July 31, 2025 • 41 mins
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Episode Transcript
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Speaker 1 (00:01):
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Speaker 2 (01:31):
We're just trying to turn an eckel into a time.
Speaker 3 (01:35):
That's the bottom line.
Speaker 4 (01:43):
Welcome to real honest talk about money, politics, use and information.
Speaker 5 (01:48):
You can actually use.
Speaker 2 (01:50):
Bugle up and hold on type this is.
Speaker 3 (01:53):
That's the bottom line.
Speaker 2 (01:59):
The best thing love, but you can get them to
the bed.
Speaker 6 (02:04):
And be.
Speaker 2 (02:16):
Good.
Speaker 7 (02:17):
Good morning everybody.
Speaker 3 (02:18):
This is that's the bottom line.
Speaker 7 (02:20):
I'm your host, Jeff Lewis the Asset Growth Associates along
with Jean Valerani. Thanks for sharing part of your weekend
with us. Our top line story this week is focused
back on the economy, with trade deals being made all
over the world in front of this week's tariff deadline.
We'll start with the EU.
Speaker 6 (02:39):
We have a deal. We have a trade deal between
the two largest economies in the world, and it's a
big deal. It's a huge deal. It will bring stability,
it will bring predictability. That's very important for our businesses
on both sides of the Atlantic. It's fifteen percent tariffs
(03:00):
across the board, all in inclusive. The investments. Mister President
just described that going to go to the United States
and the purchases over there. Indeed, basically the European market
is open. It's four hundred and fifty million people. So
it's a good deal. It's a huge deal. Was tough negotiations.
(03:25):
I knew it at the beginning, and it was indeed
very tough, but we came to good conclusions for both site.
So again, congratulations and many things.
Speaker 7 (03:33):
That was President Ursula vonder lan announcing the trade deal
onside President Trump. Quick fact check, the EU is not
one of the top two economies of the world. China
is larger in terms of GDP, though in terms of
actual purchasing power, the Europeans are a much more even ground.
So all in all, it's still a big deal and
(03:56):
another huge win for Trump. And you can tell from
vonder Layan's body language that America won this go round.
Her entire demeanor looked like someone who did not want
to be there, kind of like someone who's been taken
back into a dark alley and knocked around a little
by a wise guy named Tiny, maybe with some brass
knuckles and a baseball bat. But enough about my weekend.
(04:19):
So yeah, there's no question that America came out ahead
on this deal. In addition tom knocking down the eused
market barriers to entry and eliminating their tariffs on American goods,
the US could in force a fifteen percent tariff across
the board. Plus the Europeans committed to energy purchases of
three quarters of a trillion dollars, another six hundred billion
(04:42):
in additional investment here in the United States, and hundreds
of billions more in military equipment purchases. Even the liberal
media was forced to applaud to move.
Speaker 4 (04:52):
The early reviews are in on the new trade deal
announced with the European Union. The Financial Time says the
deal marks a victory for Trump.
Speaker 8 (05:00):
A fantastic deal then struck by Donald Trump.
Speaker 3 (05:03):
Absolutely a victor on behalf of the Trump administration.
Speaker 9 (05:05):
So all the bottom line is this is the biggest
trade deal in President Trump's effort to effectively reshape the
global trading order.
Speaker 10 (05:14):
On this deal the European Union, this is a big
win for the US.
Speaker 11 (05:18):
The bigger picture is that Trump is still very much
pursuing his longer term goal of achieving what he seems
to be fanness for America.
Speaker 12 (05:25):
It's a triumph of a lot of things.
Speaker 7 (05:26):
Certainly, the President ought to take a victory lap.
Speaker 4 (05:29):
I think it's that it it ends up being good
for the European Union.
Speaker 7 (05:32):
Ask the how well Europe faired and all this, Well,
it depends on who you ask. You just heard a
Bloomberg commentator saying that he thinks it will end up
being good for the EU too.
Speaker 10 (05:44):
Or so the Germans would have us believe.
Speaker 7 (05:49):
Here's one German economic reporter who explains why she thinks
the EU got the short end of the stick in
the negotiations.
Speaker 13 (05:56):
First and main reason is that fifteen percent baseline tariff
that will apply to around seventy percent of EU goods
coming into the US. At the very start of these
tariff negotiations, Europe was hoping and expecting that it would
be able to secure a tariff rate that was in
the single digits and really maintain what it had before
(06:17):
the second Trump term, tariffs that were around two and
a half to four percent depending on the product. And
then it seems at some point that Europe and the
European Commission lost sight of this goal. President Trump threatened
at one point fifty percent tariffs, and then Europe hoped
maybe it could walk away with at least a ten
percent tax if it didn't seem like staying in the
single digits was possible. Then Trump threatens thirty percent if
(06:40):
a deal wasn't made by August Firth, and that's when
Europe decides that fifteen percent is probably the best that
they can get.
Speaker 7 (06:47):
So apparently the Europeans, who initially took the position that
they would only accept a zero tariff parody with the
United States, managed to back themselves against the wall until
they were forced to extept. Trump's terms originally would have
been more generous had the Europeans acted in good faith
to begin with, but the EU took a hard line
and they paid for it. Commerce Secretary Lutnik gives his
(07:10):
insight into how the negotiations played out.
Speaker 14 (07:13):
I mean I met with European Union representatives forty times,
and in the beginning they were basically giving me the
middle finger.
Speaker 5 (07:22):
We were nowhere.
Speaker 14 (07:23):
They wouldn't even respond to us, and they didn't respond
until Donald Trump sent them a letter saying, you know,
if you're not going to respond, paid fifty percent. And
then all of a sudden that changed ran they started responding, responding,
and then he sent them another letter saying, look, you
guys are doing a little bit, so thirty percent and
then boom off we went until they offered to open
(07:46):
their markets completely passed fifteen percent.
Speaker 15 (07:50):
But the key to.
Speaker 14 (07:51):
Why they did that is the sectoral tariffs, the tariffs
on autos, the tariffs that are coming on pharmaceuticals, the
tarfts that are coming on semiconductors.
Speaker 2 (08:00):
Because Donald Trump.
Speaker 14 (08:01):
Is the biggest the US is the biggest customer in
the world, we were going to take all those industries
back to America. And basically what he told Europe if
you want to keep half, you better do a deal
with me.
Speaker 7 (08:14):
So by the end of the day, instead of teaching
Trump a lesson like how they thought this was going
to go down, the Europeans were less scrambling to salvage
half their market share. That's because Trump has been right
all along. The rest of the world is terrified at
the prospect of being left out of the American market.
Economist daniel Lekaye explains.
Speaker 16 (08:36):
People don't understand that all these things are intertwined. That
the European Union accelerated its trade deal because it's so
that with a trade deal with Japan and with the UK,
they could lose a lot of market share and global commerce. Now,
China looks at these trade deals and says, oh my god,
we need to move fast because we may lose a
(08:56):
lot of the US market. All of this benefits the
US consumer and global trade.
Speaker 7 (09:02):
And that's because Trump has so thoroughly changed the narrative
that Americans are now coming to terms with the idea
that tariffs could actually be a good thing. They're seeing
budgets getting balanced not by higher taxes, but by simple
changes in trade policy and RCPs. Phil Wegman thinks these
terrorifts may be here to stay, even should Republicans one
(09:23):
day lose the White House.
Speaker 11 (09:24):
That my question now is how does a democratic administration
come in and take these tariffs off of China? How
do they take them off of the Europeans. I think
that there's going to be a political cost for any
politician who wants to do that when it comes to
the working class vote. Certainly that the union vote. I'm
wondering if Yeah, maybe it might not be fifteen percent permanently,
(09:47):
but it's going to be pretty difficult for any future
president to try and throttle back to even an actual
reciprocal free trade agreement.
Speaker 2 (09:56):
We're Josh trying to turn a nickel into a die.
Speaker 3 (10:00):
That's the bottom line.
Speaker 1 (10:03):
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Speaker 15 (11:01):
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Speaker 5 (11:59):
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Speaker 2 (13:45):
We're just trying to turn an apple into what time.
That's the bottom line.
Speaker 5 (13:56):
Now they will.
Speaker 2 (14:19):
We are back with Max in the bottom line.
Speaker 7 (14:22):
I'm Jeff Lewis. The European Union wasn't the only trade
deal signed this week. Most of Asia also came to
the table as well, with Japan assigning a deal that
brings another five hundred and fifty billion dollars of investment
to our shores, along with another fifteen percent baseline tariff.
This clip comes courtesy of PBS News Hour, who is
(14:43):
now happy to accept your donations since their federal funding
got revoked.
Speaker 12 (14:47):
President Trump says Japan has agreed to open its markets
more to American cars and trucks, as well as rice
and other agricultural products. It also agreed to invest five
hundred and fifty billion dollars in the US. In exchange,
the US will not impose it's threatened twenty five percent
tariffs on Japanese goods coming to America. Those will instead
(15:11):
be set at fifteen percent.
Speaker 7 (15:13):
See I didn't need federal funding to find that out. Okay,
So Japan, that's done.
Speaker 17 (15:18):
Who's next breaking At this moment, President Trump just announcing
a trade deal with South Korea on truth Social saying,
I'm pleased to announce that the United States of America
has agreed to a full and complete trade deal with
the Republic of Korea. The deal is that South Korea
will give to the United States three hundred and fifty
billion dollars for investments owned and controlled by the United
(15:39):
States States and selected by myself as president. Additionally, South
Korea will purchase one hundred billion dollars of liquid natural
gas or other energy products. And further, South Korea has
agreed to invest a large sum of money for their
investment purposes. The sum will be announced when the South
Korean president comes to the White House for a bilateral meeting.
He also congratulates the new president as electoral success. It
(16:00):
goes on to say, it has also agreed that South
Korea will be completely open to trade with the United
States and that they will accept American product including cars
and trucks, agriculture, et cetera. We have agreed to a
teriff for South Korea of fifteen percent. America will not
be charged to tariff.
Speaker 7 (16:19):
Just a quick random observation here, You notice how much
better a real news anchor sounds compared to that public
broadcasting crap. That's what happens when you have competition in
a free market instead of government funded nonsense that doesn't
have to be responsible for the quality of the product
that puts out. Sorry, off topic, I know, but it's
a great teachable moment for all the idiots out there
(16:41):
that have no idea how socialism really works. Anyway. So
let's review European Union fifteen percent tariff, Japan fifteen percent teriff,
South Korea fifteen percent tariff. Gee. I wonder what the
rate for India will be.
Speaker 18 (16:56):
President Trump announced this teriff right twenty five percent post
on truth Social earlier, and he said that while India
is our friend, their tariff barriers have ultimately been too high,
and that's why he's going to go in with this rate.
He also importantly added that there would be additional penalties
for India for buying Russian military equipment as well as
(17:17):
Russian energy. The administration has been threatening to impose a
so called secondary tariff on nations that do business with Russia,
particularly when it comes to Russian energy imports. We're still
waiting on future details on exactly what that rate would
be or when it would be implemented. President Trump did say, though,
that that twenty five percent rate is set to go
(17:38):
into effect on August first.
Speaker 7 (17:43):
Ha fool, Do you you just thought it was going
to be fifteen percent. Actually, if you'll recall, India had
worked out a tentative agreement in April, but the details
haven't been finalized yet, and India has started to renig
on some of the particulars, especially those related to agriculture.
India has some of the most protectionist trade policies in
the world, which may be understandable in light of their
(18:05):
history as a colonial possession of the British for all
those years. But Trump has been clear on his intent
to level the playing field everywhere. India is now the
most populous nation in the world, and the president is
really starting to go after countries that buy Russian energy
and military products, and that's why he's imposed in the
additional penalty on India for its trade with Russia because
(18:27):
of the Ukraine War. Meanwhile, India has until the middle
of this month, as does China, to finalize their agreements. Meanwhile,
we got great economic news this week, with GDP up
three percent in the second quarter. This was spurred by
a nearly ten point swing in net exports due to
a front loading of imports last quarter to get ahead
(18:49):
of Liberation Day. Consumer spending was up across the board,
and the good news even got CNBC excited.
Speaker 4 (18:56):
A three percent of three percent better than expected. That
would be the highest level since the third quarter of
twenty four when it was up three point one percent.
Speaker 7 (19:07):
Of course, the good news wasn't shared by everyone. After all,
what's good for the country is really bad for the
Democratic Party.
Speaker 8 (19:15):
And while the Trump administration will try to wave rosy
headlines about the Q two number, today's GGP number is
in fact a mirage because some ominous numbers lurk under
the hood.
Speaker 7 (19:28):
That, of course, was chucky e or Schumer, who was
busy looking for rain drops falling from a clear blue sky.
And of course misery loves company. So who better to
join in on the America sucks parade than nur charming
FED Chairman Jerome Powell.
Speaker 11 (19:45):
In support of our goals, today, the Federal Open Market
Committee decided to leave our policy interest rate unchanged.
Speaker 7 (19:51):
Yeah, of course he did. He's probably still ticked off
about Trump calling him out over their HQ renovation fiasco,
and so I guess this result wasn't too unexpected. But
now it's pretty clear that Palace just letting his personal
feud with Trump get in the way of his job.
Because the FED isn't responded to actual economic data, most
(20:12):
other nations in the world, including the major players with
which were actively entral involve in trade talks, have interest
rates at half of where the Fed's at right now.
Two board members even agreed with the rest of the planet,
casting the first dissent votes in thirty years. So why
does pale insist on keeping rates near their recent highs
(20:32):
from the Biden era. Larry Kudlow doesn't get it either.
Speaker 9 (20:36):
Look, the gdpre for it today was fine. The gdpgflator
was two percent on target, No problem there. The last
five months, the CPI has been one point eight percent
at an annual rate, So no problem there. You know,
what you have is very decent growth, low inflation. There's
no reason that the target rate should be several basis
(21:00):
points above the.
Speaker 2 (21:03):
Inflation rate.
Speaker 9 (21:04):
There's just no reason for it. The Europeans Christine Laguard,
have brought theirs down to two percent, The Chinese are
about two percent change. Why are we at four and
a half percent? Well, what are we waiting for?
Speaker 7 (21:15):
Right, I'll get it eaither because we're hurting ourselves. Literally,
hundreds of billions at extra interest is being added to
the national debt for no good reason. And it's bad
for the little guy too.
Speaker 19 (21:26):
The truth of the matter is that inflation is now
at a four year low. Under President Trump's leadership, five
consecutive better than expected, lower than expected inflation readings, and
the Federal Reserve refuses to raise, refuses to lower rates
from a twenty year high. That is a life altering
decision that affects Americans all over the country. They can't
get a mortgage, they can't get a home, they can't
(21:48):
start or grow their family.
Speaker 7 (21:49):
This is the problem with the deep state actors like
the Federal Reserve. They're not interested in the American people.
We'll be brought back with Gene after this.
Speaker 2 (21:58):
Well, Josh into a dime.
Speaker 3 (22:01):
That's the bottom line.
Speaker 2 (22:10):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 10 (22:15):
Welcome back, ladies and gentlemen you're listening to. That's the
bottom line. Your weekly report that tells it like it is.
Now it's time for our program's dirty little secret. Now
here's something to think about this morning. In the Democrats'
deal to try and include President Trump for being involved
(22:39):
with the infamous Jeffrey Epstein, the news media risks exposing
many Democrat politicians and other notables as well as being
former clients of Epstein. How far will the Democrats go
and having those fouls release and what will they do
(23:02):
if these media revelations contain a list of high level
Democrats who were visitors to Epstein's island of perversion. What's
going on now is simply efforts to falsely connect President
Trump to the scandals of wealthy individuals abusing young women
(23:23):
and girls. It will likely not succeed. As to the fact,
when mister Trump learned about what Epstein and his child
sex offender girlfriend and longtime associate in crime, Giselle Maxwell,
We're doing to underage teenage girls, well do you know
(23:48):
That's what exposed it? All right? Mister Trump promptly expelled
Epstein from the Marrow Laga golf Club years ago. A
list of men who participated in this are ever revealed,
I'm sure would find many a congressman or senator, among senators,
(24:08):
among other big wigs who participated in such a bowel scheme.
Now that the grand jury indictment which led to miss
Maxwell's incarceration is being resurrected by the left wing news media,
I want you to know it's being done solely for
(24:29):
the purpose of falsely trying to link mister Trump Epstein.
Let me tell you this, it could backfar on many
of them, and when most Americans learn of the past
goings odd at Epstein's Secret Island. It makes one wonder
(24:50):
at the depravity of people masquerating masquerating. It is fun
when it makes one wonder how such depravity can even
exist to begin with. But we all know it exists
and can only be hopeful that perpetrators of such conduct
(25:11):
can be reckoned with. But how can it be. We've
all heard stories such as this, and it's nothing more
than crooked people at the top using young people, mostly
young girls, as their playthings. They should all be exposed,
and hopefully they eventually will. But what the irreverent left
(25:39):
does is look the other way and pays little attention
to the abuse occurring to many young victims. Now, some
of these children that are coming across the border are
being used in the same way. Did you know that.
I'm sure you did. They're being taken and they're being
(26:02):
used as sex objects for people willing to pay. So,
you know, we the people of America should not be
ignoring what has occurred, and we certainly shouldn't allow it
to continue. And then, beyond that, use these scandals as
(26:23):
a way to littify political opponents, because in the end,
this is what's happening here in the United States, as
I speak, we need go no further than what Jesus
said about people who harm children. When he emphasized the
great value of children, and he said about people who
(26:46):
harm children, he strongly condemned harming them. Jesus said it
would be better for a person to have such a
person to have a millstone tied around their necks and
be thrown into this see then cause a child to sin.
This is serious stuff, ladies and gentlemen, it really is.
(27:07):
And remember Jesus also said children are close to God,
and we must become as children ourselves to enter the
Kingdom of Heaven. Well, there you have it, and you
have it from a reliable source, Jesus himself. But what
we have here are accusations from some politicians for the
(27:30):
sake of political gain, not for the sake of truth
and justice, or because they care about little children being abused. Anyhow,
I expect much of this will be turned into political meddling,
only for the purpose of tossing around accusations when the crowds,
(27:52):
you know, listen to me, When the crowd wanted the
stone the adulteress, Jesus said that he who was who
is without sin cast the first stone, and the crowd dispersed.
Ladies and gentlemen. We certainly are living in odd times,
if one that just to put it mildly. So basically,
(28:16):
we have this scandal of several years ago bubbling up
again and it's for the wrong reasons. What they're trying
to do, as you are probably aware, is trying to
implicate the President of the United States. Then we see
a justice system gone awry. So anyhow, I thought i'd
(28:40):
share that with you on this morning's report because I
want you to be aware of the goings on and
what this is really all about. And now you know,
so stay tuned because we'll have more after these messages.
Speaker 2 (28:57):
We're just trying to turn ankel into what that's the bottom.
Speaker 1 (29:01):
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Speaker 7 (30:13):
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Speaker 2 (31:06):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 10 (31:12):
Welcome back you're listening to. That's the bottom line. Your
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Speaker 2 (38:05):
Where's just trying to turn a neckle in to That's
the bottom line. Where's just trying to turn a neckle
in toe.
Speaker 3 (38:17):
That's the bottom line.
Speaker 7 (38:31):
Thank you for listening today to That's the bottom line
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(39:38):
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(41:05):
with your best interest in mind. That's our show for
this week. Thank you once again for spending part of
your weekend with us. I'm Jeff Lewis for Gene Valeranni
and everyone here at Asset Growth Associates. Remember that you
are greatly blessed and highly favored because as always, that's
the bottom line.
Speaker 2 (41:29):
That's the bottom line.
Speaker 15 (41:32):
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Speaker 2 (01:31):
We're just trying to turn an eckel into a time.
Speaker 3 (01:35):
That's the bottom line.
Speaker 4 (01:43):
Welcome to real honest talk about money, politics, use and information.
Speaker 5 (01:48):
You can actually use.
Speaker 2 (01:50):
Bugle up and hold on type this is.
Speaker 3 (01:53):
That's the bottom line.
Speaker 2 (01:59):
The best thing love, but you can get them to
the bed.
Speaker 6 (02:04):
And be.
Speaker 2 (02:16):
Good.
Speaker 7 (02:17):
Good morning everybody.
Speaker 3 (02:18):
This is that's the bottom line.
Speaker 7 (02:20):
I'm your host, Jeff Lewis the Asset Growth Associates along
with Jean Valerani. Thanks for sharing part of your weekend
with us. Our top line story this week is focused
back on the economy, with trade deals being made all
over the world in front of this week's tariff deadline.
We'll start with the EU.
Speaker 6 (02:39):
We have a deal. We have a trade deal between
the two largest economies in the world, and it's a
big deal. It's a huge deal. It will bring stability,
it will bring predictability. That's very important for our businesses
on both sides of the Atlantic. It's fifteen percent tariffs
(03:00):
across the board, all in inclusive. The investments. Mister President
just described that going to go to the United States
and the purchases over there. Indeed, basically the European market
is open. It's four hundred and fifty million people. So
it's a good deal. It's a huge deal. Was tough negotiations.
(03:25):
I knew it at the beginning, and it was indeed
very tough, but we came to good conclusions for both site.
So again, congratulations and many things.
Speaker 7 (03:33):
That was President Ursula vonder lan announcing the trade deal
onside President Trump. Quick fact check, the EU is not
one of the top two economies of the world. China
is larger in terms of GDP, though in terms of
actual purchasing power, the Europeans are a much more even ground.
So all in all, it's still a big deal and
(03:56):
another huge win for Trump. And you can tell from
vonder Layan's body language that America won this go round.
Her entire demeanor looked like someone who did not want
to be there, kind of like someone who's been taken
back into a dark alley and knocked around a little
by a wise guy named Tiny, maybe with some brass
knuckles and a baseball bat. But enough about my weekend.
(04:19):
So yeah, there's no question that America came out ahead
on this deal. In addition tom knocking down the eused
market barriers to entry and eliminating their tariffs on American goods,
the US could in force a fifteen percent tariff across
the board. Plus the Europeans committed to energy purchases of
three quarters of a trillion dollars, another six hundred billion
(04:42):
in additional investment here in the United States, and hundreds
of billions more in military equipment purchases. Even the liberal
media was forced to applaud to move.
Speaker 4 (04:52):
The early reviews are in on the new trade deal
announced with the European Union. The Financial Time says the
deal marks a victory for Trump.
Speaker 8 (05:00):
A fantastic deal then struck by Donald Trump.
Speaker 3 (05:03):
Absolutely a victor on behalf of the Trump administration.
Speaker 9 (05:05):
So all the bottom line is this is the biggest
trade deal in President Trump's effort to effectively reshape the
global trading order.
Speaker 10 (05:14):
On this deal the European Union, this is a big
win for the US.
Speaker 11 (05:18):
The bigger picture is that Trump is still very much
pursuing his longer term goal of achieving what he seems
to be fanness for America.
Speaker 12 (05:25):
It's a triumph of a lot of things.
Speaker 7 (05:26):
Certainly, the President ought to take a victory lap.
Speaker 4 (05:29):
I think it's that it it ends up being good
for the European Union.
Speaker 7 (05:32):
Ask the how well Europe faired and all this, Well,
it depends on who you ask. You just heard a
Bloomberg commentator saying that he thinks it will end up
being good for the EU too.
Speaker 10 (05:44):
Or so the Germans would have us believe.
Speaker 7 (05:49):
Here's one German economic reporter who explains why she thinks
the EU got the short end of the stick in
the negotiations.
Speaker 13 (05:56):
First and main reason is that fifteen percent baseline tariff
that will apply to around seventy percent of EU goods
coming into the US. At the very start of these
tariff negotiations, Europe was hoping and expecting that it would
be able to secure a tariff rate that was in
the single digits and really maintain what it had before
(06:17):
the second Trump term, tariffs that were around two and
a half to four percent depending on the product. And
then it seems at some point that Europe and the
European Commission lost sight of this goal. President Trump threatened
at one point fifty percent tariffs, and then Europe hoped
maybe it could walk away with at least a ten
percent tax if it didn't seem like staying in the
single digits was possible. Then Trump threatens thirty percent if
(06:40):
a deal wasn't made by August Firth, and that's when
Europe decides that fifteen percent is probably the best that
they can get.
Speaker 7 (06:47):
So apparently the Europeans, who initially took the position that
they would only accept a zero tariff parody with the
United States, managed to back themselves against the wall until
they were forced to extept. Trump's terms originally would have
been more generous had the Europeans acted in good faith
to begin with, but the EU took a hard line
and they paid for it. Commerce Secretary Lutnik gives his
(07:10):
insight into how the negotiations played out.
Speaker 14 (07:13):
I mean I met with European Union representatives forty times,
and in the beginning they were basically giving me the
middle finger.
Speaker 5 (07:22):
We were nowhere.
Speaker 14 (07:23):
They wouldn't even respond to us, and they didn't respond
until Donald Trump sent them a letter saying, you know,
if you're not going to respond, paid fifty percent. And
then all of a sudden that changed ran they started responding, responding,
and then he sent them another letter saying, look, you
guys are doing a little bit, so thirty percent and
then boom off we went until they offered to open
(07:46):
their markets completely passed fifteen percent.
Speaker 15 (07:50):
But the key to.
Speaker 14 (07:51):
Why they did that is the sectoral tariffs, the tariffs
on autos, the tariffs that are coming on pharmaceuticals, the
tarfts that are coming on semiconductors.
Speaker 2 (08:00):
Because Donald Trump.
Speaker 14 (08:01):
Is the biggest the US is the biggest customer in
the world, we were going to take all those industries
back to America. And basically what he told Europe if
you want to keep half, you better do a deal
with me.
Speaker 7 (08:14):
So by the end of the day, instead of teaching
Trump a lesson like how they thought this was going
to go down, the Europeans were less scrambling to salvage
half their market share. That's because Trump has been right
all along. The rest of the world is terrified at
the prospect of being left out of the American market.
Economist daniel Lekaye explains.
Speaker 16 (08:36):
People don't understand that all these things are intertwined. That
the European Union accelerated its trade deal because it's so
that with a trade deal with Japan and with the UK,
they could lose a lot of market share and global commerce. Now,
China looks at these trade deals and says, oh my god,
we need to move fast because we may lose a
(08:56):
lot of the US market. All of this benefits the
US consumer and global trade.
Speaker 7 (09:02):
And that's because Trump has so thoroughly changed the narrative
that Americans are now coming to terms with the idea
that tariffs could actually be a good thing. They're seeing
budgets getting balanced not by higher taxes, but by simple
changes in trade policy and RCPs. Phil Wegman thinks these
terrorifts may be here to stay, even should Republicans one
(09:23):
day lose the White House.
Speaker 11 (09:24):
That my question now is how does a democratic administration
come in and take these tariffs off of China? How
do they take them off of the Europeans. I think
that there's going to be a political cost for any
politician who wants to do that when it comes to
the working class vote. Certainly that the union vote. I'm
wondering if Yeah, maybe it might not be fifteen percent permanently,
(09:47):
but it's going to be pretty difficult for any future
president to try and throttle back to even an actual
reciprocal free trade agreement.
Speaker 2 (09:56):
We're Josh trying to turn a nickel into a die.
Speaker 3 (10:00):
That's the bottom line.
Speaker 1 (10:03):
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Speaker 15 (11:01):
The stock market doesn't care about your retirement plans. This
is Gene Valeranti of Asset Growth Associates. What is principal protection?
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(11:45):
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hundred or by visiting savemretirement dot com.
Speaker 5 (11:59):
You will be what's the lab that you did?
Speaker 1 (12:04):
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Speaker 2 (13:45):
We're just trying to turn an apple into what time.
That's the bottom line.
Speaker 5 (13:56):
Now they will.
Speaker 2 (14:19):
We are back with Max in the bottom line.
Speaker 7 (14:22):
I'm Jeff Lewis. The European Union wasn't the only trade
deal signed this week. Most of Asia also came to
the table as well, with Japan assigning a deal that
brings another five hundred and fifty billion dollars of investment
to our shores, along with another fifteen percent baseline tariff.
This clip comes courtesy of PBS News Hour, who is
(14:43):
now happy to accept your donations since their federal funding
got revoked.
Speaker 12 (14:47):
President Trump says Japan has agreed to open its markets
more to American cars and trucks, as well as rice
and other agricultural products. It also agreed to invest five
hundred and fifty billion dollars in the US. In exchange,
the US will not impose it's threatened twenty five percent
tariffs on Japanese goods coming to America. Those will instead
(15:11):
be set at fifteen percent.
Speaker 7 (15:13):
See I didn't need federal funding to find that out. Okay,
So Japan, that's done.
Speaker 17 (15:18):
Who's next breaking At this moment, President Trump just announcing
a trade deal with South Korea on truth Social saying,
I'm pleased to announce that the United States of America
has agreed to a full and complete trade deal with
the Republic of Korea. The deal is that South Korea
will give to the United States three hundred and fifty
billion dollars for investments owned and controlled by the United
(15:39):
States States and selected by myself as president. Additionally, South
Korea will purchase one hundred billion dollars of liquid natural
gas or other energy products. And further, South Korea has
agreed to invest a large sum of money for their
investment purposes. The sum will be announced when the South
Korean president comes to the White House for a bilateral meeting.
He also congratulates the new president as electoral success. It
(16:00):
goes on to say, it has also agreed that South
Korea will be completely open to trade with the United
States and that they will accept American product including cars
and trucks, agriculture, et cetera. We have agreed to a
teriff for South Korea of fifteen percent. America will not
be charged to tariff.
Speaker 7 (16:19):
Just a quick random observation here, You notice how much
better a real news anchor sounds compared to that public
broadcasting crap. That's what happens when you have competition in
a free market instead of government funded nonsense that doesn't
have to be responsible for the quality of the product
that puts out. Sorry, off topic, I know, but it's
a great teachable moment for all the idiots out there
(16:41):
that have no idea how socialism really works. Anyway. So
let's review European Union fifteen percent tariff, Japan fifteen percent teriff,
South Korea fifteen percent tariff. Gee. I wonder what the
rate for India will be.
Speaker 18 (16:56):
President Trump announced this teriff right twenty five percent post
on truth Social earlier, and he said that while India
is our friend, their tariff barriers have ultimately been too high,
and that's why he's going to go in with this rate.
He also importantly added that there would be additional penalties
for India for buying Russian military equipment as well as
(17:17):
Russian energy. The administration has been threatening to impose a
so called secondary tariff on nations that do business with Russia,
particularly when it comes to Russian energy imports. We're still
waiting on future details on exactly what that rate would
be or when it would be implemented. President Trump did say, though,
that that twenty five percent rate is set to go
(17:38):
into effect on August first.
Speaker 7 (17:43):
Ha fool, Do you you just thought it was going
to be fifteen percent. Actually, if you'll recall, India had
worked out a tentative agreement in April, but the details
haven't been finalized yet, and India has started to renig
on some of the particulars, especially those related to agriculture.
India has some of the most protectionist trade policies in
the world, which may be understandable in light of their
(18:05):
history as a colonial possession of the British for all
those years. But Trump has been clear on his intent
to level the playing field everywhere. India is now the
most populous nation in the world, and the president is
really starting to go after countries that buy Russian energy
and military products, and that's why he's imposed in the
additional penalty on India for its trade with Russia because
(18:27):
of the Ukraine War. Meanwhile, India has until the middle
of this month, as does China, to finalize their agreements. Meanwhile,
we got great economic news this week, with GDP up
three percent in the second quarter. This was spurred by
a nearly ten point swing in net exports due to
a front loading of imports last quarter to get ahead
(18:49):
of Liberation Day. Consumer spending was up across the board,
and the good news even got CNBC excited.
Speaker 4 (18:56):
A three percent of three percent better than expected. That
would be the highest level since the third quarter of
twenty four when it was up three point one percent.
Speaker 7 (19:07):
Of course, the good news wasn't shared by everyone. After all,
what's good for the country is really bad for the
Democratic Party.
Speaker 8 (19:15):
And while the Trump administration will try to wave rosy
headlines about the Q two number, today's GGP number is
in fact a mirage because some ominous numbers lurk under
the hood.
Speaker 7 (19:28):
That, of course, was chucky e or Schumer, who was
busy looking for rain drops falling from a clear blue sky.
And of course misery loves company. So who better to
join in on the America sucks parade than nur charming
FED Chairman Jerome Powell.
Speaker 11 (19:45):
In support of our goals, today, the Federal Open Market
Committee decided to leave our policy interest rate unchanged.
Speaker 7 (19:51):
Yeah, of course he did. He's probably still ticked off
about Trump calling him out over their HQ renovation fiasco,
and so I guess this result wasn't too unexpected. But
now it's pretty clear that Palace just letting his personal
feud with Trump get in the way of his job.
Because the FED isn't responded to actual economic data, most
(20:12):
other nations in the world, including the major players with
which were actively entral involve in trade talks, have interest
rates at half of where the Fed's at right now.
Two board members even agreed with the rest of the planet,
casting the first dissent votes in thirty years. So why
does pale insist on keeping rates near their recent highs
(20:32):
from the Biden era. Larry Kudlow doesn't get it either.
Speaker 9 (20:36):
Look, the gdpre for it today was fine. The gdpgflator
was two percent on target, No problem there. The last
five months, the CPI has been one point eight percent
at an annual rate, So no problem there. You know,
what you have is very decent growth, low inflation. There's
no reason that the target rate should be several basis
(21:00):
points above the.
Speaker 2 (21:03):
Inflation rate.
Speaker 9 (21:04):
There's just no reason for it. The Europeans Christine Laguard,
have brought theirs down to two percent, The Chinese are
about two percent change. Why are we at four and
a half percent? Well, what are we waiting for?
Speaker 7 (21:15):
Right, I'll get it eaither because we're hurting ourselves. Literally,
hundreds of billions at extra interest is being added to
the national debt for no good reason. And it's bad
for the little guy too.
Speaker 19 (21:26):
The truth of the matter is that inflation is now
at a four year low. Under President Trump's leadership, five
consecutive better than expected, lower than expected inflation readings, and
the Federal Reserve refuses to raise, refuses to lower rates
from a twenty year high. That is a life altering
decision that affects Americans all over the country. They can't
get a mortgage, they can't get a home, they can't
(21:48):
start or grow their family.
Speaker 7 (21:49):
This is the problem with the deep state actors like
the Federal Reserve. They're not interested in the American people.
We'll be brought back with Gene after this.
Speaker 2 (21:58):
Well, Josh into a dime.
Speaker 3 (22:01):
That's the bottom line.
Speaker 2 (22:10):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 10 (22:15):
Welcome back, ladies and gentlemen you're listening to. That's the
bottom line. Your weekly report that tells it like it is.
Now it's time for our program's dirty little secret. Now
here's something to think about this morning. In the Democrats'
deal to try and include President Trump for being involved
(22:39):
with the infamous Jeffrey Epstein, the news media risks exposing
many Democrat politicians and other notables as well as being
former clients of Epstein. How far will the Democrats go
and having those fouls release and what will they do
(23:02):
if these media revelations contain a list of high level
Democrats who were visitors to Epstein's island of perversion. What's
going on now is simply efforts to falsely connect President
Trump to the scandals of wealthy individuals abusing young women
(23:23):
and girls. It will likely not succeed. As to the fact,
when mister Trump learned about what Epstein and his child
sex offender girlfriend and longtime associate in crime, Giselle Maxwell,
We're doing to underage teenage girls, well do you know
(23:48):
That's what exposed it? All right? Mister Trump promptly expelled
Epstein from the Marrow Laga golf Club years ago. A
list of men who participated in this are ever revealed,
I'm sure would find many a congressman or senator, among senators,
(24:08):
among other big wigs who participated in such a bowel scheme.
Now that the grand jury indictment which led to miss
Maxwell's incarceration is being resurrected by the left wing news media,
I want you to know it's being done solely for
(24:29):
the purpose of falsely trying to link mister Trump Epstein.
Let me tell you this, it could backfar on many
of them, and when most Americans learn of the past
goings odd at Epstein's Secret Island. It makes one wonder
(24:50):
at the depravity of people masquerating masquerating. It is fun
when it makes one wonder how such depravity can even
exist to begin with. But we all know it exists
and can only be hopeful that perpetrators of such conduct
(25:11):
can be reckoned with. But how can it be. We've
all heard stories such as this, and it's nothing more
than crooked people at the top using young people, mostly
young girls, as their playthings. They should all be exposed,
and hopefully they eventually will. But what the irreverent left
(25:39):
does is look the other way and pays little attention
to the abuse occurring to many young victims. Now, some
of these children that are coming across the border are
being used in the same way. Did you know that.
I'm sure you did. They're being taken and they're being
(26:02):
used as sex objects for people willing to pay. So,
you know, we the people of America should not be
ignoring what has occurred, and we certainly shouldn't allow it
to continue. And then, beyond that, use these scandals as
(26:23):
a way to littify political opponents, because in the end,
this is what's happening here in the United States, as
I speak, we need go no further than what Jesus
said about people who harm children. When he emphasized the
great value of children, and he said about people who
(26:46):
harm children, he strongly condemned harming them. Jesus said it
would be better for a person to have such a
person to have a millstone tied around their necks and
be thrown into this see then cause a child to sin.
This is serious stuff, ladies and gentlemen, it really is.
(27:07):
And remember Jesus also said children are close to God,
and we must become as children ourselves to enter the
Kingdom of Heaven. Well, there you have it, and you
have it from a reliable source, Jesus himself. But what
we have here are accusations from some politicians for the
(27:30):
sake of political gain, not for the sake of truth
and justice, or because they care about little children being abused. Anyhow,
I expect much of this will be turned into political meddling,
only for the purpose of tossing around accusations when the crowds,
(27:52):
you know, listen to me, When the crowd wanted the
stone the adulteress, Jesus said that he who was who
is without sin cast the first stone, and the crowd dispersed.
Ladies and gentlemen. We certainly are living in odd times,
if one that just to put it mildly. So basically,
(28:16):
we have this scandal of several years ago bubbling up
again and it's for the wrong reasons. What they're trying
to do, as you are probably aware, is trying to
implicate the President of the United States. Then we see
a justice system gone awry. So anyhow, I thought i'd
(28:40):
share that with you on this morning's report because I
want you to be aware of the goings on and
what this is really all about. And now you know,
so stay tuned because we'll have more after these messages.
Speaker 2 (28:57):
We're just trying to turn ankel into what that's the bottom.
Speaker 1 (29:01):
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Speaker 7 (30:13):
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Speaker 2 (31:06):
We're just trying to turn a nickel into a dime.
That's the bottom line.
Speaker 10 (31:12):
Welcome back you're listening to. That's the bottom line. Your
weekly broadcast on KLBI, that tells it like it is.
This is Gene Valerani reporting at Asset Growth Associates. We
offer risk free investments plans into the financial markets for earnings,
(31:32):
but without exposure to losses caused by a downturn on
Wall Street. Your dollars grow but never shrink when Wall
Street has a hiccup. As you've heard me say time
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you have the availability of no risk investing and access
(31:58):
to your money and when you eat it now, you
can grow your money without exposure to losses caused by
a downturn on Wall Street. All you have to do
is call us an Asset Growth Associates four nine eight
four sixty nine hundred, meet with us and we'll show
you how it's done. And hears something else about these plans.
(32:22):
They grow tax deferred and are available to a named
beneficiary by because they bypass probate. So if you die
before you retire, that money is not going to be
tied up anywhere. It's going to come straight to a
named beneficiary. Proceeds are available in a lump sumber they
(32:43):
can be paid out in monthly income. These plans are
not complicated, they can't provide security for investors, and they're
loved ones very important, So why not call us for
a sit down appointment learn more about it because these
plans are excellent for four to oh one K and
(33:05):
pension rollovers and transfers. You know that we have been
offering for a long long before the financial services industry
that even began talking about them. We were among the first,
and we're right here in the local area where we
talk to you face to face. For anyone nearing retirement
(33:29):
already retired. At Asset Growth Associates, we can simplify your
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oh one K, or if you have access to funds
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closer and closer to retirement, and you want to add
(34:09):
that money to what you use money for for everything
you know, there's an old saying which suggests that the
journey of a thousand miles begins with the first step.
Why not take that first step? You do that by
calling us at four oh nine eight four oh sixty
(34:31):
nine hundred. We have a toll free number one eight
sixty six seven two eight three six nine seven Call us.
We can also be reached online by logging on to
Savemyretirement dot com. You can blog onto that website. You
can learn more about us and the work that we
(34:53):
do for our clients. Money isn't everything You've heard me
say that time time again, but it sure comes in
handy sometimes, and our job is to help you grow
your money and do it safely without exposure to losses.
In other words, you can earn market returns without exposure
(35:16):
to market losses. There's nothing wrong with that. Ladies and gentlemen.
Remember our name Asset Growth Associates, and our name means
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without the risk of loss caused by downturns on Wall Street.
And we've been doing this now for decades. There's no
(35:40):
perfect plan. You've heard me say that before, but depending
on individual needs, some are just better than others, and
we feel we can help individuals grow their nest eggs
without ever being exposed to losses caused by downturns on
Wall Street. In other words, you're in one of these
(36:02):
plans and the market's up, you're making money. If the
market goes down, your money stays put and increase sects
whenever the market starts coming back up. So you can
never lose and have to come back from less because
you're just you're always moving forward. Face it, ladies and gentlemen,
(36:23):
we live in a hostile world where foreign enemies would
love to be able to carry out terrorist threats against
US and our homeland. Through the grace of God, we
now have more stability and common sense in Washington, d C.
And that's a good thing, and of course i'm talking
about President Trump and his administration. But while we have
(36:47):
more security, our enemies are still out there and who
knows what they're planning. To carry out next or causing
more widespread mayhem threats, and the successful attack can cause
great harm. We all remember nine to eleven. If we don't,
we should, and all the losses that were caused on
(37:09):
Wall Street and elsewhere as well in just the times
that we live in, and why it's important to have
your investment dollars in safe places that do not lose
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(37:32):
grow and protect yourself from losses, no matter what brings
them about. Once again, the journey of one thousand miles
begins with the first step. So call us soon four
oh nine eight four sixty nine, one hundred. If you
live in faraway places, toll free call one eight six
six seven two eight three six nine seven. It costs
(37:56):
nothing to talk to us, and we're ready to willing
to help you achieve your financial goals. Keep that in mind.
Speaker 2 (38:05):
Where's just trying to turn a neckle in to That's
the bottom line. Where's just trying to turn a neckle
in toe.
Speaker 3 (38:17):
That's the bottom line.
Speaker 7 (38:31):
Thank you for listening today to That's the bottom line
on NOOS Talk Radio Am five sixty kl v I
or through our website at Savemiretirement dot com. All of
our broadcasts are available on demand online. Just go to
your iHeartRadio app and search for that's the bottom line
under your podcast tab, and remember to add us to favorites.
(38:54):
We're on Facebook at Jeff Lewis that's the bottom line.
Search for us name and show name and show name
show and follow us for all of the latest updates.
As a quick reminder, on this page right now, there's
a link for a go fund Me account for salesby
Native Jerry Assher. He was involved in a car accident
through no fault of his own and will miss several
months of work. I'm working closely with the family to
(39:16):
raise money for help with medical bills and other expenses.
So please go online to our page and help as
best you can. If you're not sure how, or just
want to schedule an apployment with us, call our office
toll free at eight sixty six Save My Retirement. Our
physical address in Beaumont is at thirteen ninety one Calder Avenue,
up block from the intersection of Mka and Calder. Are
(39:38):
you wondering how the one big beautiful bill is going
to benefit you this next tax year? We're offering an
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generally recommend these as at least a portion of a
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We know how to handle your money consistently, safely, and always, always, always,
(41:05):
with your best interest in mind. That's our show for
this week. Thank you once again for spending part of
your weekend with us. I'm Jeff Lewis for Gene Valeranni
and everyone here at Asset Growth Associates. Remember that you
are greatly blessed and highly favored because as always, that's
the bottom line.
Speaker 2 (41:29):
That's the bottom line.
Speaker 15 (41:32):
You can reach Asset Growth Associates by calling one eight
six six seven to eight thirty six ninety seven are
by visiting savemyretirement dot com.
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