May 9, 2025 • 15 mins
Listen on:
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Chris unpacks the so-called "historic" UK–US trade deal—and the details may surprise you. He reveals how the agreement slashes tariffs for UK luxury goods while increasing costs for American-made products, all under the guise of progress. From Detroit automakers getting the short end of the stick to Trump’s bizarre port slowdown logic and threats to companies like Mattel, this fast-paced breakdown exposes what’s really behind the political spin. www.watchdogonwallstreet.com
Apple Podcasts:https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
Watch on: https://www.youtube.com/@WatchdogOnWallstreet/featured
Chris unpacks the so-called "historic" UK–US trade deal—and the details may surprise you. He reveals how the agreement slashes tariffs for UK luxury goods while increasing costs for American-made products, all under the guise of progress. From Detroit automakers getting the short end of the stick to Trump’s bizarre port slowdown logic and threats to companies like Mattel, this fast-paced breakdown exposes what’s really behind the political spin. www.watchdogonwallstreet.com
Mark as Played
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 that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Oh okay, yep, time to do the UH Trade Deal
Trade Deal, UK Trade Deal Fine Print edition. Oh I know,
I know. Here, you got a get macfie, you've got
one after that. President again, just listen. I am going
to try very hard. I'm going to try to keep
(00:39):
the comments, my opinions mute it to some degree. We'll try.
I'm gonna try. We're going to go through. We're going
to go through this historic, monumental, huge trade deal with
the UK. Okay, this is this is what the administration
(01:06):
has put out United Kingdom Trade Deal. They're saying that
we have opened access to United States products for the
UK five billion dollars worth tariff revenue. That's taxes, taxes
(01:28):
on you and I. That's going to go up by
six billion dollars. The external revenue service, they call it
the external revenue service. But again, I want to remind
you that you pay. The administration said that UK tariffs
were at five point one percent prior to the deal.
Now they're down to one point eight that. I'm sorry
(01:53):
that I don't that number is wrong. The number is wrong.
The uh, the way I see it, the tariffs that
the UK was putting on our items were anywhere from
point three to point seven percent. But you know what,
we'll go. We'll go with the administration's numbers. At five
point one now one point eight tariffs. Tariffs on stuff
(02:15):
coming to the United States from the UK, we're at
three point four percent now they're ten. So all right again,
so you know, get your arms around this. We've essentially well,
I get Donald Trump lower taxes for the people in
(02:38):
the UK is what he did. He negotiated a great,
great tax deal for the citizens of the UK. They're
going to be paying less, They're going to be paying
less on our stuff going here, but we're going to
be paying more on the stuff that's coming to the
United States. I mean again, I want you to get
your arms around that. Again. The steel was supposed to
(03:04):
reduce trade barriers and eliminate the trade deficit. But again
we've we've got we've got tariffs that are higher now
than they were before the carveouts. The carveouts, that's one too, Okay,
So UK Steel they took away that twenty five percent tariff.
(03:27):
And what they also did. They also did is they said, hey,
you know what, We're not going to put the twenty
five percent tariff. I'm not gonna put the twenty five
percent tariff on the cars made by the UK coming
into the United States as long as it's under one
hundred thousand cars. That's basically what the UK ships to
(03:50):
the United States already every single year. So let me
put this into perspective for you. Okay, pay close attention.
There's going to be a higher tariff on cars on
Ford's and Cheves that are made in the in Mexico,
(04:13):
half made in Mexico, half made in Canada either or
and rest assembled in the United States than there are
on Aston Martin's range Rovers and Bentley's coming into the
United States. I kid you not. Yeah, that's that's what
this says. Detroit's not happy again. This is under this steal,
(04:42):
it will now be cheaper to import a UK vehicle
with very little US content than a us MCA compliant
vehicle from Mexico or Canada that is half American parts.
This is Matt Blunt, president of the American Automotive Policy Council,
which represents Ford, GM and G parents. Stillanis this hurts
American automakers, suppliers and auto workers. Again, the tariff has
(05:08):
been reduced from the UK from twenty five to ten
percent for the first one hundred thousand cars made in
the UK. And again, let's throwers shipment here anyway. They
don't ship more than one hundred thousand cars. Winning, winning, winning.
We're doing so much winning going on. I don't even
know what to do here, guys. It's just a lot
(05:29):
of winning, a lot of winning. Let's get into let's
get into some of the Q and A. Donald Trump
was asked. He was asked by a reporter about what
is taking place right now at the ports and how
traffic is way down. Traffic is way down at the
(05:52):
ports and truckers this is part of the truckers and
dock workers are going to be laid off. Trump's response
to the question, and certain times the way he answers questions,
you can't even respond because you're like, what, you can't
You're trying to process what he just said. You're trying
(06:13):
to find the logic. He says that, Okay, we're losing
less money. We're losing money. And again, I'm trying to
figure out how this makes any sense you. I went out.
I went out yesterday, Mother's Day coming up this weekend.
Happy Mother's Day to all the moms out there. And
(06:36):
I bought my wife some stuff. I bought my wife
some stuff. I got her some you know, outfits here
and there. Did I lose money? Did I? Did I
lose money when I bought my wife presence from Mother's Day?
(06:57):
Is that either that a loss or is it an exchange?
I don't look at it as a loss. I didn't
lose any money. I chose to spend money on those
items from my wife. I didn't lose it. I used
it anyway. Again, Donald Trump thinks it's losing money. But
then he went on to say, and I'm not making
(07:18):
this up. If you don't believe me, go to the videotape.
Business slowing down is good, not bad. Now there was
no rebuttal from the reporter, because what do you do
with that business slowing down? At the port? Stock workers
(07:39):
being laid off, truckers being laid off is good, not bad.
We're losing less money. Again, you would fail. You'd fail
in ninth grade economics class. You'd fail. Ah, what was
(08:01):
oh the other thing there opening up agricultural products to
the UK. We're going to see what's going to happen
with that. And again it was interesting because you know,
Trump said, body's working on getting you know, getting those
hormones and you know whatnot out of the beef here
(08:21):
in the United States. And then you had the Secretary
Agriculture Rollins Uh step in and say that we have
I mean, it's what you kind of step right in
front of the president. We have the best beef in
the entire world. It's here in the United States, the greatest,
the best of all time. And then you know Donald
Trump is we have the best of everything here in
(08:42):
the United States. And again yeah, it's like maybe they
should just go around with those you know, those foam
fingers like number one, you know those things. Anyway, No,
we don't have the greatest beef standards in the entire
It's not the case in some places, yes, but overall no,
I mean certain things they won't accept over in Europe
(09:05):
based upon hormones and other things. And again, their standards
or their standards. Okay, all right, now what guys, now,
what what? What else we're gonna go to? Oh? Yeah, Utnik,
I gotta I gotta talk about Lutnik. I'm trying to
(09:27):
you know, it's almost you know, there's the old Looney
Tunes character. I think it was the two dogs there.
Then there were they were kind of like gangster dogs,
and it was the little dog was actually the leader.
It was the boss, and the bigger dog would be
bounced around. How do you say, boss? Yeah, boss, I'm
right there. I'm right with your boss. And I'm trying
to remember the whole thing. But Lutnik is I mean,
(09:52):
aren't you embarrassed? Aren't you at all embarrassed? He's up there,
he's this This trade deal would have taken taken me over
three years to put together. Trump put together in no time.
This would take you three years to put together. This
(10:15):
was this is some sort of complicated deal. We put
ten percent tariffs on them, and then we obviously increased
against tax on the United States. And guess what they
started at ten percent, We're still at ten percent. This
is some groundbreaking deal. But they're making them buy Boeing planes. Okay,
(10:40):
they had to buy the planes anyway. You know, maybe
they would have gotten them from Airbus. But it's it's
a wash. Boeing is going to be able to get rolled.
They put rolls Royce engines in the Boeing planes. They're
not going to pay tariffs on us. I guess it's
you know, it's great for Boeing. Again. I don't know
where the little I is in this. Oh, one more,
(11:02):
one more. The other thing as well. He was asked.
He was asked about Mattel. I brought this up yesterday
on the podcast. The CEO of Mattel not going to
be making stuff from the United States. We're going to
design stuff in the United States. He actually threatened Mattel
actually threatened the company with one hundred percent tariffs. I'm
(11:27):
surprised it's not getting more play. He actually threatened the
company with one hundred percent tariffs because they dare defy him.
You're okay with that, Okay, I don't I don't know
what to tell you. I know what to tell you.
We've got China on deck right now. The latest that
(11:49):
I've seen right now, eighty percent tariff on China seems
right exclamation point up to Scott B. Also Trump said
he's a I should open up its market to the USA.
Would be so good for them. Closed markets don't work
any more. We'll see where it goes. We'll see where
(12:12):
it goes. The reality is again were most certainly like
I said, Like I said, he's stepping stepping away, stepping
away from what he was doing before. It's again it
all start and I explained it here on the program.
And again no he's not. No, Trump would never conceive
(12:34):
what are you talking about? Okay, The bond market smacked
him upside the head, The falling dollar smacked him upside
the head, the markets crashing smacked him upside the head
and said, yo, okay, you can't do this. If you
do remember, and again because I pay attention to these things,
(12:55):
if you watched the the market's the future smarked what
was taking place on Liberation Day when the ten percent tariffs,
that's it, ten percent across the board was announced, there
was actually the markets had a big sigh of relief.
They went up as soon as that magic formula came
out with the charts with the reciprocal stuff. That's when
(13:17):
everything tanked. The ten percent was like, oh, at least
could have been a hell of a lot worse. We'll
figure away, we'll deal with this in some way, shape,
matter or form. But that's what happened, and they're walking
away from it. Another quick side note when it comes
to China, Donald Trump uh several times of the past
(13:40):
week commenting on strollers and expensive strollers is kind of
making fun of it. And you know how expensive trollers
are not a big deal. Well, you know again, I
guess they've been trying to push for Americans to have
more babies. Right, this is this is an amazing number.
China's share of US imports on baby essentials. Car seats
(14:07):
ninety eight percent come from China, scrollers ninety seven percent, beds, bassinets, playards,
changing tables ninety four percent, walkers ninety three percent, high
chairs ninety two percent, high chairs and other seats for
children ninety one percent. Baby care appliance is eighty nine percent,
toys seventy six percent, activity center sixty six percent, cribs
(14:27):
forty six percent, and we go right on down the list.
So yeah, it's going to be that much more expensive
to have a baby again, just a part of it. Again,
I'm hoping, hoping that we continue to see the President
(14:49):
step away from the policies from the get go, and
this was this is the fine print on this UK
trade deal. If you want to think that this is
a big coup, a big win, Okay, okay, I just
gave you the facts. It is what it is. Watch
(15:12):
Dog 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 that we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Oh okay, yep, time to do the UH Trade Deal
Trade Deal, UK Trade Deal Fine Print edition. Oh I know,
I know. Here, you got a get macfie, you've got
one after that. President again, just listen. I am going
to try very hard. I'm going to try to keep
(00:39):
the comments, my opinions mute it to some degree. We'll try.
I'm gonna try. We're going to go through. We're going
to go through this historic, monumental, huge trade deal with
the UK. Okay, this is this is what the administration
(01:06):
has put out United Kingdom Trade Deal. They're saying that
we have opened access to United States products for the
UK five billion dollars worth tariff revenue. That's taxes, taxes
(01:28):
on you and I. That's going to go up by
six billion dollars. The external revenue service, they call it
the external revenue service. But again, I want to remind
you that you pay. The administration said that UK tariffs
were at five point one percent prior to the deal.
Now they're down to one point eight that. I'm sorry
(01:53):
that I don't that number is wrong. The number is wrong.
The uh, the way I see it, the tariffs that
the UK was putting on our items were anywhere from
point three to point seven percent. But you know what,
we'll go. We'll go with the administration's numbers. At five
point one now one point eight tariffs. Tariffs on stuff
(02:15):
coming to the United States from the UK, we're at
three point four percent now they're ten. So all right again,
so you know, get your arms around this. We've essentially well,
I get Donald Trump lower taxes for the people in
(02:38):
the UK is what he did. He negotiated a great,
great tax deal for the citizens of the UK. They're
going to be paying less, They're going to be paying
less on our stuff going here, but we're going to
be paying more on the stuff that's coming to the
United States. I mean again, I want you to get
your arms around that. Again. The steel was supposed to
(03:04):
reduce trade barriers and eliminate the trade deficit. But again
we've we've got we've got tariffs that are higher now
than they were before the carveouts. The carveouts, that's one too, Okay,
So UK Steel they took away that twenty five percent tariff.
(03:27):
And what they also did. They also did is they said, hey,
you know what, We're not going to put the twenty
five percent tariff. I'm not gonna put the twenty five
percent tariff on the cars made by the UK coming
into the United States as long as it's under one
hundred thousand cars. That's basically what the UK ships to
(03:50):
the United States already every single year. So let me
put this into perspective for you. Okay, pay close attention.
There's going to be a higher tariff on cars on
Ford's and Cheves that are made in the in Mexico,
(04:13):
half made in Mexico, half made in Canada either or
and rest assembled in the United States than there are
on Aston Martin's range Rovers and Bentley's coming into the
United States. I kid you not. Yeah, that's that's what
this says. Detroit's not happy again. This is under this steal,
(04:42):
it will now be cheaper to import a UK vehicle
with very little US content than a us MCA compliant
vehicle from Mexico or Canada that is half American parts.
This is Matt Blunt, president of the American Automotive Policy Council,
which represents Ford, GM and G parents. Stillanis this hurts
American automakers, suppliers and auto workers. Again, the tariff has
(05:08):
been reduced from the UK from twenty five to ten
percent for the first one hundred thousand cars made in
the UK. And again, let's throwers shipment here anyway. They
don't ship more than one hundred thousand cars. Winning, winning, winning.
We're doing so much winning going on. I don't even
know what to do here, guys. It's just a lot
(05:29):
of winning, a lot of winning. Let's get into let's
get into some of the Q and A. Donald Trump
was asked. He was asked by a reporter about what
is taking place right now at the ports and how
traffic is way down. Traffic is way down at the
(05:52):
ports and truckers this is part of the truckers and
dock workers are going to be laid off. Trump's response
to the question, and certain times the way he answers questions,
you can't even respond because you're like, what, you can't
You're trying to process what he just said. You're trying
(06:13):
to find the logic. He says that, Okay, we're losing
less money. We're losing money. And again, I'm trying to
figure out how this makes any sense you. I went out.
I went out yesterday, Mother's Day coming up this weekend.
Happy Mother's Day to all the moms out there. And
(06:36):
I bought my wife some stuff. I bought my wife
some stuff. I got her some you know, outfits here
and there. Did I lose money? Did I? Did I
lose money when I bought my wife presence from Mother's Day?
(06:57):
Is that either that a loss or is it an exchange?
I don't look at it as a loss. I didn't
lose any money. I chose to spend money on those
items from my wife. I didn't lose it. I used
it anyway. Again, Donald Trump thinks it's losing money. But
then he went on to say, and I'm not making
(07:18):
this up. If you don't believe me, go to the videotape.
Business slowing down is good, not bad. Now there was
no rebuttal from the reporter, because what do you do
with that business slowing down? At the port? Stock workers
(07:39):
being laid off, truckers being laid off is good, not bad.
We're losing less money. Again, you would fail. You'd fail
in ninth grade economics class. You'd fail. Ah, what was
(08:01):
oh the other thing there opening up agricultural products to
the UK. We're going to see what's going to happen
with that. And again it was interesting because you know,
Trump said, body's working on getting you know, getting those
hormones and you know whatnot out of the beef here
(08:21):
in the United States. And then you had the Secretary
Agriculture Rollins Uh step in and say that we have
I mean, it's what you kind of step right in
front of the president. We have the best beef in
the entire world. It's here in the United States, the greatest,
the best of all time. And then you know Donald
Trump is we have the best of everything here in
(08:42):
the United States. And again yeah, it's like maybe they
should just go around with those you know, those foam
fingers like number one, you know those things. Anyway, No,
we don't have the greatest beef standards in the entire
It's not the case in some places, yes, but overall no,
I mean certain things they won't accept over in Europe
(09:05):
based upon hormones and other things. And again, their standards
or their standards. Okay, all right, now what guys, now,
what what? What else we're gonna go to? Oh? Yeah, Utnik,
I gotta I gotta talk about Lutnik. I'm trying to
(09:27):
you know, it's almost you know, there's the old Looney
Tunes character. I think it was the two dogs there.
Then there were they were kind of like gangster dogs,
and it was the little dog was actually the leader.
It was the boss, and the bigger dog would be
bounced around. How do you say, boss? Yeah, boss, I'm
right there. I'm right with your boss. And I'm trying
to remember the whole thing. But Lutnik is I mean,
(09:52):
aren't you embarrassed? Aren't you at all embarrassed? He's up there,
he's this This trade deal would have taken taken me over
three years to put together. Trump put together in no time.
This would take you three years to put together. This
(10:15):
was this is some sort of complicated deal. We put
ten percent tariffs on them, and then we obviously increased
against tax on the United States. And guess what they
started at ten percent, We're still at ten percent. This
is some groundbreaking deal. But they're making them buy Boeing planes. Okay,
(10:40):
they had to buy the planes anyway. You know, maybe
they would have gotten them from Airbus. But it's it's
a wash. Boeing is going to be able to get rolled.
They put rolls Royce engines in the Boeing planes. They're
not going to pay tariffs on us. I guess it's
you know, it's great for Boeing. Again. I don't know
where the little I is in this. Oh, one more,
(11:02):
one more. The other thing as well. He was asked.
He was asked about Mattel. I brought this up yesterday
on the podcast. The CEO of Mattel not going to
be making stuff from the United States. We're going to
design stuff in the United States. He actually threatened Mattel
actually threatened the company with one hundred percent tariffs. I'm
(11:27):
surprised it's not getting more play. He actually threatened the
company with one hundred percent tariffs because they dare defy him.
You're okay with that, Okay, I don't I don't know
what to tell you. I know what to tell you.
We've got China on deck right now. The latest that
(11:49):
I've seen right now, eighty percent tariff on China seems
right exclamation point up to Scott B. Also Trump said
he's a I should open up its market to the USA.
Would be so good for them. Closed markets don't work
any more. We'll see where it goes. We'll see where
(12:12):
it goes. The reality is again were most certainly like
I said, Like I said, he's stepping stepping away, stepping
away from what he was doing before. It's again it
all start and I explained it here on the program.
And again no he's not. No, Trump would never conceive
(12:34):
what are you talking about? Okay, The bond market smacked
him upside the head, The falling dollar smacked him upside
the head, the markets crashing smacked him upside the head
and said, yo, okay, you can't do this. If you
do remember, and again because I pay attention to these things,
(12:55):
if you watched the the market's the future smarked what
was taking place on Liberation Day when the ten percent tariffs,
that's it, ten percent across the board was announced, there
was actually the markets had a big sigh of relief.
They went up as soon as that magic formula came
out with the charts with the reciprocal stuff. That's when
(13:17):
everything tanked. The ten percent was like, oh, at least
could have been a hell of a lot worse. We'll
figure away, we'll deal with this in some way, shape,
matter or form. But that's what happened, and they're walking
away from it. Another quick side note when it comes
to China, Donald Trump uh several times of the past
(13:40):
week commenting on strollers and expensive strollers is kind of
making fun of it. And you know how expensive trollers
are not a big deal. Well, you know again, I
guess they've been trying to push for Americans to have
more babies. Right, this is this is an amazing number.
China's share of US imports on baby essentials. Car seats
(14:07):
ninety eight percent come from China, scrollers ninety seven percent, beds, bassinets, playards,
changing tables ninety four percent, walkers ninety three percent, high
chairs ninety two percent, high chairs and other seats for
children ninety one percent. Baby care appliance is eighty nine percent,
toys seventy six percent, activity center sixty six percent, cribs
(14:27):
forty six percent, and we go right on down the list.
So yeah, it's going to be that much more expensive
to have a baby again, just a part of it. Again,
I'm hoping, hoping that we continue to see the President
(14:49):
step away from the policies from the get go, and
this was this is the fine print on this UK
trade deal. If you want to think that this is
a big coup, a big win, Okay, okay, I just
gave you the facts. It is what it is. Watch
(15:12):
Dog on Wall Street dot com
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