Richard Arnold: US Correspondent on the impact of the tariffs on Apple, the increased tariffs on China

More than 70 countries have approached the White House for talks following Trump’s tariffs.  

There's been no let up on China though – the US has promised to hit them with a 50% increase tomorrow.  

That will take China's total tariff rate to 104%.  

US Correspondent Richard Arnold told Mike Hosking the world's biggest company,  Apple, has been dealt a massive blow.  

He says its lost 20% of its market value in the past three days, and is pivoting production to India instead of China. 

The White House has raised the idea of manufacturing in the US, but Arnold says it’s unlikely as it would costs thousands of dollars more. 

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Episode Transcript

Speaker 1 (00:00):
Now, Richard, how are you so the tariffs? Where are we.

Speaker 2 (00:03):
At tariffs and markets? Yeah? You know, it's obvious during
the madness of the past twenty four hours, which saw
the biggest one days swing in the history of the Dow,
that Wall Street investors are desperate for any sign of
a break from this terriff threat, even the fake news
that Trump might be considering an einely day pause at
the market like a rocket, it's been up and down
again today. Right now it's down just a few points.
As the Trump team has been talking about negotiations with

(00:26):
some countries, Sirs, Trump, virtually every country wants to negotiate.

Speaker 3 (00:31):
If I didn't do what I did over the last
couple of weeks, you wouldn't have anybody wants to negotia.

Speaker 2 (00:37):
Yeah, so at least he's talking about that now. US
Treasury secretary has got better and there's some seventy countries
have made contexts on this, and a couple of them
are also moving to have talks with the White House.

Speaker 3 (00:48):
You have one of the Themes officials coming in this week.

Speaker 2 (00:53):
The Japanese are very eager to get it over and
I think you're going to see a couple of big
trading programs from deals well not China. They say they
will not be bullied in. The White House says the
so called reciprocal tariffs will take effect from midnight here,
including an additional fifty percent on goods from China. At
a briefing a short time ago, Trump's press person said

(01:13):
the present would like to see iPhones made in the
United States. You know, Apple has lost about twenty percent
of its value in the last three days and says
it's now planning to supply more iPhones from India, not China.
So none of this is settled. Higher prices could be
felt here within days on cars, on food, and other items,

(01:35):
so this is really starting to bite. As for iPhones,
they're saying that the prospect of talking about iPhones being
made in the United States is absurd because it would
cost in many thousands of dollars, is the estimate. None
of this, obviously is settled. Meantime, Elon Musk as you've
been hearing a split with Trump on tariffs, with the

(01:55):
White House now saying quote, boys will be boys, and
so that's his take on this. But Mosco also posted
the nineteen fifty zero video of conservative econooris Milton Friedman
talking about the pencil. Yeah, the humble pencil and how
it could not be made without free trade. Here is
part of Musque's post.

Speaker 3 (02:13):
There's not a single person in the world who could
make this pencil. Remarkable statement, not at all. The wood
from which it's made, for all I know, comes from
a tree that was cut down in the state of Washington.
To cut down that tree, it took a saw to
make the saw, It took steel to make the steal.
It took iron ore. This black center we call it lead,

(02:36):
but it's really graphight compressed graphite. I'm not sure where
it comes from, but I think it comes from some
mines in South America. This red top of here, the
eraser bit of rubber probably comes from Malaya, where the
rubber tree isn't even native. Who was imported from South
America by some businessmen with the help of the British government.

Speaker 2 (02:57):
So it's an interesting history. Musk one's zero terraff with Europe.

Speaker 3 (03:02):
Effectively creating a free trade zone between Europe and North America.

Speaker 2 (03:07):
So what tech experts are welcome from every where to
travel to Silicon Valley or do elon Musk's car plants,
except maybe not from Mexico. Mask also has split with
Trump's economic advisor Pete Navarro, and as you've been hearing
calling him a moron and dumber than a sack of bricks.
This after Navarro said Musk is not a car manufacturer
but a car assembler. So yeah, sort of stuff that
Trump really enjoys.

Speaker 1 (03:26):
And then we've got RFK and the MAHA movement. Where
are we at with the measles?

Speaker 2 (03:31):
Yeah, markets down, measles up. The US is dealing with
the worst. Measles don't break in decades or because many
people are not getting their kids vaccinated. So in parts
of Texas, where the anti VAK sentiment is strong, we
are seeing hundreds of cases of measles. Now, two children
have died of it, including an unvaccinated eight year old girl.
There are more than six hundred cases in the US

(03:51):
so far this year, and they've spread into eighteen states.
Health Secretary Rak Junior, who are said in the past
that measles can be good for you if you get
up over it. Well, this young girl did not get
over it. RFK traveled to Texas to attend the funeral,
and he issued a statement where he reversed decades of
his own remarks, saying, quote the most effective way to
prevent the spread of measles is quote the MMR vaccine

(04:16):
end quote. Then, after leaving that funeral, outter K Folston
praising a Texas doctor who is called mass infections of
meadles quote God's version of immunization. You know. In twenty nineteen,
RFK went up to Samoa during their measles outbreak, which
led to fifty seven hundred cases and eighty three deaths
due to decreased vaccination rates there, which RFK had endorsed
on that trip. The measles, by the way, arrived in

(04:38):
Samoa from New Zealand carried on a steamer in eighteen
ninety three, and over one thousand people died at that time.
Epidemiologist doctor Michael Mihener says he is terrified hisse us
resurgence could be the start of another measles Academic here
his take on the situation.

Speaker 3 (04:53):
As we start to see a case in one community
start to spark, it has its risking igniting frankly a
nationwied Outbreaktey.

Speaker 2 (05:02):
Notes of measles is one of the most contagious viruses known,
can spread from one case of dozens of people courting
not only a ration of fever but also brain inflammation,
permanent disability, and death as in this latest instance.

Speaker 1 (05:15):
On You Mate See Your Friday, Richard Arnold stateside, I've
got a receipt in front of me from a place
called Fabletics, which is out of China, and so the
order subtotal five hundred and sixty four dollars sixty. You
take off one hundred and seventy five dollars for your
total VIP savings and you get a discount of twenty
one ninety eight. Shipping is free, so that's encouraging. But

(05:36):
now we've got a new addition to the bill. It's
called a tariff surcharge, and the tariff'sur charge on this
particular receipt is forty four dollars and nine cents bring
the total order to four hundred and eleven dollars seventy one.
So it's real, it's arrived, it's happening.

Speaker 2 (05:48):
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Speaker 3 (05:52):
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