0:00
so right after our last real show Trump
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caved on the China tariffs we spoke
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about Molson Hart's analysis on what
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would happen if Trump waited until May
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31st to roll back tariffs but he
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couldn't even make it to May 12th it was
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announced that the 145% tariffs would be
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rolled back for 90 days starting on May
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14th leaving the overall tariff rate on
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China at about 30% so it's it's almost
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as if Trump listened to us or at least
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every single economist and market maker
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yeah i mean it's that's or he listened
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to someone who's like you know this is
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not really working out the way we wanted
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so maybe we should you know kind of step
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well so much of what Trump does is he
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wants the show he wants the uh he wants
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to tick a button tick a tick a bullet
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point say he did something and then and
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then it'll go away so that he can he can
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avoid the actual consequences of doing
1:01
the thing he promised his rabid
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yeah he's trying to be like he's trying
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to be like Vince McMahon so yeah 100% i
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mean everything he does is professional
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wrestling it's all professional
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wrestling and so is the crisis averted
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well not exactly uh America's gross
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domestic product the broadest measure of
1:21
the US economy showed its first
1:24
quarterly contraction since early 2022
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which is when we were still coming out
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of the pandemic as uh reporters as
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importers race to bring in goods before
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punishing tariff rates kicked in so so
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we already created our own co style
1:40
crisis just to ultimately take tariffs
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up a modest amount to 30%
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it's not going to be enough to bring
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back manufacturing it's not going to be
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enough to to change the way we do
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business it is but it is enough to
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completely [ __ ] people over
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and according to NPR the 145% tariff
2:01
rate it already did its damage um some
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companies got really unlucky like those
2:06
whose goods arrived at US ports just
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before the pause so as an example that
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NPR provides if a medium-sized company
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had a million dollars worth of goods
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imported they had to pay an extra
2:17
million and a half dollars on top of
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that just for a tariff that's not
2:22
sustainable that that's that's going to
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have killed some companies i've already
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seen and you've probably seen them too
2:28
Todd people posting on their memes and
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whatever saying that they had to close
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up shop because of the tariff
