April 2, 2025 • 34 mins
On Wednesday, a day President Trump has been calling “Liberation Day, during an event in the White House Rose Garden, President Donald Trump announced his global “reciprocal” tariffs plan. Trump announced the U.S. will impose a 25% tariff on all foreign made automobiles, among other tariffs. Dan broke down more of Trump’s “reciprocal” tariffs on other countries. Democrats, along with some GOP support, are projected to rebuke President Trump’s tariff policy in an expected evening vote. How will these imposed tariffs affect the Stock Market, American businesses, and U.S. consumers? Do you take aim with the global tariffs and how they might impact you? Why or why not? Boston Globe Business and finance columnist Larry Edelman joined us to discuss!
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Episode Transcript
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Speaker 1 (00:00):
It's Night Side with Dan Ray on WBZ Cooston's Radio.
Speaker 2 (00:06):
Thank you very much, Dan, as we move into our
second hour tonight. A big event today in Washington. I
don't know how many of you watched it. It lasted
about an hour. President Trump held forth in the Rose
Garden and announced tariffs. Stock market didn't like it. Stock
(00:28):
market took a well, it looks like the stock market
will open tomorrow and down quite a bit. So before
we get to our guest, let me just play one
bite from the President today in the Rose Garden, just
to give you a sense of the event. Cut number nine, Rob.
This is the President this afternoon in the Rose Garden.
Speaker 3 (00:51):
My fellow Americans, this is Liberation Day waiting for a
long time. April second, twenty twenty five will forever be
remembered as today American industry was reborn, the day America's
destiny was reclaimed, and the day that we began to
(01:12):
make America wealthy again.
Speaker 2 (01:15):
We're going to make it wealthy, good, and wealthy. All right.
That's President Trump this afternoon talking about tariffs substantial across
the board, tariffs with us as Larry Edelman from the
Boston Globe, Larry welcome to Night's side. He certainly didn't
(01:35):
disappoint if you were looking for a wide swath of tariffs.
What do you make of all of this?
Speaker 4 (01:43):
Well, the President went tough on tariffs, she sure did,
if they were more extreme than most people expected. And
it's gonna come at a you know, maybe a short
term price for American consumers and businesses. You know, we'll
(02:03):
see long term whether it does what the President says
the tariffs will do, and that is, you know, increase
US manufacturing and jobs, you know, help pay down the
national debt and also fund his uh big beautiful tax cuts.
Speaker 2 (02:19):
Yeah. Well, I guess, I guess I don't see how
he's able to do that, but we'll we can. We'll
get to that in a second. Yeah, he's sort of
acting as well. He's a protectionist at this point, not
a free trade guy, and he's sort of antithetical to
what the Republican Party has been since I'm gonna say
(02:42):
at least the days of Dwight Eisenhower.
Speaker 4 (02:47):
Oh certainly.
Speaker 2 (02:48):
Yeah. And and also he had a lot of union
guys there. There was a fellow from the UAW who
spoke briefly. He did, he did talk about this on
the campaign trail, so's it's not as if he's doing
something different than what he promised on the campaign trail.
But he's also a guy that watches the stock market.
(03:11):
I mean, I assume and what do you think he's
gonna What do you think he thought when he walked
back into the White House and realized that the futures
for tomorrow are down? I think of the Dow over
a thousand points at this point. I mean, that has
sort of an impact on That's.
Speaker 4 (03:28):
A good point, you know. I think Dan that he
said this before, because as you know, stock's pretty much
been falling for six weeks now, and you know the
reason has been anticipation of this tariff plan. And we
can only assume that when the market opens up again
tomorrow that you know, you'll see more losses because this
(03:52):
is worse one Ana said, you know, it's worse than
his worst case scenario. But the presidents may clear that
he is willing to endure the short term pain of
you know, falling stock prices, potentially higher inflation and even
a recession. He thinks it's worth it for the long term.
(04:16):
And one has to you know, if you're taking him
at his word. You know, he's going for you know,
no pain, no gain type of approach to this.
Speaker 2 (04:25):
The problem is that presidents, even when they're second term presidents.
Matter of fact, especially when the second term presidents, they
have a runway of about eighteen months and if a
year from now or fifteen months from by next summer,
this stuff hasn't These tariffs have not worked the way
(04:46):
he wants it to work. He probably can kiss the
Senate in the House goodbye for his last two years
in the White House. I mean, this is a this
is an interesting period of time to to try this strategy.
I guess he feels what does he have to lose,
despite the fact that he's trolling Democrats. I don't think
(05:07):
he's seriously serious what he says. He's going to run
for a third.
Speaker 4 (05:10):
Term, right right, you know, the political calculations there, I
don't I don't quite understand clearly. As we saw last night,
there's you know, in the elections in Florida in terms
of the margins that the Republican candidates won by, which
were much lower than how Trump fared, you know in November,
and in the state Supreme Court election in Wisconsin where
(05:34):
the dem won despite you know, Elon Musk putting a
lot of money into that race. You know, there's the
backlash he's already already starting. Now what happens, you know,
as we get closer to the mid terms. I can't predict.
He clearly is confident that this is the right move
(05:54):
and that he's going to stick with it. Whether he
does or not, who knows. You know, I haven't heard
very tough to predict.
Speaker 2 (06:03):
I haven't heard much criticism from his own party. I
think there was some criticism from Mitch McConnell and Susan
Collins today to senators who obviously, you know, are in
many ways not aligned with him. But it seems as
if his party is he's running this party, but it's
(06:25):
it's it's it's almost as if he's realigning the American
political spectrum in many ways. I mean, if this does work,
and I'm not sure will I'm not enough of an
economist to predict that he may be able to solidify
(06:45):
states like a Pennsylvania, you know, Union states like Michigan
and maybe even well maybe not Wisconsin, because the people
who are likely who are going to be hurt here
the most, I think are people the agricultural sector, which
were tremendous supporters of him in all of those those
(07:07):
those plain Midwestern and Plane states. I mean, it's.
Speaker 4 (07:10):
Yeah, we've correctly identified the shift in the Republican Party, Dan.
You know that it's gone from the party of big
business uh in Wall Street and free trade to a
populist party. You know that is playing toward working class people.
And you know, there's no denying that while free trade
(07:34):
made this country a lot richer over the last thirty years,
not everybody got to go along for the ride, especially
in those communities that were dependent on manufacturing, you know,
either closed textiles or automobiles. Yeah, yeah, exactly exactly. So
he's trying, you know, he's been you know, maybe you
(07:57):
know it's luck, but he's been, you know, push this
realignment with the working class. Now, if if these tariffs,
as many economists say, increase inflation and we have another
round of much higher prices, this could backfire with working
class people, you know, because proportionately they pay more here
(08:22):
incomebody's yeah exactly, So you know it's it's an incredibly
risky bet, not only for him but for the economy.
So you know, this is why I think there's so
much attention being paid today to this because it's just
really so much on the line, you know, over the
(08:45):
next months, you know, and through the mid terms and beyond.
Speaker 2 (08:49):
The other thing, Larry, which is interesting is that in
the last month he's been we've watched gas prices come
down and eke prices have come down. And I don't
know that it's that it's anything that he has done,
but he's benefiting from that at this point. And you
(09:12):
just wonder if if if this is going to to
to change to change the economic course and not for
the better. So I mean not just uh, it's a
little baffling. It's just a little baffling right now to me.
Speaker 4 (09:29):
I'm sure it's like you know, to to you know,
he just will not accept the kind of economic imperative
that this is going to raise prices. You know, this
doesn't you know, there's no that's so much money is
involved that there's no way that the manufacturers overseas can
(09:52):
eat all of the cares, right, They're going to pass
them on, and the wholesalers and the people who make
products here with foreign parts are going to pass them on,
and food is going to be more expensive. Uh, in
the supermarket. It's it's it's inevitable. And you know, Trump
has done a really good job in bringing the Republican
(10:13):
Party to heal right, and he's brought law firms, you know,
to the table force them to do stuff, and universities
like Columbia. But I don't know if that that same
arm twisting works with the economy.
Speaker 5 (10:30):
You know.
Speaker 4 (10:31):
It's like he can talk about it as much as
he wants not being inflationary. Uh, but let's see what
happens in six months.
Speaker 2 (10:40):
Yeah, it's good. It's going to be interesting, that is
for sure. And he will be able to look back
on it as a transformational president maybe and then say
that that he did something which which was very ambitious,
or he can look back on it at some point
and say, boy, that was the crazy thing I do.
Speaker 4 (10:59):
He'll blame, he'll blame, He'll blame Peter Navarro and his other.
Speaker 2 (11:05):
I'd love to know who do you think, Larry? My
last question, And I really appreciate you taking the time,
because I'm sure you're writing on this tomorrow. Who do
you think he is relying upon? Here? He doesn't seem
to me to meet a guy that's going to sit
down and listen to a balanced argument over you know
(11:25):
about you know, get to get to history of you know,
smooth Holly and all of that sort of stuff, and
circumstances of the late twenties early thirties are identical or different.
Who do you think he's listening to? Do you think
it is Peter Navarro? His guy?
Speaker 4 (11:42):
I think Peter Navarro is this guy, because if you
listen to Peter Navarro and then you listen to Trump,
you hear very many of the same things. But one
thing I will mention that this took me by surprise too.
I heard Maggie Haveman on a podcast, the New York
Times reporter who's covered Trump for years and years, and
she said that he has been fixated on tariffs for decades,
(12:04):
that this is, you know, not a new thing for him,
that he's always looked at tariffs as something that he
thought were needed, you know, and that America is getting
ripped off in free trade, and he used.
Speaker 2 (12:18):
Him and he did use them somewhat in his first term.
Speaker 4 (12:22):
Correct, Right, Yes he did, and you know in a way,
you know, they were but it was different. That was
China for the most part, right, And you know, I
think there's a pretty widespread agreement that, you know, something
has to be done to keep China in check because
they are clearly, you know, our toughest economic rival, and
there are industries that we just can't afford to give
(12:43):
up to them. But this is more than a hundred countries.
This is our closest allies along with China and other countries.
So it's it's a much different it's a much different
thing this time around than it was in the first term.
Speaker 2 (12:57):
Larry Edelman of the Boston Globe, thanks so much. It
gets us going here, and I just it's going to
be fascinating, and we're all going to become a more economists.
I guess in the internet we'll bite, will have to
in the next few weeks, that's for sure.
Speaker 4 (13:14):
That's right. Just don't watch your just don't watch your
stock market accounts. That might be a little bit repressing.
Speaker 2 (13:21):
No, I know, I know, well, you know they always say, don't.
I hope people aren't going to be selling in panic here,
because that's the biggest mistake anyone can make.
Speaker 4 (13:29):
You Gotta hold on exactly.
Speaker 2 (13:33):
When the storm hits. Don't jump overboard in the middle
of the ocean. As simple as that. Larry, thanks so much,
as always appreciated. Will you been there? Are you? Are
you riding tonight for tomorrow?
Speaker 4 (13:44):
Yeah, I'll be online tomorrow morning. Yep.
Speaker 2 (13:46):
All right, Well we will look forward to seeing what
you have to say then. But thanks for for sharing
your thoughts with us tonight. Okay, thanks Larry. Larry Edelman
of the Boston Globe business and finance columnist. We're going
to take a break. We're we're talking about this story
of the day, and it is the Trump tariffs. Uh,
and I'd love to get a wide variety of viewpoints
(14:06):
on it. Feel free to join the conversation. Six thirty
six one seven. Larry's the only guest I had scheduled.
There's no need to fill it up with a thousand experts.
Larry is is great. Uh, and he was able to
give us a few minutes. Now I want to hear
from you. Feel free join the conversation. Coming right back
(14:27):
on Nightside.
Speaker 1 (14:29):
It's Night Side with Boston's news radio.
Speaker 2 (14:35):
So the President today, in a ceremony in the Rose Garden,
laid out his view. Okay, so let's let's hit some
of these sound bites and in the meantime we will
get as many of you lined up as possible. Let's
go to cut number ten, please. He's he's talking here
about factories. Cut ten.
Speaker 3 (14:55):
Rob jobs and factories will come roaring back into our country,
and you see it happening already. We will supercharge our
domestic industrial base. We will probably open foreign markets and
break down foreign trade barriers, and ultimately more production at
home will mean stronger competition and lower prices for consumers.
(15:17):
This will be, indeed the golden age of American It's
coming back.
Speaker 2 (15:21):
We're going to come back very strongly. You've heard him
talk about the golden age for America. Well, it's on
the line now, that's for sure. So let's try to
get a couple of the bites here that he tries
to explain it a little bit. It's not easy to understand,
but this is cut number twelve, rob cut number twelve.
Speaker 3 (15:39):
But those days are over. Let me offer just a
few examples of the vicious attacks workers have faced for
so many years. The United States charges of the countries
only a two point four tariff on motorcycles. Meanwhile, Thailand
and others are dodging much higher prices like sixty percent.
(16:02):
India charges seventy percent, Vietnam charges seventy five percent, and
others are even higher than that. Likewise, until today, the
United States has for decades charged a two point five tariff.
Think of that two point five percent on foreign made automobiles.
Speaker 2 (16:22):
And he went on, this is cut number thirteen. He's
talking here about cars, and again numbers are tough on
the radio, but essentially what he's saying is that cars
made in other countries are imported into this country relatively freely.
And so now we have cars from places like South
(16:43):
Korea and Japan and in other countries Germany, who are
competing with American built automobiles. Uh. And that obviously cuts
down the portion of the economy that are that are
made in America, and that cost American jobs. And now
he's trying, well, he's trying to basically now turn the
(17:06):
tables on them and what he calls reciprocal tariffs. Okay, obviously,
you can build a car in Korea or Japan less
expensively than you can build a car in America. But
but in addition, when we try to send a car overseas,
(17:27):
they charge us more, and so he wants reciprocal tariffs.
He'd like to have reciprocal tariffs at zero. That's his goal.
Let me go to cut thirteen rob.
Speaker 3 (17:39):
Eighty one percent of the cars in South Carea made
in South Korea. Ninety four percent of the cars in
Japan are made in Japan. Toyota sells one million foreign
made automobiles into the United States, and General Motor sells
almost none. Ford sells very little. None of our companies
are allowed to go into other countries. And I say
(18:02):
that friend and foe, and in many cases the friend
is worse than the foe in terms of trade. But
such horrendous imbalances have devastated our industrial base and put
our national security at risk. I don't blame these other
countries at all for this calamity. I blame former presidents
and past leaders who weren't doing their job. They let
(18:23):
it happen, and they let it happen to an extent
that nobody can even believe. That's why, effective at midnight,
we will impose the twenty five percent tariff for all
far and made automobiles.
Speaker 2 (18:37):
Most of those chairs came from UAW workers who were
sitting in the audience in the Rose Garden, and then
one final sound bu before we start to get the
phone calls. He talks about farmers, and again I assume
that these statistics that he has announced are accurate. Let's
(18:58):
he's talking about what Canada does to our dairy products
that are produced on United States farms cut fourteen rob.
Speaker 3 (19:07):
We're also standing up for our great farmers and ranchers
who are brutalized by nations all over the world.
Speaker 2 (19:13):
It's brutalized.
Speaker 3 (19:17):
Canada, by the way, imposes a two hundred and fifty
to three hundred percent tariff on many of our dairy products.
They do the first, the first can of milk, They
do the first little carton of milk at at very
low price. But after that it gets bad and then
it gets up to two hundred and seventy five three
hundred percent. So when they're figuring what's Canada charging, they say, oh,
(19:39):
about two percent, three percent. But take a look at
what happens down the road when you look a little bit,
it's not a pretty picture, and we don't like it,
and it's not fair. It's not fair to our farmers,
it's not fair to our country.
Speaker 2 (19:52):
So that's his rationale talking about, amongst other things, automobiles
and dairy products. The concern is that when the tariffs,
when we get into a trade war, everything's going to
become more expensive. And I've noticed in stores, and I
(20:13):
hope you have as well, in grocery stores, that there
are a lot of products that are made here in
the US, and prices that went up during COVID have
never come back, that have never come down. There's a
couple of cookie manufacturers that I used to really enjoy.
(20:35):
I won't buy them anymore. I won't buy them anymore.
I could see during COVID when there were supply line
concerns and all of that, and there were trouble. I
get it, We're going to pay a little bit more,
but not now. Not now. The funny thing about it,
as I mentioned Larry Edelman of the Boston Globe, who
we had on earlier this hour, that there was a
(20:55):
period of time where gas prices were coming down. I
paid two seventy three for gas this weekend. Gas prices
were coming down. There were egg prices have apparently come down. Well,
let's see what happens. If Donald Trump can pull this off,
he will be remembered as a transformational president, which is
(21:21):
probably the most important thing a president can achieve to
transform something. Obama did it with healthcare. Ronald Reagan did
it with taking down the Berlin Wall and defeating the
Soviet Empire. This is where Donald Trump has put his
chips on the table. Let's see what people have to think.
(21:43):
Let me start it off with Joe in Revere. Hey, Joe,
your first this hour and night side. This is not
an easy topic, but I'd love to know what you
think about it. Go ahead, Joe. How are you tonight?
Speaker 6 (21:52):
Hey, Yeah, thank you for taking my call, sir, very much.
I'm great. But I also saw service. I believe in
mister Trump. I believe in what he's doing. We've been getting,
you know, beat up for years with these tariffs. I
think his intentions in the long run, and you tell
me I could be wrong, but they take theirs off,
(22:15):
we take ours off.
Speaker 2 (22:16):
That is that is yeah, that is correct.
Speaker 6 (22:19):
He beat up for a long time.
Speaker 2 (22:21):
Yeah. So basically, you've got a situation where where some
of these other countries have gotten a good deal. I
think we all can agree that a lot of other
we've treated other countries well. Donald Trump is coming in
and Donald Trump is saying, hey, you know, we want
to we want to level the playing field. How tough
(22:41):
is your business?
Speaker 6 (22:42):
Right now?
Speaker 2 (22:46):
I missed what you said, you know, Oh yeah, no,
I understand that. My question to you is, since you're
in the car business, has there been a spike in
activity in the last few days. I've read a couple
of ours that said people are trying to buy new cars.
If they were planning on buying cars later this spring,
they want to get in before the terraffs raised the prices.
(23:08):
Is that likely? What is likely going to happen in your.
Speaker 6 (23:10):
Opinion, certain dealerships. Yeah, depending on the make and model.
So I did a little research, like bosses and like
everything's going up a thirty two thousand dollars Equinox is
now going to be thirty eight this and that, and
then I went out and looked at a bunch of
stickers today. But I went on and did some research today.
(23:30):
Dan the Colorado final production. Now they said final production
don't matter, it's where it was built. I said, no,
wait a minute, now, this says final production rowan Oak, Roanoak, Indiana,
which I didn't know there was when I know there's Roanoke, Virginia. Anyway,
if the final production, if the final production on the
(23:53):
sticker is in USA, it will not get hit with
a tariff.
Speaker 2 (23:57):
Correct, That's correct.
Speaker 6 (23:58):
That's the latest I have for you for information.
Speaker 2 (24:01):
Yeah.
Speaker 4 (24:02):
So what, Joe, what.
Speaker 2 (24:05):
Sort of cars? What sort of cars do you sell?
Speaker 6 (24:09):
I sell chevyes, Dan, So you shall you sell American cars? Yep? Okay,
you know parts on every vehicle from everywhere.
Speaker 2 (24:20):
Right, But I don't think they can turn around and say, well,
ninety four percent of this car is built in America
and six percent of it is built in Mexico or whatever.
H do you think that's gonna be then, so, therefore
the tariff on this car will be six percent of
the I can't imagine that.
Speaker 3 (24:38):
God.
Speaker 6 (24:38):
I hope not.
Speaker 2 (24:39):
No, no, no, no, I hope not.
Speaker 4 (24:41):
Dan.
Speaker 6 (24:41):
What I'm looking at is final assembly point. That's what
I'm trying to get across to my managers.
Speaker 7 (24:46):
And my glasses.
Speaker 6 (24:49):
Was finished in our country.
Speaker 1 (24:52):
You know.
Speaker 6 (24:53):
I agree not hit the tariff.
Speaker 2 (24:55):
I agree with you. I agree with you on that.
Speaker 4 (24:57):
S Joe.
Speaker 2 (24:58):
Thank you very much. Do me a favorite, keep in
touch as the as we go through the next few
weeks what happens, and no I know, but also let
me know if you'd like where you're selling cars, and
maybe we'll let some people know in your neck of
the woods and we'll get you some some business going,
because I think that's important. I want people on night
side to be able to know other people on night
(25:19):
side and if if you would like, let me know
where where where people can find you. Okay, I'm serious
when I say that.
Speaker 6 (25:26):
Yes, Jed, thank you, sir, You're welcome.
Speaker 2 (25:28):
Thanks Joe. Okay, we're going to take very quick break here.
We're talking tariffs again. I'm more interested in your own
experience and what you can bring to the table. None
of us are going to be able to complete an
economic college degree in the next three hours, but we
can all learn from each other. And that was a
really good call from Joe, who's the cars salesman. We'll
(25:50):
be back. The only line open right now is six one, seven, nine,
three thirty. Let's keep it roll until midnight. Back on
night side.
Speaker 1 (25:56):
Right after this, it's night Side when Dan on Boston's
news radio.
Speaker 2 (26:04):
Back to the phones we go. Let's go next to
Matt in Franklin, Massachusetts. Matt, you were next on nights
side to get my mouse working here, and we'll bring
up and say hello to you. Matt. Welcome.
Speaker 7 (26:15):
Hey. I I yeah, I like to say that I
voted for Trump three times, and uh, I'm a little
bit in disbelief that I already want to pull the
plug in his third term with this whole thing.
Speaker 2 (26:28):
I'll tell you they're not gonna be able to pull
the plug. What do you think is going through his head?
I mean, you voted for you talked in the campaign.
Speaker 7 (26:38):
I think he's flying. He's his own worst enemy. He's
flying so high that just like he's not I mean,
whoever he is listening to must be like a cartoon character,
but like he's gonna he's basically he's gonna like raise prices,
basically engineering the charage and everybody, lay off every body,
(26:59):
and then most of that's I didn't get hit to
the fall with the states lousing funding and all these
all the research rands, and then he doesn't want to
spend federal money to get us out of it. So
I honestly have no idea what he's trying to do.
But do I think companies are going to invest in America?
When at seventy eight going on seventy nine year old
man who eats McDonald's every single day wants to put
(27:20):
tariffs for the next three years on it, because the
next president can come in any time between now in
three years and say, oh, the tariffs are up the
book books. And then also Trump could turn around two
weeks later and say, oh, never mind. So I just ridiculous.
I mean, and then he wants to like bring us
back to the Golden Age. It's like, oh, that was
great for the robber barons, but the people that the
(27:44):
people that worked with the mines were getting to had
to live off the mining. We're getting masked at the
same time, and that's why they had unions. And then
he wants to get rid of the unions and bring
the mines back. So oh, yeah, we're gonna go back
to the Golden age.
Speaker 2 (27:59):
Yeah. Well, so you voted for him three times, and
if you could take those votes back, would you take
all of them back? At this point?
Speaker 7 (28:10):
Ah, I mean, I don't think. I mean, I no,
probably because because I didn't think Bond would do a
good job, and I don't really think he did. And uh,
Kamala was a joke. But at the same time, I'd
rather take a joke versus someone like who wants to
basically engineer recession to like lower interest rates and then
(28:33):
somehow thinks that you can automatically snap out of a recession.
I'd probably take Camela right now because I mean, like,
I mean, I'm I'm not a big fan of the
transgenders and some of the other things out there, But
at the same time, I'd rather have like a stable
economy than like somebody's up at like two in the
morning hanging out with Elon and doing whatever.
Speaker 2 (28:54):
Yeah, well again he's her when you're right, he ran
on the economy. Uh, and now he did say he
did talk about tariffs, did talk about big beautiful tariffs,
and maybe you didn't hear that, but.
Speaker 7 (29:08):
But yeah, I mean, like selectively terriffing people is one
like tiffing countries for like policies. It's one thing. Yeah,
you want a broad brush across the board, Like it's
kind of like great, does broad wealth for society? But
I mean, like, isn't didn't the the auto didn't wasn't
one of the reasons why Nissan Anciota started building here.
(29:30):
It wasn't I do like a trade agreement or tariffs
because they were like destroying the auto industry and people
basically couldn't afford to buy cars that decided to move
their plants here.
Speaker 2 (29:40):
Yeah, a little bit of that. And also a lot
of those foreign car companies didn't go to Michigan. They
went to places like uh and you know, right to
work states in the South. Matt, you're a bright eye.
How old are you? You sound young?
Speaker 7 (29:54):
Mid thirties, Okay, So you're.
Speaker 2 (29:58):
Disappointed at this point, like the guy you voted for
to say the least, right.
Speaker 7 (30:03):
Yeah, And it's like it's going to turn into a
sprain wreck in the fall because the school the school's
gonna lose eight percent of their fundings, so that means
they're gonna pull money from everywhere else to help from
the schools. And then you have the hospitals laying off,
and then whoever knows that who else is going to
be laying off because of the tariffs and I mean
the farmers. Okay, Vietnam taxes ninety six percent of the
(30:27):
imports because they don't really have an infrastructure that goes
through the country stide and get income taxes. So I'm
assuming most of the tariffs are food. So it's like,
is it really that big of a deal that they're
that we're selling them food? And then they're taxing it
on their end that we're not paying for it. It's like,
what's what's the big deal here?
Speaker 2 (30:46):
Well, obviously he sees it as a big deal. You've
raised some great points. I want to see people agree
with you, and I just want to hear from Trump
people like yourself who are maybe a little skeptical of this.
Thanks Matt, appreciate it, Roll talk to you soon. Appreciate it.
Thank you. Next up, let me get to Kennon Waltham.
Can you were next on Nisiger? Right ahead?
Speaker 5 (31:09):
Hi, Dan boy, it's tough to beat Matt. That was
a great call.
Speaker 2 (31:14):
Great.
Speaker 5 (31:17):
Just a couple other points. I thought you played some
excellent clips. One, you know, Trump talks about blaming previous leaders,
you know, not the other countries as well. He was
one of those previous leaders.
Speaker 2 (31:28):
Yes, he never seen them.
Speaker 5 (31:30):
Yeah, And the other where I don't I mean, I
just don't trust him at all. And that and the
dairy issue with Canada that.
Speaker 4 (31:37):
He talked about.
Speaker 5 (31:39):
We have a we have a deficit with Canada overall
trade deficit, but we have a significant surplus in the
dairy industry and there are very little tariffs maybe uh
kind of like five percent or something. I think it's like,
you know, the equivalent of Massachusetts state income text that
(31:59):
they are just until we get to a certain you know,
until they get to a certain quota, and then the
two hundred and fifty percent you know, teriffs kick in.
But that's to the tune, you know. I we I
think in twenty twenty four our surplus was or our
(32:21):
exports was over a billion dollars in the dairy industry.
Speaker 8 (32:25):
So yeah, I just you know, I Matt gave a
great explanation, and I can't understand why Trump does it, right,
I mean, in twenty sixteen he talked about.
Speaker 5 (32:37):
Building the wall. It was, it was a great sales pitch,
but he never he never really did it, and not
much of it anyway.
Speaker 2 (32:44):
And yeah, well, of course with that in all in
all fairness, Congress was not with him on that his
Republicans were with the Democrats weren't. But this is a
situation that he has some control over here. I don't
know that Congress can do anything to interfere with what
he's doing, right, And the question is what long term
damage will be done?
Speaker 4 (33:04):
You know.
Speaker 2 (33:04):
Again, generally conservative economists are opposed. I mean the Milton
Friedman's of the world. They think are opposed to tariff's.
I know that. You know, Jeff Myron, who we have
on from Harvard a lot would be opposed, I believe
to tariffs. I don't want to put words in Jeff's mouth.
I may have Jeff on tomorrow night as a result
to get him to explain his position on it. But
(33:28):
this you just watch the stock market tomorrow. I mean,
the stock market is, whether you like it or not,
is a pretty good indicator of what people think. And
and I got to assume that when he wakes up tomorrow,
when he goes to bed tonight whenever it goes to bed,
and he sees that the market is off, you know,
(33:48):
going to be off over a thousand points, I don't know.
I guess he must really believe it. So we'll see.
Speaker 5 (33:57):
Yeah, well he's been moving back and forth a little.
I mean, the more I get right, he imposed tariffs earlier,
like last month, and then took him.
Speaker 1 (34:05):
Away, right he was, yeah, well, we'll see.
Speaker 2 (34:06):
I don't think I'm step back from this. This is
this is a sort of a this was a big
step today, It's no no doubt about that. And the
market has reacted, as some would say, big time. Ken.
I got the news, so I got to let you run.
But boy, you're a good call too. I thank you.
We've had good quality call so far. Thank you very much.
Speaker 4 (34:26):
Thanks Dan, talk to you soon.
Speaker 2 (34:27):
Keep calling to those of those of you the line.
You're going to be up first. On the other side,
I got Jay, I got Bill, I got Pete, and
I got Joe and we'll get everybody in. I got
one room at one line at six one
It's Night Side with Dan Ray on WBZ Cooston's Radio.
Speaker 2 (00:06):
Thank you very much, Dan, as we move into our
second hour tonight. A big event today in Washington. I
don't know how many of you watched it. It lasted
about an hour. President Trump held forth in the Rose
Garden and announced tariffs. Stock market didn't like it. Stock
(00:28):
market took a well, it looks like the stock market
will open tomorrow and down quite a bit. So before
we get to our guest, let me just play one
bite from the President today in the Rose Garden, just
to give you a sense of the event. Cut number nine, Rob.
This is the President this afternoon in the Rose Garden.
Speaker 3 (00:51):
My fellow Americans, this is Liberation Day waiting for a
long time. April second, twenty twenty five will forever be
remembered as today American industry was reborn, the day America's
destiny was reclaimed, and the day that we began to
(01:12):
make America wealthy again.
Speaker 2 (01:15):
We're going to make it wealthy, good, and wealthy. All right.
That's President Trump this afternoon talking about tariffs substantial across
the board, tariffs with us as Larry Edelman from the
Boston Globe, Larry welcome to Night's side. He certainly didn't
(01:35):
disappoint if you were looking for a wide swath of tariffs.
What do you make of all of this?
Speaker 4 (01:43):
Well, the President went tough on tariffs, she sure did,
if they were more extreme than most people expected. And
it's gonna come at a you know, maybe a short
term price for American consumers and businesses. You know, we'll
(02:03):
see long term whether it does what the President says
the tariffs will do, and that is, you know, increase
US manufacturing and jobs, you know, help pay down the
national debt and also fund his uh big beautiful tax cuts.
Speaker 2 (02:19):
Yeah. Well, I guess, I guess I don't see how
he's able to do that, but we'll we can. We'll
get to that in a second. Yeah, he's sort of
acting as well. He's a protectionist at this point, not
a free trade guy, and he's sort of antithetical to
what the Republican Party has been since I'm gonna say
(02:42):
at least the days of Dwight Eisenhower.
Speaker 4 (02:47):
Oh certainly.
Speaker 2 (02:48):
Yeah. And and also he had a lot of union
guys there. There was a fellow from the UAW who
spoke briefly. He did, he did talk about this on
the campaign trail, so's it's not as if he's doing
something different than what he promised on the campaign trail.
But he's also a guy that watches the stock market.
(03:11):
I mean, I assume and what do you think he's
gonna What do you think he thought when he walked
back into the White House and realized that the futures
for tomorrow are down? I think of the Dow over
a thousand points at this point. I mean, that has
sort of an impact on That's.
Speaker 4 (03:28):
A good point, you know. I think Dan that he
said this before, because as you know, stock's pretty much
been falling for six weeks now, and you know the
reason has been anticipation of this tariff plan. And we
can only assume that when the market opens up again
tomorrow that you know, you'll see more losses because this
(03:52):
is worse one Ana said, you know, it's worse than
his worst case scenario. But the presidents may clear that
he is willing to endure the short term pain of
you know, falling stock prices, potentially higher inflation and even
a recession. He thinks it's worth it for the long term.
(04:16):
And one has to you know, if you're taking him
at his word. You know, he's going for you know,
no pain, no gain type of approach to this.
Speaker 2 (04:25):
The problem is that presidents, even when they're second term presidents.
Matter of fact, especially when the second term presidents, they
have a runway of about eighteen months and if a
year from now or fifteen months from by next summer,
this stuff hasn't These tariffs have not worked the way
(04:46):
he wants it to work. He probably can kiss the
Senate in the House goodbye for his last two years
in the White House. I mean, this is a this
is an interesting period of time to to try this strategy.
I guess he feels what does he have to lose,
despite the fact that he's trolling Democrats. I don't think
(05:07):
he's seriously serious what he says. He's going to run
for a third.
Speaker 4 (05:10):
Term, right right, you know, the political calculations there, I
don't I don't quite understand clearly. As we saw last night,
there's you know, in the elections in Florida in terms
of the margins that the Republican candidates won by, which
were much lower than how Trump fared, you know in November,
and in the state Supreme Court election in Wisconsin where
(05:34):
the dem won despite you know, Elon Musk putting a
lot of money into that race. You know, there's the
backlash he's already already starting. Now what happens, you know,
as we get closer to the mid terms. I can't predict.
He clearly is confident that this is the right move
(05:54):
and that he's going to stick with it. Whether he
does or not, who knows. You know, I haven't heard
very tough to predict.
Speaker 2 (06:03):
I haven't heard much criticism from his own party. I
think there was some criticism from Mitch McConnell and Susan
Collins today to senators who obviously, you know, are in
many ways not aligned with him. But it seems as
if his party is he's running this party, but it's
(06:25):
it's it's it's almost as if he's realigning the American
political spectrum in many ways. I mean, if this does work,
and I'm not sure will I'm not enough of an
economist to predict that he may be able to solidify
(06:45):
states like a Pennsylvania, you know, Union states like Michigan
and maybe even well maybe not Wisconsin, because the people
who are likely who are going to be hurt here
the most, I think are people the agricultural sector, which
were tremendous supporters of him in all of those those
(07:07):
those plain Midwestern and Plane states. I mean, it's.
Speaker 4 (07:10):
Yeah, we've correctly identified the shift in the Republican Party, Dan.
You know that it's gone from the party of big
business uh in Wall Street and free trade to a
populist party. You know that is playing toward working class people.
And you know, there's no denying that while free trade
(07:34):
made this country a lot richer over the last thirty years,
not everybody got to go along for the ride, especially
in those communities that were dependent on manufacturing, you know,
either closed textiles or automobiles. Yeah, yeah, exactly exactly. So
he's trying, you know, he's been you know, maybe you
(07:57):
know it's luck, but he's been, you know, push this
realignment with the working class. Now, if if these tariffs,
as many economists say, increase inflation and we have another
round of much higher prices, this could backfire with working
class people, you know, because proportionately they pay more here
(08:22):
incomebody's yeah exactly, So you know it's it's an incredibly
risky bet, not only for him but for the economy.
So you know, this is why I think there's so
much attention being paid today to this because it's just
really so much on the line, you know, over the
(08:45):
next months, you know, and through the mid terms and beyond.
Speaker 2 (08:49):
The other thing, Larry, which is interesting is that in
the last month he's been we've watched gas prices come
down and eke prices have come down. And I don't
know that it's that it's anything that he has done,
but he's benefiting from that at this point. And you
(09:12):
just wonder if if if this is going to to
to change to change the economic course and not for
the better. So I mean not just uh, it's a
little baffling. It's just a little baffling right now to me.
Speaker 4 (09:29):
I'm sure it's like you know, to to you know,
he just will not accept the kind of economic imperative
that this is going to raise prices. You know, this
doesn't you know, there's no that's so much money is
involved that there's no way that the manufacturers overseas can
(09:52):
eat all of the cares, right, They're going to pass
them on, and the wholesalers and the people who make
products here with foreign parts are going to pass them on,
and food is going to be more expensive. Uh, in
the supermarket. It's it's it's inevitable. And you know, Trump
has done a really good job in bringing the Republican
(10:13):
Party to heal right, and he's brought law firms, you know,
to the table force them to do stuff, and universities
like Columbia. But I don't know if that that same
arm twisting works with the economy.
Speaker 5 (10:30):
You know.
Speaker 4 (10:31):
It's like he can talk about it as much as
he wants not being inflationary. Uh, but let's see what
happens in six months.
Speaker 2 (10:40):
Yeah, it's good. It's going to be interesting, that is
for sure. And he will be able to look back
on it as a transformational president maybe and then say
that that he did something which which was very ambitious,
or he can look back on it at some point
and say, boy, that was the crazy thing I do.
Speaker 4 (10:59):
He'll blame, he'll blame, He'll blame Peter Navarro and his other.
Speaker 2 (11:05):
I'd love to know who do you think, Larry? My
last question, And I really appreciate you taking the time,
because I'm sure you're writing on this tomorrow. Who do
you think he is relying upon? Here? He doesn't seem
to me to meet a guy that's going to sit
down and listen to a balanced argument over you know
(11:25):
about you know, get to get to history of you know,
smooth Holly and all of that sort of stuff, and
circumstances of the late twenties early thirties are identical or different.
Who do you think he's listening to? Do you think
it is Peter Navarro? His guy?
Speaker 4 (11:42):
I think Peter Navarro is this guy, because if you
listen to Peter Navarro and then you listen to Trump,
you hear very many of the same things. But one
thing I will mention that this took me by surprise too.
I heard Maggie Haveman on a podcast, the New York
Times reporter who's covered Trump for years and years, and
she said that he has been fixated on tariffs for decades,
(12:04):
that this is, you know, not a new thing for him,
that he's always looked at tariffs as something that he
thought were needed, you know, and that America is getting
ripped off in free trade, and he used.
Speaker 2 (12:18):
Him and he did use them somewhat in his first term.
Speaker 4 (12:22):
Correct, Right, Yes he did, and you know in a way,
you know, they were but it was different. That was
China for the most part, right, And you know, I
think there's a pretty widespread agreement that, you know, something
has to be done to keep China in check because
they are clearly, you know, our toughest economic rival, and
there are industries that we just can't afford to give
(12:43):
up to them. But this is more than a hundred countries.
This is our closest allies along with China and other countries.
So it's it's a much different it's a much different
thing this time around than it was in the first term.
Speaker 2 (12:57):
Larry Edelman of the Boston Globe, thanks so much. It
gets us going here, and I just it's going to
be fascinating, and we're all going to become a more economists.
I guess in the internet we'll bite, will have to
in the next few weeks, that's for sure.
Speaker 4 (13:14):
That's right. Just don't watch your just don't watch your
stock market accounts. That might be a little bit repressing.
Speaker 2 (13:21):
No, I know, I know, well, you know they always say, don't.
I hope people aren't going to be selling in panic here,
because that's the biggest mistake anyone can make.
Speaker 4 (13:29):
You Gotta hold on exactly.
Speaker 2 (13:33):
When the storm hits. Don't jump overboard in the middle
of the ocean. As simple as that. Larry, thanks so much,
as always appreciated. Will you been there? Are you? Are
you riding tonight for tomorrow?
Speaker 4 (13:44):
Yeah, I'll be online tomorrow morning. Yep.
Speaker 2 (13:46):
All right, Well we will look forward to seeing what
you have to say then. But thanks for for sharing
your thoughts with us tonight. Okay, thanks Larry. Larry Edelman
of the Boston Globe business and finance columnist. We're going
to take a break. We're we're talking about this story
of the day, and it is the Trump tariffs. Uh,
and I'd love to get a wide variety of viewpoints
(14:06):
on it. Feel free to join the conversation. Six thirty
six one seven. Larry's the only guest I had scheduled.
There's no need to fill it up with a thousand experts.
Larry is is great. Uh, and he was able to
give us a few minutes. Now I want to hear
from you. Feel free join the conversation. Coming right back
(14:27):
on Nightside.
Speaker 1 (14:29):
It's Night Side with Boston's news radio.
Speaker 2 (14:35):
So the President today, in a ceremony in the Rose Garden,
laid out his view. Okay, so let's let's hit some
of these sound bites and in the meantime we will
get as many of you lined up as possible. Let's
go to cut number ten, please. He's he's talking here
about factories. Cut ten.
Speaker 3 (14:55):
Rob jobs and factories will come roaring back into our country,
and you see it happening already. We will supercharge our
domestic industrial base. We will probably open foreign markets and
break down foreign trade barriers, and ultimately more production at
home will mean stronger competition and lower prices for consumers.
(15:17):
This will be, indeed the golden age of American It's
coming back.
Speaker 2 (15:21):
We're going to come back very strongly. You've heard him
talk about the golden age for America. Well, it's on
the line now, that's for sure. So let's try to
get a couple of the bites here that he tries
to explain it a little bit. It's not easy to understand,
but this is cut number twelve, rob cut number twelve.
Speaker 3 (15:39):
But those days are over. Let me offer just a
few examples of the vicious attacks workers have faced for
so many years. The United States charges of the countries
only a two point four tariff on motorcycles. Meanwhile, Thailand
and others are dodging much higher prices like sixty percent.
(16:02):
India charges seventy percent, Vietnam charges seventy five percent, and
others are even higher than that. Likewise, until today, the
United States has for decades charged a two point five tariff.
Think of that two point five percent on foreign made automobiles.
Speaker 2 (16:22):
And he went on, this is cut number thirteen. He's
talking here about cars, and again numbers are tough on
the radio, but essentially what he's saying is that cars
made in other countries are imported into this country relatively freely.
And so now we have cars from places like South
(16:43):
Korea and Japan and in other countries Germany, who are
competing with American built automobiles. Uh. And that obviously cuts
down the portion of the economy that are that are
made in America, and that cost American jobs. And now
he's trying, well, he's trying to basically now turn the
(17:06):
tables on them and what he calls reciprocal tariffs. Okay, obviously,
you can build a car in Korea or Japan less
expensively than you can build a car in America. But
but in addition, when we try to send a car overseas,
(17:27):
they charge us more, and so he wants reciprocal tariffs.
He'd like to have reciprocal tariffs at zero. That's his goal.
Let me go to cut thirteen rob.
Speaker 3 (17:39):
Eighty one percent of the cars in South Carea made
in South Korea. Ninety four percent of the cars in
Japan are made in Japan. Toyota sells one million foreign
made automobiles into the United States, and General Motor sells
almost none. Ford sells very little. None of our companies
are allowed to go into other countries. And I say
(18:02):
that friend and foe, and in many cases the friend
is worse than the foe in terms of trade. But
such horrendous imbalances have devastated our industrial base and put
our national security at risk. I don't blame these other
countries at all for this calamity. I blame former presidents
and past leaders who weren't doing their job. They let
(18:23):
it happen, and they let it happen to an extent
that nobody can even believe. That's why, effective at midnight,
we will impose the twenty five percent tariff for all
far and made automobiles.
Speaker 2 (18:37):
Most of those chairs came from UAW workers who were
sitting in the audience in the Rose Garden, and then
one final sound bu before we start to get the
phone calls. He talks about farmers, and again I assume
that these statistics that he has announced are accurate. Let's
(18:58):
he's talking about what Canada does to our dairy products
that are produced on United States farms cut fourteen rob.
Speaker 3 (19:07):
We're also standing up for our great farmers and ranchers
who are brutalized by nations all over the world.
Speaker 2 (19:13):
It's brutalized.
Speaker 3 (19:17):
Canada, by the way, imposes a two hundred and fifty
to three hundred percent tariff on many of our dairy products.
They do the first, the first can of milk, They
do the first little carton of milk at at very
low price. But after that it gets bad and then
it gets up to two hundred and seventy five three
hundred percent. So when they're figuring what's Canada charging, they say, oh,
(19:39):
about two percent, three percent. But take a look at
what happens down the road when you look a little bit,
it's not a pretty picture, and we don't like it,
and it's not fair. It's not fair to our farmers,
it's not fair to our country.
Speaker 2 (19:52):
So that's his rationale talking about, amongst other things, automobiles
and dairy products. The concern is that when the tariffs,
when we get into a trade war, everything's going to
become more expensive. And I've noticed in stores, and I
(20:13):
hope you have as well, in grocery stores, that there
are a lot of products that are made here in
the US, and prices that went up during COVID have
never come back, that have never come down. There's a
couple of cookie manufacturers that I used to really enjoy.
(20:35):
I won't buy them anymore. I won't buy them anymore.
I could see during COVID when there were supply line
concerns and all of that, and there were trouble. I
get it, We're going to pay a little bit more,
but not now. Not now. The funny thing about it,
as I mentioned Larry Edelman of the Boston Globe, who
we had on earlier this hour, that there was a
(20:55):
period of time where gas prices were coming down. I
paid two seventy three for gas this weekend. Gas prices
were coming down. There were egg prices have apparently come down. Well,
let's see what happens. If Donald Trump can pull this off,
he will be remembered as a transformational president, which is
(21:21):
probably the most important thing a president can achieve to
transform something. Obama did it with healthcare. Ronald Reagan did
it with taking down the Berlin Wall and defeating the
Soviet Empire. This is where Donald Trump has put his
chips on the table. Let's see what people have to think.
(21:43):
Let me start it off with Joe in Revere. Hey, Joe,
your first this hour and night side. This is not
an easy topic, but I'd love to know what you
think about it. Go ahead, Joe. How are you tonight?
Speaker 6 (21:52):
Hey, Yeah, thank you for taking my call, sir, very much.
I'm great. But I also saw service. I believe in
mister Trump. I believe in what he's doing. We've been getting,
you know, beat up for years with these tariffs. I
think his intentions in the long run, and you tell
me I could be wrong, but they take theirs off,
(22:15):
we take ours off.
Speaker 2 (22:16):
That is that is yeah, that is correct.
Speaker 6 (22:19):
He beat up for a long time.
Speaker 2 (22:21):
Yeah. So basically, you've got a situation where where some
of these other countries have gotten a good deal. I
think we all can agree that a lot of other
we've treated other countries well. Donald Trump is coming in
and Donald Trump is saying, hey, you know, we want
to we want to level the playing field. How tough
(22:41):
is your business?
Speaker 6 (22:42):
Right now?
Speaker 2 (22:46):
I missed what you said, you know, Oh yeah, no,
I understand that. My question to you is, since you're
in the car business, has there been a spike in
activity in the last few days. I've read a couple
of ours that said people are trying to buy new cars.
If they were planning on buying cars later this spring,
they want to get in before the terraffs raised the prices.
(23:08):
Is that likely? What is likely going to happen in your.
Speaker 6 (23:10):
Opinion, certain dealerships. Yeah, depending on the make and model.
So I did a little research, like bosses and like
everything's going up a thirty two thousand dollars Equinox is
now going to be thirty eight this and that, and
then I went out and looked at a bunch of
stickers today. But I went on and did some research today.
(23:30):
Dan the Colorado final production. Now they said final production
don't matter, it's where it was built. I said, no,
wait a minute, now, this says final production rowan Oak, Roanoak, Indiana,
which I didn't know there was when I know there's Roanoke, Virginia. Anyway,
if the final production, if the final production on the
(23:53):
sticker is in USA, it will not get hit with
a tariff.
Speaker 2 (23:57):
Correct, That's correct.
Speaker 6 (23:58):
That's the latest I have for you for information.
Speaker 2 (24:01):
Yeah.
Speaker 4 (24:02):
So what, Joe, what.
Speaker 2 (24:05):
Sort of cars? What sort of cars do you sell?
Speaker 6 (24:09):
I sell chevyes, Dan, So you shall you sell American cars? Yep? Okay,
you know parts on every vehicle from everywhere.
Speaker 2 (24:20):
Right, But I don't think they can turn around and say, well,
ninety four percent of this car is built in America
and six percent of it is built in Mexico or whatever.
H do you think that's gonna be then, so, therefore
the tariff on this car will be six percent of
the I can't imagine that.
Speaker 3 (24:38):
God.
Speaker 6 (24:38):
I hope not.
Speaker 2 (24:39):
No, no, no, no, I hope not.
Speaker 4 (24:41):
Dan.
Speaker 6 (24:41):
What I'm looking at is final assembly point. That's what
I'm trying to get across to my managers.
Speaker 7 (24:46):
And my glasses.
Speaker 6 (24:49):
Was finished in our country.
Speaker 1 (24:52):
You know.
Speaker 6 (24:53):
I agree not hit the tariff.
Speaker 2 (24:55):
I agree with you. I agree with you on that.
Speaker 4 (24:57):
S Joe.
Speaker 2 (24:58):
Thank you very much. Do me a favorite, keep in
touch as the as we go through the next few
weeks what happens, and no I know, but also let
me know if you'd like where you're selling cars, and
maybe we'll let some people know in your neck of
the woods and we'll get you some some business going,
because I think that's important. I want people on night
side to be able to know other people on night
(25:19):
side and if if you would like, let me know
where where where people can find you. Okay, I'm serious
when I say that.
Speaker 6 (25:26):
Yes, Jed, thank you, sir, You're welcome.
Speaker 2 (25:28):
Thanks Joe. Okay, we're going to take very quick break here.
We're talking tariffs again. I'm more interested in your own
experience and what you can bring to the table. None
of us are going to be able to complete an
economic college degree in the next three hours, but we
can all learn from each other. And that was a
really good call from Joe, who's the cars salesman. We'll
(25:50):
be back. The only line open right now is six one, seven, nine,
three thirty. Let's keep it roll until midnight. Back on
night side.
Speaker 1 (25:56):
Right after this, it's night Side when Dan on Boston's
news radio.
Speaker 2 (26:04):
Back to the phones we go. Let's go next to
Matt in Franklin, Massachusetts. Matt, you were next on nights
side to get my mouse working here, and we'll bring
up and say hello to you. Matt. Welcome.
Speaker 7 (26:15):
Hey. I I yeah, I like to say that I
voted for Trump three times, and uh, I'm a little
bit in disbelief that I already want to pull the
plug in his third term with this whole thing.
Speaker 2 (26:28):
I'll tell you they're not gonna be able to pull
the plug. What do you think is going through his head?
I mean, you voted for you talked in the campaign.
Speaker 7 (26:38):
I think he's flying. He's his own worst enemy. He's
flying so high that just like he's not I mean,
whoever he is listening to must be like a cartoon character,
but like he's gonna he's basically he's gonna like raise prices,
basically engineering the charage and everybody, lay off every body,
(26:59):
and then most of that's I didn't get hit to
the fall with the states lousing funding and all these
all the research rands, and then he doesn't want to
spend federal money to get us out of it. So
I honestly have no idea what he's trying to do.
But do I think companies are going to invest in America?
When at seventy eight going on seventy nine year old
man who eats McDonald's every single day wants to put
(27:20):
tariffs for the next three years on it, because the
next president can come in any time between now in
three years and say, oh, the tariffs are up the
book books. And then also Trump could turn around two
weeks later and say, oh, never mind. So I just ridiculous.
I mean, and then he wants to like bring us
back to the Golden Age. It's like, oh, that was
great for the robber barons, but the people that the
(27:44):
people that worked with the mines were getting to had
to live off the mining. We're getting masked at the
same time, and that's why they had unions. And then
he wants to get rid of the unions and bring
the mines back. So oh, yeah, we're gonna go back
to the Golden age.
Speaker 2 (27:59):
Yeah. Well, so you voted for him three times, and
if you could take those votes back, would you take
all of them back? At this point?
Speaker 7 (28:10):
Ah, I mean, I don't think. I mean, I no,
probably because because I didn't think Bond would do a
good job, and I don't really think he did. And uh,
Kamala was a joke. But at the same time, I'd
rather take a joke versus someone like who wants to
basically engineer recession to like lower interest rates and then
(28:33):
somehow thinks that you can automatically snap out of a recession.
I'd probably take Camela right now because I mean, like,
I mean, I'm I'm not a big fan of the
transgenders and some of the other things out there, But
at the same time, I'd rather have like a stable
economy than like somebody's up at like two in the
morning hanging out with Elon and doing whatever.
Speaker 2 (28:54):
Yeah, well again he's her when you're right, he ran
on the economy. Uh, and now he did say he
did talk about tariffs, did talk about big beautiful tariffs,
and maybe you didn't hear that, but.
Speaker 7 (29:08):
But yeah, I mean, like selectively terriffing people is one
like tiffing countries for like policies. It's one thing. Yeah,
you want a broad brush across the board, Like it's
kind of like great, does broad wealth for society? But
I mean, like, isn't didn't the the auto didn't wasn't
one of the reasons why Nissan Anciota started building here.
(29:30):
It wasn't I do like a trade agreement or tariffs
because they were like destroying the auto industry and people
basically couldn't afford to buy cars that decided to move
their plants here.
Speaker 2 (29:40):
Yeah, a little bit of that. And also a lot
of those foreign car companies didn't go to Michigan. They
went to places like uh and you know, right to
work states in the South. Matt, you're a bright eye.
How old are you? You sound young?
Speaker 7 (29:54):
Mid thirties, Okay, So you're.
Speaker 2 (29:58):
Disappointed at this point, like the guy you voted for
to say the least, right.
Speaker 7 (30:03):
Yeah, And it's like it's going to turn into a
sprain wreck in the fall because the school the school's
gonna lose eight percent of their fundings, so that means
they're gonna pull money from everywhere else to help from
the schools. And then you have the hospitals laying off,
and then whoever knows that who else is going to
be laying off because of the tariffs and I mean
the farmers. Okay, Vietnam taxes ninety six percent of the
(30:27):
imports because they don't really have an infrastructure that goes
through the country stide and get income taxes. So I'm
assuming most of the tariffs are food. So it's like,
is it really that big of a deal that they're
that we're selling them food? And then they're taxing it
on their end that we're not paying for it. It's like,
what's what's the big deal here?
Speaker 2 (30:46):
Well, obviously he sees it as a big deal. You've
raised some great points. I want to see people agree
with you, and I just want to hear from Trump
people like yourself who are maybe a little skeptical of this.
Thanks Matt, appreciate it, Roll talk to you soon. Appreciate it.
Thank you. Next up, let me get to Kennon Waltham.
Can you were next on Nisiger? Right ahead?
Speaker 5 (31:09):
Hi, Dan boy, it's tough to beat Matt. That was
a great call.
Speaker 2 (31:14):
Great.
Speaker 5 (31:17):
Just a couple other points. I thought you played some
excellent clips. One, you know, Trump talks about blaming previous leaders,
you know, not the other countries as well. He was
one of those previous leaders.
Speaker 2 (31:28):
Yes, he never seen them.
Speaker 5 (31:30):
Yeah, And the other where I don't I mean, I
just don't trust him at all. And that and the
dairy issue with Canada that.
Speaker 4 (31:37):
He talked about.
Speaker 5 (31:39):
We have a we have a deficit with Canada overall
trade deficit, but we have a significant surplus in the
dairy industry and there are very little tariffs maybe uh
kind of like five percent or something. I think it's like,
you know, the equivalent of Massachusetts state income text that
(31:59):
they are just until we get to a certain you know,
until they get to a certain quota, and then the
two hundred and fifty percent you know, teriffs kick in.
But that's to the tune, you know. I we I
think in twenty twenty four our surplus was or our
(32:21):
exports was over a billion dollars in the dairy industry.
Speaker 8 (32:25):
So yeah, I just you know, I Matt gave a
great explanation, and I can't understand why Trump does it, right,
I mean, in twenty sixteen he talked about.
Speaker 5 (32:37):
Building the wall. It was, it was a great sales pitch,
but he never he never really did it, and not
much of it anyway.
Speaker 2 (32:44):
And yeah, well, of course with that in all in
all fairness, Congress was not with him on that his
Republicans were with the Democrats weren't. But this is a
situation that he has some control over here. I don't
know that Congress can do anything to interfere with what
he's doing, right, And the question is what long term
damage will be done?
Speaker 4 (33:04):
You know.
Speaker 2 (33:04):
Again, generally conservative economists are opposed. I mean the Milton
Friedman's of the world. They think are opposed to tariff's.
I know that. You know, Jeff Myron, who we have
on from Harvard a lot would be opposed, I believe
to tariffs. I don't want to put words in Jeff's mouth.
I may have Jeff on tomorrow night as a result
to get him to explain his position on it. But
(33:28):
this you just watch the stock market tomorrow. I mean,
the stock market is, whether you like it or not,
is a pretty good indicator of what people think. And
and I got to assume that when he wakes up tomorrow,
when he goes to bed tonight whenever it goes to bed,
and he sees that the market is off, you know,
(33:48):
going to be off over a thousand points, I don't know.
I guess he must really believe it. So we'll see.
Speaker 5 (33:57):
Yeah, well he's been moving back and forth a little.
I mean, the more I get right, he imposed tariffs earlier,
like last month, and then took him.
Speaker 1 (34:05):
Away, right he was, yeah, well, we'll see.
Speaker 2 (34:06):
I don't think I'm step back from this. This is
this is a sort of a this was a big
step today, It's no no doubt about that. And the
market has reacted, as some would say, big time. Ken.
I got the news, so I got to let you run.
But boy, you're a good call too. I thank you.
We've had good quality call so far. Thank you very much.
Speaker 4 (34:26):
Thanks Dan, talk to you soon.
Speaker 2 (34:27):
Keep calling to those of those of you the line.
You're going to be up first. On the other side,
I got Jay, I got Bill, I got Pete, and
I got Joe and we'll get everybody in. I got
one room at one line at six one
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