Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
President Trump and the teriffs a leveling the playing field
around the'd lobe to make things fair for the United States.
And a lot of people are going, oh my gosh,
what calm down, it's too much. It's gonna affect everybody.
Oh my love. Here's White House Press Secretary Caroline Lovige.
Speaker 2 (00:14):
On this American dream is back and everyday families are
already reaping the benefits of this incredible economic turnaround. In
just six months, President Trump has ended the era of
economic surrender and implemented powerful tariffs to stand up for
our workers and businesses and rebalance America's trading agreements. Despite
(00:35):
all of the doom casting from the so called experts
claiming that these tariffs would be the end of the
world as we know, it's the opposite has occurred.
Speaker 1 (00:44):
And joining us now to talk a little bit more
about this, Steve cod New's a financial strategist and also
policy expert. Steve, welcome in, Thanks for being here.
Speaker 3 (00:51):
Good morning, Glad to be with you.
Speaker 1 (00:53):
So do you believe everything? CareLine Lovige said that this
is going to at the end of the day, me
a much better situation for the United States of America.
But initially as the President laid out and it's going
to stay a little bit on the terraffs, but long term,
this is all going to work out well.
Speaker 3 (01:09):
I think, I think there is some truth there. I
think if the President is even fifty percent successful or
seventy percent successful in forcing our trading partners to lower
their barriers to entry, to lower their tariffs on our
goods and services, that's going to be a net significant
plus for the economy going forward long term. But I
(01:31):
think people who claim that the tariffs are spiking inflation
are a little prematured. And most of the tariff agreements
have not yet been concluded. The administration has set in
August deadline. We used to be July first, they moved
it back to accommodate these negotiations. So I think it's
(01:51):
really premature to claim any minor uptick in inflation like
we've just had from May to June on tariffs.
Speaker 1 (02:00):
Well, when you look at the inflation numbers that just
came out this week, it was two point four percent,
made two point seven percent. You know, it's up less
than half a point. Is that really a blip? Does
that concern you at all? I mean, I didn't think
that was a major you know, but certainly obleasely the
opponents of Trump and the tariffs are going look at this.
Inflation's rising like crazy.
Speaker 3 (02:21):
A three tenths of one percent tick up, and inflation
is not that significant, and it does not a trend
make I think. I think there is one tariff announcement, however,
that does trouble me, Trump's announcement of a fifty percent
tariff on copper. I don't see how that can do
(02:42):
anything but spur inflation. And this is why we import
about fifty percent of our copper needs from other countries.
We cannot surge our domestic copper production fast enough to
take up that other fifty percent that we can't aren't,
and that's going to affect home building. It's going to
(03:03):
affect the cost of defense products. Any company that uses
copper in its products, you know, air conditioning, compressors, et cetera.
That is probably going to be inflationary. The good news
is there are other things at work that I think
can be counter inflationary, such as the drop and energy
prices oil per barrel. Cost of oil come down from
(03:28):
to about sixty sixty five dollars a barrel. That has
a huge positive ripple effect all throughout the economy, not
just at the gas pomp. So I think there are
going to be some anti inflationary factors at work, and
I just think the jury is still out on parifs
at this point.
Speaker 1 (03:43):
Yeah, I think it's too early to tell what the
impact is going to be me and you and our
homes with our monthly budgets. We certainly have seen some
prices go up. Beef prices are still you know, high,
gas prices seem to be leveling out. But all in all,
I think, as you you mentioned, in the long run,
this will be positive. And he is a great negotiator.
(04:04):
And some of the tariff numbers that we see fifty
to one hundred percent on Russian putin for doing what
he's doing over there with Ukraine, fifty percent on this
and China got you know, it all is part of
the negotiation and chess match that's playing out, and you know,
it's realigning things, you know, for the betterment of the
United States. Do we have you mentioned copper long term?
(04:26):
Do we have the capabilities of producing the copper that
we need? It just can't be done so fast that
we can't give up our imports.
Speaker 3 (04:33):
Well, I think that remains to be seen. You know,
I think existing copper production, you know, mining companies are
going to have to expand their production. You've got to
find new sources of copper. I'm not sure that we can, ever,
you know, reach one hundred percent level of copper production.
And I'm not for doing everything domestically. We need trading partners.
(04:58):
We need to work with trading partners the efficiencies in
importing certain kinds of things, provided that they're not hammering
us with tariffs and barriers to entry. I'm going to
give you the worst example I've ever seen of a
tariff is a's put a Do you say the worst
example example? The Japanese put a seven hundred percent tariff
(05:21):
on American rice going into Japan to protect their Japanese
rice farmers. Well, that's absurd, uh, And there are others.
So when when the President says I'm going to put
a thirty percent tariff on you or a fifty percent
tariff on you, you know you've got to keep it in context.
He is just trying to level the playing field, and
(05:41):
that is a job that's forty years overdue.
Speaker 1 (05:44):
Yeah, all right, let me get your quick thoughts on
Jerome Powell our FED share. I've been a lot of
back and forth with these two guys, he said. Trump
most recently said no, I'm not going to fire, but
a lot of people going. You know, he's talking about
it in the background. You know your thoughts on what's
happening there.
Speaker 3 (05:59):
Well, I think Powell's caution in lowering interest rates further
is really because we haven't seen the tariff negotiations completed yet,
and we don't know nobody knows credibly whether at the
end of the day the tariffs will be inflationary or not.
So he's being prudently cautious. And by the same token,
(06:21):
the President says, inflations come down from seven or eight
percent to two point seven, why are you still not
lowering interest rates? And he's got a point also, it's
costing us a huge amount of money to service the
national debt, and if the FED would lower interest rates further,
that would relieve some of that pressure. So both are right.
(06:44):
I do think there's some value in the FED being
remaining independent. I don't want to see it politicized by
any administration any more than I want to see the
FBI or the DOJ politicize.
Speaker 1 (06:55):
Yeah, aimen to that too, Die, great info. Thank you
so much for your insight there. Steve been Coughton financial
expert there. Appreciate you
President Trump and the teriffs a leveling the playing field
around the'd lobe to make things fair for the United States.
And a lot of people are going, oh my gosh,
what calm down, it's too much. It's gonna affect everybody.
Oh my love. Here's White House Press Secretary Caroline Lovige.
Speaker 2 (00:14):
On this American dream is back and everyday families are
already reaping the benefits of this incredible economic turnaround. In
just six months, President Trump has ended the era of
economic surrender and implemented powerful tariffs to stand up for
our workers and businesses and rebalance America's trading agreements. Despite
(00:35):
all of the doom casting from the so called experts
claiming that these tariffs would be the end of the
world as we know, it's the opposite has occurred.
Speaker 1 (00:44):
And joining us now to talk a little bit more
about this, Steve cod New's a financial strategist and also
policy expert. Steve, welcome in, Thanks for being here.
Speaker 3 (00:51):
Good morning, Glad to be with you.
Speaker 1 (00:53):
So do you believe everything? CareLine Lovige said that this
is going to at the end of the day, me
a much better situation for the United States of America.
But initially as the President laid out and it's going
to stay a little bit on the terraffs, but long term,
this is all going to work out well.
Speaker 3 (01:09):
I think, I think there is some truth there. I
think if the President is even fifty percent successful or
seventy percent successful in forcing our trading partners to lower
their barriers to entry, to lower their tariffs on our
goods and services, that's going to be a net significant
plus for the economy going forward long term. But I
(01:31):
think people who claim that the tariffs are spiking inflation
are a little prematured. And most of the tariff agreements
have not yet been concluded. The administration has set in
August deadline. We used to be July first, they moved
it back to accommodate these negotiations. So I think it's
(01:51):
really premature to claim any minor uptick in inflation like
we've just had from May to June on tariffs.
Speaker 1 (02:00):
Well, when you look at the inflation numbers that just
came out this week, it was two point four percent,
made two point seven percent. You know, it's up less
than half a point. Is that really a blip? Does
that concern you at all? I mean, I didn't think
that was a major you know, but certainly obleasely the
opponents of Trump and the tariffs are going look at this.
Inflation's rising like crazy.
Speaker 3 (02:21):
A three tenths of one percent tick up, and inflation
is not that significant, and it does not a trend
make I think. I think there is one tariff announcement, however,
that does trouble me, Trump's announcement of a fifty percent
tariff on copper. I don't see how that can do
(02:42):
anything but spur inflation. And this is why we import
about fifty percent of our copper needs from other countries.
We cannot surge our domestic copper production fast enough to
take up that other fifty percent that we can't aren't,
and that's going to affect home building. It's going to
(03:03):
affect the cost of defense products. Any company that uses
copper in its products, you know, air conditioning, compressors, et cetera.
That is probably going to be inflationary. The good news
is there are other things at work that I think
can be counter inflationary, such as the drop and energy
prices oil per barrel. Cost of oil come down from
(03:28):
to about sixty sixty five dollars a barrel. That has
a huge positive ripple effect all throughout the economy, not
just at the gas pomp. So I think there are
going to be some anti inflationary factors at work, and
I just think the jury is still out on parifs
at this point.
Speaker 1 (03:43):
Yeah, I think it's too early to tell what the
impact is going to be me and you and our
homes with our monthly budgets. We certainly have seen some
prices go up. Beef prices are still you know, high,
gas prices seem to be leveling out. But all in all,
I think, as you you mentioned, in the long run,
this will be positive. And he is a great negotiator.
(04:04):
And some of the tariff numbers that we see fifty
to one hundred percent on Russian putin for doing what
he's doing over there with Ukraine, fifty percent on this
and China got you know, it all is part of
the negotiation and chess match that's playing out, and you know,
it's realigning things, you know, for the betterment of the
United States. Do we have you mentioned copper long term?
(04:26):
Do we have the capabilities of producing the copper that
we need? It just can't be done so fast that
we can't give up our imports.
Speaker 3 (04:33):
Well, I think that remains to be seen. You know,
I think existing copper production, you know, mining companies are
going to have to expand their production. You've got to
find new sources of copper. I'm not sure that we can, ever,
you know, reach one hundred percent level of copper production.
And I'm not for doing everything domestically. We need trading partners.
(04:58):
We need to work with trading partners the efficiencies in
importing certain kinds of things, provided that they're not hammering
us with tariffs and barriers to entry. I'm going to
give you the worst example I've ever seen of a
tariff is a's put a Do you say the worst
example example? The Japanese put a seven hundred percent tariff
(05:21):
on American rice going into Japan to protect their Japanese
rice farmers. Well, that's absurd, uh, And there are others.
So when when the President says I'm going to put
a thirty percent tariff on you or a fifty percent
tariff on you, you know you've got to keep it in context.
He is just trying to level the playing field, and
(05:41):
that is a job that's forty years overdue.
Speaker 1 (05:44):
Yeah, all right, let me get your quick thoughts on
Jerome Powell our FED share. I've been a lot of
back and forth with these two guys, he said. Trump
most recently said no, I'm not going to fire, but
a lot of people going. You know, he's talking about
it in the background. You know your thoughts on what's
happening there.
Speaker 3 (05:59):
Well, I think Powell's caution in lowering interest rates further
is really because we haven't seen the tariff negotiations completed yet,
and we don't know nobody knows credibly whether at the
end of the day the tariffs will be inflationary or not.
So he's being prudently cautious. And by the same token,
(06:21):
the President says, inflations come down from seven or eight
percent to two point seven, why are you still not
lowering interest rates? And he's got a point also, it's
costing us a huge amount of money to service the
national debt, and if the FED would lower interest rates further,
that would relieve some of that pressure. So both are right.
(06:44):
I do think there's some value in the FED being
remaining independent. I don't want to see it politicized by
any administration any more than I want to see the
FBI or the DOJ politicize.
Speaker 1 (06:55):
Yeah, aimen to that too, Die, great info. Thank you
so much for your insight there. Steve been Coughton financial
expert there. Appreciate you
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