NOT -- >> GOING TO BE HOT.
>> WE STILL MIGHT.
>> A LOT TO GET TO.
CANADA HAS BEGUN IMPLEMENTING
BILLIONS OF $OF RETALLYIATORY
TARIFFS.
TARIFFS. >> THE PRESIDENT SAID THEY WOULD
GET OUR SHOES AND SMUGGLE THEM
OVER THE BORDER AND SCUFF THEM
SO THEY LOOK OLD.
>> IF THEY LOOK OLD AND SOUND
OLD.
OLD. NO WAY THEY COULD SMUG TELL
SHOES.
SHOES. >> TARIFFS WORTH $12.6 BILLION
IN RESPONSE TO TRUMP
ADMINISTRATION’S STEEL AND
ALUMINUM TARIFFS.
ALUMINUM TARIFFS. A LENGTHY LIST OF U.S. GOODS
INCLUDING CHOCOLATE, BEEF,
WHISKEY NOW WILL BE SUBJECT TO
10% OR 20% TAX.
IN THE WORDS OF CANADA’S FOREIGN
MINISTER QUOTE, WE’LL NOT
ESCALATE AND NOT BACK DOWN ON
THE DOLLAR FOR DOLLAR RESPONSE.
CHINA IS SET LATER THIS WEEK TO
IMPOSE A TOUGH 25% TARIFF ON
U.S. SOYBEANS IN ADDITION TO
RISING PORK DUTIES ON ITS OWN
RETALIATORY TARIFFS ON AMERICAN
PRODUCTS.
PRODUCTS. >> HARLEY-DAVIDSON MOVING
PRODUCTION.
PRODUCTION. >> THERE’S THAT.
GENERAL MOTORS SAYS IF THE TRUMP
ADMINISTRATION IMPOSES ITS
THREATENED TARIFFS ON CAR
IMPORTS, IT MAY BE FORCED TO CUT
AMERICAN JOBS, WAGES AND
INVESTMENT.
INVESTMENT. THIS IS GOING WELL.
AND THE "FINANCIAL TIMES"
DATABASE
DATABASE >> WINNING TRADE WARS IS EASY.
ICHTS EASY.
ICHTS EASY. YOU KNOW WHAT HE SAID.
>> THIS IS THE ART OF THE DEAL.
>> SO, RICHARD, I’VE BEEN
NOTICING MUCH OF THE SAME WAY I
STARTED READING ARTICLES BEFORE
THE 2008 CRASH OF SOME CONCERNS
ABOUT THESE TRADE DEALS CAUSING
SMART CAPITAL TO FLEA MARKETS TO
GET OUT OF MARKETS.
NOT SMART CAPITAL NOT INVESTING
IN FLEA MARKETS, THEY ARE
FLEEING MARKETS.
FLEEING MARKETS. >> THANK YOU FOR THAT.
>> YOU’RE WELCOME.
AND
AND AND SCARAMUCCI OVER THE WEEKEND
SAID HE WAS HEARING FROM HIS
INVESTOR FRIENDS THAT HELPS
TARIFFS ARE STARTING TO CAUSE A
REAL PANIC AMONG SMART MONEY.
AND THERE’S GOING TO BE
CONSEQUENCES IF HE DOESN’T BACK
DOWN.
DOWN. >> WE’RE ALREADY SEEING THE
CONSEQUENCES.
CONSEQUENCES. THE MARKETS ARE GETTING SPOOKED
BY THIS.
BY THIS. IT’S NOT JUST DIRECT TARIFFS.
IN SOME CASES THEY DO DIFFERENT
THINGS.
THINGS. THE IDEA THE SECRETARY OF
TREASURY WAS SURPRISED THAT
FOREIGNERS SHOCKINGLY ENOUGH
WOULD NOT PUT TARIFFS ON THE
SAME PRODUCTS BUT THEY WOULD BE
STRATEGIC, THEY DON’T TAKE YOUR
PAWN THEY TAKE YOUR ROOK.
I THOUGHT TRADE WARS WERE TO BE
BALANCED.
BALANCED. >> IT’S CALLED A WAR.
DONALD TRUMP CALLS IT A WAR.
THEY ARE GOING TO FIGHT THE WAR
BACK.
BACK. >> ASYMMETRICAL RESPONSES TO
INFLICT PAIN ON US.
WE’RE SEEING WITH GM AND
EVERYBODY ELSE IT’S THE
GOVERNMENT OF THE INPUTS GOING
UP.
UP. WHATEVER SMALL NUMBER OF JOBS WE
SAVE WILL BE OVERWHELMED IN THE
MUCH LARGER NUMBER OF JOBS ARE
LOST WHEN AMERICANS STOP BUYING
GOODS THAT WERE FAR MORE
EXPENSIVE.
EXPENSIVE. THIS IS SO NOT THOUGHT THROUGH.
>> SHOULD THIS HAVE BEEN THOUGHT
OUT THROUGH BEFORE.
>> EVERYBODY WARNED HIM INSIDE
THE WHITE HOUSE, OUTSIDE THE
WHITE HOUSE.
WHITE HOUSE. EVERYBODY WARNED HIM.
AND AS WE HAVE BEEN WARNING ON
THIS SHOW, IT’S NOT GOING TO BE
DONALD TRUMP’S BILLIONAIRE
FRIENDS AFTER PASSING TAX CUTS
FOR THEM.
FOR THEM. THEY ARE NOT THE AMERICANS THAT
ARE HURT.
ARE HURT. IT’S GOING TO BE THE AMERICANS
THAT YOU SPOKE WITH LAST WEEK IN
YOUR ARTICLE, PEOPLE WHO SUPPORT
DONALD TRUMP.
DONALD TRUMP. THE SAME PEOPLE THAT WILL BE
HURT WHEN LATER THIS YEAR THEY
REALIZE THAT IF THEY HAVE
PRE-EXISTING CONDITIONS OR THEIR
CHILDREN HAVE PRE-EXISTING
CONDITIONS, THOSE ARE NO LONGER
GOING TO BE COVERED BY THEIR
HEALTH CARE INSURANCE.
>> THAT’S RIGHT.
PEOPLE DO FEEL PRETTY GOOD RIGHT
NOW.
NOW. OF COURSE, WE’RE STILL A FEW
MONTHS OUT FROM THE ELECTION.
IF THIS MARKET PRESSURE,
ECONOMIC PRESSURE CONTINUES TO
GROW AND BUILD, AND WE GET
CLOSER TO NOVEMBER AND PEOPLE
AREN’T SEEING THOSE BONUSES IN
THEIR CHECKS ANY MORE, THEY
AREN’T FEELING THE IMPACT OF THE
TAX CUT BECAUSE GAS PRICES KEEPS
SPIKING OR COSTS OF CONSUMER
GOODS KEEP RISING THAT COULD BE
A BIG POLITICAL THREAT.
I THINK BIG PICTURE HERE,
TRUMP’S TARIFF WARS, HIS
IMMIGRATION CAR, EVERYTHING IS
CULTURAL WITH TRUMP.
YOU HAVE THESE THREATS FROM
FOREIGN NATIONS WHO ARE TRYING
TO PUNISH THE UNITED STATES,
TAKING ADVANTAGE OF US BECAUSE
WE ARE WEAK.
AND AT THE SAME TIME YOU HAVE
THE IMMIGRATION WARS GOING ON
BECAUSE THERE ARE INVADING
FORCES COMING IN TO OVERTAKE AND
REMAKE OUR CULTURE.
SO I THINK ALL OF THIS FITS
TOGETHER PERFECTLY WITH THE KIND
OF PRESIDENT WE KNEW WE WERE
GETTING.
GETTING. >> WE’RE BEGINNING TO SEE A
PATTERN.
PATTERN. TO ADD TO THIS NEW REPORTING,
THE WHITE HOUSE DRAFTED A BILL
THAT WOULD ALLOW THE U.S. TO
OPERATE OUTSIDE THE RULES OF
INTERNATIONAL TRADE.
INTERNATIONAL TRADE. THE DRAFT LEGISLATION
ESSENTIALLY ABANDONS THE
FRAMEWORK SET BY THE WORLD TRADE
ORGANIZATION WITHOUT A FORMAL
WITHDRAWAL WHILE THE UNITED
STATES FAIR AND RECIPROCAL
TARIFF ACT WOULD FACE AN UPHILL
BATTLE ON CAPITOL HILL BECAUSE
IT ALLOWS THE PRESIDENT TO RAISE
U.S. TARIFFS AT WILL WITHOUT
CONGRESSIONAL CONSENT.
CONGRESSIONAL CONSENT. THE REPORT COMES DAYS AFTER
TRUMP REPORTEDLY TOLD GOVERNMENT
OFFICIALS HIS DESIRE TO WITHDRAW
THE U.S. FROM THE WORLD TRADE
ORGANIZATION, SO LET’S LOOK AT
THE PATTERN.
THE PATTERN. IT SEEMS TO ME -- AND YOU TALKED
ABOUT THE CULTURE WARS OR THE
RED MEAT ISSUE, LIKE, FOR
EXAMPLE, THE SEPARATION POLICY.
THE PRESIDENT THROWS OUT THE RED
MEAT.
MEAT. HE SEPARATES OVER 2,000 KIDS
FROM THEIR PARENTS AT THE BORDER
AND THEN COUPLE OF WEEKS GO BY
AND HE REALIZES IT’S REALLY BAD
PR SO HE PULLS BACK ON IT TO TRY
TO CLEAN UP THE MESS BUT THEN
REALIZES IT’S NOT THAT EASY TO
CLEAN UP.
CLEAN UP. SO WE’RE STILL SITTING HERE WITH
OVER 2,000 KIDS SEPARATED FROM
THEIR FAMILIES WITH ABSOLUTELY
NO WORD ON EXACTLY HOW THEY ARE
GOING TO BE REUNITED AIRLINES
AND CONCERN SOME MAY NEVER BE.
THIS SEEMS TO BE A PATTERN FOR
THE PRESIDENT IN TERMS HOW HE
CARRIES OUT HIS FOREIGN POLICY
WHICH IS ACT FIRST, THROW OUT
THE RED MEAT AND THEN REALIZE
IT’S A MESS LATER.
>> I THINK WHAT PRESIDENT TRUMP
HAS TRIED TO GET CREDIT FOR WHEN
IT COMES TO THE SEPARATION OF
FAMILIES IS HE’S SOMEONE WHO
CREATES CRISIS AND THEN ATTEMPTS
TO FIX IT.
I INTERVIEWED A YOUNG BOY WHO
HASN’T SEEN HIS DAD FOR OVER A
MONTH WHO WAS SEPARATED IN
McALLEN, TEXAS IN DAD AND THAT
17-YEAR-OLD CRIED THE ENTIRE
INTERVIEW.
INTERVIEW. THERE’S A LOT OF IMAGES AND
4-YEAR-OLDS.
4-YEAR-OLDS. I TALKED TO THE 17-YEAR-OLD.
HE’S 17, A BIT MORE MATURE.
SHATTERED BY THE FACT THAT HE
DOESN’T KNOW WHEN HE’LL SEE HIS
FATHER AGAIN.
FATHER AGAIN. THIS CULTURE WAR, IT’S THE IDEA
PRESIDENT TRUMP IS SAYING YOU
HAVE TO MAKE A DECISION.
WILL YOU CHOOSE THESE FAMILIES
WHO LOST THEIR LOVED ONES TO
UNDOCUMENTED IMMIGRANTS WHO
KILLED THEM.
KILLED THEM. THOSE NUMBERS ARE SMALL.
UNDOCUMENTED IMMIGRANTS ARE NOT
COMMITTING CRIMES ANY MORE THAN
ANYONE ELSE BUT THIS IDEA
PRESIDENT TRUMP IS SAYING ITS
THESE FAMILIES THAT LOST THEIR
LOVED ONES AND THESE IMMIGRANTS
THAT ARE BROWN THAT ARE CRYING.
WHICH ONE DO YOU FEEL MORE
SYMPATHIC FOR.
SYMPATHIC FOR. I TALKED TO TRUMP SUPPORTERS WHO
SAID TO ME THERE ARE PROGRAMS
THAT HELPED ME PERSONALLY, IF
THE PRESIDENT TAKES THEM AWAY
I’LL HAVE TO DO MY PART BECAUSE
WE HAVE TO STOP THESE PEOPLE
FROM INVADING OUR COUNTRY.
I SUSPECT WHEN TRUMP SUPPORTERS
START FEELING IN THEIR PAYCHECK
THE TRADE WARS HURT THEM THEY