April 4, 2025 • 7 mins
Charles Gasparino talks with Mendte in the Morning about the Trump tariffs and the early effects on the market.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Charles Gasperuno. If you're like me, you watch him on
Fox Business. He's also a Fox News channel too, He's
the Fox Business Network senior correspondent. His new book, Go Woke,
Go Broke, The Inside story of a radicalization of Corporate America,
kind of says it all, doesn't it. Charles Gasprino, thanks
for joining us this morning.
Speaker 2 (00:17):
Good morning to you, Thank hap, Thanks for having me.
Always a pleasure.
Speaker 1 (00:20):
So everybody panicking now Wall Street down seventeen hundred points
with the dow of the big the President's big, beautiful tariffs.
Is this just a momentary shake in the market or
do you think this is going to have some long
term ramifications?
Speaker 3 (00:36):
Now? I mean this is this is not good. And
I you know, listen, I tried to be fair about this.
You know, if you're going to do what President Trump
is jested not even to put in motion, it's going
to be pretty nasty because you know, it reminds me
(00:57):
a little bit like if you notice, for years, all
these colleges have been going so far left right, and
then one day it just blows up right. And if
the Trump administration comes in and needs to change it
because it's so far out of control and that change
(01:17):
for the colleges is going to be pretty tough. You know,
they if they don't if they don't you don't change
their cultures, which is going to be difficult because it's ingrained. Well,
it's going to be you know, you're not gonna go
federal funding. Okay, but that's not that's not the economy.
What the economy needs to wean off of is these
crummy trade deals and they're baked into the system. To
(01:37):
unwind those those trade deals based because you do have
a global trade system is going to be pretty nasty
and brutal. And if he goes through with this, we're
gonna have more of this. We're gonna have a recession probably,
we are going to have some we're gonna have inflation.
And it's just like no way around it. Now. The
(01:59):
sort of the sunny side here is, you know, they
these trading partners need us as much as we need them.
They could all come to the table tomorrow and renegotiate.
And he's he said they were reciprocal, meaning you come
to us Japan and lower yours. He stopped, you know,
stopped putting up all these walls for our guys to
(02:19):
sell there our companies. Well, we'll we'll we'll rescind these
and we'll go back to normals and it'll be better
than normal.
Speaker 1 (02:27):
So do you think, Charles, do you think this is
just a big game of chicken?
Speaker 2 (02:30):
Is he really? Is he practicing the article deal and
pushing or what?
Speaker 3 (02:34):
Well, no, he's doing it now? Does he practice the
art art of the deal? H for an accommodation is
the other half of the story, you know? So I
think he will cut deals. Getting to those deals could
be really messy, and there's no doubt this is bad stuff.
I mean, we're gonna you know, if we're used to
(02:54):
cheap goods, Okay, we're used to our manufacturers are used
bring you know, making a US car with Japanese parts
or Chinese parts or whoever's parts. That's just that's just
all baked into the system. The unline that instantly is really,
really tough, and it's costly, and already Stilantis is laying
(03:18):
off nine hundred people because of this, because they're gonna
have costs that go through the roof on this thing,
and it's gonna trickle through the economy and more than
triple it's gonna rip through the economy. If just does
it it. Listen, like I said, tomorrow everybody could go
to they can have one big, beautiful meeting at mari
A Lago with every country, right and they cut and
they cut the eals you a little. Instead of the
(03:40):
Altar conference, you got the mar A Lago conference. And
you know, and this thing goes tomorrow. That is very possible.
And knowing Donald Trump, he might have that up his sleeve.
Barring that getting getting to where we want to go
is gonna be hard, they'll buckle up.
Speaker 1 (03:55):
Seven w R The Voice of New York Many in
the morning, Ken Rosotto and Larry Mandy on Your Friend
and Charles Gasparina from Fox Business joining us right now.
And is it possible that maybe he'll go country by
country like say, for instance, right now, the trade situation
we have with Canada with Mexico. You know, there's obviously
a lot better than me. They rely on us to
(04:16):
buy their goods a lot more than we rely on
them to buy ours. Right now, so that they is
it a matter of who could out last whom so
that maybe this could force them to the table.
Speaker 3 (04:28):
Yeah, I mean that's that's that's the plan. There's no doubt. Listen,
they're hurt. They're going to hurt as much as we heard.
There's no doubt about that. Right. All these countries are
integrated as well, and they need our stuff. You know,
China needs our week. Okay, they don't buy our week.
Are they going to starve?
Speaker 2 (04:47):
I don't know.
Speaker 3 (04:47):
I mean where are they going to get their week
from Ukraine?
Speaker 2 (04:49):
Right exactly?
Speaker 3 (04:50):
I'm just saying that there's certain things that I have
that these trading partners need from us, and and we
still manufacture here farm you know, food is like one
of the top things. And they also want access to
our vast consumer market because we are a consumer country.
But remember they want access. If they are denied access
(05:13):
to our markets because of tariffs, your iPhone is going
to cost doubles. Okay, So that has an impact. And
you know, when you have a price shock like this,
it often leads to economic declines. I mean that that's
what happened in the seventies. You had a price shock, right,
you had massive oil price increases at a time when
(05:33):
petroleum products was used were used in every product in
every like you know, everything like light bulbs had petroleum
products in them. You know, your sunglasses had petroleum because
it was plastic. Right, That is not the case really now,
but you get what I'm saying. It was a price
shock because of the embargo, prices zoomed. People weren't used
to it. It wasn't the normal inflationary pressure, which is
(05:55):
usually when people have too much money and they're chasing
the same amount of goods. This was different, and you
literally got a recession on top of the inflation. It
was quote stagflation. That's what could happen here.
Speaker 2 (06:07):
And that's what we're looking at now.
Speaker 3 (06:09):
Right.
Speaker 1 (06:09):
Do you do you think though he decided he was
going to do it all at once in the beginning
because he still had a little a little bit of
a honeymoon period where he figured, you know what, I'll
never have this opportunity in two years, so I better
try to bang it out now.
Speaker 3 (06:21):
See. I think he probably would have had the opportunity
in two years if he had the economy humming better
than you know what I'm saying. I mean, he doesn't
have his tax cuts in place. You know, deregulation hasn't
totally taken effect. I mean it's kind of a diversion.
I what do I know I'm just a reporter. I'm
you know. One of the great things about like I
was just you know, as long as I stay employed
(06:42):
and I don't get sucked into this stackflation, is that
I can like opine on this on what's happening. I
can't tell you what I mean. They would have a
calculus if they were on your show, and I'm sure
it would be it would make sense. I look at
it and say where if I were to do it now,
I would wait, you know, maybe wait a year, get
(07:03):
through the midterms, you know, get the economy hunting, and
then let's go whole hog on on tariffs. Well maybe
or it maybe sort of a way to you know,
go country by country.
Speaker 1 (07:14):
Yeah, well, at least, Charlie, at least he's gonna have
another two terms to try to make this all work.
So uh no, no, no, no, no, two terms, two terms. Remember,
he's gonna he's gonna run two more times. See I
had my coffee now, Charles Now, Charles Gatsbarrino, Fox Business
Network Senior corresponded his new book, Go Woke, Go Broke,
(07:35):
The Inside Story of the Radicalization of Corporate America.
Speaker 2 (07:38):
Always a pleasure, Thanks so much for being with us today.
Speaker 3 (07:41):
I hope that made sense.
Speaker 2 (07:43):
It did, no thank you, sir,
Charles Gasperuno. If you're like me, you watch him on
Fox Business. He's also a Fox News channel too, He's
the Fox Business Network senior correspondent. His new book, Go Woke,
Go Broke, The Inside story of a radicalization of Corporate America,
kind of says it all, doesn't it. Charles Gasprino, thanks
for joining us this morning.
Speaker 2 (00:17):
Good morning to you, Thank hap, Thanks for having me.
Always a pleasure.
Speaker 1 (00:20):
So everybody panicking now Wall Street down seventeen hundred points
with the dow of the big the President's big, beautiful tariffs.
Is this just a momentary shake in the market or
do you think this is going to have some long
term ramifications?
Speaker 3 (00:36):
Now? I mean this is this is not good. And
I you know, listen, I tried to be fair about this.
You know, if you're going to do what President Trump
is jested not even to put in motion, it's going
to be pretty nasty because you know, it reminds me
(00:57):
a little bit like if you notice, for years, all
these colleges have been going so far left right, and
then one day it just blows up right. And if
the Trump administration comes in and needs to change it
because it's so far out of control and that change
(01:17):
for the colleges is going to be pretty tough. You know,
they if they don't if they don't you don't change
their cultures, which is going to be difficult because it's ingrained. Well,
it's going to be you know, you're not gonna go
federal funding. Okay, but that's not that's not the economy.
What the economy needs to wean off of is these
crummy trade deals and they're baked into the system. To
(01:37):
unwind those those trade deals based because you do have
a global trade system is going to be pretty nasty
and brutal. And if he goes through with this, we're
gonna have more of this. We're gonna have a recession probably,
we are going to have some we're gonna have inflation.
And it's just like no way around it. Now. The
(01:59):
sort of the sunny side here is, you know, they
these trading partners need us as much as we need them.
They could all come to the table tomorrow and renegotiate.
And he's he said they were reciprocal, meaning you come
to us Japan and lower yours. He stopped, you know,
stopped putting up all these walls for our guys to
(02:19):
sell there our companies. Well, we'll we'll we'll rescind these
and we'll go back to normals and it'll be better
than normal.
Speaker 1 (02:27):
So do you think, Charles, do you think this is
just a big game of chicken?
Speaker 2 (02:30):
Is he really? Is he practicing the article deal and
pushing or what?
Speaker 3 (02:34):
Well, no, he's doing it now? Does he practice the
art art of the deal? H for an accommodation is
the other half of the story, you know? So I
think he will cut deals. Getting to those deals could
be really messy, and there's no doubt this is bad stuff.
I mean, we're gonna you know, if we're used to
(02:54):
cheap goods, Okay, we're used to our manufacturers are used
bring you know, making a US car with Japanese parts
or Chinese parts or whoever's parts. That's just that's just
all baked into the system. The unline that instantly is really,
really tough, and it's costly, and already Stilantis is laying
(03:18):
off nine hundred people because of this, because they're gonna
have costs that go through the roof on this thing,
and it's gonna trickle through the economy and more than
triple it's gonna rip through the economy. If just does
it it. Listen, like I said, tomorrow everybody could go
to they can have one big, beautiful meeting at mari
A Lago with every country, right and they cut and
they cut the eals you a little. Instead of the
(03:40):
Altar conference, you got the mar A Lago conference. And
you know, and this thing goes tomorrow. That is very possible.
And knowing Donald Trump, he might have that up his sleeve.
Barring that getting getting to where we want to go
is gonna be hard, they'll buckle up.
Speaker 1 (03:55):
Seven w R The Voice of New York Many in
the morning, Ken Rosotto and Larry Mandy on Your Friend
and Charles Gasparina from Fox Business joining us right now.
And is it possible that maybe he'll go country by
country like say, for instance, right now, the trade situation
we have with Canada with Mexico. You know, there's obviously
a lot better than me. They rely on us to
(04:16):
buy their goods a lot more than we rely on
them to buy ours. Right now, so that they is
it a matter of who could out last whom so
that maybe this could force them to the table.
Speaker 3 (04:28):
Yeah, I mean that's that's that's the plan. There's no doubt. Listen,
they're hurt. They're going to hurt as much as we heard.
There's no doubt about that. Right. All these countries are
integrated as well, and they need our stuff. You know,
China needs our week. Okay, they don't buy our week.
Are they going to starve?
Speaker 2 (04:47):
I don't know.
Speaker 3 (04:47):
I mean where are they going to get their week
from Ukraine?
Speaker 2 (04:49):
Right exactly?
Speaker 3 (04:50):
I'm just saying that there's certain things that I have
that these trading partners need from us, and and we
still manufacture here farm you know, food is like one
of the top things. And they also want access to
our vast consumer market because we are a consumer country.
But remember they want access. If they are denied access
(05:13):
to our markets because of tariffs, your iPhone is going
to cost doubles. Okay, So that has an impact. And
you know, when you have a price shock like this,
it often leads to economic declines. I mean that that's
what happened in the seventies. You had a price shock, right,
you had massive oil price increases at a time when
(05:33):
petroleum products was used were used in every product in
every like you know, everything like light bulbs had petroleum
products in them. You know, your sunglasses had petroleum because
it was plastic. Right, That is not the case really now,
but you get what I'm saying. It was a price
shock because of the embargo, prices zoomed. People weren't used
to it. It wasn't the normal inflationary pressure, which is
(05:55):
usually when people have too much money and they're chasing
the same amount of goods. This was different, and you
literally got a recession on top of the inflation. It
was quote stagflation. That's what could happen here.
Speaker 2 (06:07):
And that's what we're looking at now.
Speaker 3 (06:09):
Right.
Speaker 1 (06:09):
Do you do you think though he decided he was
going to do it all at once in the beginning
because he still had a little a little bit of
a honeymoon period where he figured, you know what, I'll
never have this opportunity in two years, so I better
try to bang it out now.
Speaker 3 (06:21):
See. I think he probably would have had the opportunity
in two years if he had the economy humming better
than you know what I'm saying. I mean, he doesn't
have his tax cuts in place. You know, deregulation hasn't
totally taken effect. I mean it's kind of a diversion.
I what do I know I'm just a reporter. I'm
you know. One of the great things about like I
was just you know, as long as I stay employed
(06:42):
and I don't get sucked into this stackflation, is that
I can like opine on this on what's happening. I
can't tell you what I mean. They would have a
calculus if they were on your show, and I'm sure
it would be it would make sense. I look at
it and say where if I were to do it now,
I would wait, you know, maybe wait a year, get
(07:03):
through the midterms, you know, get the economy hunting, and
then let's go whole hog on on tariffs. Well maybe
or it maybe sort of a way to you know,
go country by country.
Speaker 1 (07:14):
Yeah, well, at least, Charlie, at least he's gonna have
another two terms to try to make this all work.
So uh no, no, no, no, no, two terms, two terms. Remember,
he's gonna he's gonna run two more times. See I
had my coffee now, Charles Now, Charles Gatsbarrino, Fox Business
Network Senior corresponded his new book, Go Woke, Go Broke,
(07:35):
The Inside Story of the Radicalization of Corporate America.
Speaker 2 (07:38):
Always a pleasure, Thanks so much for being with us today.
Speaker 3 (07:41):
I hope that made sense.
Speaker 2 (07:43):
It did, no thank you, sir,
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