NEW ROOMS.
HERE'S A NUMBER FOR YOU.
A NEW STUDY BY THE UNIVERSITY --
BY UNIVERSITY ECONOMISTS SAYS
PRESIDENT TRUMP'S TRADE WAR COST
THE ECONOMY $7.8 BILLION LAST
YEAR.
JOINING US, FORMER REAGAN
ECONOMIST ART LAFFER.
ART, WHAT'S YOUR REACTION TO
THAT NUMBER?
>> I THOUGHT IT WAS $7.7
BILLION.
YOU KNOW, THEY ARE TRYING TO BE
DEADLY ACCURATE WITH A THING
THAT'S VERY, VERY TOUCHY-FEELY.
BUT THE TRUTH OF THE MATTER IS
PROTECTIONISM DOES HURT THE
ECONOMY.
IT REALLY DOES.
THEIR TARIFFS ON OUR PRODUCTS
HURTS US, THEIR TARIFFS ON OUR
PRODUCTS HURTS THEM.
OUR TARIFFS ON THEIR PRODUCTS
HURTS US AND IT HURTS THEM AS
WELL.
IT'S A NON-WIN/WIN.
I AM VERY CONVINCED THE
PRESIDENT'S PURPOSE FOR ALL OF
THIS IS TO GET A NEGOTIATION
WITH CHINA, TO GET REALLY FREER,
FREER TRADE AND I HOPE HE DOES
BECAUSE IF THAT HAPPENS, THIS
PLACE IS OFF TO THE MOON.
IT WILL BE PHENOMENAL.
BUT THE STUDY IS BASICALLY
CORRECT IN THE STATEMENT THAT IT
HURTS US AND IT HURTS THEM.
CHARLES: RIGHT.
ALTHOUGH, YOU KNOW, THERE'S
NEVER REALLY BEEN A STUDY THAT I
KNOW OF THAT SAYS HOW MANY OF
THE SEVEN MILLION FACTORY JOBS
THAT WE LOST SINCE CHINA ENTERED
THE WTO CAME FROM THEIR
NEFARIOUS ACTIONS OR THE THEFT
OF I.P. PROTECTION --
>> BUT THAT'S WHY TRUMP'S DOING
WHAT HE'S DOING.
YOU ARE COMPLETELY CORRECT.
THEIR BEHAVIOR HAS BEEN
OUTRAGEOUS AND YOU ARE
COMPLETELY RIGHT, HOW DO YOU
BRING THEM TO THE TABLE TO MAKE
THEM STOP DOING THOSE THINGS,
AND THE WAY TRUMP HAS CHOSEN TO
DO THAT IS BY THREATENING
TARIFFS AND BY ACTUALLY HAVING
TARIFFS ON CHINESE PRODUCTS TO
BRING THEM TO THE TABLE SO THAT
XI CAN COME TO THE U.S., THEY
CAN COME TO AN AGREEMENT ON HOW
TO STOP INTELLECTUAL THEFT, HOW
TO STOP THESE BAD PRACTICES THAT
YOU SO CORRECTLY MENTIONED.
THAT'S VERY, VERY TRUE.
WE'VE GOT TO DO SOMETHING.
I THINK TRUMP WITH THE HELP OF
LARRY KUDLOW AND MNUCHIN, SOME
OF THE OTHERS, IS DOING --
LIGHTHIZER -- DOING A GREAT JOB
ON TRYING TO BRING THEM TO THE
TABLE TO GET REALLY FREE TRADE,
BECAUSE CHARLES, WE NEED CHINA.
WITHOUT THEM, THERE IS NO
WALMART.
WITHOUT WALMART, THERE IS NO
MIDDLE CLASS OR LOWER CLASS
PROSPERITY IN AMERICA.
WE NEED THEM DESPERATELY.
THEY NEED US JUST AS MUCH.
BUT WE NEED TO GET THAT FREE
TRADE WITH CHINA.
THAT WOULD BE THE BIGGEST BOOM
FOR THE U.S. IMAGINABLE.
CHARLES: DEMOCRATIC PRESIDENTIAL
CANDIDATE BETO O'ROURKE SAYS THE
CHALLENGES WE ARE FACING RIGHT
NOW, RIGHT NOW IN AMERICA, ARE
THE BIGGEST IN HISTORY, AS IF WE
NEVER HAD ANY CHALLENGE AS BIG
AS THIS, WHETHER YOU GO BACK TO
TWO WORLD WARS, THE GREAT
DEPRESSION, THE CIVIL RIGHTS
MOVEMENT, ALL OF THAT STUFF,
NOTHING COMPARES TO THE DIRE
STRAITS OF AMERICA RIGHT NOW,
ART.
>> DON'T YOU LOVE THESE PEOPLE.
THEY JUST GET UP THERE AND GET
ALL WOUND UP IN THEIR OWN
ADRENALINE AND THEY ARE BREAKING
THEIR ARMS PATTING THEMSELVES ON
THE BACK AND DOING ALL THIS
HISTRIONICS ALL FOR WHAT?
GOODNESS GRACIOUS.
BUT IT'S BEEN LIKE THIS FOREVER.
THE POLITICIANS ALWAYS WAY
OVERSTATE THEIR QUALIFICATIONS,
WAY OVERSTATE THE TROUBLES WE'RE
IN, AND ALL OF THAT.
BETO O'ROURKE IS NO DIFFERENT
THAN ALL THE OTHERS.
ALEXANDRIA OCASIO-CORTEZ AS
WELL.
I MEAN, ALL OF THEM AND BY THE
WAY, THE REPUBLICANS DO, TOO.
YOU REMEMBER THE DEBATES FROM
2016, ALL THE SCREAMING AND
HOLLERING AND SHOUTING THAT WENT
ON.
BUT BETO O'ROURKE IS PRETTY FAR
OUT THERE.
HE'S ABOUT AS BAD AS ANYTHING
I'VE SEEN.
CHARLES: WE ARE USED TO
HYPERBOLE BUT AS FAR AS
OVERSTATING QUALIFICATIONS THAT
MIGHT NOT BE TOO HARD.
I DO WANT TO ASK YOU ONE LAST.
NASHVILLE, YOU WERE SMART ENOUGH
TO MOVE THERE AWHILE BACK FROM
CALIFORNIA, THE HOTTEST JOBS
MARKET SO WHAT'S THE SECRET?
>> THE SECRET IS AS I ANALYZED
BACK THEN AND MADE A DECISION OF
ALL THE OTHER 49 STATES TO
LEAVE, I DID THE ANALYSIS OF ALL
THE STATES AND TENNESSEE CAME UP
NUMBER ONE.
THE LOWEST TAX BURDEN, NOT
COUNTING OIL AND STUFF LIKE
THAT, THE LOWEST TAX BURDEN, THE
FASTEST ECONOMIC GROWTH, BIGGEST
SURPLUSES.
IT'S AMAZING, UNFORTUNATELY
THERE ARE REAL PROBLEMS IN A
COUPLE OF THE OTHER CITIES IN
TENNESSEE THAT DON'T ALLOW IT TO
REALLY SHARE THE PROSPERITY THAT
NASHVILLE HAS, BUT I CHOSE
NASHVILLE AND I DID IT
ANALYTICALLY.
I WAS NOT FROM NASHVILLE.
I HAD NEVER REALLY EVEN BEEN
THERE.
I HAD BEEN IN THE AIRPORT BUT
HAD NEVER BEEN THERE AND IT JUST
TURNS OUT TO BE THE PLACE ON THE
PLANET.
WE HAVE GOOD POLITICS, GOOD
ECONOMICS, GOOD EVERYTHING, IT'S
JUST WONDERFUL HERE.
I'M SO HAPPY I AM HERE.
WE ARE STILL WIDE OPEN.
COME ON, CHARLES.
YOU KNOW HOW MUCH IN TAXES YOU
WOULD SAVE?
WHEN I GO TO AUDIENCES IN NEW
YORK, CONNECTICUT AND NEW
JERSEY, I ASK HOW MANY WHO LIVE
IN NEW JERSEY, NEW YORK OR
CONNECTICUT AND THEY RAISE THEIR
HANDS, I SAY THAT'S AN IQ TEST.
THAT'S AN IQ TEST.
HOW DUMB CAN YOU BE TO STAY
THERE.
THEN YOU HAVE ASHLEY WHO
ACTUALLY LEFT HERE AND WENT TO
YOU GUYS.
ARE YOU THERE?
ASHLEY: WHAT A MISTAKE.
I AM.
>> THAT'S A DOUBLE WHAMMY.
YOU LEAVE HERE AND YOU GO THERE.
COME ON, GUYS.
CHARLES: YOU ARE RUBBING IT IN.