Following Trumps Liberation Day tariffs, the Dow has plunged 1,700 points and the Nasdaq is down 0.5%.
The market's seen its biggest drop since the start of the pandemic.
Economists say the tariffs could lead to a global recession.
US Correspondent Dan Mitchinson talks to Ryan Bridge about the fallout, Trump looking to delay TikTok ban, and why Americans are dyeing potatoes.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Dan Mitchison's a US correspondent with US this afternoon. Dan,
good evening, afternoon.
Speaker 2 (00:04):
Rabe, Hey, good afternoon.
Speaker 1 (00:07):
Tell me what it's basically down across the bord, isn't that,
Mike at wise the reaction to these tariffs?
Speaker 2 (00:12):
Yeah? Yeah. In fact, you know what, do you have
your do you have your your mobile phone right next
to you? I'm assuming in the studio I want you
to put this in your calendar for the final week
of this year. I think the Oxford University Press Word
of the Year will be tariffs. If it's not number one,
it's definitely got to be number two, because I think
that's all we're going to be talking about for the
foreseeable future. Right now. Looking at the market here, dows
(00:34):
off about two hundred points and the Nasdaq futures down
about half a percent. But I got to tell you
it was rough today. Across the board. We saw the
biggest drop that we've had since about two thousand, at
the start of the pandemic. Economists are saying these tariffs
could lead to a global recession, and I thought this
was kind of interesting. After the market closed, the White
(00:55):
House posted a tweet showing the President walking and his
hair and his suit jacket and all blown back. I mean,
it was a very like model looking picture in the wind.
And they had a message to sit almost Friday, and
after everything that happened, I thought that was a really
weird message for the White House to kind of send out.
Speaker 1 (01:10):
Have we had any polling on this yet.
Speaker 2 (01:14):
Not yet, per se, although there was a poll that
did come out about the overall economy and the fear
of not just day to day spending but medical costs,
and about sixty percent of American sixty four percent are
concerned about this right now. And I think you've got
a lot of mixed messages in the White House after today.
You've got some White House aids that are insisting that
(01:34):
the tariffs were not negotiable. Then you've got the President
coming out and saying, you know what, I might be
open to negotiating with other countries about the duties on this.
And I think people are concerned because you don't want
to look at your retirement fun on a daylight today.
And you've got the President saying, you know what, I'm
playing the long game here. It's going to hurt for
the foreseeable future. But he said down the road. This
is going to make the country stronger because more people
(01:55):
are going to buy us products TikTok.
Speaker 1 (01:57):
We've been here before where the thing was going to
be you know, band and would go dark over It's
appundly going to happen again over the weekend. Donald Trump
give it basically a stay of execution last time. Are
we going to get another one of those? Or is
there a deal to be done here?
Speaker 2 (02:11):
I don't. I mean, we've got so many people now,
everybody's thrown in their hats. Now. Just a couple of
days ago, you've got Amazon, You've got the founder of
only Fans, You've got this market platform app Love, and
that just announced a short time ago that it was
submitting a bid for for TikTok. And you know, basically
the President has said, I want to find a non
Chinese buyer for this app. It's used by one hundred
(02:33):
and seventy million Americans. Of course, there's you know, concern
about the security issues on this, and he says, you
know what, maybe I'd consider a deal for this where
China agrees to approve the sale of this by byt
dance in exchange for some relief from tariff. So once again,
we're kind of circling back to that that that big
(02:53):
topic here that I think is going to involve more
than just you know, the economy here.
Speaker 1 (02:59):
Of course, all of us have very real world consequences,
and people are always there's a lot of people who
are already doing it tough because the cost of living thing. Well,
it's gone away for some people have had a pay increase,
thank you very much. For others, that's still a problem.
Easter eggs are so expensive some people are dying potatoes
to have faced. Is this right?
Speaker 2 (03:19):
They are? I thought at first this was maybe an
April fool's joke that had been let you know, let
to wonder for a couple of days or two. But no,
they're not. I mean, eggs here are going for nine dollars,
ten eleven, twelve dollars a dozen. They are in short
supply because of bird flu. California is a major producer
of bird eggs or of these eggs as well, and
PETA among a number of other groups, not just PETA,
(03:41):
but they're one of a group that have sent a
request to the White Housing please use potatoes instead of
eggs during the annual Easter egg role event. Now as
you might imagine the Trump administration said, yeah, that's not
going to happen. But there are a lot of people
that are saying, you know what, we're going to have
to find creative ways. I can't see anybody in my
neighborhood we have a lot the kids doing this. Plastic
eggs though, I can imagine those are going to be
(04:03):
more popular and maybe maybe people using fewer real eggs
in their Easter egg hunt. But I don't think we're white.
Speaker 1 (04:09):
I see. I thought that the story was about actually
chocolate Easter eggs that were too expensive for people. I
was trying to figure that out. So it's the ones
that and then you play hide to seke with basically
a fond eg.
Speaker 2 (04:25):
Yeah yeah, yeah, you just you die them. You put
them in the grass, kids go out and they hunt
for them. That being said, you're not wrong about chocolate
because the price of chocolate has gone up thirty percent too,
So buying those Easter those chocolate Easter eggs or bunnies
are also going to be a lot more expensive this year.
Speaker 1 (04:38):
But who wants to find an egg like, you know,
a hot boiled egg or just a roar eg? Even
rules you want to find a chocolate egg, don't you.
Speaker 2 (04:46):
I understand you do, but you know, you know now
that you put it like that, I don't know. That's
all we've ever done. Growing on. People used to put
real eggs all over the ground.
Speaker 1 (04:54):
I've been ripped off since childhood? Have hey? Thank you?
Dan mentioned some how US correspondent.
Speaker 2 (05:00):
Or from hither Duplessy Allen Drive.
Speaker 1 (05:02):
Listen live to News Talk Set B from four pm weekdays,
or follow the podcast on iHeartRadio.
Dan Mitchison's a US correspondent with US this afternoon. Dan,
good evening, afternoon.
Speaker 2 (00:04):
Rabe, Hey, good afternoon.
Speaker 1 (00:07):
Tell me what it's basically down across the bord, isn't that,
Mike at wise the reaction to these tariffs?
Speaker 2 (00:12):
Yeah? Yeah. In fact, you know what, do you have
your do you have your your mobile phone right next
to you? I'm assuming in the studio I want you
to put this in your calendar for the final week
of this year. I think the Oxford University Press Word
of the Year will be tariffs. If it's not number one,
it's definitely got to be number two, because I think
that's all we're going to be talking about for the
foreseeable future. Right now. Looking at the market here, dows
(00:34):
off about two hundred points and the Nasdaq futures down
about half a percent. But I got to tell you
it was rough today. Across the board. We saw the
biggest drop that we've had since about two thousand, at
the start of the pandemic. Economists are saying these tariffs
could lead to a global recession, and I thought this
was kind of interesting. After the market closed, the White
(00:55):
House posted a tweet showing the President walking and his
hair and his suit jacket and all blown back. I mean,
it was a very like model looking picture in the wind.
And they had a message to sit almost Friday, and
after everything that happened, I thought that was a really
weird message for the White House to kind of send out.
Speaker 1 (01:10):
Have we had any polling on this yet.
Speaker 2 (01:14):
Not yet, per se, although there was a poll that
did come out about the overall economy and the fear
of not just day to day spending but medical costs,
and about sixty percent of American sixty four percent are
concerned about this right now. And I think you've got
a lot of mixed messages in the White House after today.
You've got some White House aids that are insisting that
(01:34):
the tariffs were not negotiable. Then you've got the President
coming out and saying, you know what, I might be
open to negotiating with other countries about the duties on this.
And I think people are concerned because you don't want
to look at your retirement fun on a daylight today.
And you've got the President saying, you know what, I'm
playing the long game here. It's going to hurt for
the foreseeable future. But he said down the road. This
is going to make the country stronger because more people
(01:55):
are going to buy us products TikTok.
Speaker 1 (01:57):
We've been here before where the thing was going to
be you know, band and would go dark over It's
appundly going to happen again over the weekend. Donald Trump
give it basically a stay of execution last time. Are
we going to get another one of those? Or is
there a deal to be done here?
Speaker 2 (02:11):
I don't. I mean, we've got so many people now,
everybody's thrown in their hats. Now. Just a couple of
days ago, you've got Amazon, You've got the founder of
only Fans, You've got this market platform app Love, and
that just announced a short time ago that it was
submitting a bid for for TikTok. And you know, basically
the President has said, I want to find a non
Chinese buyer for this app. It's used by one hundred
(02:33):
and seventy million Americans. Of course, there's you know, concern
about the security issues on this, and he says, you
know what, maybe I'd consider a deal for this where
China agrees to approve the sale of this by byt
dance in exchange for some relief from tariff. So once again,
we're kind of circling back to that that that big
(02:53):
topic here that I think is going to involve more
than just you know, the economy here.
Speaker 1 (02:59):
Of course, all of us have very real world consequences,
and people are always there's a lot of people who
are already doing it tough because the cost of living thing. Well,
it's gone away for some people have had a pay increase,
thank you very much. For others, that's still a problem.
Easter eggs are so expensive some people are dying potatoes
to have faced. Is this right?
Speaker 2 (03:19):
They are? I thought at first this was maybe an
April fool's joke that had been let you know, let
to wonder for a couple of days or two. But no,
they're not. I mean, eggs here are going for nine dollars,
ten eleven, twelve dollars a dozen. They are in short
supply because of bird flu. California is a major producer
of bird eggs or of these eggs as well, and
PETA among a number of other groups, not just PETA,
(03:41):
but they're one of a group that have sent a
request to the White Housing please use potatoes instead of
eggs during the annual Easter egg role event. Now as
you might imagine the Trump administration said, yeah, that's not
going to happen. But there are a lot of people
that are saying, you know what, we're going to have
to find creative ways. I can't see anybody in my
neighborhood we have a lot the kids doing this. Plastic
eggs though, I can imagine those are going to be
(04:03):
more popular and maybe maybe people using fewer real eggs
in their Easter egg hunt. But I don't think we're white.
Speaker 1 (04:09):
I see. I thought that the story was about actually
chocolate Easter eggs that were too expensive for people. I
was trying to figure that out. So it's the ones
that and then you play hide to seke with basically
a fond eg.
Speaker 2 (04:25):
Yeah yeah, yeah, you just you die them. You put
them in the grass, kids go out and they hunt
for them. That being said, you're not wrong about chocolate
because the price of chocolate has gone up thirty percent too,
So buying those Easter those chocolate Easter eggs or bunnies
are also going to be a lot more expensive this year.
Speaker 1 (04:38):
But who wants to find an egg like, you know,
a hot boiled egg or just a roar eg? Even
rules you want to find a chocolate egg, don't you.
Speaker 2 (04:46):
I understand you do, but you know, you know now
that you put it like that, I don't know. That's
all we've ever done. Growing on. People used to put
real eggs all over the ground.
Speaker 1 (04:54):
I've been ripped off since childhood? Have hey? Thank you?
Dan mentioned some how US correspondent.
Speaker 2 (05:00):
Or from hither Duplessy Allen Drive.
Speaker 1 (05:02):
Listen live to News Talk Set B from four pm weekdays,
or follow the podcast on iHeartRadio.
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