Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Tariffs are not just about protecting American jobs. They're about
protecting the soul of our country. Tariffs are about making
America rich again and making America great again. And it's happening,
and it will happen rather quickly. There'll be a little disturbance,
but we're okay with that. It won't be much.
Speaker 2 (00:23):
President Trump last night and this speech on the day
that the new tariffs went into effect on Canada, Mexico
and increased tariffs on China. And on that note, we're
joined this morning by the official economist of kfab's morning news,
doctor Ernie Goss creaton University earn A good morning.
Speaker 3 (00:42):
Good morning and your team.
Speaker 2 (00:44):
I know you're not a fan of tariffs. It's not
a really clear thing to most average folks because when
you think of tariffs, we think is penalizing another country.
And yet if I'm the importer, if I'm an American
business person and I import a product, I pay the tears.
Speaker 3 (01:00):
Right, Oh, that's right. But usually normally garry that the
tariff is shared by the producer and the buyer, depending
on what we call it lastest year, how much you
can replace it with another lower price?
Speaker 2 (01:14):
Good okay, So the theory is that the demand will
lessen and that will hurt the targeted country's economy because
they won't be able to produce and export as much product.
Speaker 3 (01:28):
Right, that's right, And especially for in the areas that
Nebraska has a big hand, and that would be agricultural, manufacturing, trucking,
and rail. All those sectors or industries are mightily effective
by any tariff and retaliation. Of course, that's the big concern,
is retaliation. And we'll know by April the second, or
(01:48):
on April the second, whether that there's going to be
any movement to reduce these and bring go back to
where we were even lower tariffs.
Speaker 2 (01:57):
Well, Trump seemed to indicate that there might be Wall
Street this morning seems to like that what about? What about?
Because he talked about what you might call retaliatory tariffs.
In other words, he said, to other countries, you teariff us,
we tear a few. You penalize us, you pat tax us,
we tax you. Isn't that fair?
Speaker 3 (02:19):
Well, it is, except you hurt yourself. In other words,
is to lose lose? You'd like for everyone to reduce
their tariffs, and we'll wait and see. Maybe true. Well,
Trudeau would go them, but his replacement and a president
Shinbahm in midfield, maybe they in China as well as
Jin Kang will actually lower tariffs. And that's if we
get that that's a good thing. In April second, then
(02:40):
we'll have not only we'll have lower tariffs, and that
will be good for everybody, good for all three nations
and the US.
Speaker 2 (02:47):
Ernie.
Speaker 4 (02:47):
You teach this stuff, so you know more about it
than most people. But tariffs in this country largely, I mean,
we've been around a long time since seventeen eighty nine,
but they really ramped up after World War Two when
we were the lone superpower in the world and we said,
all we're going to buck up all these other economies
by making sure that they can sell their stuff over
here and they don't have to sell our stuff over there,
(03:07):
at least not as much of it. But fast forward
to twenty twenty five. If you go over to Europe,
you will never see a Ford F one point fifty
or a Chevy Silverado, or a Tahoe or any American
made car. And yet over here we see BMW's Mercedes,
Pougeot's Renaults, all of them. At what point is it
(03:29):
appropriate to have a fair trading policy, and what is
your definition of fair?
Speaker 3 (03:36):
A fair trade would be the lowest tiar IFFs possible, Rosie.
But to your point, there are certain industries that we're
just more competitive in and our partners are more competitive in,
so we specialize in those. And should we be growing bananas,
for example in Nebraska and hot house bananas? No, we
grow soybean and effectively trade for a banana gualtermal and bananas.
(04:02):
I guess I should say also empire imports is really
a measure of the healthy economy. In other words, when
our economy is healthier, are our trade deficit enlarges because
we import more than we export.
Speaker 2 (04:16):
What do you think of how tariffs fit into Trump's
overall economic plan in terms of the corporate UH tax cut,
rate tax rate cut, small business engines firing up and lowering,
lowering energy costs, which will UH through the ripple effect,
(04:36):
lower costs on goods that are brought on trucks and
trains and so on. How do you think tariff's fit
into his overall plan?
Speaker 3 (04:44):
Well, they probably I think he's counting on negotiating and
other words, on April A second, I think he expects
to bring tariffs down and back back down to the
lower level, because, as you said, we got this big,
big tax increase that's going into effect at the end
of the year, and that's that's even more important than
this trade deal.
Speaker 2 (05:03):
No doubt you're staying home this morning. I hope Ernie
are not driving in this great.
Speaker 3 (05:08):
Oh I'm I don't know this morning. I was supposed
to testify for a committee of the legislature this morning.
I'm not going to be able to You.
Speaker 2 (05:18):
Can't get there. Yeah, well I got They got to
understand it. Shut down it by.
Speaker 4 (05:23):
Just shut it. Just shut it down. If you're not
going to be there, then forget about it. Although if
you and I you talked and I talked about this
in January, Ernie, and I was very skeptical about this
four hundred and thirty six million dollar budget hole, and
I said, it's not real. They're making it up. Well,
magically two hundred million of it disappeared this week. How
do you explain that.
Speaker 3 (05:45):
Well, it's just like Katie is a smoking mirrors. Absolutely,
you see that. As my I spent a good bit
of time in the government. I saw it. So that
the addit is there's not a lot of waste out
there to cut. It's just, of course not correct, professor.
Speaker 2 (06:01):
Thank you, always good to have you on, appreciate the time.
Speaker 3 (06:04):
Always good to be on. And that's stay warm
Speaker 2 (06:06):
And yes we're around the corner the Official Economist, kafab's
morning news doctor Ernie Goss, creating you
Tariffs are not just about protecting American jobs. They're about
protecting the soul of our country. Tariffs are about making
America rich again and making America great again. And it's happening,
and it will happen rather quickly. There'll be a little disturbance,
but we're okay with that. It won't be much.
Speaker 2 (00:23):
President Trump last night and this speech on the day
that the new tariffs went into effect on Canada, Mexico
and increased tariffs on China. And on that note, we're
joined this morning by the official economist of kfab's morning news,
doctor Ernie Goss creaton University earn A good morning.
Speaker 3 (00:42):
Good morning and your team.
Speaker 2 (00:44):
I know you're not a fan of tariffs. It's not
a really clear thing to most average folks because when
you think of tariffs, we think is penalizing another country.
And yet if I'm the importer, if I'm an American
business person and I import a product, I pay the tears.
Speaker 3 (01:00):
Right, Oh, that's right. But usually normally garry that the
tariff is shared by the producer and the buyer, depending
on what we call it lastest year, how much you
can replace it with another lower price?
Speaker 2 (01:14):
Good okay, So the theory is that the demand will
lessen and that will hurt the targeted country's economy because
they won't be able to produce and export as much product.
Speaker 3 (01:28):
Right, that's right, And especially for in the areas that
Nebraska has a big hand, and that would be agricultural, manufacturing, trucking,
and rail. All those sectors or industries are mightily effective
by any tariff and retaliation. Of course, that's the big concern,
is retaliation. And we'll know by April the second, or
(01:48):
on April the second, whether that there's going to be
any movement to reduce these and bring go back to
where we were even lower tariffs.
Speaker 2 (01:57):
Well, Trump seemed to indicate that there might be Wall
Street this morning seems to like that what about? What about?
Because he talked about what you might call retaliatory tariffs.
In other words, he said, to other countries, you teariff us,
we tear a few. You penalize us, you pat tax us,
we tax you. Isn't that fair?
Speaker 3 (02:19):
Well, it is, except you hurt yourself. In other words,
is to lose lose? You'd like for everyone to reduce
their tariffs, and we'll wait and see. Maybe true. Well,
Trudeau would go them, but his replacement and a president
Shinbahm in midfield, maybe they in China as well as
Jin Kang will actually lower tariffs. And that's if we
get that that's a good thing. In April second, then
(02:40):
we'll have not only we'll have lower tariffs, and that
will be good for everybody, good for all three nations
and the US.
Speaker 2 (02:47):
Ernie.
Speaker 4 (02:47):
You teach this stuff, so you know more about it
than most people. But tariffs in this country largely, I mean,
we've been around a long time since seventeen eighty nine,
but they really ramped up after World War Two when
we were the lone superpower in the world and we said,
all we're going to buck up all these other economies
by making sure that they can sell their stuff over
here and they don't have to sell our stuff over there,
(03:07):
at least not as much of it. But fast forward
to twenty twenty five. If you go over to Europe,
you will never see a Ford F one point fifty
or a Chevy Silverado, or a Tahoe or any American
made car. And yet over here we see BMW's Mercedes,
Pougeot's Renaults, all of them. At what point is it
(03:29):
appropriate to have a fair trading policy, and what is
your definition of fair?
Speaker 3 (03:36):
A fair trade would be the lowest tiar IFFs possible, Rosie.
But to your point, there are certain industries that we're
just more competitive in and our partners are more competitive in,
so we specialize in those. And should we be growing bananas,
for example in Nebraska and hot house bananas? No, we
grow soybean and effectively trade for a banana gualtermal and bananas.
(04:02):
I guess I should say also empire imports is really
a measure of the healthy economy. In other words, when
our economy is healthier, are our trade deficit enlarges because
we import more than we export.
Speaker 2 (04:16):
What do you think of how tariffs fit into Trump's
overall economic plan in terms of the corporate UH tax cut,
rate tax rate cut, small business engines firing up and lowering,
lowering energy costs, which will UH through the ripple effect,
(04:36):
lower costs on goods that are brought on trucks and
trains and so on. How do you think tariff's fit
into his overall plan?
Speaker 3 (04:44):
Well, they probably I think he's counting on negotiating and
other words, on April A second, I think he expects
to bring tariffs down and back back down to the
lower level, because, as you said, we got this big,
big tax increase that's going into effect at the end
of the year, and that's that's even more important than
this trade deal.
Speaker 2 (05:03):
No doubt you're staying home this morning. I hope Ernie
are not driving in this great.
Speaker 3 (05:08):
Oh I'm I don't know this morning. I was supposed
to testify for a committee of the legislature this morning.
I'm not going to be able to You.
Speaker 2 (05:18):
Can't get there. Yeah, well I got They got to
understand it. Shut down it by.
Speaker 4 (05:23):
Just shut it. Just shut it down. If you're not
going to be there, then forget about it. Although if
you and I you talked and I talked about this
in January, Ernie, and I was very skeptical about this
four hundred and thirty six million dollar budget hole, and
I said, it's not real. They're making it up. Well,
magically two hundred million of it disappeared this week. How
do you explain that.
Speaker 3 (05:45):
Well, it's just like Katie is a smoking mirrors. Absolutely,
you see that. As my I spent a good bit
of time in the government. I saw it. So that
the addit is there's not a lot of waste out
there to cut. It's just, of course not correct, professor.
Speaker 2 (06:01):
Thank you, always good to have you on, appreciate the time.
Speaker 3 (06:04):
Always good to be on. And that's stay warm
Speaker 2 (06:06):
And yes we're around the corner the Official Economist, kafab's
morning news doctor Ernie Goss, creating you
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