April 9, 2025 • 27 mins
Trump temporarily drops tariffs to 10% for most countries, hits China harder with 125%. Gary and Shannon continue with more updates.
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Episode Transcript
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Speaker 1 (00:00):
This is Gary and Shannon and you're listening to KFI
AM six forty, the Gary and Shannon Show on demand
on the iHeartRadio app. Well breaking news today to tell
you about. We've had our eye on the stock market
ever since a Liberation Day of last week and today
a massive spike on Wall Street just in the past
(00:22):
half hour or so because President Trump announced a ninety
day pause on some tariffs. This is all about obstensively China.
In a post on truth Social he said he will
also lower reciprocal tariffs during this period. He said the
pause is effective immediately, and the tariff against China, however,
(00:44):
has gone up to one hundred and twenty five percent
because they hit back overnight with reciprocal tariffs. This is
all to punish China and to corral the rest of
the world using their words to be with the United State,
to say, okay, we're now no longer at tariff war
with everybody else, because people are picking up the phone
(01:05):
and they're calling us and they're ready to renegotiate. So now,
since China's been so defiant and has doubled down, we're
gonna go ahead and bring.
Speaker 2 (01:13):
In the rest of the world.
Speaker 1 (01:15):
To our side, and we're going to negotiate with them,
and we're gonna go harder against China.
Speaker 3 (01:20):
So the tweet that came sorry the truth social posts
that came out just a short time ago. Scott Bessett
apparently was in the room along with Howard Luttney, the
Commerce Secretary, while Donald Trump was writing this thing out,
And Howard Lutnick just wrote on Twitter, Scott Bessett and
(01:42):
I sat with the President while he wrote one of
the most extraordinary truth posts of his presidency. The world
is ready to work with Trump to fix global trade,
and China has chosen the opposite direction. So that's what
Howard Lutnik, again, the Commerce Secretary wrote.
Speaker 4 (01:56):
But this is what Trump wrote.
Speaker 3 (01:57):
This is the full truth social posts that came out
just before ten to thirty hour time.
Speaker 4 (02:04):
Quote.
Speaker 3 (02:05):
Based on the lack of respect that China has shown
to the world's markets, I am hereby raising the tariff
charged to China by the United States of America to
one hundred and twenty five percent effective immediately. At some point,
hopefully in the near future, China will realize that the
days of ripping off the USA and other countries is
no longer sustainable or acceptable. Conversely, and based on the
(02:27):
fact that more than seventy five countries have called representatives
of the United States, including the Departments of Commerce, Treasured Treasury,
and the USTR, to negotiate a solution to the subjects
being discussed relative to trade, trade barriers, tariffs, currency manipulation,
and non monetary tariffs, that these countries have not, at
(02:48):
my strong suggestion, retaliated in any way, shape or form
against the United States. I have authorized a ninety day
pause and a substantially lowered reciprocal tariff during this period
of ten percent, also effective immediately. I would have preferred
a few more punctuation marks in there. Thank you for
your attention to this matter, it says. I think that's
(03:11):
a very funny salutation, But thank you for the attention
to this matter. So again, a ninety day pause on
the reciprocal tariffs except for China, and it does keep
a ten percent baseline tariff in place, if nothing else,
just to make it uncomfortable enough to continue to spur
those other countries to coming to the table to figure
(03:34):
out what we're going to do in terms of individual
trade agreements with each of those Each of those countries.
Speaker 2 (03:41):
It's interesting that he said that what was the be cool.
Speaker 3 (03:48):
Social media post that was this morning, right as the
market's opened, and it was be cool basically like, this
is a time to get into the market because the
prices are going to be low. Right, everything is going
to work out well, he wrote, the USA will be
bigger and better than ever before. This is a great
time to buy all caps, is what he wrote.
Speaker 2 (04:10):
Well this morning was yeah, and the right.
Speaker 4 (04:13):
I mean, listen, the doubts back up over forty five.
Speaker 1 (04:16):
That's a delicate dance, isn't it when you're getting on
social media and saying this is a great time to buy,
knowing that you could be the person that changes the
fate of the stock market by the end of the day.
Speaker 3 (04:28):
Well, that is an important thing to remember, and you
mentioned it right before we would but before we went
to news. Is the timing of comments like this or
in this case a social media post is very very important.
Speaker 4 (04:41):
And he knows.
Speaker 2 (04:42):
That market manipulation.
Speaker 4 (04:44):
Well, he had the ability.
Speaker 3 (04:48):
I don't know if he saw the headlines that we
saw yesterday, which were talking about how no other presidency
at the beginning of a term has I seen a
market turned so South so quick, and he did not
want to live with that record because he has touted
(05:10):
how great the economy would be as soon as they were,
as soon as we threw off the shackles of a
Biden administration.
Speaker 1 (05:19):
I wonder, just because this is somebody who likes to
play with money, likes to roll the dice his whole life.
Speaker 2 (05:31):
He's a businessman. This is what he does.
Speaker 1 (05:36):
You know, I was telling you about advice from money
people that said, if you have anything extra, now's the
time to invest.
Speaker 2 (05:44):
I mean, you just wonder who who did that?
Speaker 1 (05:47):
Who took advantage knowing that he was going to pull
the plug on this thing when he pulled the plug
on this thing.
Speaker 4 (05:55):
Who's making money?
Speaker 2 (05:56):
Who made money and how much?
Speaker 4 (05:59):
I'm sure there's plenty of people.
Speaker 1 (06:01):
And I mean, you don't have to be an insider
to act on something like this as you see it
play out. You don't have to be an insider to
know Trump's personality. And he was not going to let
this continue. He was not going to let this slide
on Wall Street go on for weeks. He just that's
just not his personality. Time I could have told you that.
(06:23):
So it's not like you need to be an insider
to have that kind of information that he was only
going to let this go for so long.
Speaker 4 (06:31):
Well, yeah, but you just.
Speaker 1 (06:32):
Wonder, if you know, I think his beef with China
is the driving factor here. I think that he has
has had it in his craw for a long time
what China has been doing with tariffs, what they've been
able to do.
Speaker 3 (06:43):
Scott Besson mentioned that when he's standing outside the White House,
the President's talked about Chinese trade imbalances for years, right,
And this is not a new thing. It's not just
a campaign issue. It was a first term issue. Uh,
And he's talked about it long before that.
Speaker 1 (06:58):
So he said in than nineteen eighties, I believe very
strongly in tariffs. All of the many nations that abuse
the United States should pay a major tax, he said,
like a fifteen or twenty percent tax on any product
they sell in the United States. Again, that was the
late eighties, not this week. This is something he's been
thinking about for a long time.
Speaker 3 (07:19):
The one thing that's still on the on the chopping
block here potentially is the pharmaceutical terraffs, because he had
threatened this morning that pharmaceutical terrafs were going to be
going up soon. We'll talk more about this.
Speaker 1 (07:31):
Yeah, let's do that, because China makes a lot of
the things that go into our favorite drugs.
Speaker 4 (07:37):
Gary and Channon will continue.
Speaker 5 (07:40):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 1 (07:47):
Well Wall Street loves this breaking news, to the tune
of oh, I don't know. The Dow up twenty six hundred.
Speaker 3 (07:55):
Dal's of seven percent, S and P five hundred is
up eight percent, DAC is up ten percent, and that's
just within the last hour. Again, the announcement that there
will be a ninety day pause on almost all of
the reciprocal tariffs except for China. We mentioned that Scott Passent,
the Treasury Secretary, was answering questions outside the White House
(08:17):
after this decision was made and after it was posted
onto truth Social. One of the reporters asked the Treasury
Secretary if this was since China's the one that's going
to have these one hundred and twenty five percent tariffs remain,
is this all about isolating China and turning them into
the bad guy.
Speaker 6 (08:34):
For all of this, Well, it's about bad actors. And
what we will see is some of the very early
countries are China's neighbors that we're going to see. I'm
seeing Vietnam today, Japan's at the front of the queue,
South Korea, India, so you know, we will see. And
as I've repeatedly said, and President Trump has been saying
(08:56):
it four years, China is the most imbalanced economy the
history of the modern world. And they are the biggest
source of the US trade problems, and indeed they are
problems for the rest of the world because what we've
seen is that as a US announced the tariff wall
last week, many of those goods have already started letting
(09:18):
into Europe.
Speaker 1 (09:22):
When China came out with the reciprocal tariffs, that's when
you really saw hedge funds and other investors big money
situations having to sell their bonds to raise cash to
make up for losses in the stock market. That's not
a tenable situation. So that is could be one of
the reasons why you saw this happen when it did,
because that happened pretty much overnight. Now, of course we're
(09:46):
trying to isolate China, of course, that's what's going on here.
The thing about China is they're fine with that. And
if you want to talk about pharmaceuticals, which we should
talk about. When the President comes out and says we're
going to play with pharmaceuticals, that's going to be one
of the games we're playing here with China. You're picking
(10:08):
a fight with the other big dog in the yard.
I mean, it's a real ding dog. I think when
it comes to the United States in China, in terms
of pharmaceutical manufacturing, I believe that one of let's see here,
China is the world's largest producer of what's called APIs.
(10:30):
APIs are basically the ingredients that give drugs their intended effect. Pharmaceuticals,
like everything else, it's just cheaper to make these things
that active pharmaceutical ingredients.
Speaker 2 (10:42):
It's cheaper to make them in China.
Speaker 1 (10:45):
There's been a move recently to bring especially after covid or,
you're relying on China for things in the medical industry.
Speaker 2 (10:52):
There was a conversation at that.
Speaker 1 (10:54):
Time, Hey, we got to move some of this back
to the United States, Like prices be damned, we cannot
rely on China to manufacture our drugs.
Speaker 2 (11:01):
That's ridiculous. But do you think about how reliant we are.
Speaker 3 (11:04):
And our memories are short and once it's no longer
a big deal, and we're not talking about vaccines being.
Speaker 4 (11:08):
Produced in other countries. People forget about it.
Speaker 2 (11:11):
There wasn't a lot of pressure.
Speaker 1 (11:12):
Yeah, one drug maker in China, wu she Apptech, is
estimated to be involved in producing one fourth of the
medications used in the United States.
Speaker 2 (11:23):
China produces more than.
Speaker 1 (11:25):
A third of the world's supply of antibiotics as well.
Speaker 3 (11:29):
So the President last night was giving a speech to
the National Republican Congressional Committee, and he said, we're going
to announce very shortly a major tariff on all on pharmaceuticals. So,
as you're pointing out, since twenty twenty, since before the pandemic,
US imports of Chinese pharmaceuticals have grown by three hundred
(11:50):
and ninety percent. We're now up over ten billion dollars
when it comes to pharmaceuticals that are coming into the
country from China, and the capital of Beijing is really
where it is all centered.
Speaker 4 (12:04):
That of course cuts the cost for production.
Speaker 3 (12:06):
They launched a five year plan to increase the development
of consumer drugs, and the whole thing is trying to
crack down, to tighten the screws down on that pharmaceutical
growth by encouraging drug makers, whether they're American drug makers
or international drug makers, to make plants here because of
the onset of these levels levies. Again, that's all part
(12:29):
of what's going on now. I don't know the threat
that he said that they're going to target pharmaceuticals next,
that came last night.
Speaker 4 (12:36):
We have no idea.
Speaker 3 (12:37):
Scott Bessett, the Treasury Secretary, wasn't able to shed any
light on it when he was talking today. Does this
mean that all of this tariff talk is paused for
ninety days, or does it mean that the President still
has a couple arrows in his quiver and he's going
to start firing off some very targeted, market specific or
industry specific tariffs to these different places.
Speaker 1 (13:01):
I want to continue the conversation about prescriptions, because ninety
percent of the prescriptions involved generic medicines in this country.
Speaker 2 (13:10):
You know that you're probably all on generics.
Speaker 1 (13:13):
All of my things, the myriad drugs I take.
Speaker 4 (13:17):
Should we talk about.
Speaker 1 (13:18):
Vitamin D and my thyroid and multi vitamin and magnesium thyroid.
Speaker 2 (13:25):
The thyroid is actually not generic.
Speaker 1 (13:29):
Because the generics vary so much in their dosages and
they play around with it depending on whoever makes it.
I don't mess around with it when it comes to
the thyroid because a mood level or exactly. But anyway,
so ninety percent of our drugs are generics and we
get most of those from China. And the Pills Act
(13:50):
was just reintroduced on Capitol Hill. This was something that
the President campaigned on bringing more critical medicines back to
being in the US, and that was a bill that
was on the table on Capitol Hill last year and
now has been reintroduced. But to your point, the legislation
(14:11):
has not kept up to well. I mean, it provides
a number of incentives for the companies to bring back
production to the United States.
Speaker 2 (14:20):
But that has not been done yet.
Speaker 1 (14:23):
Like all these all these moved the manufacturing, move production
back to the United States, all excellent ideas. It just
until we get there. We're in limbo and we're reliant
on these other countries.
Speaker 3 (14:33):
And nobody wants the gap. Nobody wants to wait through
the gap.
Speaker 5 (14:37):
No, you're listening to Gary and Shannon on Demand from
KFI AM six forty.
Speaker 3 (14:45):
The biggest story of the day is that Donald Trump
has decided to pause tariffs ninety day pause on reciprocal tariffs.
He will keep in place a ten percent baseline tariff
for into the United States from other countries. And as
of the announcement that he made about an hour ago,
(15:06):
he suggested that in fact, other countries had come to
the table. Seventy five plus other countries had supposedly contacted
the United States in an attempt to start the process
of negotiating new trade deals. Scott Bessett, the Secretary of
the Treasury, was outside the White House and described this
as a pretty brilliant move by the president.
Speaker 4 (15:27):
Those were his words.
Speaker 6 (15:28):
President Trump created maximum negotiating leverage for himself and which
terrorists went into effect fifteen hours ago. The ones that
we have a lower went into effect a week ago,
or they were announced a week ago. And we have
just been overwhelmed, overwhelmed by the response from mostly our
allies who want to come and negotiate in good faith.
(15:51):
So we are expecting them to come with their best deal,
as I said, or we could go today, don't retaliate.
Older Brown see what happens. And China, they kept escalating
and escalating, and now they have one hundred and twenty
five percent tariffs. So the effective immediately I.
Speaker 1 (16:11):
Want to talk about drugs, pharmaceuticals. The President has talked
about moving pharmaceuticals and the manufacturing of them back to
the United States for a long time, the way he's
talked about automotive things in the past. Here's just a
few numbers with you stay with me. Between twenty twenty
and twenty twenty two, US imports of China made pharmaceuticals
(16:36):
grew four hundred and eighty five percent four hundred and
eighty five percent, which is what led to the President
saying early in the campaign. Just two years later in
twenty twenty four, we need more critical medicines made in
the US. Now, there was, as I mentioned, a bill
(16:57):
floating around Capitol Hill called the Pills Act. It was
in the House and it was introduced by a Republican
out of New York. It provides tax incentives to produce
generic drugs in the US. That stalled. It's been reintroduced
just this year. But pharmaceutical companies took note of what
(17:20):
Trump said back in the campaign days and here's his
direct quote.
Speaker 2 (17:24):
From the campaign.
Speaker 1 (17:26):
As part of my plan to obtain total independence from China,
we will phase in tariffs and import restrictions to bring
back production of all essential medicines to the US where
they belong. Eli Lilly in response, said it would invest
about twenty seven billion dollars in an API facility. As
(17:47):
you heard in the last segment, I believe API that
stands for the active pharmaceutical ingredients, so many of which
we get from China, most of which we get from China.
So Eli Lilly has already moved forward with doing it,
closing the gap. I guess, shall we say, in terms
of definitely already signing the checks to beef up existing
(18:09):
labs in this country, more facilities, more pharmaceuticals made here.
The Manjaro is one of the things that they stepped
up production and the US for as well. So some
people did hear what Trump was saying a year ago
and have kind of moved the ball in this direction
because I saw this coming.
Speaker 3 (18:30):
Trump also has criticized pharmaceutical companies here in the United
States for registering their intellectual property in Ireland, one because
of the low corporate tax rate, and that's one of
the things that he has been talking about. He said
that we don't produce enough antibiotics. You had mentioned that
China is one of the major producers of antibiotics along
with India, and that it's unfair that we in the
(18:52):
United States pay the prices that we do for some
of these brand name drugs that in other wealthy countries
they don't pay.
Speaker 4 (19:01):
Some of them don't pay for them.
Speaker 3 (19:03):
I mean, the government picks up the tab, but that
if it's passed on to us here in America, we
pay exorbitant prices for some of those things.
Speaker 1 (19:11):
Another piece of information from the this didn't come out
of nowhere file.
Speaker 2 (19:17):
You brought up India.
Speaker 1 (19:19):
In India's importance in terms of being a trade partner
with US. We talked about how it's also a big
trade partner with China, but India, China kind of has
India by the balls when it comes to pharmaceuticals because
India gets seventy percent of its pharmaceuticals from China. So
that's going to be a main driving factor. China also
(19:40):
took note of Trump in the campaign years talking about tariffs.
Speaker 2 (19:44):
He talked about it his last term.
Speaker 1 (19:45):
He started he started playing around with China his last term,
and we could talk about that as well. But China
started this new campaign, you know, make America great again.
Here China started their own Made in China twenty twenty
five campaign with the Laser focus on Biotech, which is
essentially making pharmaceuticals in China. So this is something that
(20:08):
both countries have been working towards. They both see how
powerful of a drug the pharmaceutical industry is when it
comes to these tariffs.
Speaker 3 (20:15):
So then how much pressure how It's hard to describe
or hard to ask the question in the right terms,
but how much pressure does this add to the pressure
that they have already felt.
Speaker 1 (20:27):
I think the good news for us, the people who
take the drugs is they need each other. The United
States and China both can't say fu in this department, right,
They just can't. They're too reliant on each other.
Speaker 3 (20:39):
You can call it about all the industries though, I mean,
think about appliances.
Speaker 2 (20:43):
But you mess with people's drugs, my god.
Speaker 4 (20:48):
We will continue garing that TikTok was bad. We'll be
right back.
Speaker 5 (20:53):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 4 (21:01):
President Trump has paused.
Speaker 3 (21:04):
Tariffs for ninety days against most countries, but he's raised
the Chinese rate to one hundred and twenty five percent
because of a lack of respect in this even though
they don't want to call it a trade war, it's
shaping up to be. Smells like a trade war, sounds
like a trade war.
Speaker 1 (21:20):
Well, let's talk about should we do good news? Should
we have a good news moment? Sure, if these gains hold,
it'll be the best day for the S and P
five hundred eight since March twenty twenty, and the market
recovery from that early pandemic and do sell off. Nearly
every stock index is up. Airlines, tech companies, Tesla among
(21:40):
other companies to soar over twenty percent if things hold.
Like I was mentioning, Tesla's shares of automakers rose even
though twenty five percent tariffs on imported cars remain in place.
Tesla up nineteen percent, Forward GM both up about eight percent.
Investors betting if these numbers are true and they hold,
(22:02):
Investors are betting that carmakers will also get a reprieve.
Speaker 2 (22:06):
From the administration.
Speaker 3 (22:07):
I don't have good news, but I have funny news, Okay.
Megan Markle says that we may head into a recession
because of the terrifying Okay.
Speaker 1 (22:19):
So I've reached pinnacle recession feedback at this point. Justin
Worsham usually joins us, and he was going to he's here,
we're going to be parenting. But then as hit the fan.
But that doesn't mean we don't want to talk to
Justin because Justin has a show that he's doing on KFI. Yeah,
it is on the weekend. It is Sunday afternoons two
to four.
Speaker 7 (22:39):
You could tune in iHeartRadio app anywhere or live on
the radio.
Speaker 4 (22:43):
We did it first time.
Speaker 5 (22:44):
It went great.
Speaker 7 (22:44):
I didn't burn the place down. I actually think it
was successful. I think we got some great people giving
feedback that they really love the idea. It's just talking
southern California real estate, anything related.
Speaker 1 (22:54):
To housing, and it's very vulid all these days.
Speaker 7 (22:58):
Yeah, and it's hard like that that we That was
one of the comments that somebody like sent in via
the talkback was like they appreciated getting an education on
it because it's something that very most people don't know
anything about.
Speaker 4 (23:08):
Even if you've bought and sold multiple homes.
Speaker 3 (23:10):
Especially I was going to say, even if you've bought
multiple homes, that's you're not going to do a lot
in your life, right. I mean, my wife and I
have three we've had three homes that we've bought, and
that's over the course of fifty two years. That's spread out.
That's a lot of differences, and there's a lot of
things that happened between the times of a house purchase
or sale or something like that. So there's a lot
that I'm sure there's a lot of people that go
(23:31):
in that into it with unease.
Speaker 1 (23:33):
It's like watching sausage get made. Right, Usually you hire someone.
Speaker 4 (23:38):
To make No, he's getting it directly from her ex.
Speaker 2 (23:43):
That was you who brought her into our lives.
Speaker 4 (23:45):
Today.
Speaker 2 (23:46):
I did not bring her into our lives. You opened the.
Speaker 1 (23:54):
Real estate to me is like watching sausage get made.
I love my home. I love it, but I do
not want to know what went into me living there. Yea,
it is too. It's just all this stuff I don't
want to pay attention to, and that, to me, is
what real estate is.
Speaker 7 (24:10):
I hope I listen. I hope they continue to do it.
So far it seems like there's it's looking good. I
have at least next week to do. We're going I
know we're gonna kick off the show talking about could
what impact could these tariffs when they are unpaused affect
how that could affect housing. I want to talk a
little bit about like the tidbits of staging a house,
like does it where, does it make sense?
Speaker 4 (24:29):
When doesn't it make sense?
Speaker 7 (24:31):
And then I want to give a tidbit about property
management as a job for people who are looking to
make housing more affordable.
Speaker 3 (24:36):
For I heard you mentioned that just in terms of
that being a gig that you had for me, I did.
Speaker 7 (24:40):
That's how I paid my bills as an up and
coming comic and saved up money to buy my house
in Burbank. Was just I was a property manager for
almost four years, and I just paid myself for rent
and live rent free and only work twenty hours a
month maybe on that on that apartment.
Speaker 2 (24:52):
Great gig, great gig.
Speaker 4 (24:53):
I loved it all right, two to four.
Speaker 1 (24:56):
He's not just a pretty face. He's not just here
to make you laugh, guys. He's here to make your money.
It is too bad that the haircut gets wasted on
the radio.
Speaker 4 (25:05):
I know, right, Yeah, I didn't think about that when I.
Speaker 2 (25:06):
Got it yesterday in a moment.
Speaker 6 (25:08):
Yeah.
Speaker 3 (25:08):
So if you people are listening, when when Justin comes
on on Sunday two o'clock, just closurizing and think of
you got the haircut.
Speaker 7 (25:15):
Do you see the divid I had them cut from
my headphones right here. Just I put a little spot
for it so it doesn't get ramped up like mine.
I'm going full blown radio person. That's what I've decided.
You're gonna just wear a bald spot.
Speaker 4 (25:25):
Yeah, the risk. I look good at headphones sideways mohawk. Right,
I got it all.
Speaker 1 (25:30):
Right, I've got some breaking recession news here cold. According
to Goldman Sacks, it just released a note. As a
result of Trump's announcement on this pause, Goldman Sacks no
longer officially forecasting a recession.
Speaker 2 (25:46):
Here's the quote.
Speaker 1 (25:47):
We are reverting to our previous non recession baseline forecast
with GDP growth of point five percent and a forty
five percent probability of recession, backing off their assertion that
we were headed for a recession.
Speaker 7 (26:00):
And I'm sure you guys will break in with Megan
Markle's reaction to that, right, Oh yeah, yeah, we'll get
some gold.
Speaker 2 (26:06):
But what was she wearing?
Speaker 3 (26:10):
Well, all of her food and stuff is all made
in America. She's she's not too concerned that the tariffs
are gonna end.
Speaker 2 (26:15):
Why do you know so much about her, that's fascinating.
Speaker 7 (26:18):
Well, why don't you, Yeah, she's making I'm an American,
she's so.
Speaker 4 (26:23):
Is she She's Canadian? She Canadian? Yes, you lost all
credibility with your Marko cred now huh.
Speaker 1 (26:31):
And she's by way of the Brits who put all
those tariffs on it.
Speaker 2 (26:34):
Why do you think we're here?
Speaker 1 (26:37):
Good lord, Oh gosh, we'll talk trending when we come back.
Speaker 3 (26:43):
Shannon, you've been listening to The Gary and Shannon Show.
You can always hear us live on KFI AM six
forty nine am to one pm every Monday through Friday,
and anytime on demand on the iHeartRadio app.
This is Gary and Shannon and you're listening to KFI
AM six forty, the Gary and Shannon Show on demand
on the iHeartRadio app. Well breaking news today to tell
you about. We've had our eye on the stock market
ever since a Liberation Day of last week and today
a massive spike on Wall Street just in the past
(00:22):
half hour or so because President Trump announced a ninety
day pause on some tariffs. This is all about obstensively China.
In a post on truth Social he said he will
also lower reciprocal tariffs during this period. He said the
pause is effective immediately, and the tariff against China, however,
(00:44):
has gone up to one hundred and twenty five percent
because they hit back overnight with reciprocal tariffs. This is
all to punish China and to corral the rest of
the world using their words to be with the United State,
to say, okay, we're now no longer at tariff war
with everybody else, because people are picking up the phone
(01:05):
and they're calling us and they're ready to renegotiate. So now,
since China's been so defiant and has doubled down, we're
gonna go ahead and bring.
Speaker 2 (01:13):
In the rest of the world.
Speaker 1 (01:15):
To our side, and we're going to negotiate with them,
and we're gonna go harder against China.
Speaker 3 (01:20):
So the tweet that came sorry the truth social posts
that came out just a short time ago. Scott Bessett
apparently was in the room along with Howard Luttney, the
Commerce Secretary, while Donald Trump was writing this thing out,
And Howard Lutnick just wrote on Twitter, Scott Bessett and
(01:42):
I sat with the President while he wrote one of
the most extraordinary truth posts of his presidency. The world
is ready to work with Trump to fix global trade,
and China has chosen the opposite direction. So that's what
Howard Lutnik, again, the Commerce Secretary wrote.
Speaker 4 (01:56):
But this is what Trump wrote.
Speaker 3 (01:57):
This is the full truth social posts that came out
just before ten to thirty hour time.
Speaker 4 (02:04):
Quote.
Speaker 3 (02:05):
Based on the lack of respect that China has shown
to the world's markets, I am hereby raising the tariff
charged to China by the United States of America to
one hundred and twenty five percent effective immediately. At some point,
hopefully in the near future, China will realize that the
days of ripping off the USA and other countries is
no longer sustainable or acceptable. Conversely, and based on the
(02:27):
fact that more than seventy five countries have called representatives
of the United States, including the Departments of Commerce, Treasured Treasury,
and the USTR, to negotiate a solution to the subjects
being discussed relative to trade, trade barriers, tariffs, currency manipulation,
and non monetary tariffs, that these countries have not, at
(02:48):
my strong suggestion, retaliated in any way, shape or form
against the United States. I have authorized a ninety day
pause and a substantially lowered reciprocal tariff during this period
of ten percent, also effective immediately. I would have preferred
a few more punctuation marks in there. Thank you for
your attention to this matter, it says. I think that's
(03:11):
a very funny salutation, But thank you for the attention
to this matter. So again, a ninety day pause on
the reciprocal tariffs except for China, and it does keep
a ten percent baseline tariff in place, if nothing else,
just to make it uncomfortable enough to continue to spur
those other countries to coming to the table to figure
(03:34):
out what we're going to do in terms of individual
trade agreements with each of those Each of those countries.
Speaker 2 (03:41):
It's interesting that he said that what was the be cool.
Speaker 3 (03:48):
Social media post that was this morning, right as the
market's opened, and it was be cool basically like, this
is a time to get into the market because the
prices are going to be low. Right, everything is going
to work out well, he wrote, the USA will be
bigger and better than ever before. This is a great
time to buy all caps, is what he wrote.
Speaker 2 (04:10):
Well this morning was yeah, and the right.
Speaker 4 (04:13):
I mean, listen, the doubts back up over forty five.
Speaker 1 (04:16):
That's a delicate dance, isn't it when you're getting on
social media and saying this is a great time to buy,
knowing that you could be the person that changes the
fate of the stock market by the end of the day.
Speaker 3 (04:28):
Well, that is an important thing to remember, and you
mentioned it right before we would but before we went
to news. Is the timing of comments like this or
in this case a social media post is very very important.
Speaker 4 (04:41):
And he knows.
Speaker 2 (04:42):
That market manipulation.
Speaker 4 (04:44):
Well, he had the ability.
Speaker 3 (04:48):
I don't know if he saw the headlines that we
saw yesterday, which were talking about how no other presidency
at the beginning of a term has I seen a
market turned so South so quick, and he did not
want to live with that record because he has touted
(05:10):
how great the economy would be as soon as they were,
as soon as we threw off the shackles of a
Biden administration.
Speaker 1 (05:19):
I wonder, just because this is somebody who likes to
play with money, likes to roll the dice his whole life.
Speaker 2 (05:31):
He's a businessman. This is what he does.
Speaker 1 (05:36):
You know, I was telling you about advice from money
people that said, if you have anything extra, now's the
time to invest.
Speaker 2 (05:44):
I mean, you just wonder who who did that?
Speaker 1 (05:47):
Who took advantage knowing that he was going to pull
the plug on this thing when he pulled the plug
on this thing.
Speaker 4 (05:55):
Who's making money?
Speaker 2 (05:56):
Who made money and how much?
Speaker 4 (05:59):
I'm sure there's plenty of people.
Speaker 1 (06:01):
And I mean, you don't have to be an insider
to act on something like this as you see it
play out. You don't have to be an insider to
know Trump's personality. And he was not going to let
this continue. He was not going to let this slide
on Wall Street go on for weeks. He just that's
just not his personality. Time I could have told you that.
(06:23):
So it's not like you need to be an insider
to have that kind of information that he was only
going to let this go for so long.
Speaker 4 (06:31):
Well, yeah, but you just.
Speaker 1 (06:32):
Wonder, if you know, I think his beef with China
is the driving factor here. I think that he has
has had it in his craw for a long time
what China has been doing with tariffs, what they've been
able to do.
Speaker 3 (06:43):
Scott Besson mentioned that when he's standing outside the White House,
the President's talked about Chinese trade imbalances for years, right,
And this is not a new thing. It's not just
a campaign issue. It was a first term issue. Uh,
And he's talked about it long before that.
Speaker 1 (06:58):
So he said in than nineteen eighties, I believe very
strongly in tariffs. All of the many nations that abuse
the United States should pay a major tax, he said,
like a fifteen or twenty percent tax on any product
they sell in the United States. Again, that was the
late eighties, not this week. This is something he's been
thinking about for a long time.
Speaker 3 (07:19):
The one thing that's still on the on the chopping
block here potentially is the pharmaceutical terraffs, because he had
threatened this morning that pharmaceutical terrafs were going to be
going up soon. We'll talk more about this.
Speaker 1 (07:31):
Yeah, let's do that, because China makes a lot of
the things that go into our favorite drugs.
Speaker 4 (07:37):
Gary and Channon will continue.
Speaker 5 (07:40):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 1 (07:47):
Well Wall Street loves this breaking news, to the tune
of oh, I don't know. The Dow up twenty six hundred.
Speaker 3 (07:55):
Dal's of seven percent, S and P five hundred is
up eight percent, DAC is up ten percent, and that's
just within the last hour. Again, the announcement that there
will be a ninety day pause on almost all of
the reciprocal tariffs except for China. We mentioned that Scott Passent,
the Treasury Secretary, was answering questions outside the White House
(08:17):
after this decision was made and after it was posted
onto truth Social. One of the reporters asked the Treasury
Secretary if this was since China's the one that's going
to have these one hundred and twenty five percent tariffs remain,
is this all about isolating China and turning them into
the bad guy.
Speaker 6 (08:34):
For all of this, Well, it's about bad actors. And
what we will see is some of the very early
countries are China's neighbors that we're going to see. I'm
seeing Vietnam today, Japan's at the front of the queue,
South Korea, India, so you know, we will see. And
as I've repeatedly said, and President Trump has been saying
(08:56):
it four years, China is the most imbalanced economy the
history of the modern world. And they are the biggest
source of the US trade problems, and indeed they are
problems for the rest of the world because what we've
seen is that as a US announced the tariff wall
last week, many of those goods have already started letting
(09:18):
into Europe.
Speaker 1 (09:22):
When China came out with the reciprocal tariffs, that's when
you really saw hedge funds and other investors big money
situations having to sell their bonds to raise cash to
make up for losses in the stock market. That's not
a tenable situation. So that is could be one of
the reasons why you saw this happen when it did,
because that happened pretty much overnight. Now, of course we're
(09:46):
trying to isolate China, of course, that's what's going on here.
The thing about China is they're fine with that. And
if you want to talk about pharmaceuticals, which we should
talk about. When the President comes out and says we're
going to play with pharmaceuticals, that's going to be one
of the games we're playing here with China. You're picking
(10:08):
a fight with the other big dog in the yard.
I mean, it's a real ding dog. I think when
it comes to the United States in China, in terms
of pharmaceutical manufacturing, I believe that one of let's see here,
China is the world's largest producer of what's called APIs.
(10:30):
APIs are basically the ingredients that give drugs their intended effect. Pharmaceuticals,
like everything else, it's just cheaper to make these things
that active pharmaceutical ingredients.
Speaker 2 (10:42):
It's cheaper to make them in China.
Speaker 1 (10:45):
There's been a move recently to bring especially after covid or,
you're relying on China for things in the medical industry.
Speaker 2 (10:52):
There was a conversation at that.
Speaker 1 (10:54):
Time, Hey, we got to move some of this back
to the United States, Like prices be damned, we cannot
rely on China to manufacture our drugs.
Speaker 2 (11:01):
That's ridiculous. But do you think about how reliant we are.
Speaker 3 (11:04):
And our memories are short and once it's no longer
a big deal, and we're not talking about vaccines being.
Speaker 4 (11:08):
Produced in other countries. People forget about it.
Speaker 2 (11:11):
There wasn't a lot of pressure.
Speaker 1 (11:12):
Yeah, one drug maker in China, wu she Apptech, is
estimated to be involved in producing one fourth of the
medications used in the United States.
Speaker 2 (11:23):
China produces more than.
Speaker 1 (11:25):
A third of the world's supply of antibiotics as well.
Speaker 3 (11:29):
So the President last night was giving a speech to
the National Republican Congressional Committee, and he said, we're going
to announce very shortly a major tariff on all on pharmaceuticals. So,
as you're pointing out, since twenty twenty, since before the pandemic,
US imports of Chinese pharmaceuticals have grown by three hundred
(11:50):
and ninety percent. We're now up over ten billion dollars
when it comes to pharmaceuticals that are coming into the
country from China, and the capital of Beijing is really
where it is all centered.
Speaker 4 (12:04):
That of course cuts the cost for production.
Speaker 3 (12:06):
They launched a five year plan to increase the development
of consumer drugs, and the whole thing is trying to
crack down, to tighten the screws down on that pharmaceutical
growth by encouraging drug makers, whether they're American drug makers
or international drug makers, to make plants here because of
the onset of these levels levies. Again, that's all part
(12:29):
of what's going on now. I don't know the threat
that he said that they're going to target pharmaceuticals next,
that came last night.
Speaker 4 (12:36):
We have no idea.
Speaker 3 (12:37):
Scott Bessett, the Treasury Secretary, wasn't able to shed any
light on it when he was talking today. Does this
mean that all of this tariff talk is paused for
ninety days, or does it mean that the President still
has a couple arrows in his quiver and he's going
to start firing off some very targeted, market specific or
industry specific tariffs to these different places.
Speaker 1 (13:01):
I want to continue the conversation about prescriptions, because ninety
percent of the prescriptions involved generic medicines in this country.
Speaker 2 (13:10):
You know that you're probably all on generics.
Speaker 1 (13:13):
All of my things, the myriad drugs I take.
Speaker 4 (13:17):
Should we talk about.
Speaker 1 (13:18):
Vitamin D and my thyroid and multi vitamin and magnesium thyroid.
Speaker 2 (13:25):
The thyroid is actually not generic.
Speaker 1 (13:29):
Because the generics vary so much in their dosages and
they play around with it depending on whoever makes it.
I don't mess around with it when it comes to
the thyroid because a mood level or exactly. But anyway,
so ninety percent of our drugs are generics and we
get most of those from China. And the Pills Act
(13:50):
was just reintroduced on Capitol Hill. This was something that
the President campaigned on bringing more critical medicines back to
being in the US, and that was a bill that
was on the table on Capitol Hill last year and
now has been reintroduced. But to your point, the legislation
(14:11):
has not kept up to well. I mean, it provides
a number of incentives for the companies to bring back
production to the United States.
Speaker 2 (14:20):
But that has not been done yet.
Speaker 1 (14:23):
Like all these all these moved the manufacturing, move production
back to the United States, all excellent ideas. It just
until we get there. We're in limbo and we're reliant
on these other countries.
Speaker 3 (14:33):
And nobody wants the gap. Nobody wants to wait through
the gap.
Speaker 5 (14:37):
No, you're listening to Gary and Shannon on Demand from
KFI AM six forty.
Speaker 3 (14:45):
The biggest story of the day is that Donald Trump
has decided to pause tariffs ninety day pause on reciprocal tariffs.
He will keep in place a ten percent baseline tariff
for into the United States from other countries. And as
of the announcement that he made about an hour ago,
(15:06):
he suggested that in fact, other countries had come to
the table. Seventy five plus other countries had supposedly contacted
the United States in an attempt to start the process
of negotiating new trade deals. Scott Bessett, the Secretary of
the Treasury, was outside the White House and described this
as a pretty brilliant move by the president.
Speaker 4 (15:27):
Those were his words.
Speaker 6 (15:28):
President Trump created maximum negotiating leverage for himself and which
terrorists went into effect fifteen hours ago. The ones that
we have a lower went into effect a week ago,
or they were announced a week ago. And we have
just been overwhelmed, overwhelmed by the response from mostly our
allies who want to come and negotiate in good faith.
(15:51):
So we are expecting them to come with their best deal,
as I said, or we could go today, don't retaliate.
Older Brown see what happens. And China, they kept escalating
and escalating, and now they have one hundred and twenty
five percent tariffs. So the effective immediately I.
Speaker 1 (16:11):
Want to talk about drugs, pharmaceuticals. The President has talked
about moving pharmaceuticals and the manufacturing of them back to
the United States for a long time, the way he's
talked about automotive things in the past. Here's just a
few numbers with you stay with me. Between twenty twenty
and twenty twenty two, US imports of China made pharmaceuticals
(16:36):
grew four hundred and eighty five percent four hundred and
eighty five percent, which is what led to the President
saying early in the campaign. Just two years later in
twenty twenty four, we need more critical medicines made in
the US. Now, there was, as I mentioned, a bill
(16:57):
floating around Capitol Hill called the Pills Act. It was
in the House and it was introduced by a Republican
out of New York. It provides tax incentives to produce
generic drugs in the US. That stalled. It's been reintroduced
just this year. But pharmaceutical companies took note of what
(17:20):
Trump said back in the campaign days and here's his
direct quote.
Speaker 2 (17:24):
From the campaign.
Speaker 1 (17:26):
As part of my plan to obtain total independence from China,
we will phase in tariffs and import restrictions to bring
back production of all essential medicines to the US where
they belong. Eli Lilly in response, said it would invest
about twenty seven billion dollars in an API facility. As
(17:47):
you heard in the last segment, I believe API that
stands for the active pharmaceutical ingredients, so many of which
we get from China, most of which we get from China.
So Eli Lilly has already moved forward with doing it,
closing the gap. I guess, shall we say, in terms
of definitely already signing the checks to beef up existing
(18:09):
labs in this country, more facilities, more pharmaceuticals made here.
The Manjaro is one of the things that they stepped
up production and the US for as well. So some
people did hear what Trump was saying a year ago
and have kind of moved the ball in this direction
because I saw this coming.
Speaker 3 (18:30):
Trump also has criticized pharmaceutical companies here in the United
States for registering their intellectual property in Ireland, one because
of the low corporate tax rate, and that's one of
the things that he has been talking about. He said
that we don't produce enough antibiotics. You had mentioned that
China is one of the major producers of antibiotics along
with India, and that it's unfair that we in the
(18:52):
United States pay the prices that we do for some
of these brand name drugs that in other wealthy countries
they don't pay.
Speaker 4 (19:01):
Some of them don't pay for them.
Speaker 3 (19:03):
I mean, the government picks up the tab, but that
if it's passed on to us here in America, we
pay exorbitant prices for some of those things.
Speaker 1 (19:11):
Another piece of information from the this didn't come out
of nowhere file.
Speaker 2 (19:17):
You brought up India.
Speaker 1 (19:19):
In India's importance in terms of being a trade partner
with US. We talked about how it's also a big
trade partner with China, but India, China kind of has
India by the balls when it comes to pharmaceuticals because
India gets seventy percent of its pharmaceuticals from China. So
that's going to be a main driving factor. China also
(19:40):
took note of Trump in the campaign years talking about tariffs.
Speaker 2 (19:44):
He talked about it his last term.
Speaker 1 (19:45):
He started he started playing around with China his last term,
and we could talk about that as well. But China
started this new campaign, you know, make America great again.
Here China started their own Made in China twenty twenty
five campaign with the Laser focus on Biotech, which is
essentially making pharmaceuticals in China. So this is something that
(20:08):
both countries have been working towards. They both see how
powerful of a drug the pharmaceutical industry is when it
comes to these tariffs.
Speaker 3 (20:15):
So then how much pressure how It's hard to describe
or hard to ask the question in the right terms,
but how much pressure does this add to the pressure
that they have already felt.
Speaker 1 (20:27):
I think the good news for us, the people who
take the drugs is they need each other. The United
States and China both can't say fu in this department, right,
They just can't. They're too reliant on each other.
Speaker 3 (20:39):
You can call it about all the industries though, I mean,
think about appliances.
Speaker 2 (20:43):
But you mess with people's drugs, my god.
Speaker 4 (20:48):
We will continue garing that TikTok was bad. We'll be
right back.
Speaker 5 (20:53):
You're listening to Gary and Shannon on demand from KFI
AM six forty.
Speaker 4 (21:01):
President Trump has paused.
Speaker 3 (21:04):
Tariffs for ninety days against most countries, but he's raised
the Chinese rate to one hundred and twenty five percent
because of a lack of respect in this even though
they don't want to call it a trade war, it's
shaping up to be. Smells like a trade war, sounds
like a trade war.
Speaker 1 (21:20):
Well, let's talk about should we do good news? Should
we have a good news moment? Sure, if these gains hold,
it'll be the best day for the S and P
five hundred eight since March twenty twenty, and the market
recovery from that early pandemic and do sell off. Nearly
every stock index is up. Airlines, tech companies, Tesla among
(21:40):
other companies to soar over twenty percent if things hold.
Like I was mentioning, Tesla's shares of automakers rose even
though twenty five percent tariffs on imported cars remain in place.
Tesla up nineteen percent, Forward GM both up about eight percent.
Investors betting if these numbers are true and they hold,
(22:02):
Investors are betting that carmakers will also get a reprieve.
Speaker 2 (22:06):
From the administration.
Speaker 3 (22:07):
I don't have good news, but I have funny news, Okay.
Megan Markle says that we may head into a recession
because of the terrifying Okay.
Speaker 1 (22:19):
So I've reached pinnacle recession feedback at this point. Justin
Worsham usually joins us, and he was going to he's here,
we're going to be parenting. But then as hit the fan.
But that doesn't mean we don't want to talk to
Justin because Justin has a show that he's doing on KFI. Yeah,
it is on the weekend. It is Sunday afternoons two
to four.
Speaker 7 (22:39):
You could tune in iHeartRadio app anywhere or live on
the radio.
Speaker 4 (22:43):
We did it first time.
Speaker 5 (22:44):
It went great.
Speaker 7 (22:44):
I didn't burn the place down. I actually think it
was successful. I think we got some great people giving
feedback that they really love the idea. It's just talking
southern California real estate, anything related.
Speaker 1 (22:54):
To housing, and it's very vulid all these days.
Speaker 7 (22:58):
Yeah, and it's hard like that that we That was
one of the comments that somebody like sent in via
the talkback was like they appreciated getting an education on
it because it's something that very most people don't know
anything about.
Speaker 4 (23:08):
Even if you've bought and sold multiple homes.
Speaker 3 (23:10):
Especially I was going to say, even if you've bought
multiple homes, that's you're not going to do a lot
in your life, right. I mean, my wife and I
have three we've had three homes that we've bought, and
that's over the course of fifty two years. That's spread out.
That's a lot of differences, and there's a lot of
things that happened between the times of a house purchase
or sale or something like that. So there's a lot
that I'm sure there's a lot of people that go
(23:31):
in that into it with unease.
Speaker 1 (23:33):
It's like watching sausage get made. Right, Usually you hire someone.
Speaker 4 (23:38):
To make No, he's getting it directly from her ex.
Speaker 2 (23:43):
That was you who brought her into our lives.
Speaker 4 (23:45):
Today.
Speaker 2 (23:46):
I did not bring her into our lives. You opened the.
Speaker 1 (23:54):
Real estate to me is like watching sausage get made.
I love my home. I love it, but I do
not want to know what went into me living there. Yea,
it is too. It's just all this stuff I don't
want to pay attention to, and that, to me, is
what real estate is.
Speaker 7 (24:10):
I hope I listen. I hope they continue to do it.
So far it seems like there's it's looking good. I
have at least next week to do. We're going I
know we're gonna kick off the show talking about could
what impact could these tariffs when they are unpaused affect
how that could affect housing. I want to talk a
little bit about like the tidbits of staging a house,
like does it where, does it make sense?
Speaker 4 (24:29):
When doesn't it make sense?
Speaker 7 (24:31):
And then I want to give a tidbit about property
management as a job for people who are looking to
make housing more affordable.
Speaker 3 (24:36):
For I heard you mentioned that just in terms of
that being a gig that you had for me, I did.
Speaker 7 (24:40):
That's how I paid my bills as an up and
coming comic and saved up money to buy my house
in Burbank. Was just I was a property manager for
almost four years, and I just paid myself for rent
and live rent free and only work twenty hours a
month maybe on that on that apartment.
Speaker 2 (24:52):
Great gig, great gig.
Speaker 4 (24:53):
I loved it all right, two to four.
Speaker 1 (24:56):
He's not just a pretty face. He's not just here
to make you laugh, guys. He's here to make your money.
It is too bad that the haircut gets wasted on
the radio.
Speaker 4 (25:05):
I know, right, Yeah, I didn't think about that when I.
Speaker 2 (25:06):
Got it yesterday in a moment.
Speaker 6 (25:08):
Yeah.
Speaker 3 (25:08):
So if you people are listening, when when Justin comes
on on Sunday two o'clock, just closurizing and think of
you got the haircut.
Speaker 7 (25:15):
Do you see the divid I had them cut from
my headphones right here. Just I put a little spot
for it so it doesn't get ramped up like mine.
I'm going full blown radio person. That's what I've decided.
You're gonna just wear a bald spot.
Speaker 4 (25:25):
Yeah, the risk. I look good at headphones sideways mohawk. Right,
I got it all.
Speaker 1 (25:30):
Right, I've got some breaking recession news here cold. According
to Goldman Sacks, it just released a note. As a
result of Trump's announcement on this pause, Goldman Sacks no
longer officially forecasting a recession.
Speaker 2 (25:46):
Here's the quote.
Speaker 1 (25:47):
We are reverting to our previous non recession baseline forecast
with GDP growth of point five percent and a forty
five percent probability of recession, backing off their assertion that
we were headed for a recession.
Speaker 7 (26:00):
And I'm sure you guys will break in with Megan
Markle's reaction to that, right, Oh yeah, yeah, we'll get
some gold.
Speaker 2 (26:06):
But what was she wearing?
Speaker 3 (26:10):
Well, all of her food and stuff is all made
in America. She's she's not too concerned that the tariffs
are gonna end.
Speaker 2 (26:15):
Why do you know so much about her, that's fascinating.
Speaker 7 (26:18):
Well, why don't you, Yeah, she's making I'm an American,
she's so.
Speaker 4 (26:23):
Is she She's Canadian? She Canadian? Yes, you lost all
credibility with your Marko cred now huh.
Speaker 1 (26:31):
And she's by way of the Brits who put all
those tariffs on it.
Speaker 2 (26:34):
Why do you think we're here?
Speaker 1 (26:37):
Good lord, Oh gosh, we'll talk trending when we come back.
Speaker 3 (26:43):
Shannon, you've been listening to The Gary and Shannon Show.
You can always hear us live on KFI AM six
forty nine am to one pm every Monday through Friday,
and anytime on demand on the iHeartRadio app.
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Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.