April 3, 2025 • 36 mins
Dems looking bad in polls and an economist’s view of the tariffs game.
Correspondent RORY O’NEILL on Israel’s expanding operations in Gaza.
Trump details all tariffs from the Rose Garden on his proclaimed Liberation Day. We asked our economist and money wiz David Bahnsen how these tariffs will impact the economy and you!
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Episode Transcript
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Speaker 1 (00:00):
Hi, I'm Michael del Johno, and your morning show can
be heard live as it's happening five to eight am
Central and six to nine Eastern on great stations like
six twenty WJDX and Jackson, Mississippi, or Akrons, News Talk
six forty WHLO and Akron, Ohio and News Radio five
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part of your morning routine, but we're glad you're here now.
(00:22):
Enjoyed the podcast two.
Speaker 2 (00:23):
Three starting your morning off right. A new way of talk,
a new way of understanding because we're in this together.
This is your morning show with Michael del Journal on.
Speaker 1 (00:39):
The air at streaming live on your iHeartRadio app. Welcome
to Thursday, the third of April, Ye of Our Lord,
twenty twenty five. A stormy morning for many throughout the
Midwest and the South, especially you're in Middle Tennessee, where
I'm broadcasting from safe in my undisclosed bunker under a.
Speaker 3 (00:55):
Porta potty in Williamson County.
Speaker 1 (00:58):
Meanwhile, rad got knocked off the which reminds me of
a I don't know how I ended up vice president
of CBN, but I did, and so a hurricane was
coming and it was a board meeting. Right, there's a path.
It's like, we're gonna pray, pray this. So everybody bows
their head and see, I just you know, I'm me.
(01:19):
You can't just put me in another room act and
expect something different. So Pat starts praying, Lord, turn that
storm north. And I was like, wait a minute, wait
a minute, Why you can't pray the hurricane hurts other people?
Speaker 4 (01:32):
Why not?
Speaker 1 (01:33):
I said, why don't you just bow your praying, just
turn it out to sea or something.
Speaker 3 (01:37):
Why would you send it north? Well, that's their fault
if they're not praying. So what if they're praying for
it to come south and hit on It's like a
Tucker war with God. You can't win. Let me finish
my prayer.
Speaker 5 (01:49):
You know.
Speaker 1 (01:49):
Ben never did that on the seven hundred Club, interrupted him. Sure,
but no I did. I said a little prayer this morning. Lord,
If anybody's power is going to get knocked out, let
it be reds And it was so. Now he's even
reads as the storms are passing, but massive storms dropping
historic amounts of rain. With the thread of flooding in
the Midwest and the South. We're waking up to that.
The stock futures are plummeting after President Trump announced his
(02:10):
new global tariffs although many nations, Canada's signified will drop
our tariffs if the President's willing to drop his. Vietnam
has done the same, Israel, India. This isn't necessarily an
end game. It could be an art of the deal game,
and it's already working, but there's going to be some
bumps in the road. Meanwhile, on the ground, Israel expanding
its operations into the Gaza. Our national correspondent for your
(02:31):
morning show, Rory O'Neil, is all over this story. Rory,
what's the latest, Yeah, Michael.
Speaker 4 (02:36):
Israel establishing a new security quarter they call it across
the Gaza Strip. It's another way to try to put
pressure on Hamas to get them to release more of
the hostages. Now, this new security quarter suggests it would
cut off the southern city of Rafa.
Speaker 3 (02:52):
That's a critical.
Speaker 4 (02:54):
Area because most of the relief supplies are coming into
the Gaza Strip across that Rafa crossing from Egypt. So
this is a significant upgrade by the Israeli military to
try to draw this line across Gaza. Hamas, though said
it will only capitulate to some of the demands by
Israel if there's another ceasefire that's agreed to in the
(03:16):
coming weeks.
Speaker 1 (03:17):
Yeah, you know, there's a long history here. This is
what radical Islamists do. They wait, they attack, and then
they take hostages, and then they use the hostages to
end the conflict. Then they go lay low for another
ten years to when they attack again. This time though,
the wrinkle was they didn't seem to be releasing and
so the notion was, well, maybe because they're not alive,
(03:38):
and that was the case for many But now to
try to play this game, I think we've played a
few hands of this. I don't know how they anticipate
that it's going to work, dead or alive. They want
all the hostages back otherwise this incursion is going to continue.
Speaker 4 (03:53):
Right right, So we believe there are fifty nine hostages
that remain. We think that twenty four of them are
still a lot. But again, this is part of that
back and forth of the negotiations. You know, this was
supposed to be a three phase deal that got through
phase one, couldn't get to phase two, and that's where
the ceasefire sort of came to an end. A lot
of it had to do with if you got to
(04:14):
to it meant all the hostages had to be released.
And that's the accusation as to why Hamas now wants
to sort of backpedal here.
Speaker 1 (04:22):
Great reporting, m He's going to be back to talk
a little bit more about the President's Liberation Day tariff
announcement from the Rose Garden and he'll be back in
the third hour with that.
Speaker 3 (04:29):
We're also going to visit with David. Thank you, Rory.
Speaker 1 (04:31):
We're going to visit with David Bonson from the Bonson
Financial Group.
Speaker 3 (04:35):
He is all things.
Speaker 1 (04:36):
He's an economist, it's also a theologian and an economist,
and our money was and we'll take a look at
the long term, short term and how it's going to
impact all of us on the short term.
Speaker 3 (04:46):
In the long term. I know one of the Canadian ministers.
Speaker 1 (04:48):
Yesterday made it pretty clear if the President would drop
his reciprocal tariffs, Canada would be interested in dropping theirs.
We saw Vietnam me come to the table cutting half
of their tariffs. Israel what little remaining tariffs that they
had on US goods will be eliminated immediately, and India
(05:11):
will reduce tariffs fifty percent. That equals twenty three billion
dollars immediately. So this notion, you know we talked about
last half hour case. I don't even think Middle Tennessee
is even hearing us yet, But if you're just waking up,
we talked about, you know, when the president holds up
those charts of worst defenders, and there were many. Vietnam
(05:35):
tariffing us at ninety five percent, Cambodia ninety seven percent,
Indonesia sixty four percent, Burma eighty eight percent, Pakistan fifty
eight percent, Serbia seventy four percent, Sri Lanka eighty eight percent,
Thailand seventy two percent. You should be outraged at that,
(05:56):
that that's been going on and that you've been paying
for that. But no, in the matrix, nobody's outraged over that.
They're outraged at the ten percent for all and the
reciprocal tariff that's being put on the worst defenders. Take
Sri Lanka for example, they've been tariffing our goods and
services eighty eight percent. With the ten percent and the
(06:19):
reciprocal it only comes to forty four percent, we're still
terriffing them half of what they're tariffing us. Why is
our half outrageous and they're eighty eight percent?
Speaker 3 (06:28):
Isn't?
Speaker 1 (06:31):
And I know there's going to be a bump in
the road and everybody's going to focus on the left,
on the stock market, but that'll correct. Is anybody going
to focus on Vietnam's caved already, India's caved already, Israel's
caved already. Canada has signified they would cave. This plays
out one or two ways. Now I'm gonna shut up
(06:51):
and let David explain it, because this is what he
this is his area of expertise.
Speaker 3 (06:56):
But long term how this plays out.
Speaker 1 (06:58):
We buy other people's goods and services, or if they're
good or service is so good you have to have it. Yeah,
you're going to pay more or the manufacturing is going
to move here to avoid that. And if you pay
the same, at least it's American workers getting paid better
for it. So there's a long term economic victory for sure.
But what we're seeing in Vietnam and Israel, in India
(07:21):
and Canada is an immediate cave, and that means the
same goods and services for less. You hired this guy
to secure the border, he's done it. You hired this
guy at lower cost of living. This is a big
part of it, you know. Sometimes A great example was
this week we had Amanda Knox on.
Speaker 2 (07:40):
Now.
Speaker 1 (07:41):
Amanda Knox is the kind of person for those that
followed the case. I know everyone does. I'm not a
big person that follows these hand picked cases that we
just choose to focus on. But for those that followed it,
you feel a need on the air when you're talking
to her to ask the questions. Those who have been
following it, if they had the opportunity to visit, whether
or would ask. And then there's like the pleasure of
(08:03):
asking one I have And in my case, it was
how do you let one event, even though it lasted
four years of imprisonment, one event in your life to
find your entire life, because if that happens, you're never free.
We've all made mistakes in our twenties. Monica Lewinsky made
a mistake in her twenty and she's shaped her entire life.
(08:31):
So you ask questions for the listeners, and then you
have one that you ask for yourself. I use that
as an analogy because I think Donald Trump has done
a lot of things for the American people. This is
the one that's his passion. This is the one thing
he's been dying to do for you. This is the
(08:51):
one thing as a businessman he has unfairly watched every
president just look away from.
Speaker 3 (08:59):
And you've been paying for it.
Speaker 1 (09:01):
That's why, I mean, at some point, shouldn't you be
outraged the Thailand has been tariffing US seventy two percent,
Sri Lanka eighty eight percent, Burma eighty eight percent, Madagascar
ninety three percent, Louis ninety five percent. Shouldn't that be
the outrage, not the half tariff response? And if in
(09:26):
the short term it cuts those terrorists in half and
you start saving that money, isn't he the jolly good fellow?
But we live in a matrix, and we live in
a death of journalism. I mean, the greatest example we
did last half hour was Axius. Notice one country that
wasn't on there Russia. Boy, I loved the way Caroline
Levitt just doused that. She is sweet, didn't she She
(09:52):
realized that you might have noticed North Korea wasn't on
that list either. We don't do any trade with them
and they're under sanctions.
Speaker 3 (10:00):
Falls.
Speaker 1 (10:02):
But you watch how the left will play up the
stock market there's gonna be some short term bumps. There
always is on the road to victory. But whether you're
for terrifts or against them, if you're against them, aren't
you against the way these nations have been tariffed, imposing
tariffs on us unfairly because you're the one paying for it.
(10:29):
I think it's deafening to wake up this morning and
see Vietnam cutting their tariffs in half, India cutting their
in half, and big acknowledge those victories and our polls
of plenty. There's one big one today from the Economist
in you gov. It was released yesterday. Republicans and Congress
(10:51):
have a net negative thirteen percent favorability. Thirty nine percent
of the American people view the Republicans in Congress favorably
fifty two percent unfair favorably underwater thirteen percent. Boy, that
looks awful, doesn't it.
Speaker 6 (11:04):
Well?
Speaker 1 (11:04):
Wait, you get a load of the Democrats twice as awful,
with a net negative of twenty nine percent. Thirty one
percent view the Democrats favorably, sixty percent view them unfavorably.
There's a midterm election in about a year and a
half that should be very troubling. The Republican Party's net
favorability rating is negative eleven forty one percent viewing them favorably,
(11:28):
fifty two percent unfavorably. Democrats thirty two percent viewed favorably,
sixty unfavorably. Their net negative is twenty eight percent. Now
you're close to three times the disparity compared to Republicans.
Among Americans, more than twice as likely to say Democrat
Party is more divided at fifty one percent united twenty
(11:50):
three percent. It has not gone unnoticed. They have no leader,
they have no message, they have a failed worldview, platform
and policy view, and they don't know how to pivot.
And America gets it. They say the opposite about Republicans.
Fifty two percent say the GOP is more united than
ever in twenty three percent say it's more divided. And
by the way, it's almost accurate because the twenty three
(12:12):
percent of the Democrat Party that is at war with
their own party will continue to wage that war the
socialist justice Democrats. So Cory Booker talking for twenty five
hours didn't distract anyone.
Speaker 3 (12:30):
Or hide the trouble they're in.
Speaker 1 (12:34):
And if Donald Trump should pull off leveling the tariff
playing field, the way he has secured the border. It's
really going to be tough in the midterm for the Democrats,
let alone the twenty eight presidential election.
Speaker 3 (12:49):
That's your poll up plenty for today.
Speaker 1 (12:51):
All right, quick break, we come back, not one, not two,
not three, but all of your top five stories of
the day in about thirty minutes. David Bohnson on Liberation
Day is it can you tear if your way to liberation?
And how bump people the road be until it's accomplished?
Speaker 3 (13:05):
That and more.
Speaker 1 (13:05):
When You're a morning show continues on this Thursday drive
to work. Good morning, and thanks for listening.
Speaker 2 (13:10):
He's the pro bono lawyer in the court of public opinion.
He's Michael del Jorno with your morning show.
Speaker 3 (13:18):
Well, the left is loving this.
Speaker 1 (13:20):
They'll ignore Vietnam caving, Canada, caving Israel, caving India, caving
on teriffs, but they'll focus on the stock market plummeting.
Speaker 7 (13:29):
With investors fearing the tariffs could spark a global trade war.
Down futures lost nearly a thousand points in after hours training,
The S and P five hundred fell more than three percent,
and Nasdaq futures dropped more than four percent. Earlier on Wednesday,
Trump unveiled sweeping tariffs that target several countries, including Canada, Mexico, China,
and the European Union. Multinational companies took some of the
(13:50):
biggest hits in extended training, with shares in Nike and
Apple falling about seven percent. I'm Mark Neefield.
Speaker 1 (13:56):
How do you do a story on fake news? Well,
you just do the story, card say, President Trump is
telling his GABNet elon Musk, maybe taking a step aside
to his current role in the administration. Even though the
White House denies this story is even true, Brian Schuk
has both sides of it.
Speaker 8 (14:11):
The reports come after the tech billionaire's super Pac spent
millions in a losing effort to get their Republican backed
candidate on the Wisconsin Supreme Court. Mosque has repeatedly said
he'll leave his position at Doze within his one hundred
and thirty day mandate as a non governmental appointee around
May thirtieth. That sentiment was backed up by the White
(14:33):
House spokesperson Caroline Levitt on Wednesday, who called the report's garbage.
I'm Brian Schuck, he's.
Speaker 1 (14:39):
Going to leave after one hundred and thirty days because
that was the assignment. Everything else is just musket arrangement syndrome.
More than half of voters predict President Trump will try
to serve a third term in the White House.
Speaker 9 (14:51):
That's according to a new Yugov poll over the weekend.
Trump said he's not joking about attempting to serve a
third term in a call with NBC News, said there
are methods which you could do it. Republicans have largely
shrugged off Trump's comments about a third term as a joke. Meanwhile,
nearly seven and ten survey respondents said Trump shouldn't be
allowed to seek another term.
Speaker 3 (15:11):
I'm Tammy Truhuello Hunter.
Speaker 1 (15:13):
Biden's going to be permanently stripped of his law license
in our nation's capital.
Speaker 10 (15:16):
The son of former President Biden, agreed to consent to
disbarment in an affidavit filed Tuesday after recommendation from a
disciplinary agency. The DC Court of Appeals must now accept
the recommendation to then accept Biden's consent to disbarment before
making it official. His law license was suspended last year
after he was found guilty in a Delaware federal court
of lying about his drug use when buying a gun.
(15:39):
Former President Biden issued a pardon before leaving office, after
saying he would stay out of his son's legal proceedings.
I'mly Steeler.
Speaker 1 (15:48):
The Nintendo switched to is hitting shelves on June the fifth.
That costs four hundred and forty nine dollars. Boy, that
is irritating insident. That sounds like one of your rejoints
you complained about.
Speaker 3 (15:57):
My rejoining.
Speaker 1 (15:58):
Costs four hundred and forty nine dollars for the console
and everything that comes with it, while customers can purchase
a five hundred dollars.
Speaker 3 (16:05):
Version that comes with the Mario Kart World.
Speaker 1 (16:07):
The new device will be bigger and faster than the
original Switch. The original Switch soul for are sold about
one hundred and fifty million units since its released in
twenty seventeen. Only one game on the ice last night.
Caps lost to the Canes five to one, and Basketball
The Thunder up the Pistons one nineteen one oh three.
Calves beat the Next one twenty four, one oh five.
King's lost to the Whiz one sixteen, one eleven and
the Clippers by sixteen over the Pels. Cardinals won, Tiger's lost,
(16:32):
Guardians lost, Dodger's still undefeated, beating the Brave six to five,
d Backs over the Yankees four to three. That's two
in a row for the d Backs over the Yanks
at Yankee Stadium and the Giant sixty three over the Astros.
A's lost ten to two to the Cubbies. Birthday's Eddie
Murphy's sixty four, Alec Baldwin's sixty seven, actress Jenny Garth
fifty three.
Speaker 3 (16:50):
It's your birthday.
Speaker 1 (16:51):
Happy birthday, So glad you were born, and thanks for
listening to your morning show.
Speaker 3 (16:58):
This is Dan from Erie, Pennsylvania.
Speaker 2 (17:00):
My morning show is your morning show with Michael del Janno.
Speaker 3 (17:07):
Hey, gang, it's me Michael.
Speaker 1 (17:09):
You can listen to your morning show live. Make us
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Love to have you listen live, but are grateful you're
(17:31):
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Speaker 3 (17:32):
Enjoy.
Speaker 2 (17:33):
It's not about right versus lift, It's about right versus wrong.
Speaker 3 (17:38):
You got that.
Speaker 2 (17:38):
It's your morning show with Michael del Joanno.
Speaker 1 (17:43):
Thirty five minutes after the hour on the East coast.
If you need to be work by eight o'clock, you
got about twenty five minutes to get there. Thanks for
bringing us along with you. This is your morning show.
Don't forget. We got an all new iHeartRadio app. Looks
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Don't forget to put the podcast down there as well.
Use those presets makes access so easy. Blaine is listening,
(18:05):
I believe in ames Iowa.
Speaker 11 (18:07):
Good morning, Michael. The countries that have been tariffing us,
most of them started terrifying US as soon as they
got their houses back and their lives back after World
War Two. Vietnam, of course, well that's newer Korea. South
Korea has been doing it the whole time. They've had
a legal government. Now who knows what they're gonna do anyway,
(18:27):
but it's about time we've been tariff to pieces.
Speaker 1 (18:32):
Well, the President did a ten percent tariff for all
that do trade with US, and then the reciprocal tariffs
on top of that, for the worst defenders who have
been terriffing us already, we have seen some caves. Vietnam
will cut their tariffs in half, israeliminated all their remaining tariffs,
and India's signified they would reduce their tariffs fifty percent
(18:53):
across the board. That would be about twenty three point
five billion dollars. But there's gonna be some bumps in
the road up this morning, the stock futures plummeting after
the President's big announcement. He's an economist, he's our money whiz,
and so to understand what we can expect in the
market today, the reaction to the tariffs from other countries
and tariffs in general, we turned to David Bonson with
(19:14):
the Bonceon Financial Group.
Speaker 3 (19:15):
Good morning, David, Well, good morning, Michael.
Speaker 6 (19:18):
Good to be with you.
Speaker 7 (19:19):
All right.
Speaker 1 (19:19):
I guess the first obvious question you're already snickering is can.
Speaker 3 (19:22):
You tear if your way to liberation?
Speaker 5 (19:26):
No, it's called taxing, and we've always been against it
when the left did it. And the way that this
is happening now, the pretense, the absolute fantasy that this
is reciprocal tariffs against other people trying to get fairness.
It's absolutely stunning and I cannot believe I'm hearing Republicans defended.
Speaker 1 (19:44):
All right, so what do you make of Vietnam, Israel,
India already cutting there is if this is a art
of the deal.
Speaker 6 (19:52):
Told us before the announcement they were going to go
to zero.
Speaker 1 (19:55):
And yeah, but Vietnam didn't, India didn't, Canada Hasn'tntil yesterday.
Speaker 6 (19:59):
Vietnam would be at zero.
Speaker 5 (20:00):
If we had done the TPP deal, Vietnam and Japan
would be at zero percent tariffs. We turned it down
that deal. They didn't turn it down, we walked away
from it. The whole issue here is that people continue
to make a mistake about who pays for tariffs. So
when they say that they're tariffing us, what they mean
is they're tariffing their own importers on good spot from us.
(20:21):
But of course, Michael, if.
Speaker 6 (20:22):
We buy a lot more from them than they buy
from us, then it isn't reciprocal. It's a disproportionate hit
to us.
Speaker 5 (20:30):
But the irony is that we now know since the
press conflience yesterday, that they didn't calculate this based on
what they charge us. They included a formula for non
trade barriers and to go through and do that. Everyone
assumed that they went through and actually calculated what these
various non trade barriers were, because there's countries on there,
like Singapore that don't tariff us that now we have
(20:53):
a very high cost with. So where were they calculating
these non trade barriers. All they did is take the
trade death to sit with those countries and divide it
and take their exports, divide it by trade deficit, and
then they did times that by fifty percent.
Speaker 6 (21:08):
That's what President Trump is referring to it. We're being nice.
So it's a massive hundreds of billions of dollars, the
largest tax increase I can recall in my lifetime that
American people are going to pay.
Speaker 1 (21:22):
So let's say Vietnam cuts theirs in half. Because Nike
seems to be taking the biggest hit here, and I
happen to know Nike does a lot. I mean, most
shoes that are Nike are made in Vietnam. So there's
two ways to look at this. What Nike is going
to do change, I'm just I'm just saying, so Nike
(21:43):
is taking an immediate hit. So you'll you'll see certain companies.
What becomes of that? So do Americans end up paying
more for Nike shoes? Do they start buying shoes elsewhere?
Does Nike start manufacturing elsewhere? How does it play out?
Speaker 5 (22:00):
Well, first of all, let's say that they were to
manufacture now in Ohio, that they could flick a switch
and all of a sudden, the world's largest and most
successful shoe manufacturer in history is able to start manufacturing
everything in Ohio tomorrow.
Speaker 6 (22:12):
Is that going to be the same cost as it
is in Vietnam? If it is, why weren't they just
making Ohio to begin with.
Speaker 5 (22:19):
So you either have a choice of costs going up
to consumers because of tariffs or because they actually do
manufacture in Ohio.
Speaker 6 (22:28):
But why would Nike move it to Ohio when.
Speaker 5 (22:31):
They know that this is all going to be a
new president in three years and it's going to cost
billions upon billions of dollars and take years upon years
to move it, and that it isn't passed by Congress, who,
by the way last I checked, has the power to
tax in the United States Constitution that Republicans used to
say they cared about. This has been done under a
(22:52):
national security emergency are we under a national security emergency
over washing machines.
Speaker 6 (22:58):
And Nike shoes.
Speaker 5 (23:00):
So we're doing this outside the United States constitution, and
we are doing something that is going to be paid
by Americans and well inevitably if it really happens. And
that's the whole key is we still don't know if
it's going to happen because the language that was not
mentioned at the press conference is that full modification authority
and discretion lies with President Trump, so one individual has
(23:25):
the sole discretionary authority to change it on a whim.
Speaker 6 (23:29):
So some sectors have already gotten waivers.
Speaker 5 (23:32):
The White House phones are blowing up right now, a
company after company asking to be waived and exempted.
Speaker 6 (23:38):
We don't even know what will end up happening. So
that's where markets have the worst.
Speaker 5 (23:42):
Reaction today is the news is significantly worse that had
been expected and there's still no certainty.
Speaker 6 (23:49):
We still don't know what's going to end up happening.
Speaker 3 (23:52):
What do you think the play is here?
Speaker 6 (23:54):
I think we could get an announcement. He said something
yesterday that I.
Speaker 5 (23:59):
Caught in the middle of the presser where I realized
where he really wants to bring this, and I'm sorry
that I don't say any of this as a compliment,
but I just can only tell the truth. I think
he wants an announcement of oh, yeah, we got this
country in this company, like what you were doing earlier
on the show about what Israel announced this or Vietnam
announced this. I think he wants to be able to
say that he got big deals. So he has said
(24:21):
Johnson and Johnson's already going to invest fifty five billion
dollars in the US because of me. But Johnson Johnson
invested forty billion over the last four years, and now
they said fifty five billion over the next forty years.
So it's an increase of twelve to fifteen billion over
four years, three billion a year, which is I think
(24:41):
their lunch money allowance. So it's all cosmetic. It's all
to be able to simply announce stuff that in many cases.
Speaker 6 (24:49):
Was going to happen anyways.
Speaker 5 (24:50):
By the way, in some cases may very well be
new issues. But my point is that he's going to
have to find an off ramp. These the types of
impediments to trade. They sound great to say we're going
to help workers.
Speaker 3 (25:05):
It's going to.
Speaker 6 (25:06):
Be awful for workers. They are not.
Speaker 5 (25:09):
Going to bring this level of production manufacturing back, And
the fact of the matter is along the way the
impact of prices. What were the working class most mad
with President Biden about the cost of things they were
paying for? Working class people are consumers too, and so
I think that he will have to find an off
(25:30):
ramp and get to a point of an announcement.
Speaker 6 (25:33):
And I think that that's what this is all geared towards.
Speaker 1 (25:36):
Doing economist and money was David Bonson obviously not a
fan of tariffs, which are ultimately tax paid for, but
the taxpayers Okay, so politically, let's look at this. Politically
you can't. I mean, if you're going to play this
long term, you're going to have pain between now and
the midterm elections. That could backfire because one of the
(25:57):
things they elected the president do was secure the border.
He's done it, one hundred and fifteen thousand arrests, one
hundred thousand deportations, border crossings are down from one hundred
and fifty six thousand to seven thousand, right, so he's
achieved that. The next thing they elected him to do
is lower the costs of things and address inflation. This
would actually, in the short term make things much worse.
(26:18):
That's pretty dangerous politically, isn't it.
Speaker 6 (26:21):
It's existentially dangerous.
Speaker 5 (26:23):
And that's also in the context of midterm reality where
incumbent presidents generally just lose. So you already have the
odds stacked against you with one of the tightest majorities
that we've ever had.
Speaker 6 (26:38):
And I would add, by the way, that the inflation
thing is also in the context of real wages.
Speaker 5 (26:43):
In other words, it's that prices have to be contained,
but people have to feel like they're making more than
their prices are going up. And if you have a recession,
wages drop, unemployment goes up. Those things are not necessarily
what we're pulled in twenty twenty four because we did
have low unapployment and we did have growing real wages.
Speaker 6 (27:07):
But they will become the major economic issues real quickly.
You know, we don't talk.
Speaker 5 (27:12):
About a recession as if it's some sort of agnostic neutral,
you know, a moral event like it all of a
sudden becomes the pain that people are feeling. But you're right,
border issues and inflation were the things people were feeling
and so therefore talking about before. So there's no presidency
ever that has done well, politically if the economy is bad,
(27:37):
whatever bad economy means, and that's the big vulnerability. Now,
what's going on here is that President Trump in his
first term had all the angels on one shoulder that
were reminding him how much you need a pro growth agenda, deregulation, energy,
low taxes, all the things I support, all the things
that praised President Trump for a thousand times. Those voices
(27:58):
are largely gone. The couple voices that are still there
are being drowned out. And I believe and I pray
that there's a point where President Trump realizes that the
Pete Navarro's and Stephen Miller is telling him it's okay
if we take on a little bit of pain here,
it's all going to be for the good in the end,
that he will realize how bad that advice is. The
(28:21):
short term pain for long term gain is a bad
political message. But in this case it's not a true message.
There is no long term gain coming from what has
been done here. And if there were going to be,
you have to take it as an article of faith.
You think voters like to take things as an article
of faith. This is dangerous politically, Michael, It really is.
Speaker 1 (28:41):
Yeah, No, I have seen the political danger from the beginning.
I don't know that I see First of all, I
think it seems to be more of a short term play.
But you know, all this talking about advisors, it's kind
of my observation that this has always been a big
issue for President Trump. Now he knew that the border
was the play to win in twenty sixteen, but he
(29:02):
was always talking about bad trade deals, how we're getting shafted.
Speaker 6 (29:06):
You know.
Speaker 1 (29:06):
I use the analogy if I did an interview with
Amanda Knox, and when you do an interview with somebody
like that, you feel this burden to ask the questions
on behalf of the listeners, if they'd have had the opportunity,
what would they have wanted to ask? And then you
always save one for yourself. And I think this, I
think this is on Trump. I think this has been
a burning issue in him. This is his deal, and
it has long bothered him.
Speaker 5 (29:27):
Here because you're you're one thousand percent right, I just
want to be real clear what I meant. The issue
has bothered him since nineteen eighty five, exactly, you're one
hundred percent right.
Speaker 6 (29:36):
But the way in which he's trying to go about it.
Speaker 5 (29:39):
That the idea that we could do these big tariffs
and have just a little short term pain. That is
something that he has been convinced because it was a
big issue him in his first term too, and his
advisor has convinced him President, and mister President, you are
not going to be able to do this. It's not
going to have the impact you think it will. The
(30:00):
decoupling from China issue is a massive, massive deal. And
I do not believe that the presidents coming up on
his own with an estimate estimation of what the economic
impact will be. I think that's what's coming from advisors.
All right, last year your self is in him.
Speaker 1 (30:19):
Yeah, last two minutes. David Bonson Bonson Financial Group. Also
Dividend Cafe, which I highly recommend all of you. I
can think of Big John, one of our listeners that
uses the talk back all the time, is a huge fan.
And for those of you that love these weekly visits, man,
you'll love the Dividend Cafe Dividendcafe dot com. All right,
So real quickly, what should we expect in the next
(30:42):
I mean, what is your three to thirty day forecast
with this?
Speaker 5 (30:49):
Well, you know, I don't have a particular forecast for
what the markets will exactly do, because the volatility means
by definition there's big severe updates and big severe down days.
I think that the general direction is very negative. The
things that are going to get hit the most are
consumer discretionary. You mentioned Nike and tech, so the NVIDIAs
(31:09):
and Apples and all those things that are just heavy
global players and interconnected global supply chain, and most of
the talk about, well, you know, that's fine, then they're
going to have to take their medicine until they want
to move everything back on shore.
Speaker 6 (31:22):
The only two things I can say there is.
Speaker 5 (31:25):
It's not going to happen, and if it did, it
would be even more expensive. So I just think that
you have to expect short term uncertainty because if I
were to predict what President Trump's reversals or carve outs
or exceptions will be, I'm going to be wrong because
I just don't know, and I do not believe he knows.
Speaker 6 (31:42):
Right now, the.
Speaker 5 (31:44):
Phones are going to ring, and then he'll take somebody out,
and then another thing will upset them and it'll put
somebody back in. I don't like that kind of discussionary
authority with anyone, even with a president that I generally
have a lot of good things to say about, like
President Trump. If it were President Reagan or President Coolidge,
my two favorite presidents of the last hundred years.
Speaker 6 (32:04):
I don't want them to have that kind of individual discussion.
So over the next month, and that's what the question is,
I expect volatility.
Speaker 3 (32:13):
What's on the cafe this week? Well, I was going.
Speaker 5 (32:17):
To write a divid cafe about the ten year anniversary
of my company leaving Morgan Stanley and starting our own
company ten years ago.
Speaker 3 (32:25):
Yes, something tells me that got bumped, and.
Speaker 5 (32:28):
It appears I'm going to have to keep this ongoing
care of focus going.
Speaker 1 (32:34):
All right, David Boson, it is the Dividendcafe dot com.
To those that want more, We'll talk again next Thursday
or sooner, if conditions warrant. David Bonson from the Bouncing
Financial Group, Thanks for joining us. You know this happens, yeah,
appreciate your insights. You know, I woke up this morning
and you know my initial gut is, you know, why
(32:56):
play this all in game of poker when you're on
such a role and it can play one of two ways,
and then there's the short term play and the long
term play. I'm growing more and more convinced the President's
in this for the long run. That can be problematic.
When I saw Rand Paul break against this, and I
rarely ever differ with Rand Paul, I kind of went.
(33:19):
But then you know, I woke up and now David
would say that Vietnam was already willing to negotiate such
a cut.
Speaker 3 (33:25):
But it makes me lead.
Speaker 1 (33:28):
I go back and forth like a pendulum between is
this a long term play and a short term play?
And if he can get a handful of key countries
to cave and cave quickly, I think it could. I
described I think it could have an impact on cost
of living. But the long term play does get a
little more dicey. So it's always good to get eybody's
point of view. That's David Monson's. He doesn't see a
(33:49):
bright spot in all this, and he sees a very
bumpy road ahead. More of Your Morning Show when we
come back.
Speaker 2 (33:54):
This is Your Morning Show with Michael del Chronow.
Speaker 1 (33:58):
One of the things that we were really excited about
teaching America is we can have disagreements. You know, I
was thinking, there's no one I love and respect more
than John Decker and John and I are both kind
of nerds with the electoral college map, and so we
played the game and then we made a bet, and
of course I had Donald Trump winning every swing state
(34:20):
and getting three hundred and twelve electoral votes. He thought
it was crazy, and he had Kamala Harris winning. Does
that mean that John doesn't know anything? No, just means
that sometimes we disagree and sometimes I'll be right, sometimes.
Speaker 3 (34:30):
He'll be right.
Speaker 1 (34:32):
And so you know the Ran Paul and David Bonson.
Now that's two people I really respect. I don't necessarily
agree with right now. But you know, David texted me
and said, look, I do realize I was kind of
hard on Trump here and that listeners aren't going to
like it.
Speaker 3 (34:46):
I hope you understand.
Speaker 1 (34:47):
I have to call balls and strikes, and so I
like to gather the information. It doesn't necessarily change my opinion,
but he's right, it did ruffle a few feathers. Let's
start in Youngstown.
Speaker 12 (34:58):
I just love when these people are against Trump's tariffs.
They always say that the companies know there's going to
be a new president in three years, But what if
the new president is JD. Vans?
Speaker 3 (35:12):
And then we get James. James, I think it's in Phoenix.
Speaker 13 (35:15):
I'm sorry, I don't agree with your guests that three
Canadian tariff ont Gary is in our imagination, particularly after
they signed USMCA, which says the tariff is supposed to
be zero.
Speaker 6 (35:27):
You know.
Speaker 1 (35:28):
Again, here's where I come in. It's it's a dangerous game,
this tariff game. And I see the short play victories
for the president, but I agree long term it could
be politically and economically disastrous for the president, and he's
been on such a role. I don't know why you'd
it's all or nothing. I think if he's playing at
short term, we're going to be fine. If it's long term, oh,
I see a lot of bumps in the road. By
(35:48):
the way, Eric Adams has just dropped out of the
race for mayor in New York City. That's breaking news.
Speaker 3 (35:52):
You got your national news, local news, weather, and traffic.
Speaker 1 (35:54):
Next, we come back Sounds of the day as your
morning show continues.
Speaker 3 (35:58):
We're all in this together.
Speaker 2 (35:59):
This This is your Morning Show with Michael del Jno
Hi, I'm Michael del Johno, and your morning show can
be heard live as it's happening five to eight am
Central and six to nine Eastern on great stations like
six twenty WJDX and Jackson, Mississippi, or Akrons, News Talk
six forty WHLO and Akron, Ohio and News Radio five
seventy WDAK and Columbus, Georgia. We'd love to be a
part of your morning routine, but we're glad you're here now.
(00:22):
Enjoyed the podcast two.
Speaker 2 (00:23):
Three starting your morning off right. A new way of talk,
a new way of understanding because we're in this together.
This is your morning show with Michael del Journal on.
Speaker 1 (00:39):
The air at streaming live on your iHeartRadio app. Welcome
to Thursday, the third of April, Ye of Our Lord,
twenty twenty five. A stormy morning for many throughout the
Midwest and the South, especially you're in Middle Tennessee, where
I'm broadcasting from safe in my undisclosed bunker under a.
Speaker 3 (00:55):
Porta potty in Williamson County.
Speaker 1 (00:58):
Meanwhile, rad got knocked off the which reminds me of
a I don't know how I ended up vice president
of CBN, but I did, and so a hurricane was
coming and it was a board meeting. Right, there's a path.
It's like, we're gonna pray, pray this. So everybody bows
their head and see, I just you know, I'm me.
(01:19):
You can't just put me in another room act and
expect something different. So Pat starts praying, Lord, turn that
storm north. And I was like, wait a minute, wait
a minute, Why you can't pray the hurricane hurts other people?
Speaker 4 (01:32):
Why not?
Speaker 1 (01:33):
I said, why don't you just bow your praying, just
turn it out to sea or something.
Speaker 3 (01:37):
Why would you send it north? Well, that's their fault
if they're not praying. So what if they're praying for
it to come south and hit on It's like a
Tucker war with God. You can't win. Let me finish
my prayer.
Speaker 5 (01:49):
You know.
Speaker 1 (01:49):
Ben never did that on the seven hundred Club, interrupted him. Sure,
but no I did. I said a little prayer this morning. Lord,
If anybody's power is going to get knocked out, let
it be reds And it was so. Now he's even
reads as the storms are passing, but massive storms dropping
historic amounts of rain. With the thread of flooding in
the Midwest and the South. We're waking up to that.
The stock futures are plummeting after President Trump announced his
(02:10):
new global tariffs although many nations, Canada's signified will drop
our tariffs if the President's willing to drop his. Vietnam
has done the same, Israel, India. This isn't necessarily an
end game. It could be an art of the deal game,
and it's already working, but there's going to be some
bumps in the road. Meanwhile, on the ground, Israel expanding
its operations into the Gaza. Our national correspondent for your
(02:31):
morning show, Rory O'Neil, is all over this story. Rory,
what's the latest, Yeah, Michael.
Speaker 4 (02:36):
Israel establishing a new security quarter they call it across
the Gaza Strip. It's another way to try to put
pressure on Hamas to get them to release more of
the hostages. Now, this new security quarter suggests it would
cut off the southern city of Rafa.
Speaker 3 (02:52):
That's a critical.
Speaker 4 (02:54):
Area because most of the relief supplies are coming into
the Gaza Strip across that Rafa crossing from Egypt. So
this is a significant upgrade by the Israeli military to
try to draw this line across Gaza. Hamas, though said
it will only capitulate to some of the demands by
Israel if there's another ceasefire that's agreed to in the
(03:16):
coming weeks.
Speaker 1 (03:17):
Yeah, you know, there's a long history here. This is
what radical Islamists do. They wait, they attack, and then
they take hostages, and then they use the hostages to
end the conflict. Then they go lay low for another
ten years to when they attack again. This time though,
the wrinkle was they didn't seem to be releasing and
so the notion was, well, maybe because they're not alive,
(03:38):
and that was the case for many But now to
try to play this game, I think we've played a
few hands of this. I don't know how they anticipate
that it's going to work, dead or alive. They want
all the hostages back otherwise this incursion is going to continue.
Speaker 4 (03:53):
Right right, So we believe there are fifty nine hostages
that remain. We think that twenty four of them are
still a lot. But again, this is part of that
back and forth of the negotiations. You know, this was
supposed to be a three phase deal that got through
phase one, couldn't get to phase two, and that's where
the ceasefire sort of came to an end. A lot
of it had to do with if you got to
(04:14):
to it meant all the hostages had to be released.
And that's the accusation as to why Hamas now wants
to sort of backpedal here.
Speaker 1 (04:22):
Great reporting, m He's going to be back to talk
a little bit more about the President's Liberation Day tariff
announcement from the Rose Garden and he'll be back in
the third hour with that.
Speaker 3 (04:29):
We're also going to visit with David. Thank you, Rory.
Speaker 1 (04:31):
We're going to visit with David Bonson from the Bonson
Financial Group.
Speaker 3 (04:35):
He is all things.
Speaker 1 (04:36):
He's an economist, it's also a theologian and an economist,
and our money was and we'll take a look at
the long term, short term and how it's going to
impact all of us on the short term.
Speaker 3 (04:46):
In the long term. I know one of the Canadian ministers.
Speaker 1 (04:48):
Yesterday made it pretty clear if the President would drop
his reciprocal tariffs, Canada would be interested in dropping theirs.
We saw Vietnam me come to the table cutting half
of their tariffs. Israel what little remaining tariffs that they
had on US goods will be eliminated immediately, and India
(05:11):
will reduce tariffs fifty percent. That equals twenty three billion
dollars immediately. So this notion, you know we talked about
last half hour case. I don't even think Middle Tennessee
is even hearing us yet, But if you're just waking up,
we talked about, you know, when the president holds up
those charts of worst defenders, and there were many. Vietnam
(05:35):
tariffing us at ninety five percent, Cambodia ninety seven percent,
Indonesia sixty four percent, Burma eighty eight percent, Pakistan fifty
eight percent, Serbia seventy four percent, Sri Lanka eighty eight percent,
Thailand seventy two percent. You should be outraged at that,
(05:56):
that that's been going on and that you've been paying
for that. But no, in the matrix, nobody's outraged over that.
They're outraged at the ten percent for all and the
reciprocal tariff that's being put on the worst defenders. Take
Sri Lanka for example, they've been tariffing our goods and
services eighty eight percent. With the ten percent and the
(06:19):
reciprocal it only comes to forty four percent, we're still
terriffing them half of what they're tariffing us. Why is
our half outrageous and they're eighty eight percent?
Speaker 3 (06:28):
Isn't?
Speaker 1 (06:31):
And I know there's going to be a bump in
the road and everybody's going to focus on the left,
on the stock market, but that'll correct. Is anybody going
to focus on Vietnam's caved already, India's caved already, Israel's
caved already. Canada has signified they would cave. This plays
out one or two ways. Now I'm gonna shut up
(06:51):
and let David explain it, because this is what he
this is his area of expertise.
Speaker 3 (06:56):
But long term how this plays out.
Speaker 1 (06:58):
We buy other people's goods and services, or if they're
good or service is so good you have to have it. Yeah,
you're going to pay more or the manufacturing is going
to move here to avoid that. And if you pay
the same, at least it's American workers getting paid better
for it. So there's a long term economic victory for sure.
But what we're seeing in Vietnam and Israel, in India
(07:21):
and Canada is an immediate cave, and that means the
same goods and services for less. You hired this guy
to secure the border, he's done it. You hired this
guy at lower cost of living. This is a big
part of it, you know. Sometimes A great example was
this week we had Amanda Knox on.
Speaker 2 (07:40):
Now.
Speaker 1 (07:41):
Amanda Knox is the kind of person for those that
followed the case. I know everyone does. I'm not a
big person that follows these hand picked cases that we
just choose to focus on. But for those that followed it,
you feel a need on the air when you're talking
to her to ask the questions. Those who have been
following it, if they had the opportunity to visit, whether
or would ask. And then there's like the pleasure of
(08:03):
asking one I have And in my case, it was
how do you let one event, even though it lasted
four years of imprisonment, one event in your life to
find your entire life, because if that happens, you're never free.
We've all made mistakes in our twenties. Monica Lewinsky made
a mistake in her twenty and she's shaped her entire life.
(08:31):
So you ask questions for the listeners, and then you
have one that you ask for yourself. I use that
as an analogy because I think Donald Trump has done
a lot of things for the American people. This is
the one that's his passion. This is the one thing
he's been dying to do for you. This is the
(08:51):
one thing as a businessman he has unfairly watched every
president just look away from.
Speaker 3 (08:59):
And you've been paying for it.
Speaker 1 (09:01):
That's why, I mean, at some point, shouldn't you be
outraged the Thailand has been tariffing US seventy two percent,
Sri Lanka eighty eight percent, Burma eighty eight percent, Madagascar
ninety three percent, Louis ninety five percent. Shouldn't that be
the outrage, not the half tariff response? And if in
(09:26):
the short term it cuts those terrorists in half and
you start saving that money, isn't he the jolly good fellow?
But we live in a matrix, and we live in
a death of journalism. I mean, the greatest example we
did last half hour was Axius. Notice one country that
wasn't on there Russia. Boy, I loved the way Caroline
Levitt just doused that. She is sweet, didn't she She
(09:52):
realized that you might have noticed North Korea wasn't on
that list either. We don't do any trade with them
and they're under sanctions.
Speaker 3 (10:00):
Falls.
Speaker 1 (10:02):
But you watch how the left will play up the
stock market there's gonna be some short term bumps. There
always is on the road to victory. But whether you're
for terrifts or against them, if you're against them, aren't
you against the way these nations have been tariffed, imposing
tariffs on us unfairly because you're the one paying for it.
(10:29):
I think it's deafening to wake up this morning and
see Vietnam cutting their tariffs in half, India cutting their
in half, and big acknowledge those victories and our polls
of plenty. There's one big one today from the Economist
in you gov. It was released yesterday. Republicans and Congress
(10:51):
have a net negative thirteen percent favorability. Thirty nine percent
of the American people view the Republicans in Congress favorably
fifty two percent unfair favorably underwater thirteen percent. Boy, that
looks awful, doesn't it.
Speaker 6 (11:04):
Well?
Speaker 1 (11:04):
Wait, you get a load of the Democrats twice as awful,
with a net negative of twenty nine percent. Thirty one
percent view the Democrats favorably, sixty percent view them unfavorably.
There's a midterm election in about a year and a
half that should be very troubling. The Republican Party's net
favorability rating is negative eleven forty one percent viewing them favorably,
(11:28):
fifty two percent unfavorably. Democrats thirty two percent viewed favorably,
sixty unfavorably. Their net negative is twenty eight percent. Now
you're close to three times the disparity compared to Republicans.
Among Americans, more than twice as likely to say Democrat
Party is more divided at fifty one percent united twenty
(11:50):
three percent. It has not gone unnoticed. They have no leader,
they have no message, they have a failed worldview, platform
and policy view, and they don't know how to pivot.
And America gets it. They say the opposite about Republicans.
Fifty two percent say the GOP is more united than
ever in twenty three percent say it's more divided. And
by the way, it's almost accurate because the twenty three
(12:12):
percent of the Democrat Party that is at war with
their own party will continue to wage that war the
socialist justice Democrats. So Cory Booker talking for twenty five
hours didn't distract anyone.
Speaker 3 (12:30):
Or hide the trouble they're in.
Speaker 1 (12:34):
And if Donald Trump should pull off leveling the tariff
playing field, the way he has secured the border. It's
really going to be tough in the midterm for the Democrats,
let alone the twenty eight presidential election.
Speaker 3 (12:49):
That's your poll up plenty for today.
Speaker 1 (12:51):
All right, quick break, we come back, not one, not two,
not three, but all of your top five stories of
the day in about thirty minutes. David Bohnson on Liberation
Day is it can you tear if your way to liberation?
And how bump people the road be until it's accomplished?
Speaker 3 (13:05):
That and more.
Speaker 1 (13:05):
When You're a morning show continues on this Thursday drive
to work. Good morning, and thanks for listening.
Speaker 2 (13:10):
He's the pro bono lawyer in the court of public opinion.
He's Michael del Jorno with your morning show.
Speaker 3 (13:18):
Well, the left is loving this.
Speaker 1 (13:20):
They'll ignore Vietnam caving, Canada, caving Israel, caving India, caving
on teriffs, but they'll focus on the stock market plummeting.
Speaker 7 (13:29):
With investors fearing the tariffs could spark a global trade war.
Down futures lost nearly a thousand points in after hours training,
The S and P five hundred fell more than three percent,
and Nasdaq futures dropped more than four percent. Earlier on Wednesday,
Trump unveiled sweeping tariffs that target several countries, including Canada, Mexico, China,
and the European Union. Multinational companies took some of the
(13:50):
biggest hits in extended training, with shares in Nike and
Apple falling about seven percent. I'm Mark Neefield.
Speaker 1 (13:56):
How do you do a story on fake news? Well,
you just do the story, card say, President Trump is
telling his GABNet elon Musk, maybe taking a step aside
to his current role in the administration. Even though the
White House denies this story is even true, Brian Schuk
has both sides of it.
Speaker 8 (14:11):
The reports come after the tech billionaire's super Pac spent
millions in a losing effort to get their Republican backed
candidate on the Wisconsin Supreme Court. Mosque has repeatedly said
he'll leave his position at Doze within his one hundred
and thirty day mandate as a non governmental appointee around
May thirtieth. That sentiment was backed up by the White
(14:33):
House spokesperson Caroline Levitt on Wednesday, who called the report's garbage.
I'm Brian Schuck, he's.
Speaker 1 (14:39):
Going to leave after one hundred and thirty days because
that was the assignment. Everything else is just musket arrangement syndrome.
More than half of voters predict President Trump will try
to serve a third term in the White House.
Speaker 9 (14:51):
That's according to a new Yugov poll over the weekend.
Trump said he's not joking about attempting to serve a
third term in a call with NBC News, said there
are methods which you could do it. Republicans have largely
shrugged off Trump's comments about a third term as a joke. Meanwhile,
nearly seven and ten survey respondents said Trump shouldn't be
allowed to seek another term.
Speaker 3 (15:11):
I'm Tammy Truhuello Hunter.
Speaker 1 (15:13):
Biden's going to be permanently stripped of his law license
in our nation's capital.
Speaker 10 (15:16):
The son of former President Biden, agreed to consent to
disbarment in an affidavit filed Tuesday after recommendation from a
disciplinary agency. The DC Court of Appeals must now accept
the recommendation to then accept Biden's consent to disbarment before
making it official. His law license was suspended last year
after he was found guilty in a Delaware federal court
of lying about his drug use when buying a gun.
(15:39):
Former President Biden issued a pardon before leaving office, after
saying he would stay out of his son's legal proceedings.
I'mly Steeler.
Speaker 1 (15:48):
The Nintendo switched to is hitting shelves on June the fifth.
That costs four hundred and forty nine dollars. Boy, that
is irritating insident. That sounds like one of your rejoints
you complained about.
Speaker 3 (15:57):
My rejoining.
Speaker 1 (15:58):
Costs four hundred and forty nine dollars for the console
and everything that comes with it, while customers can purchase
a five hundred dollars.
Speaker 3 (16:05):
Version that comes with the Mario Kart World.
Speaker 1 (16:07):
The new device will be bigger and faster than the
original Switch. The original Switch soul for are sold about
one hundred and fifty million units since its released in
twenty seventeen. Only one game on the ice last night.
Caps lost to the Canes five to one, and Basketball
The Thunder up the Pistons one nineteen one oh three.
Calves beat the Next one twenty four, one oh five.
King's lost to the Whiz one sixteen, one eleven and
the Clippers by sixteen over the Pels. Cardinals won, Tiger's lost,
(16:32):
Guardians lost, Dodger's still undefeated, beating the Brave six to five,
d Backs over the Yankees four to three. That's two
in a row for the d Backs over the Yanks
at Yankee Stadium and the Giant sixty three over the Astros.
A's lost ten to two to the Cubbies. Birthday's Eddie
Murphy's sixty four, Alec Baldwin's sixty seven, actress Jenny Garth
fifty three.
Speaker 3 (16:50):
It's your birthday.
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Happy birthday, So glad you were born, and thanks for
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This is Dan from Erie, Pennsylvania.
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My morning show is your morning show with Michael del Janno.
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Hey, gang, it's me Michael.
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It's your morning show with Michael del Joanno.
Speaker 1 (17:43):
Thirty five minutes after the hour on the East coast.
If you need to be work by eight o'clock, you
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(18:05):
I believe in ames Iowa.
Speaker 11 (18:07):
Good morning, Michael. The countries that have been tariffing us,
most of them started terrifying US as soon as they
got their houses back and their lives back after World
War Two. Vietnam, of course, well that's newer Korea. South
Korea has been doing it the whole time. They've had
a legal government. Now who knows what they're gonna do anyway,
(18:27):
but it's about time we've been tariff to pieces.
Speaker 1 (18:32):
Well, the President did a ten percent tariff for all
that do trade with US, and then the reciprocal tariffs
on top of that, for the worst defenders who have
been terriffing us already, we have seen some caves. Vietnam
will cut their tariffs in half, israeliminated all their remaining tariffs,
and India's signified they would reduce their tariffs fifty percent
(18:53):
across the board. That would be about twenty three point
five billion dollars. But there's gonna be some bumps in
the road up this morning, the stock futures plummeting after
the President's big announcement. He's an economist, he's our money whiz,
and so to understand what we can expect in the
market today, the reaction to the tariffs from other countries
and tariffs in general, we turned to David Bonson with
(19:14):
the Bonceon Financial Group.
Speaker 3 (19:15):
Good morning, David, Well, good morning, Michael.
Speaker 6 (19:18):
Good to be with you.
Speaker 7 (19:19):
All right.
Speaker 1 (19:19):
I guess the first obvious question you're already snickering is can.
Speaker 3 (19:22):
You tear if your way to liberation?
Speaker 5 (19:26):
No, it's called taxing, and we've always been against it
when the left did it. And the way that this
is happening now, the pretense, the absolute fantasy that this
is reciprocal tariffs against other people trying to get fairness.
It's absolutely stunning and I cannot believe I'm hearing Republicans defended.
Speaker 1 (19:44):
All right, so what do you make of Vietnam, Israel,
India already cutting there is if this is a art
of the deal.
Speaker 6 (19:52):
Told us before the announcement they were going to go
to zero.
Speaker 1 (19:55):
And yeah, but Vietnam didn't, India didn't, Canada Hasn'tntil yesterday.
Speaker 6 (19:59):
Vietnam would be at zero.
Speaker 5 (20:00):
If we had done the TPP deal, Vietnam and Japan
would be at zero percent tariffs. We turned it down
that deal. They didn't turn it down, we walked away
from it. The whole issue here is that people continue
to make a mistake about who pays for tariffs. So
when they say that they're tariffing us, what they mean
is they're tariffing their own importers on good spot from us.
(20:21):
But of course, Michael, if.
Speaker 6 (20:22):
We buy a lot more from them than they buy
from us, then it isn't reciprocal. It's a disproportionate hit
to us.
Speaker 5 (20:30):
But the irony is that we now know since the
press conflience yesterday, that they didn't calculate this based on
what they charge us. They included a formula for non
trade barriers and to go through and do that. Everyone
assumed that they went through and actually calculated what these
various non trade barriers were, because there's countries on there,
like Singapore that don't tariff us that now we have
(20:53):
a very high cost with. So where were they calculating
these non trade barriers. All they did is take the
trade death to sit with those countries and divide it
and take their exports, divide it by trade deficit, and
then they did times that by fifty percent.
Speaker 6 (21:08):
That's what President Trump is referring to it. We're being nice.
So it's a massive hundreds of billions of dollars, the
largest tax increase I can recall in my lifetime that
American people are going to pay.
Speaker 1 (21:22):
So let's say Vietnam cuts theirs in half. Because Nike
seems to be taking the biggest hit here, and I
happen to know Nike does a lot. I mean, most
shoes that are Nike are made in Vietnam. So there's
two ways to look at this. What Nike is going
to do change, I'm just I'm just saying, so Nike
(21:43):
is taking an immediate hit. So you'll you'll see certain companies.
What becomes of that? So do Americans end up paying
more for Nike shoes? Do they start buying shoes elsewhere?
Does Nike start manufacturing elsewhere? How does it play out?
Speaker 5 (22:00):
Well, first of all, let's say that they were to
manufacture now in Ohio, that they could flick a switch
and all of a sudden, the world's largest and most
successful shoe manufacturer in history is able to start manufacturing
everything in Ohio tomorrow.
Speaker 6 (22:12):
Is that going to be the same cost as it
is in Vietnam? If it is, why weren't they just
making Ohio to begin with.
Speaker 5 (22:19):
So you either have a choice of costs going up
to consumers because of tariffs or because they actually do
manufacture in Ohio.
Speaker 6 (22:28):
But why would Nike move it to Ohio when.
Speaker 5 (22:31):
They know that this is all going to be a
new president in three years and it's going to cost
billions upon billions of dollars and take years upon years
to move it, and that it isn't passed by Congress, who,
by the way last I checked, has the power to
tax in the United States Constitution that Republicans used to
say they cared about. This has been done under a
(22:52):
national security emergency are we under a national security emergency
over washing machines.
Speaker 6 (22:58):
And Nike shoes.
Speaker 5 (23:00):
So we're doing this outside the United States constitution, and
we are doing something that is going to be paid
by Americans and well inevitably if it really happens. And
that's the whole key is we still don't know if
it's going to happen because the language that was not
mentioned at the press conference is that full modification authority
and discretion lies with President Trump, so one individual has
(23:25):
the sole discretionary authority to change it on a whim.
Speaker 6 (23:29):
So some sectors have already gotten waivers.
Speaker 5 (23:32):
The White House phones are blowing up right now, a
company after company asking to be waived and exempted.
Speaker 6 (23:38):
We don't even know what will end up happening. So
that's where markets have the worst.
Speaker 5 (23:42):
Reaction today is the news is significantly worse that had
been expected and there's still no certainty.
Speaker 6 (23:49):
We still don't know what's going to end up happening.
Speaker 3 (23:52):
What do you think the play is here?
Speaker 6 (23:54):
I think we could get an announcement. He said something
yesterday that I.
Speaker 5 (23:59):
Caught in the middle of the presser where I realized
where he really wants to bring this, and I'm sorry
that I don't say any of this as a compliment,
but I just can only tell the truth. I think
he wants an announcement of oh, yeah, we got this
country in this company, like what you were doing earlier
on the show about what Israel announced this or Vietnam
announced this. I think he wants to be able to
say that he got big deals. So he has said
(24:21):
Johnson and Johnson's already going to invest fifty five billion
dollars in the US because of me. But Johnson Johnson
invested forty billion over the last four years, and now
they said fifty five billion over the next forty years.
So it's an increase of twelve to fifteen billion over
four years, three billion a year, which is I think
(24:41):
their lunch money allowance. So it's all cosmetic. It's all
to be able to simply announce stuff that in many cases.
Speaker 6 (24:49):
Was going to happen anyways.
Speaker 5 (24:50):
By the way, in some cases may very well be
new issues. But my point is that he's going to
have to find an off ramp. These the types of
impediments to trade. They sound great to say we're going
to help workers.
Speaker 3 (25:05):
It's going to.
Speaker 6 (25:06):
Be awful for workers. They are not.
Speaker 5 (25:09):
Going to bring this level of production manufacturing back, And
the fact of the matter is along the way the
impact of prices. What were the working class most mad
with President Biden about the cost of things they were
paying for? Working class people are consumers too, and so
I think that he will have to find an off
(25:30):
ramp and get to a point of an announcement.
Speaker 6 (25:33):
And I think that that's what this is all geared towards.
Speaker 1 (25:36):
Doing economist and money was David Bonson obviously not a
fan of tariffs, which are ultimately tax paid for, but
the taxpayers Okay, so politically, let's look at this. Politically
you can't. I mean, if you're going to play this
long term, you're going to have pain between now and
the midterm elections. That could backfire because one of the
(25:57):
things they elected the president do was secure the border.
He's done it, one hundred and fifteen thousand arrests, one
hundred thousand deportations, border crossings are down from one hundred
and fifty six thousand to seven thousand, right, so he's
achieved that. The next thing they elected him to do
is lower the costs of things and address inflation. This
would actually, in the short term make things much worse.
(26:18):
That's pretty dangerous politically, isn't it.
Speaker 6 (26:21):
It's existentially dangerous.
Speaker 5 (26:23):
And that's also in the context of midterm reality where
incumbent presidents generally just lose. So you already have the
odds stacked against you with one of the tightest majorities
that we've ever had.
Speaker 6 (26:38):
And I would add, by the way, that the inflation
thing is also in the context of real wages.
Speaker 5 (26:43):
In other words, it's that prices have to be contained,
but people have to feel like they're making more than
their prices are going up. And if you have a recession,
wages drop, unemployment goes up. Those things are not necessarily
what we're pulled in twenty twenty four because we did
have low unapployment and we did have growing real wages.
Speaker 6 (27:07):
But they will become the major economic issues real quickly.
You know, we don't talk.
Speaker 5 (27:12):
About a recession as if it's some sort of agnostic neutral,
you know, a moral event like it all of a
sudden becomes the pain that people are feeling. But you're right,
border issues and inflation were the things people were feeling
and so therefore talking about before. So there's no presidency
ever that has done well, politically if the economy is bad,
(27:37):
whatever bad economy means, and that's the big vulnerability. Now,
what's going on here is that President Trump in his
first term had all the angels on one shoulder that
were reminding him how much you need a pro growth agenda, deregulation, energy,
low taxes, all the things I support, all the things
that praised President Trump for a thousand times. Those voices
(27:58):
are largely gone. The couple voices that are still there
are being drowned out. And I believe and I pray
that there's a point where President Trump realizes that the
Pete Navarro's and Stephen Miller is telling him it's okay
if we take on a little bit of pain here,
it's all going to be for the good in the end,
that he will realize how bad that advice is. The
(28:21):
short term pain for long term gain is a bad
political message. But in this case it's not a true message.
There is no long term gain coming from what has
been done here. And if there were going to be,
you have to take it as an article of faith.
You think voters like to take things as an article
of faith. This is dangerous politically, Michael, It really is.
Speaker 1 (28:41):
Yeah, No, I have seen the political danger from the beginning.
I don't know that I see First of all, I
think it seems to be more of a short term play.
But you know, all this talking about advisors, it's kind
of my observation that this has always been a big
issue for President Trump. Now he knew that the border
was the play to win in twenty sixteen, but he
(29:02):
was always talking about bad trade deals, how we're getting shafted.
Speaker 6 (29:06):
You know.
Speaker 1 (29:06):
I use the analogy if I did an interview with
Amanda Knox, and when you do an interview with somebody
like that, you feel this burden to ask the questions
on behalf of the listeners, if they'd have had the opportunity,
what would they have wanted to ask? And then you
always save one for yourself. And I think this, I
think this is on Trump. I think this has been
a burning issue in him. This is his deal, and
it has long bothered him.
Speaker 5 (29:27):
Here because you're you're one thousand percent right, I just
want to be real clear what I meant. The issue
has bothered him since nineteen eighty five, exactly, you're one
hundred percent right.
Speaker 6 (29:36):
But the way in which he's trying to go about it.
Speaker 5 (29:39):
That the idea that we could do these big tariffs
and have just a little short term pain. That is
something that he has been convinced because it was a
big issue him in his first term too, and his
advisor has convinced him President, and mister President, you are
not going to be able to do this. It's not
going to have the impact you think it will. The
(30:00):
decoupling from China issue is a massive, massive deal. And
I do not believe that the presidents coming up on
his own with an estimate estimation of what the economic
impact will be. I think that's what's coming from advisors.
All right, last year your self is in him.
Speaker 1 (30:19):
Yeah, last two minutes. David Bonson Bonson Financial Group. Also
Dividend Cafe, which I highly recommend all of you. I
can think of Big John, one of our listeners that
uses the talk back all the time, is a huge fan.
And for those of you that love these weekly visits, man,
you'll love the Dividend Cafe Dividendcafe dot com. All right,
So real quickly, what should we expect in the next
(30:42):
I mean, what is your three to thirty day forecast
with this?
Speaker 5 (30:49):
Well, you know, I don't have a particular forecast for
what the markets will exactly do, because the volatility means
by definition there's big severe updates and big severe down days.
I think that the general direction is very negative. The
things that are going to get hit the most are
consumer discretionary. You mentioned Nike and tech, so the NVIDIAs
(31:09):
and Apples and all those things that are just heavy
global players and interconnected global supply chain, and most of
the talk about, well, you know, that's fine, then they're
going to have to take their medicine until they want
to move everything back on shore.
Speaker 6 (31:22):
The only two things I can say there is.
Speaker 5 (31:25):
It's not going to happen, and if it did, it
would be even more expensive. So I just think that
you have to expect short term uncertainty because if I
were to predict what President Trump's reversals or carve outs
or exceptions will be, I'm going to be wrong because
I just don't know, and I do not believe he knows.
Speaker 6 (31:42):
Right now, the.
Speaker 5 (31:44):
Phones are going to ring, and then he'll take somebody out,
and then another thing will upset them and it'll put
somebody back in. I don't like that kind of discussionary
authority with anyone, even with a president that I generally
have a lot of good things to say about, like
President Trump. If it were President Reagan or President Coolidge,
my two favorite presidents of the last hundred years.
Speaker 6 (32:04):
I don't want them to have that kind of individual discussion.
So over the next month, and that's what the question is,
I expect volatility.
Speaker 3 (32:13):
What's on the cafe this week? Well, I was going.
Speaker 5 (32:17):
To write a divid cafe about the ten year anniversary
of my company leaving Morgan Stanley and starting our own
company ten years ago.
Speaker 3 (32:25):
Yes, something tells me that got bumped, and.
Speaker 5 (32:28):
It appears I'm going to have to keep this ongoing
care of focus going.
Speaker 1 (32:34):
All right, David Boson, it is the Dividendcafe dot com.
To those that want more, We'll talk again next Thursday
or sooner, if conditions warrant. David Bonson from the Bouncing
Financial Group, Thanks for joining us. You know this happens, yeah,
appreciate your insights. You know, I woke up this morning
and you know my initial gut is, you know, why
(32:56):
play this all in game of poker when you're on
such a role and it can play one of two ways,
and then there's the short term play and the long
term play. I'm growing more and more convinced the President's
in this for the long run. That can be problematic.
When I saw Rand Paul break against this, and I
rarely ever differ with Rand Paul, I kind of went.
(33:19):
But then you know, I woke up and now David
would say that Vietnam was already willing to negotiate such
a cut.
Speaker 3 (33:25):
But it makes me lead.
Speaker 1 (33:28):
I go back and forth like a pendulum between is
this a long term play and a short term play?
And if he can get a handful of key countries
to cave and cave quickly, I think it could. I
described I think it could have an impact on cost
of living. But the long term play does get a
little more dicey. So it's always good to get eybody's
point of view. That's David Monson's. He doesn't see a
(33:49):
bright spot in all this, and he sees a very
bumpy road ahead. More of Your Morning Show when we
come back.
Speaker 2 (33:54):
This is Your Morning Show with Michael del Chronow.
Speaker 1 (33:58):
One of the things that we were really excited about
teaching America is we can have disagreements. You know, I
was thinking, there's no one I love and respect more
than John Decker and John and I are both kind
of nerds with the electoral college map, and so we
played the game and then we made a bet, and
of course I had Donald Trump winning every swing state
(34:20):
and getting three hundred and twelve electoral votes. He thought
it was crazy, and he had Kamala Harris winning. Does
that mean that John doesn't know anything? No, just means
that sometimes we disagree and sometimes I'll be right, sometimes.
Speaker 3 (34:30):
He'll be right.
Speaker 1 (34:32):
And so you know the Ran Paul and David Bonson.
Now that's two people I really respect. I don't necessarily
agree with right now. But you know, David texted me
and said, look, I do realize I was kind of
hard on Trump here and that listeners aren't going to
like it.
Speaker 3 (34:46):
I hope you understand.
Speaker 1 (34:47):
I have to call balls and strikes, and so I
like to gather the information. It doesn't necessarily change my opinion,
but he's right, it did ruffle a few feathers. Let's
start in Youngstown.
Speaker 12 (34:58):
I just love when these people are against Trump's tariffs.
They always say that the companies know there's going to
be a new president in three years, But what if
the new president is JD. Vans?
Speaker 3 (35:12):
And then we get James. James, I think it's in Phoenix.
Speaker 13 (35:15):
I'm sorry, I don't agree with your guests that three
Canadian tariff ont Gary is in our imagination, particularly after
they signed USMCA, which says the tariff is supposed to
be zero.
Speaker 6 (35:27):
You know.
Speaker 1 (35:28):
Again, here's where I come in. It's it's a dangerous game,
this tariff game. And I see the short play victories
for the president, but I agree long term it could
be politically and economically disastrous for the president, and he's
been on such a role. I don't know why you'd
it's all or nothing. I think if he's playing at
short term, we're going to be fine. If it's long term, oh,
I see a lot of bumps in the road. By
(35:48):
the way, Eric Adams has just dropped out of the
race for mayor in New York City. That's breaking news.
Speaker 3 (35:52):
You got your national news, local news, weather, and traffic.
Speaker 1 (35:54):
Next, we come back Sounds of the day as your
morning show continues.
Speaker 3 (35:58):
We're all in this together.
Speaker 2 (35:59):
This This is your Morning Show with Michael del Jno
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