ON PROPANE,
KEROSENE, NATURAL GAS AND COAL
AND A LITANY OF OTHER BASICS
LIKE TOBACCO, CLOTHING, HANDBAGS
AND EVEN PET FOOD.
>> NOT HANDBAGS.
DO YOU KNOW WHO MAKES SOME OF
THOSE?
THOSE? IVANKA TRUMP.
IVANKA TRUMP. >> NOT HERE, BY THE WAY.
>> RON INSANA JOINING ME AGAIN.
THIS IS A HUGE LIST OF CHINESE
GOODS.
GOODS. WE KNOW THAT AMERICANS LOVE
CHEAP STUFF.
CHEAP STUFF. THAT’S WHY WALMART AND AMAZON
BECAME TWO OF THE MOST
SUCCESSFUL COMPANIES ON THE
PLANET.
PLANET. >> ALTHOUGH WALMART NEVER GETS
CRITICIZED FOR THIS ANYMORE.
>> IT DOESN’T.
WALK ME THROUGH THIS TRADE WAR
AND WHO EXACTLY IT WORKS FOR.
COULD THIS BE JUST A GAME OF
CHICKEN?
CHICKEN? >> WE TALKED ABOUT THIS EARLIER
IN THE PROGRAM.
I DON’T KNOW.
IT DOESN’T SOUND LIKE A COHERENT
STRATEGY TO ME.
THE ISSUES WE HAVE WITH CHINA
HAVE NOTHING TO DO WITH
MERCHANDISE TRADE AS THEY DO
WITH INTELLECTUAL PROPERTY,
THEFT, AND FORCED TRANSFER OF
COMPANIES THAT DO BUSINESS IN
CHINA.
CHINA. >> IF WE WANTED TO GO AFTER
SOMETHING LIKE THAT, MAYBE WE
WOULD PARTICIPATE IN TPP, WORK
TOGETHER WITH OUR ALLIES AND PUT
PRESSURE ON CHINA.
WE’RE NOT DOING THAT.
>> AND WORLD TRADE ORGANIZATION
WITH EUROPE, CANADA AND OTHER
COUNTRIES.
COUNTRIES. ONCE THE WTO WOULD DECIDE IN OUR
FAVOR, WHICH, BY THE WAY, IT HAS
DONE 90% OF THE TIME, WE WOULD
BE ALLOWED TO PUT TARIFFS ON
CHINESE PRODUCTS WITHIN THE AS
YOU MISS-- AUSPICES.
IT TAKES MORE TIME THAN THE
TRUMP ADMINISTRATION WOULD LIKE.
THEY’RE FIRING BULLETS IN THE
WRONG DIRECTION.
WRONG DIRECTION. YOU MENTIONED IVANKA TRUMP
MAKING HANDBAGS THERE, HER
PRODUCTS ARE EXEMPT FROM TARIFFS
COMING BACK INTO THE UNITED
STATES.
STATES. >> WHY?
>> WHY? >> YOU WOULD HAVE TO ASK THE
PRESIDENT THAT QUESTION.
>> IVANKA TRUMP I WOULD LOVE THE
ANSWER TO THAT QUESTION.
YOU HAVE MY CELL PHONE NUMBER.
CALL IT.
CALL IT. DON’T WE NEED CHINA TO GET NORTH
KOREA TO DENUCLEARIZE?
>> $200 BILLION WORTH OF GOODS,
90-DAY PUBLIC COMMENT PERIOD,
TRYING TO BRING CHINA TO THE
TABLE TO FURTHER PRESSURE NORTH
KOREA TO THE TABLE TO
DENUCLEARIZE, YOU WOULD THINK
YOU WOULD WANT THEM ON YOUR
SIDE.
SIDE. THE PRESIDENT MADE A COMMENT
SAYING THAT HE HOPED THAT CHINA
WAS NOT INFLUENCING THE NORTH
KOREANS, TAKING A MORE
BELLIGERENT TONE TOWARD THE
UNITED STATES.
UNITED STATES. WHICH IT HAS.
CHINA COULD SINK THIS WHOLE
THING TOMORROW WITH RESPECT TO
NORTH KOREA IN RETALIATION FOR
THESE TARIFFS.
THESE TARIFFS. REMEMBER, CHINA CAN ONLY PUT
TARIFFS ON SO MUCH IN THE WAY OF
U.S. GOODS BEFORE IT RUNS OUT OF
THINGS TO PUT TARIFFS ON.
>> YOU SAID YOU THINK WE COULD
REMOVE TARIFFS FROM RUSSIA.
EXCUSE ME.
EXCUSE ME. WE COULD REMOVE SANCTIONS FROM
RUSSIA AND DOUBLE DOWN ON
TARIFFS WITH CHINA.
>> NO, NO, NO, NO.
I NEVER SAID THAT WE SHOULD OR
COULD.
COULD. >> NO, COULD.
>> I THINK THAT THE PRESIDENT
MADE SOME ILLUSION TO A POSITIVE
SURPRISE FOR VLADIMIR PUTIN THIS
WEEK.
WEEK. >> WHY WOULD IT MAKE SENSE?
HELP ME UNDERSTAND.
>> FROM A GEOPOLITICAL
PERSPECTIVE IT DOESN’T MAKE
SENSE.
SENSE. I DON’T SEE FOREIGN POLICY,
TRADE POLICY OR ECONOMIC POLICY
IN THIS ADMINISTRATION AS
COHERENT.
COHERENT. IT SEEMS LIKE A SEAT OF THE
PANTS STYLE OF MANAGEMENT, WHICH
PRESIDENT TRUMP USED IN HIS
PRIVATE LIFE.
PRIVATE LIFE. >> THEN WHO SUPPORTS IT?
ORRIN HATCH DOESN’T.
JEFF FLAKE DOESN’T.
>> NO, NOBODY DOES.
>> PRESIDENT TRUMP’S APPROVAL
RATE SOMETHING DOING A-OKAY.
>> WITH HIS BASE AND SOME
MODERATES, SURPRISINGLY.
MODERATES, SURPRISINGLY. THOSE VERY PEOPLE WHO THINK THEY
SUPPORT THIS PROGRAM WILL BE
ULTIMATELY HURT BY THE
IMPOSITION OF TARIFFS.
THEY’LL FIND OUT IN THE RUST
BELT THAT U.S. STEEL MAY REOPEN
ONE PLANT AND THAT MAY ADD 600
JOBS, BY AND LARGE THE PEOPLE
WHO BENEFIT FROM LARGELY
INEXPENSIVE PRODUCTS OVERSEAS
AND WHO WOULD OTHERWISE BE HURT
BY THESE TARIFFS ARE IN FOR A
RUDE AWAKENING, AGRICULTURAL,
SOY BEAN PRODUCERS.
THEY’RE TAKING BIG HITS.
ONE COMPANY LITERALLY HAS TO
CLOSE DOWN BECAUSE IT CAN’T
AFFORD THE STEEL PRICES.
I DON’T KNOW THAT THIS HELPS
ANYBODY IN THE UNITED STATES,
FWLOEBL
FWLOEBL GLOBAL TRADE.
GLOBAL TRADE. WE’VE SPOKEN ABOUT THIS BEFORE,
IN THE ’30s THE TARIFFS