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Date: 2025-08-22 Page is: DBtxt003.php txt00028952

TRUMP ... A STUPID MAN DOING EVERYTHONG WRONG MSNBC: 'A tariff curtain around America': Trump begins final tariff countdown PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=lvG3I8-3yyc
'A tariff curtain around America': Trump begins final tariff countdown MSNBC 8.96M subscribers Aug 1, 2025 #WhiteHouse #Trump #tariffs Just hours before the deadline that he himself set, Donald Trump rolled out a list of new tariff rates that will take effect one week from now. So is this truly the final countdown — or just TACO Thursday at the Trump White House? Peter Baker, Leigh Ann Caldwell, and Steve Liesman join Stephanie Ruhle on The 11th Hour. For more context and news coverage of the most important stories of our day click here: https://www.msnbc.com/ » Subscribe to MSNBC: / msnbc » Subscribe to MSNBC on TikTok / msnbc » Subscribe to MSNBC on Instagram / msnbc Download our new MSNBC app for the latest breaking news and daily headlines at a glance: https://www.msnbc.com/information/dow... Follow MSNBC Show Blogs MaddowBlog: https://www.msnbc.com/maddowblog MSNBC delivers breaking news, in-depth analysis of political headlines, commentary and informed perspectives. Find video clips and segments from The Rachel Maddow Show, The Briefing with Jen Psaki, Morning Joe, The Beat, Deadline: White House, The Weeknight, All In, The Last Word, The 11th Hour, and more. Visit msnbc.com: https://www.msnbc.com/ Subscribe to the MSNBC Daily Newsletter: https://link.msnbc.com/join/5ck/msnbc... #WhiteHouse #Trump #tariffs Peter Burgess COMMENTARY Peter Burgess Transcript 0:00 NIGHT. GOOD EVENING ONCE AGAIN I'M STEPHANIE RUHLE AND IT IS DAY 193 OF THE SECOND TRUMP ADMINISTRATION. AND WE ARE STARTING TONIGHT. YOU GUESSED IT WITH MONEY POWER POLITICS FOR WEEKS NOW. MIDNIGHT TONIGHT WAS SET TO BE TRUMP'S BIG DEADLINE FOR COUNTRIES TO EITHER REACH A TRADE DEAL OR FACE THE BIG TARIFFS HE ANNOUNCED MONTHS AGO. JUST YESTERDAY, THE PRESIDENT POSTED, QUOTE, THE AUGUST 1ST DEADLINE STANDS STRONG AND WILL NOT BE EXTENDED. BUT TODAY, JUST HOURS BEFORE THAT DEADLINE HIT, HE'S BLOWING UP THOSE TERMS. HE ANNOUNCED NEW TARIFFS ON COUNTRIES THAT HAVE NOT REACHED A DEAL, SOME AS HIGH AS 41%. THOSE WILL NOW TAKE EFFECT A WEEK FROM NOW. ARE YOU FOLLOWING THAT? WHEN IT COMES TO AMERICA'S THREE BIGGEST TRADING PARTNERS TODAY, TRUMP GAVE MEXICO A 90 DAY EXTENSION. BUT CANADA? NO BREATHING ROOM FOR THE GREAT WHITE NORTH. HE SIGNED AN EXECUTIVE ORDER RAISING CANADA'S TARIFF RATE FROM 25 TO 35%. AND 1:00 TREASURY SECRETARY SCOTT BEST SAYS THEY HAVE THE MAKINGS OF A DEAL WITH CHINA, BUT NO ANNOUNCEMENTS YET. THE DEADLINE THERE IS AUGUST 12TH. OTHER 1:09 MAJOR PARTNERS DO HAVE DEALS IN 1:11 PLACE LIKE THE UK, EUROPE, 1:13 VIETNAM AND SOUTH KOREA, BUT THE 1:15 TARIFFS IN THOSE DEALS ARE STILL 1:17 HUGE INCREASES FROM WHAT WAS IN 1:19 PLACE BEFORE TRUMP TOOK OFFICE. 1:21 AND THE DETAILS IN ALL OF THOSE 1:24 AGREEMENTS ARE STILL UNCLEAR. 1:25 BUT HERE'S WHAT IS CLEAR THOSE 1:27 FOREIGN COUNTRIES DON'T PAY THE 1:29 TARIFFS. WE DO. AMERICAN 1:31 COMPANIES, AMERICAN IMPORTERS. 1:33 AND ALAS, THE AMERICAN CONSUMER. 1:35 TODAY, A FEDERAL APPEALS COURT 1:36 TOOK UP THE QUESTION OF WHETHER 1:39 TRUMP CAN UNILATERALLY IMPOSE 1:41 TARIFFS. THE COURT APPEARED 1:43 SKEPTICAL OF THE GOVERNMENT'S 1:44 CLAIM THAT TRUMP CAN USE AN 1:46 EMERGENCY POWERS LAW TO CARRY 1:47 OUT THOSE TARIFFS. WITH THAT, 1:49 LET'S GET SMARTER. WITH THE HELP 1:50 OF OUR LEAD OFF PANEL. PETER 1:52 BAKER IS HERE TONIGHT, CHIEF 1:53 WHITE HOUSE CORRESPONDENT FOR 1:54 THE NEW YORK TIMES. LEIGH ANN 1:55 CALDWELL JOINS US, CHIEF 1:56 WASHINGTON CORRESPONDENT FOR 1:57 PUCK. AND MY DEAR FRIEND STEVE 2:00 LIESMAN, CNBC SENIOR ECONOMICS 2:01 REPORTER. STEVE, YOU KNOW, I AM 2:02 TURNING TO YOU FIRST. TRUMP 2:04 WANTS PEOPLE TO FOCUS ON THE BIG 2:07 NEW TARIFF RATES. BUT THE 2:09 REALITY IS HE'S JUST PUSHING THE 2:11 DEADLINE AGAIN. LIKE, HAS TACO 2:14 TUESDAY BECOME TACO THURSDAY AT 2:16 THE WHITE HOUSE? 2:18 >> YOU KNOW, STEPH, I DON'T 2:19 THINK SO. I THINK THESE ARE FOR 2:21 REAL. I THINK TONIGHT'S A FAIRLY 2:23 HISTORIC NIGHT WHERE I THINK YOU 2:25 CAN GO BACK. AND WHEN YOU WRITE 2:27 THE HISTORY, YOU'LL SAY, THIS IS 2:28 THE NIGHT THAT THE GLOBAL FREE 2:30 TRADE ERA BEGUN BY THE UNITED 2:32 STATES IN THE POSTWAR ERA, LED 2:34 BY THE UNITED STATES, REALLY 2:36 CAME TO AN END. THERE IS NOW, I 2:38 THINK, A PERMANENT TARIFF 2:40 CURTAIN AROUND THIS COUNTRY, 2:43 WHETHER THAT'S FOR GOOD OR FOR 2:44 ILL. WELL, WE'LL FIND OUT. BUT 2:46 RIGHT NOW, WHAT IT MEANS IS THAT 2:48 ONE PERSON, ONE MAN, HAS PUT IN 2:50 PLACE THE TARIFFS WITHOUT 2:51 CONGRESS. THERE'S SOME QUESTION 2:52 ABOUT THE LEGALITY OF WHAT HE'S 2:54 DONE. BUT YOU CAN ALSO SAY, I 2:56 GUESS IT WAS DONE 2:57 DEMOCRATICALLY. IF YOU VOTED FOR 2:58 DONALD TRUMP AND DIDN'T KNOW HE 3:00 WAS GOING TO PUT THESE TARIFFS 3:01 ON THAT, WERE GOING TO RAISE 3:03 YOUR PRICES AND LIMIT YOUR 3:04 CHOICE. WELL, YOU WERE EITHER 3:06 WILLFULLY OR WERE JUST 3:08 MISINFORMED. SO THIS IS A BIG 3:09 NIGHT. THIS IS IT. WE ARE NOW IN 3:11 A PLACE WHERE THERE ARE TARIFFS 3:12 THAT HAVE GONE UP FROM WHAT WERE 3:14 3%, AND AN EFFORT THAT WENT ON 3:16 FOR DECADES TO REDUCE TARIFF 3:19 BARRIERS AND INCREASE FREE 3:19 TRADE. IT'S OVER NOW. THERE'S A 3:21 TARIFF CURTAIN AROUND AMERICA. 3:24 >> PETER, WHAT'S YOUR TAKE ON 3:25 THIS TARIFF CURTAIN AROUND 3:28 AMERICA? 3:30 >> DEAL IN THE LAST FEW DAYS, AT 3:32 LEAST AS HE HAS DESCRIBED THEM 3:34 WITH SOME OF OUR BIGGEST TRADING 3:34 PARTNERS, SOUTH KOREA, JAPAN AND 3:36 THE EUROPEAN UNION, ALL AROUND 3:38 15% TARIFFS. SO I THINK YOU HAVE 3:41 TO ASSUME, THEREFORE, THAT GOING 3:42 FORWARD, ANY FUTURE TARIFFS WITH 3:44 MOST OF OUR TRADING PARTNERS 3:45 WILL BE AROUND THAT LEVEL, IF 3:47 NOT HIGHER. THE QUESTION IS WHAT 3:48 THEY MIGHT BE. SO YES, IN THAT 3:50 SENSE A TARIFF CURTAIN SEEMS TO 3:52 BE A LIKELY SUSTAINED RESULT OF 3:54 WHERE WE'RE GOING. BUT IT'S 3:56 STILL CONFUSING EXACTLY WHERE 3:58 AND HOW MUCH FOR WHOM, BECAUSE 3:59 IN FACT, YOU'RE RIGHT. HE DID 4:01 ONCE AGAIN PUNT ON THE DEADLINE. 4:03 THE DEADLINE WAS ORIGINALLY 4:05 APRIL, THEN IT WAS JULY, THEN IT 4:06 WAS AUGUST 1ST. THAT WOULD BE 4:08 TOMORROW. NOW IT'S AUGUST 7TH, 4:09 AND THEY'RE OBVIOUSLY LEAVING 4:11 ROOM IN THE NEXT WEEK TO FIND 4:12 SOME MORE DEALS WITH SOME OF 4:14 THESE OTHER COUNTRIES THAT 4:15 HAVEN'T COME UP WITH DEALS TO 4:17 COME UP WITH A RATE THAT THEY 4:18 CAN GO WITH. AND AGAIN, IT WILL 4:20 PROBABLY BE A 15% OR MORE RATE. 4:22 SO IT'S NOT LIKE IT'S GOING TO 4:24 GO DOWN FROM THAT. IN FACT, 4:25 THESE ARE THE HIGHEST TARIFF 4:26 RATES WE'VE HAD IN A CENTURY. SO 4:28 WE SHOULD ASSUME THAT THAT'S THE 4:29 REALITY GOING FORWARD. BUT 4:30 EXACTLY HOW MUCH IT'S GOING TO 4:31 BE WITH WHICH COUNTRY STILL 4:33 SEEMS UP IN THE AIR. LET'S TALK 4:34 ABOUT CANADA FOR ONE SECOND. 4:36 THAT'S THE ONE COUNTRY THAT'S 4:37 GOING INTO EFFECT TONIGHT AS 4:38 OPPOSED TO A WEEK FROM NOW. WHY? 4:40 BECAUSE TRUMP WANTS TO MAKE A 4:42 MESSAGE TO CANADA, WHICH HE IS 4:43 MAD ABOUT. AT THE SAME TIME, THE 4:45 35% RATE THAT HE'S IMPOSED ON 4:47 CANADA DOESN'T APPLY TO GOODS 4:49 THAT ARE COMING OVER THE BORDER 4:51 BASED ON THE US, MEXICO, CANADA 4:54 AGREEMENT THAT HE SIGNED IN HIS 4:56 FIRST TERM. WELL, 94% OF THE 4:58 EXPORTS FROM CANADA FLOW UNDER 5:00 THAT AGREEMENT, ACCORDING TO 5:01 SOME ESTIMATES. SO IT'S STILL 5:02 NOT CLEAR, YOU KNOW, WHETHER 5:04 THIS IS EXACTLY WHAT'S GOING TO 5:06 END UP WHERE THINGS ARE WITH 5:08 CANADA OR IF THE PRESIDENT'S 5:09 GOING TO END UP DOING SOME OTHER 5:11 THINGS. AND I THINK THAT'S A 5:12 HARDSHIP FOR BUSINESSES THAT ARE 5:14 TRYING TO MAKE PLANS, COUNTRIES 5:15 THAT ARE TRYING TO NEGOTIATE, 5:16 YOU KNOW, SUSTAINABLE 5:18 AGREEMENTS. 5:19 >> YEAH. BUT WHAT IT SAYS TO 5:21 BUSINESSES AND COUNTRIES AROUND 5:22 THE WORLD, LIANE, IS THAT YOU 5:24 BETTER HURRY UP, YOU KNOW, AND 5:26 BRING YOUR GIFTS TO PRESIDENT 5:27 TRUMP IF YOU WANT TO GET THAT 5:29 EXEMPTION, IF YOU WANT TO BE ON 5:30 THE RIGHT SIDE BECAUSE CANADA IS 5:32 THE PERFECT EXAMPLE, HE'S 5:34 LOOKING TO IMPOSE THIS 35% 5:37 TARIFF BECAUSE HE DOESN'T LIKE 5:39 HOW CANADA IS POSITIONING ITSELF 5:41 OR THE POSITION THEY'RE TAKING 5:42 ON PALESTINE. RIGHT. THAT HAS 5:45 ABSOLUTELY NOTHING TO DO WITH 5:47 MANUFACTURING, LABOR, TRADE 5:49 DEFICITS, NOTHING. 5:52 >> YEAH. 5:52 >> IT. 5:53 >> WAS REALLY EYE OPENING. TODAY 5:54 WHEN THE PRESIDENT SAID THAT THE 5:56 TRADE, THE TRADE IMPACT OF 5:58 CANADA COULD BE BECAUSE HE IS 6:01 UPSET THAT THAT CANADA IS 6:04 CONSIDERING RECOGNIZING A 6:06 PALESTINIAN STATE. SO REMEMBER 6:09 THE ENTIRE POINT OF THESE 6:12 TARIFFS, ACCORDING TO THE 6:13 PRESIDENT WAS TWO PART ONE. 6:15 >> TO BRING MANUFACTURING. 6:17 >> BACK INTO THE UNITED STATES 6:19 AND ALSO TO FIX WHAT HE CALLED. 6:21 >> A. 6:21 >> TRADE IMBALANCE WITH OTHER 6:23 COUNTRIES, WHICH HE SAYS WERE 6:24 TREATING THE UNITED STATES 6:27 UNFAIRLY. BUT WHEN HE MAKES 6:30 MOVES THAT PERTAIN TO COMPLETELY 6:33 UNRELATED ISSUES. 6:34 >> LIKE FOREIGN POLICY. 6:36 >> YOU HAVE TO QUESTION WHAT THE 6:37 ULTIMATE GOAL IS HERE. YOU KNOW, 6:39 THE PRESIDENT TOUTED THIS WEEK, 6:42 ACTUALLY, TODAY HE SAID THAT 6:44 TARIFFS. 6:44 >> ARE BRINGING. 6:44 >> QUOTE, TRILLIONS OF DOLLARS 6:46 INTO THE U.S. I HAVE. 6:47 >> NOT SEEN AN ESTIMATE ANYWHERE 6:49 CLOSE. 6:49 >> TO THAT, BUT THEY ARE SAYING 6:51 THAT IT IS BRINGING BILLIONS OF 6:53 REVENUE INTO THE UNITED STATES. 6:56 SO, YOU KNOW, THERE'S ALL THESE 6:57 MIXED MESSAGES OF WHAT THE POINT 7:00 IS AND ULTIMATELY WHAT IT COMES 7:02 DOWN TO AND WHAT IT'S GOING TO 7:03 COME DOWN TO, WHAT AMERICAN, THE 7:05 AMERICAN PUBLIC IS GOING TO CARE 7:07 ABOUT IS. NOT ABOUT TRADE 7:09 IMBALANCE, BUT ABOUT COST. HOW 7:11 IS THIS GOING TO IMPACT THEIR 7:14 POCKETBOOKS WHEN THEY GO TO 7:15 WALMART, WHEN THEY GO TO THE 7:17 GROCERY STORE? AND THAT'S 7:18 ULTIMATELY WHAT AMERICANS ARE 7:19 GOING TO CARE ABOUT AND WHAT 7:20 DONALD TRUMP IS STILL BEING WHAT 7:22 WHERE THE VERDICT IS STILL OUT. 7:24 >> SEE, WE'RE ALSO SEEING THE 7:26 PRESIDENT GIVE ALL SORTS OF 7:28 EXEMPTIONS FOR DIFFERENT 7:29 INDUSTRIES AND DIFFERENT 7:30 COMPANIES. SO IF YOU'RE RUNNING 7:32 ANY SORT OF BUSINESS RIGHT NOW, 7:35 HOW ARE YOU INTERFACING WITH 7:36 THIS WHITE HOUSE? 7:38 >> WELL, BLOOMBERG JUST DID A 7:40 REALLY GOOD STORY ON THIS. 7:41 THERE'S SOMETHING LIKE $1 7:42 TRILLION IN IN EXEMPTIONS, THEY 7:44 SAY. AND THERE DOESN'T SEEM TO 7:45 BE UNLIKE BY THE WAY, IN THE 7:47 TRUMP PRESIDENCY, FIRST TRUMP 7:49 TERM, THERE WAS NO ACTUAL 7:51 THERE'S NO ACTUAL PROCESS FOR 7:52 GETTING THESE EXEMPTIONS THAT 7:53 ANYBODY UNDERSTANDS. IT'S 7:55 TALKING TO THE PRESIDENT. I 7:56 DON'T KNOW IF IT'S DONATIONS OR 7:58 WHATEVER IT IS, BUT IT'S UNCLEAR 8:00 WHAT THAT PROCESS IS. AND I 8:02 WOULD LIKE TO SAY A WORD OF 8:04 SYMPATHY TONIGHT FOR THE CUSTOMS 8:06 DUTIES, OFFICERS WHO WERE 8:07 OVERWORKED BEFOREHAND AND TRYING 8:09 TO IMPLEMENT THIS ESSENTIALLY 8:10 CRAZY SYSTEM. AND IF I COULD 8:12 JUST GO BACK, I DON'T THINK 8:13 LEANNE WAS SAYING THIS, BUT THE 8:15 PRESIDENT IS SAYING THIS, THIS 8:16 IDEA OF BRINGING MONEY BACK INTO 8:18 THE UNITED STATES. NO, THIS 8:20 MONEY IS COMING FROM THE UNITED 8:22 STATES TO THE UNITED STATES. 8:23 THIS IS A MAJOR, MAJOR TAX ON 8:26 THE AMERICAN PUBLIC. AND I WANT 8:28 TO JUST GIVE YOU ONE LITTLE 8:30 ANECDOTE FROM A CFO THAT I 8:32 TALKED TO WHO SAID, DO YOU THINK 8:33 WE'RE ALL THAT STUPID IN TERMS 8:35 OF HOW WE ARE OUT THERE 8:36 PURCHASING THINGS OVERSEAS, THAT 8:38 OUR SUPPLIERS HAVE 15% EXTRA 8:41 MARGIN TO GIVE IN ORDER TO PAY 8:44 THAT TARIFFS AND NOT CHANGE OUR 8:46 PRICE? NO, THAT'S NOT TRUE. 8:48 COMPANIES ARE GOING TO PAY IT 8:49 FOR A WHILE AND THEN THEY'RE 8:50 GOING TO PASS IT ALONG. AND 8:52 ALREADY THE AMERICAN PUBLIC IS 8:53 PAYING IT. WE SAW INFLATION GO 8:55 UP. IT'S GOING THE WRONG WAY 8:58 OVER THE LAST SEVERAL MONTHS. 9:01 >> PETER. WHAT GIVEN EVERYTHING 9:03 THAT STEVE JUST SAID. RIGHT. 9:05 WHAT DO YOU THINK WE'RE STUPID. 9:07 WHAT DOES IT TELL YOU? THAT THE 9:09 WHITE HOUSE DID NOT HAVE ANY 9:10 SORT OF BIG EVENT TODAY? WHEN 9:12 THE PRESIDENT MADE THIS 9:13 ANNOUNCEMENT ABOUT TARIFFS? HE 9:14 LOVES HAVING PROCLAMATIONS, 9:16 ANNOUNCEMENTS. HE LOVES BRINGING 9:17 A CROWD THERE. BUT BUT COUPLE 9:19 THAT WITH PEOPLE WHO ACTUALLY 9:22 UNDERSTAND HOW TRADE WORKS, WHAT 9:24 IS WHAT THE IMPACT OF THESE 9:25 TARIFFS ARE GOING TO BE. WHAT 9:26 DOES IT TELL YOU THAT TRUMP KIND 9:28 OF DID THIS QUIETLY WHEN, WHEN, 9:29 WHEN TOMORROW OR TONIGHT? 9:31 ESSENTIALLY MIDNIGHT IS SUPPOSED 9:32 TO BE THE BIG HISTORIC NIGHT. 9:34 >> YEAH. 9:35 >> LOOK, THEY'RE FOLLOWING HIS 9:36 LEAD BECAUSE IN FACT, IT ISN'T 9:37 AN ORGANIZED PROCESS HERE IN THE 9:40 WAY A TYPICAL PRESIDENCY WOULD 9:42 WORK. THERE'S NOT A SERIES OF 9:44 MEETINGS AND, YOU KNOW, PLANS IN 9:46 PLACE AND, YOU KNOW, CONSULTING 9:48 CONSULTATIONS WITH THE HILL OR 9:50 WITH FOREIGN, YOU KNOW, ALLIES 9:52 AND SO FORTH. IT'S JUST VERY 9:53 SEAT OF THE PANTS BY WHAT DONALD 9:56 TRUMP HAPPENS TO BE THINKING OR 9:57 FEELING AT ANY GIVEN MOMENT. AND 9:58 THE STAFF KNOWS THAT. AND THEY 10:01 DON'T WANT TO GET AHEAD OF 10:02 THINGS. THEY DON'T WANT TO LIKE 10:03 PLAN A BIG EVENT. IF HE WOULD, 10:04 YOU KNOW, COME ALONG AND THEN 10:06 UNDERCUT IT. THEY'RE TAKING 10:07 THEIR LEAD FROM HIM. HE 10:08 OBVIOUSLY DIDN'T WANT A BIG 10:09 EVENT TODAY. HE OBVIOUSLY IS 10:10 STILL TRYING TO HOLD OUT THE 10:12 IDEA THAT THERE COULD BE DEALS 10:13 IN THE NEXT WEEK THAT WOULD MAKE 10:16 HIM FEEL BETTER ABOUT THIS, BUT, 10:18 YOU. 10:18 >> KNOW. 10:19 >> WHERE IS THIS REALLY A NO 10:20 MAN'S LAND? IN A SENSE, BECAUSE 10:22 OF THE LEGAL QUESTION THAT 10:24 LEANNE JUST RAISED, I THINK 10:25 WHERE WE TALKED ABOUT THE IDEA 10:27 THAT, YOU KNOW, WE'RE USING 10:29 TARIFFS NOT JUST TO CORRECT AN 10:31 ECONOMIC IMBALANCE, BUT TO 10:33 ACHIEVE FOREIGN POLICY GOALS. 10:34 WELL, THE STATUTE, THE LAW THE 10:37 PRESIDENT IS CITING IN ORDER TO 10:38 IMPOSE THESE TARIFFS, WHICH HAS 10:39 NEVER BEEN USED THE WAY HE'S 10:41 USING IT BEFORE AND ISN'T UNDER 10:42 COURT SCRUTINY, AS YOU POINTED 10:44 OUT, IS SPECIFICALLY ABOUT 10:46 NATIONAL SECURITY THREATS. WELL, 10:47 IS IT A NATIONAL SECURITY THREAT 10:49 IF CANADA HAPPENS TO RECOGNIZE A 10:51 PALESTINIAN STATE AND WE DON'T, 10:52 YOU CAN SEE WHY THAT'S AGAINST 10:54 OUR FOREIGN POLICY INTERESTS, 10:55 PERHAPS. BUT IT'S HARD TO 10:57 JUSTIFY THAT AS A NATIONAL 10:58 SECURITY THREAT THAT JUSTIFIES 11:00 GIVING EXTRAORDINARY POWER TO 11:01 THE PRESIDENT WITHOUT 11:02 CONGRESSIONAL APPROVAL. SO 11:02 THERE'S ALL KINDS OF UNCERTAINTY 11:04 HERE. AND YOU DON'T EVEN KNOW IF 11:06 YOU'RE A BUSINESS WHETHER OR NOT 11:07 NOT ONLY DO YOU NOT KNOW WHAT 11:08 RATE MIGHT BE OPPOSED, WHAT DATE 11:10 IT MIGHT BE OPPOSED, WHAT WHAT 11:12 GOODS IT MIGHT BE IMPOSED ON. 11:14 YOU DON'T EVEN KNOW IF IT'LL 11:15 HOLD UP IN COURT. 11:17 >> STEVE, I WANT YOU TO EXPLAIN 11:18 THIS TO OUR AUDIENCE, BECAUSE A 11:20 LOT OF PEOPLE SAY, HEY, LOOK AT 11:22 THE MARKETS. THEY'RE DOING 11:23 GREAT. YOU KNOW, THESE TARIFFS 11:24 AREN'T GOING TO HAVE THAT BIG OF 11:26 AN IMPACT. BUT THE REALITY IS IT 11:28 IS JUST A HANDFUL OF MASSIVE 11:31 COMPANIES LIKE META, LIKE 11:33 MICROSOFT THAT ARE PROPPING UP 11:34 THE MARKETS. WHILE ALL THESE 11:36 COMPANIES UNDERNEATH ARE ALREADY 11:38 OR WILL SOON BE SERIOUSLY HURT 11:41 FROM THE TARIFFS. AND THEY'RE 11:44 NOT KICKING IT WHEN IT COMES TO 11:46 STOCK PERFORMANCE. 11:46 >> NOW WE'RE HEARING. CHARGES 11:50 AGAINST, IRONICALLY, THE 11:51 MANUFACTURING COMPANIES. IT WAS 11:52 THE TECH COMPANIES THAT DID WELL 11:54 DURING THE BIDEN ADMINISTRATION. 11:56 AND SOME OF THE OTHER 11:58 MANUFACTURING COMPANIES DID WELL 11:59 AS WELL. BUT NOW WHAT'S 12:01 HAPPENING IS IT'S THE 12:03 MANUFACTURING COMPANIES THAT ARE 12:04 BEARING THE BRUNT OF THIS, THE 12:05 GM'S, THE FORD'S, OTHER 12:08 COMPANIES WHO IMPORT THINGS THAT 12:10 BECOME PART OF THE PRODUCTS THAT 12:11 THEY MAKE HERE. I'LL GIVE YOU 12:13 SOME EXAMPLES OF THIS IS FROM MY 12:15 GOOD FRIEND MIKE SANTOLI TARIFF 12:18 IMPACT HERE. APPAREL AND 12:20 ACCESSORIES STOCKS DOWN 19%, 12:21 HOUSEHOLD PRODUCTS DOWN 7%, 12:23 PHARMACEUTICALS DOWN 6%. THESE 12:25 ARE THE STOCKS. SO YOU'RE RIGHT 12:26 IT IS THE BIG TECH COMPANIES 12:27 THAT HAVE BEEN. AND IF NOT FOR 12:30 THIS HUGE AI BOOM FOR WHICH 12:31 THERE'S BEEN A LOT OF BETTING THAT THIS IS GOING TO BE THE FUTURE AND WILL LEAD TO TREMENDOUS PROFITS AND REVENUE. THE STOCK MARKET WOULD BE QUITE DIFFERENT BECAUSE OF THESE TARIFFS. AND IN A SENSE, I THINK ALSO, STEPHANIE, THE MARKET IS DOESN'T HAVE NOT SEEN THE IMPACT IN

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