Richard Arnold: US Correspondent on the backlash from Donald Trump's tariffs

The United States is reacting to Donald Trump's tariffs, with people turning out in their thousands to protest across the country. 

The markets have been in 'meltdown' since US President Cannounced global tariffs. 

Trump has returned to the White House after three days away, and tomorrow he will meet with Israel's Prime Minister Benjamin Netanyahu.

US Correspondent Richard Arnold talks to Mike Hosking about the fallout. 

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Episode Transcript

Speaker 1 (00:00):
To the States we go. Richard Allen, very good morning
to you.

Speaker 2 (00:03):
Good morning, Mikel.

Speaker 1 (00:03):
What a blood bath Saturday.

Speaker 2 (00:04):
I am absolutely so. President Trump is returning to the
White House afterward. Basically was three days in hiding. He
was playing golf, a White House statement breaking the Trump
made it the finals of his own golf club senior championship.

Speaker 1 (00:18):
Well.

Speaker 2 (00:18):
Well, this while the markets have been, as you indicate,
in total meltdown. We've seen anti tariff protests in every
state in the country, hundreds of thousands of people turning out,
the biggest protests of the modern era, with rallies and
more than twelve hundred sites around the place. Tomorrow, Trump's
going to meet with Israel's net Yohu. This has Americans
are panicking over their retirement funds, the stock market investments

(00:40):
that governments have been promoting here for decades as retirement plans.
Wall Street reopens for trading tomorrow after that six trillion
US dollar was a race from the market in the
past two sessions. Six trillion not a simple number to
get your head around, is it. The Dow was off
by twenty two hundred points on Friday, Saturday your time,
sixteen hundred the day before or This is the first

(01:01):
time ever that the Dow has dropped by fifteen hundred
points or more on two consecutive days. There are some
small political cracks starting to show among Republicans. Elon Musk
is suggesting that he might be splitting from the Trump
tariff policy. Here's what he is saying.

Speaker 3 (01:16):
I'm hopeful, for example, with the tariffs, that's at the
end of the day, I hope it has agreed that
both Europe and the United States should move ideally in
my view, to a zero tariff situation.

Speaker 2 (01:28):
Such a good talkers, I mean Trump advises that Kevin
Hassett is saying now that many countries are flooding the
White House phones to talk about the tariffs, which analysts
say are not really based on tariffs imposed by other countries.

Speaker 4 (01:41):
More than fifty countries have reached out to the President
to begin a negotiation. But they're doing that because they
understand that they bear a lot of the tariffs, and
so I don't think that you're going to see a
big effect on the consumer in the US.

Speaker 2 (01:53):
Well, that's not what the boss of the fair is saying. Well,
Goldman Sachs has raised the chances for a recession to
about sixty percent. So this is a push. Is it
for some negotiation? Well, no, says Trump, and knows says
his Commerce secretary Howard Lutnik.

Speaker 3 (02:07):
There's no postponing. They are definitely a stay in place
for days and weeks.

Speaker 2 (02:12):
That is sort of obvious. The president needs to reset
global trade. Well that's that's one view, because Lutnik is
a dude who said there would be no big deal
off time and checks arrived a month late. Another self
style economic genie. He was asked today about why the
Penguin Islands heard McDonald Islands, which were included in the
Trump tariff list, why they were there. CBS's Margaret Brennan

(02:35):
asked him.

Speaker 4 (02:36):
Did you use AI to generate this?

Speaker 3 (02:40):
No?

Speaker 1 (02:40):
No, the idea.

Speaker 4 (02:41):
Look, the idea is why are they on the list?

Speaker 3 (02:44):
Left off?

Speaker 2 (02:45):
Because the idea what happens is if you lead anything
off the list, the countries that try to basically arbitrage
America go through those countries to US. So what Mike
China might secretly plot with the penguins to bypass the
Arabs had send condonas down there? What the hell is
he talking about? Meantime, on the streets here in recent hours.

Speaker 4 (03:05):
I think America is in terrible to strass.

Speaker 2 (03:08):
We are not happy and we will not start.

Speaker 3 (03:14):
Right.

Speaker 2 (03:16):
He's going in with the chainplay doesn't know what he's doing.
Some of the hundreds of protests. By the way, Trump
supposed a tariff expert is Peter Navarro, who spent four
months in prison for contempt of Congress. For your recall,
it was Trump's son in law, Jared Kushner who found
Navara when he was checking book titles on Amazon one
time about economics so he could tell his father, and

(03:38):
he had one called Death by China, partly written by Navarro.
He loved the title, so he recommended Navarro as an
economics aide, who, in his pro tariff writings, societed an
expert to support his policies. That economics whiz kid is
ron Vara, who praised Navarro Fulsomely, ron Vara does not exist.
He was invented by Navarro, who simply the letters of

(04:00):
his own name Navarro to create the mythical ron Vara.
Ron Vaar so the intellectual source of the Trump Tariff's
a conjole.

Speaker 1 (04:10):
Loving the times, Richard Ardeld appreciate yours The arbitrage from Lutnik.
There is a point there, not that transpositioning through Penguin
territory is the answer. But there was a guy over
the weekend we're reading about. He's a guy called Krugman
who's a Nobel Prize winner economist. He reckons the EU,
as in the firms within the EU will try and

(04:31):
export the goods via Northern Ireland for reduced tariff. Of course,
Northern Ireland part of England. England's got ten percent, the
EU's got twenty. That sort of stuff happens in trade
all the time. If you put it through one place
for a lower tariff, you've normally got to do something
with the product. You've got a transformatle change it in
some sort of way. He reckons they might be able
to get around it through the EU deal.

Speaker 2 (04:52):
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