October 16, 2024 • 11 mins
My Big Fat Trump Tariff Epiphany! www.watchdogonwallstreet.com
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski My.
Speaker 2 (00:16):
Big Fat Trump Tariff Epiphany. I spent a great deal
of time yesterday. I don't want to hit me. I
watched Donald Trump's what was his speech? Was being interviewed,
being interviewed at the Chicago Economics Club. There and John
(00:39):
Mikelwaite from Bloomberg, he's the editor chief editor over Bloomberg,
was conducting the interview. He's also a former editor over
at The Economist.
Speaker 3 (00:49):
And it hit me. It hit me that.
Speaker 2 (00:54):
Everything Trump is saying, it's he's not some speaking well.
He is speaking to the electorate and wanting people to
vote for him.
Speaker 3 (01:06):
But he is actually.
Speaker 2 (01:09):
Conversing with Zijenping, with Vladimir Putin, with the European Union,
with Modi in India, with the entire world. He's basically
putting them on notice. This is again his way of negotiating.
(01:29):
And I went to my library and I pulled off
the shelf Donald Trump's Art of the Deal went and
kind of looked at his past and actually listened again
to some of the things that he said in that interview.
One thing that really struck me was asked about the
(01:50):
Nippon Steel deal with Japan and US Steel.
Speaker 3 (01:54):
And he kind of threw it in there. He says, Oh,
I'm against that deal.
Speaker 2 (01:58):
Going to be against that deal, you know, you know,
unless you know it passes before I get in, meaning like,
get it done, get it done quickly, so I don't
have to deal with this thing.
Speaker 3 (02:10):
He is.
Speaker 2 (02:11):
He's a negotiator, and maybe I because it's something I
don't like to do. Being honest, I I'm horrible at it.
I don't like negotiat. I hate buying cars. I don't
like negotiating prices. It's something I'm not very good at.
I do not like to haggle. I remember him yesterday.
(02:37):
What one tactic that he does that I do use.
And I learned this from my father as well, is
that when going out to purchase something, you want to
purchase a big item or purchase a car.
Speaker 3 (02:49):
Again, I don't like to negotiate.
Speaker 2 (02:52):
I might say, okay, sebstia can do I don't really
you know, like talking about numbers, they'll say yeah, and
I said, well, okay, thank you. You know, I'll get
back to you, and I don't get back to people,
and then they end up calling you back with a
much better deal. And Trump actually talked about that when
(03:12):
he was talking about his negotiation when it came to
Air Force one, and they're getting the costs down for that.
Speaker 3 (03:22):
He uh, the things.
Speaker 2 (03:24):
That he's putting forward when it comes to tariffs, that
they're they're not going to happen because we're going to
be able to recap many of these countries and basically
dictate the terms.
Speaker 3 (03:39):
I hope, I hope I'm not wishful thinking.
Speaker 2 (03:42):
Okay, I hope this is not wishful thinking, because he
did put you know, various different tariffs on items that
are still on.
Speaker 3 (03:50):
Biden didn't remove them either.
Speaker 2 (03:54):
That again, I'm not a fan of I don't think
that they've helped. I think they've hurt more than they've helped.
But he seems like he's going all in on these tariffs.
He actually and I was shocked, he actually he ended
up turning a crowd around.
Speaker 3 (04:12):
I listened to it yesterday.
Speaker 2 (04:14):
I mean, at the first there was some scattering applause
in the beginning, and then eventually I mean I've got
a standing oh at the end, and taking on, taking
on the moderator, going after him, and the fact that
he's been wrong throughout his entire career. Donald Trump is
(04:36):
a He's a salesman. Okay, he is what he is.
He is a salesman.
Speaker 3 (04:43):
And again I.
Speaker 2 (04:46):
Cringe every single time I hear commercials now for he's
got his latest round of Trump sneakers and Trump watches
and now he's pushing his son's bitcoin. And again it
makes me sick to my stomach. But that is his nature,
that is his nature. That that's what he does, That's
(05:07):
what he always has done.
Speaker 3 (05:08):
I've always made fun of it. Yeah, I told the stories.
You know, this is years ago.
Speaker 2 (05:12):
Is going back to like two thousand and he's two
thousand and seven, two thousand cigamore buying furniture from my
house and going into the furniture store and him having
this this Trump line of furniture and house square with
his crest on it.
Speaker 3 (05:28):
I said, who in the world is going.
Speaker 2 (05:30):
To buy, you know, throw pillows for their house with
Trump's family crest on it.
Speaker 3 (05:35):
They didn't care. Now he doesn't drink. He's got Trump vodka,
Trump will.
Speaker 2 (05:40):
I mean, he'll he'll slap his name on anything again,
that something I can't do, something that I am. I
am completely I would never be able to do. And
I actually wrote a combat this went after him hard.
This was during the financial crisis with apartment buildings that
(06:05):
were never built that you know, he sold his name
to these buildings and people lost money, and he's, well,
you know they bought my name. I had nothing to
do with the building. It's not my fault. Well again,
you know, I have a different value set than he
does when it comes to that, a different belief system.
Speaker 3 (06:26):
Again, did he break the law? No ethically challenged in
many of these things.
Speaker 2 (06:32):
Yeah, yeah, absolutely, But it's what we've got at this
point in time.
Speaker 3 (06:38):
It kind of resounded myself to it. It is what
it is. There was a story today in.
Speaker 2 (06:43):
The Wall Street Journal talking about this European Power Gram
and they've been doing this for a while, going after
a lot of our technology companies because they don't really
build or create much of anything over there.
Speaker 3 (06:55):
I forgot about this.
Speaker 2 (06:56):
Back in two thousand and eight, the United States and
Europe had nearly identical GDPs by twenty twenty three, our
GDP seventy five.
Speaker 3 (07:09):
Think about that, seventy five.
Speaker 2 (07:11):
Percent larger than Europe's seventy five. We were equal in
two thousand and eight, were seventy five percent bigger than Europe.
Right now, again, does Europe change their ways? Do they
try to roll back regulations, try to be more competitive?
Speaker 3 (07:32):
No?
Speaker 2 (07:33):
No, they just continue to try to decap the United
States in a myriad of different ways. These latest rounds
of regulations forcing US companies to adhere to the EUSt
zero carbon emissions target and to comply with the labor
related standards even when they exceed the requirements of US law.
(07:55):
It rule establish as a private right of action that
gives activists and incentive to bombard companies less lawsuits. Again,
these go after companies that exceed revenue in the EU
of four hundred and fifty a million euros. It also
harms small businesses too, because it requires the big companies
to police their subsidiaries and their supply chains. Again, you
(08:19):
want to smack the European Union with massive tariffs on
their vehicles to get them to shut the hell up
and leave us the hell alone. Yeah, I can go
along with that. Again, I can go along with that.
He actually made fun yesterday of Mercedes Benz talking about
(08:41):
how those Mercedes Benz assembly plant here in the United States,
and he said, yeah, I said, they make everything over
in Europe and then they ship it over in a
box and they.
Speaker 3 (08:52):
Put it together here.
Speaker 2 (08:54):
A child could put the thing together, and it was
kind of funny.
Speaker 3 (08:59):
And he's not wrong. He's not wrong again. I I
I've talked about trade.
Speaker 2 (09:08):
Here in the past, and it's one thing I never
really seemed to get. I know, every every country has
their various different, uh intrinsic interests, various different things. I mean,
you see what happens with the EU. I remember Greece
filing a lawsuit against France because France was, you know,
(09:28):
making goat cheese and calling it feta, and Greece like,
you can't do that, that's not real feta. Just as
much as the French will say, hey, you know what, uh,
you know, you can't call uh you know, prosecco, champagne
and a champagne, only he's grown in the champagne.
Speaker 3 (09:42):
Reason.
Speaker 2 (09:42):
Oh, they fight over these things all the time. But anyway,
neither here nor there trade deals. Trade deals should be
on one page, one page, and that's it. Okay, you
know you're gonna you're gonna stop us from selling our
stuff there. You're going to put these tariffs on it.
(10:03):
We're going to do the exact same thing, case closed, case, closed,
period the end. And I think, I think, I think
that that's what he's trying to do.
Speaker 3 (10:18):
I really do.
Speaker 2 (10:19):
I think he's going to slap a thousand percent tariffs
on cars coming in from Mexico.
Speaker 3 (10:24):
No, I don't, No, I don't. I do think that this.
Speaker 2 (10:29):
Is his way of negotiating. You know, I've heard it
in you know, several other people aren't laugh or making
the same argument.
Speaker 3 (10:41):
Others as well.
Speaker 2 (10:42):
Steven Moore did a recent debate at the SOHO Forum
also where he was kind of alluding to that, but
again he's also hesitant when it comes to tariffs as well. Again,
I'm hoping right now that my big fat Trump terror
of epiphany is accurate. Watchdog on Wall Street dot Com
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski My.
Speaker 2 (00:16):
Big Fat Trump Tariff Epiphany. I spent a great deal
of time yesterday. I don't want to hit me. I
watched Donald Trump's what was his speech? Was being interviewed,
being interviewed at the Chicago Economics Club. There and John
(00:39):
Mikelwaite from Bloomberg, he's the editor chief editor over Bloomberg,
was conducting the interview. He's also a former editor over
at The Economist.
Speaker 3 (00:49):
And it hit me. It hit me that.
Speaker 2 (00:54):
Everything Trump is saying, it's he's not some speaking well.
He is speaking to the electorate and wanting people to
vote for him.
Speaker 3 (01:06):
But he is actually.
Speaker 2 (01:09):
Conversing with Zijenping, with Vladimir Putin, with the European Union,
with Modi in India, with the entire world. He's basically
putting them on notice. This is again his way of negotiating.
(01:29):
And I went to my library and I pulled off
the shelf Donald Trump's Art of the Deal went and
kind of looked at his past and actually listened again
to some of the things that he said in that interview.
One thing that really struck me was asked about the
(01:50):
Nippon Steel deal with Japan and US Steel.
Speaker 3 (01:54):
And he kind of threw it in there. He says, Oh,
I'm against that deal.
Speaker 2 (01:58):
Going to be against that deal, you know, you know,
unless you know it passes before I get in, meaning like,
get it done, get it done quickly, so I don't
have to deal with this thing.
Speaker 3 (02:10):
He is.
Speaker 2 (02:11):
He's a negotiator, and maybe I because it's something I
don't like to do. Being honest, I I'm horrible at it.
I don't like negotiat. I hate buying cars. I don't
like negotiating prices. It's something I'm not very good at.
I do not like to haggle. I remember him yesterday.
(02:37):
What one tactic that he does that I do use.
And I learned this from my father as well, is
that when going out to purchase something, you want to
purchase a big item or purchase a car.
Speaker 3 (02:49):
Again, I don't like to negotiate.
Speaker 2 (02:52):
I might say, okay, sebstia can do I don't really
you know, like talking about numbers, they'll say yeah, and
I said, well, okay, thank you. You know, I'll get
back to you, and I don't get back to people,
and then they end up calling you back with a
much better deal. And Trump actually talked about that when
(03:12):
he was talking about his negotiation when it came to
Air Force one, and they're getting the costs down for that.
Speaker 3 (03:22):
He uh, the things.
Speaker 2 (03:24):
That he's putting forward when it comes to tariffs, that
they're they're not going to happen because we're going to
be able to recap many of these countries and basically
dictate the terms.
Speaker 3 (03:39):
I hope, I hope I'm not wishful thinking.
Speaker 2 (03:42):
Okay, I hope this is not wishful thinking, because he
did put you know, various different tariffs on items that
are still on.
Speaker 3 (03:50):
Biden didn't remove them either.
Speaker 2 (03:54):
That again, I'm not a fan of I don't think
that they've helped. I think they've hurt more than they've helped.
But he seems like he's going all in on these tariffs.
He actually and I was shocked, he actually he ended
up turning a crowd around.
Speaker 3 (04:12):
I listened to it yesterday.
Speaker 2 (04:14):
I mean, at the first there was some scattering applause
in the beginning, and then eventually I mean I've got
a standing oh at the end, and taking on, taking
on the moderator, going after him, and the fact that
he's been wrong throughout his entire career. Donald Trump is
(04:36):
a He's a salesman. Okay, he is what he is.
He is a salesman.
Speaker 3 (04:43):
And again I.
Speaker 2 (04:46):
Cringe every single time I hear commercials now for he's
got his latest round of Trump sneakers and Trump watches
and now he's pushing his son's bitcoin. And again it
makes me sick to my stomach. But that is his nature,
that is his nature. That that's what he does, That's
(05:07):
what he always has done.
Speaker 3 (05:08):
I've always made fun of it. Yeah, I told the stories.
You know, this is years ago.
Speaker 2 (05:12):
Is going back to like two thousand and he's two
thousand and seven, two thousand cigamore buying furniture from my
house and going into the furniture store and him having
this this Trump line of furniture and house square with
his crest on it.
Speaker 3 (05:28):
I said, who in the world is going.
Speaker 2 (05:30):
To buy, you know, throw pillows for their house with
Trump's family crest on it.
Speaker 3 (05:35):
They didn't care. Now he doesn't drink. He's got Trump vodka,
Trump will.
Speaker 2 (05:40):
I mean, he'll he'll slap his name on anything again,
that something I can't do, something that I am. I
am completely I would never be able to do. And
I actually wrote a combat this went after him hard.
This was during the financial crisis with apartment buildings that
(06:05):
were never built that you know, he sold his name
to these buildings and people lost money, and he's, well,
you know they bought my name. I had nothing to
do with the building. It's not my fault. Well again,
you know, I have a different value set than he
does when it comes to that, a different belief system.
Speaker 3 (06:26):
Again, did he break the law? No ethically challenged in
many of these things.
Speaker 2 (06:32):
Yeah, yeah, absolutely, But it's what we've got at this
point in time.
Speaker 3 (06:38):
It kind of resounded myself to it. It is what
it is. There was a story today in.
Speaker 2 (06:43):
The Wall Street Journal talking about this European Power Gram
and they've been doing this for a while, going after
a lot of our technology companies because they don't really
build or create much of anything over there.
Speaker 3 (06:55):
I forgot about this.
Speaker 2 (06:56):
Back in two thousand and eight, the United States and
Europe had nearly identical GDPs by twenty twenty three, our
GDP seventy five.
Speaker 3 (07:09):
Think about that, seventy five.
Speaker 2 (07:11):
Percent larger than Europe's seventy five. We were equal in
two thousand and eight, were seventy five percent bigger than Europe.
Right now, again, does Europe change their ways? Do they
try to roll back regulations, try to be more competitive?
Speaker 3 (07:32):
No?
Speaker 2 (07:33):
No, they just continue to try to decap the United
States in a myriad of different ways. These latest rounds
of regulations forcing US companies to adhere to the EUSt
zero carbon emissions target and to comply with the labor
related standards even when they exceed the requirements of US law.
(07:55):
It rule establish as a private right of action that
gives activists and incentive to bombard companies less lawsuits. Again,
these go after companies that exceed revenue in the EU
of four hundred and fifty a million euros. It also
harms small businesses too, because it requires the big companies
to police their subsidiaries and their supply chains. Again, you
(08:19):
want to smack the European Union with massive tariffs on
their vehicles to get them to shut the hell up
and leave us the hell alone. Yeah, I can go
along with that. Again, I can go along with that.
He actually made fun yesterday of Mercedes Benz talking about
(08:41):
how those Mercedes Benz assembly plant here in the United States,
and he said, yeah, I said, they make everything over
in Europe and then they ship it over in a
box and they.
Speaker 3 (08:52):
Put it together here.
Speaker 2 (08:54):
A child could put the thing together, and it was
kind of funny.
Speaker 3 (08:59):
And he's not wrong. He's not wrong again. I I
I've talked about trade.
Speaker 2 (09:08):
Here in the past, and it's one thing I never
really seemed to get. I know, every every country has
their various different, uh intrinsic interests, various different things. I mean,
you see what happens with the EU. I remember Greece
filing a lawsuit against France because France was, you know,
(09:28):
making goat cheese and calling it feta, and Greece like,
you can't do that, that's not real feta. Just as
much as the French will say, hey, you know what, uh,
you know, you can't call uh you know, prosecco, champagne
and a champagne, only he's grown in the champagne.
Speaker 3 (09:42):
Reason.
Speaker 2 (09:42):
Oh, they fight over these things all the time. But anyway,
neither here nor there trade deals. Trade deals should be
on one page, one page, and that's it. Okay, you
know you're gonna you're gonna stop us from selling our
stuff there. You're going to put these tariffs on it.
(10:03):
We're going to do the exact same thing, case closed, case, closed,
period the end. And I think, I think, I think
that that's what he's trying to do.
Speaker 3 (10:18):
I really do.
Speaker 2 (10:19):
I think he's going to slap a thousand percent tariffs
on cars coming in from Mexico.
Speaker 3 (10:24):
No, I don't, No, I don't. I do think that this.
Speaker 2 (10:29):
Is his way of negotiating. You know, I've heard it
in you know, several other people aren't laugh or making
the same argument.
Speaker 3 (10:41):
Others as well.
Speaker 2 (10:42):
Steven Moore did a recent debate at the SOHO Forum
also where he was kind of alluding to that, but
again he's also hesitant when it comes to tariffs as well. Again,
I'm hoping right now that my big fat Trump terror
of epiphany is accurate. Watchdog on Wall Street dot Com
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