December 8, 2025 • 10 mins
LISTEN and SUBSCRIBE on:
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WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
A deep dive into Trump’s latest tariff messaging, the Supreme Court signals he may be bracing for, and the eyebrow-raising behavior of Commerce Secretary Howard Lutnick’s former firm betting against the very tariffs he champions. Plus—how toy makers, from major brands to small U.S. designers, are getting crushed by the reality of 30–145% duties and a labor market that makes reshoring fantasy. It’s a whirlwind of politics, economics, and holiday-season chaos.
Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
A deep dive into Trump’s latest tariff messaging, the Supreme Court signals he may be bracing for, and the eyebrow-raising behavior of Commerce Secretary Howard Lutnick’s former firm betting against the very tariffs he champions. Plus—how toy makers, from major brands to small U.S. designers, are getting crushed by the reality of 30–145% duties and a labor market that makes reshoring fantasy. It’s a whirlwind of politics, economics, and holiday-season chaos.
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 it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Trump Toys and TIFFs.
Speaker 3 (00:20):
Okay, the President put out this weekend a message on
ze Old Truth social which he likes to hang out in.
While the United States has other methods of charging tariffs
against foreign countries, many of them have or year. This
is all caps or years taken advantage of our nation.
(00:41):
The current method of tariffing before the United States Supreme
Court is far more direct, less cumbersome, and much faster.
Speaker 2 (00:49):
Caps caps caps all.
Speaker 3 (00:51):
Ingredients necessary for a strong and decisive national security result. Speed, power,
and certainty are at all times important facts in getting
the job done in a lasting and victorious manner. I
have settled eight wars in ten months because of the
rights clearly given to the President of the United States.
If countries didn't think these rights existed, they would have
(01:14):
said so loud and clear. Thank you for your attention
to this matter. The President in that tweet, I'm going
to try to read between the lines here. It looks
like he's getting some messaging from the Supreme Court that
they might rule against him when it comes to tariffs.
(01:34):
That's what I'm taking from this message. On the same note,
same trend line here. This is a story that I
brought up months ago here on the program, and many
people are.
Speaker 2 (01:50):
Like, no, way, that's not true, No, we can't do that.
Speaker 3 (01:55):
Okay, Yeah, Howard Lutnik, who is uh, the Commerce Secretary
and one of I mean, honestly the biggest, biggest cheerleader
I have ever seen. You ever see those old like
Looney Tunes cartoons with the two dogs where that they're
ones kind of like the small dog, but he's like
(02:18):
the in charge.
Speaker 2 (02:19):
You got to think of almost like a you know, one.
Speaker 3 (02:22):
Of those what are those dogs called that anyway, you know,
it's almost like a chihuahua or something that's like a
cartoon dog.
Speaker 2 (02:30):
And then there's the other dogs like hey boss, Hey boss,
what did you say, boss?
Speaker 3 (02:34):
That's that They totally remind me that's Howard Lutnick and
Donald Trump.
Speaker 2 (02:38):
But anyway, I told you about this.
Speaker 3 (02:41):
Howard Lutnick's investment firm, Cantor Fitzgerald now obviously doesn't work there,
but his kids run the place.
Speaker 2 (02:52):
We told you this was going on. His kids are letting.
Speaker 3 (03:00):
What they're doing is essentially letting their clients bet against
Trump's tariffs, betting that the tariffs are going to be
struck down in court.
Speaker 2 (03:16):
This doesn't sound a bit odd to you.
Speaker 3 (03:20):
I mean they don't let and right, I mean Pete
Rose banned from baseball and betting on you know, other teams. Okay,
and that was the rules, you know, whatever it may be.
Canter Fitzgerald, which was run by Howard Lutnick. Follow, okay,
follow the bouncing ball here was run by Howard Lutnick.
(03:41):
He steps down, He becomes Commerce Secretary. Howard Lutnick has
been one of the biggest cheerleaders for tariffs.
Speaker 2 (03:49):
And Trump along the way. Okay, Boss, Okay, Boss, what
did you say? Boss? Been out?
Speaker 3 (03:54):
And about now his kids, who took over the firm
that he ran, are now helping clients bet against tariffs. Yeah,
okay again, I'm not gonna even comment. How's the sound
on that. I'm gonna let you digest that anyway. Toys
(04:21):
Trump tariffs, Toys Toys Trump tariffs story today in the
Wall Street Journal is actually an editorial.
Speaker 2 (04:32):
Donald Trump was right.
Speaker 3 (04:33):
Again, maybe the children will have two dollars instead of
thirty dollars. Again, he talked about this back in April
because of tariffs, talked about maybe the two dollars will
cost a couple of bucks more than they would normally anyway.
Most US toy makers rely on factories outside the country
(04:54):
to produce their designs. Legos, hot wheels, seventy seven of
toys are important to the United States are made in China.
They have a network, I mean, they have a process
set up where they can produce toys at the lowest cost.
(05:15):
When Trump announced tariffs, toy man companies are in the
United States, they started freaking out. Some of them that
had money they stocked up before the tariffs took effect.
Obviously smaller companies they don't have that option. Again, tariffs
went up to one hundred and forty five percent. I
think they're around thirty right now. Joan Particularly, owner of
(05:38):
The Queen's Treasures, which is a company in Upstate New York,
couldn't afford to place orders. She works with the Chinese
factories produced toys based on her designs. Her brand is
known for its character dolls based on Laura Ingalls and
little House on the Prairie. She began ordering when tariffs
(06:00):
dropped to thirty percent, but she missed a critical shipping
period and had to import seventy percent fewer toys and
normal this year, leaving her with inventory shortages. I'm coming
into Christmas with so many products not in stock. And
the writer of this article likens it to the Schwarzenegger
film there with Phil Hartman jingle all the.
Speaker 2 (06:20):
Way when I need a turbo non dollar, they.
Speaker 3 (06:22):
Can't find a turbo mandal because there isn't any around anyway.
American manufacturers have absorbed some of the costs, but profitability,
without a doubt, has taken a hit. And then throughout
the column, talking with various different small toy stores, manufacturers,
designers here in the United States, and they're basically throwing
(06:46):
this year away if they can even stay in business.
And they they passed some costs on to the retailers,
passed some costs on obviously down to their customers how
to raise their prices anywhere between fifteen to twenty percent.
Speaker 2 (07:01):
Now many people will say, well.
Speaker 3 (07:03):
Well, why don't all these when't I just reshore all
this to the United States. It's simple, This is great
Trump's winning. We got to bring back wall. We got
to bring this whole process back to the United States.
Make toys here in the United States. Um hmm, yeah.
Do you understand China's system?
Speaker 2 (07:27):
It's kind of interesting.
Speaker 3 (07:28):
They should describe it the network of Chinese factories.
Speaker 2 (07:32):
Uh.
Speaker 3 (07:32):
To produce a single doll, one factory may produce vinyl
for the head, legs, and arms. Another may assemble the
torso typical doll also gets a hand sewn wig, hand
painted face, custom made eyes, clothes, and shoes. It then
undergoes testing to ensure its child safe. Let's say, let's
(07:57):
say we okay toys, So we're gonna put up these
factories here in the United States. I'm just throwing this
out there. Where in God's creation do you think you're
going to find the American workers eager to paint eyes
on a doll or put wheels stick wheels onto a
(08:18):
toy truck. Not many people are raising kids with the
ambition to work in a toy factory. You know, do
you think China is a threat to the United States
(08:39):
when it comes to toy manufacturing? I mean, honestly, does
it matter if Barbie is produced in China?
Speaker 2 (08:51):
I mean really, I just try to wrap your arms
around this. Okay.
Speaker 3 (08:57):
We can't find enough people to work in air traffic
controller jobs, which are paying hundreds of thousands dollars a year,
and you think you're going to find people to do
this here in the United States. Yeah, there's things that
you know, again, this is the problem with these cross
(09:19):
the board teriffs. Yeah, we have diversify pharmaceutical supply chains. Okay, okay,
I could see the national security concern there. What freaking
Barbie dollars and toy trucks. What's the point you want
to bring these businesses? You're going to bring these businesses
(09:42):
back to the United States.
Speaker 2 (09:44):
A good luck with that. Good luck with that.
Speaker 3 (09:50):
Hey, it's the Trump talking about the You know, I
was a mistake. Throwing out all the South Koreans from
the Hyundai factory outside of Atlanta is a mistake.
Speaker 2 (10:01):
They can't find workers who work there. But we're gonna
We're gonna get people to.
Speaker 3 (10:07):
Paint eyes on dolls here in the United States. Okay,
good luck with that. Watch 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 it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Trump Toys and TIFFs.
Speaker 3 (00:20):
Okay, the President put out this weekend a message on
ze Old Truth social which he likes to hang out in.
While the United States has other methods of charging tariffs
against foreign countries, many of them have or year. This
is all caps or years taken advantage of our nation.
(00:41):
The current method of tariffing before the United States Supreme
Court is far more direct, less cumbersome, and much faster.
Speaker 2 (00:49):
Caps caps caps all.
Speaker 3 (00:51):
Ingredients necessary for a strong and decisive national security result. Speed, power,
and certainty are at all times important facts in getting
the job done in a lasting and victorious manner. I
have settled eight wars in ten months because of the
rights clearly given to the President of the United States.
If countries didn't think these rights existed, they would have
(01:14):
said so loud and clear. Thank you for your attention
to this matter. The President in that tweet, I'm going
to try to read between the lines here. It looks
like he's getting some messaging from the Supreme Court that
they might rule against him when it comes to tariffs.
(01:34):
That's what I'm taking from this message. On the same note,
same trend line here. This is a story that I
brought up months ago here on the program, and many
people are.
Speaker 2 (01:50):
Like, no, way, that's not true, No, we can't do that.
Speaker 3 (01:55):
Okay, Yeah, Howard Lutnik, who is uh, the Commerce Secretary
and one of I mean, honestly the biggest, biggest cheerleader
I have ever seen. You ever see those old like
Looney Tunes cartoons with the two dogs where that they're
ones kind of like the small dog, but he's like
(02:18):
the in charge.
Speaker 2 (02:19):
You got to think of almost like a you know, one.
Speaker 3 (02:22):
Of those what are those dogs called that anyway, you know,
it's almost like a chihuahua or something that's like a
cartoon dog.
Speaker 2 (02:30):
And then there's the other dogs like hey boss, Hey boss,
what did you say, boss?
Speaker 3 (02:34):
That's that They totally remind me that's Howard Lutnick and
Donald Trump.
Speaker 2 (02:38):
But anyway, I told you about this.
Speaker 3 (02:41):
Howard Lutnick's investment firm, Cantor Fitzgerald now obviously doesn't work there,
but his kids run the place.
Speaker 2 (02:52):
We told you this was going on. His kids are letting.
Speaker 3 (03:00):
What they're doing is essentially letting their clients bet against
Trump's tariffs, betting that the tariffs are going to be
struck down in court.
Speaker 2 (03:16):
This doesn't sound a bit odd to you.
Speaker 3 (03:20):
I mean they don't let and right, I mean Pete
Rose banned from baseball and betting on you know, other teams. Okay,
and that was the rules, you know, whatever it may be.
Canter Fitzgerald, which was run by Howard Lutnick. Follow, okay,
follow the bouncing ball here was run by Howard Lutnick.
(03:41):
He steps down, He becomes Commerce Secretary. Howard Lutnick has
been one of the biggest cheerleaders for tariffs.
Speaker 2 (03:49):
And Trump along the way. Okay, Boss, Okay, Boss, what
did you say? Boss? Been out?
Speaker 3 (03:54):
And about now his kids, who took over the firm
that he ran, are now helping clients bet against tariffs. Yeah,
okay again, I'm not gonna even comment. How's the sound
on that. I'm gonna let you digest that anyway. Toys
(04:21):
Trump tariffs, Toys Toys Trump tariffs story today in the
Wall Street Journal is actually an editorial.
Speaker 2 (04:32):
Donald Trump was right.
Speaker 3 (04:33):
Again, maybe the children will have two dollars instead of
thirty dollars. Again, he talked about this back in April
because of tariffs, talked about maybe the two dollars will
cost a couple of bucks more than they would normally anyway.
Most US toy makers rely on factories outside the country
(04:54):
to produce their designs. Legos, hot wheels, seventy seven of
toys are important to the United States are made in China.
They have a network, I mean, they have a process
set up where they can produce toys at the lowest cost.
(05:15):
When Trump announced tariffs, toy man companies are in the
United States, they started freaking out. Some of them that
had money they stocked up before the tariffs took effect.
Obviously smaller companies they don't have that option. Again, tariffs
went up to one hundred and forty five percent. I
think they're around thirty right now. Joan Particularly, owner of
(05:38):
The Queen's Treasures, which is a company in Upstate New York,
couldn't afford to place orders. She works with the Chinese
factories produced toys based on her designs. Her brand is
known for its character dolls based on Laura Ingalls and
little House on the Prairie. She began ordering when tariffs
(06:00):
dropped to thirty percent, but she missed a critical shipping
period and had to import seventy percent fewer toys and
normal this year, leaving her with inventory shortages. I'm coming
into Christmas with so many products not in stock. And
the writer of this article likens it to the Schwarzenegger
film there with Phil Hartman jingle all the.
Speaker 2 (06:20):
Way when I need a turbo non dollar, they.
Speaker 3 (06:22):
Can't find a turbo mandal because there isn't any around anyway.
American manufacturers have absorbed some of the costs, but profitability,
without a doubt, has taken a hit. And then throughout
the column, talking with various different small toy stores, manufacturers,
designers here in the United States, and they're basically throwing
(06:46):
this year away if they can even stay in business.
And they they passed some costs on to the retailers,
passed some costs on obviously down to their customers how
to raise their prices anywhere between fifteen to twenty percent.
Speaker 2 (07:01):
Now many people will say, well.
Speaker 3 (07:03):
Well, why don't all these when't I just reshore all
this to the United States. It's simple, This is great
Trump's winning. We got to bring back wall. We got
to bring this whole process back to the United States.
Make toys here in the United States. Um hmm, yeah.
Do you understand China's system?
Speaker 2 (07:27):
It's kind of interesting.
Speaker 3 (07:28):
They should describe it the network of Chinese factories.
Speaker 2 (07:32):
Uh.
Speaker 3 (07:32):
To produce a single doll, one factory may produce vinyl
for the head, legs, and arms. Another may assemble the
torso typical doll also gets a hand sewn wig, hand
painted face, custom made eyes, clothes, and shoes. It then
undergoes testing to ensure its child safe. Let's say, let's
(07:57):
say we okay toys, So we're gonna put up these
factories here in the United States. I'm just throwing this
out there. Where in God's creation do you think you're
going to find the American workers eager to paint eyes
on a doll or put wheels stick wheels onto a
(08:18):
toy truck. Not many people are raising kids with the
ambition to work in a toy factory. You know, do
you think China is a threat to the United States
(08:39):
when it comes to toy manufacturing? I mean, honestly, does
it matter if Barbie is produced in China?
Speaker 2 (08:51):
I mean really, I just try to wrap your arms
around this. Okay.
Speaker 3 (08:57):
We can't find enough people to work in air traffic
controller jobs, which are paying hundreds of thousands dollars a year,
and you think you're going to find people to do
this here in the United States. Yeah, there's things that
you know, again, this is the problem with these cross
(09:19):
the board teriffs. Yeah, we have diversify pharmaceutical supply chains. Okay, okay,
I could see the national security concern there. What freaking
Barbie dollars and toy trucks. What's the point you want
to bring these businesses? You're going to bring these businesses
(09:42):
back to the United States.
Speaker 2 (09:44):
A good luck with that. Good luck with that.
Speaker 3 (09:50):
Hey, it's the Trump talking about the You know, I
was a mistake. Throwing out all the South Koreans from
the Hyundai factory outside of Atlanta is a mistake.
Speaker 2 (10:01):
They can't find workers who work there. But we're gonna
We're gonna get people to.
Speaker 3 (10:07):
Paint eyes on dolls here in the United States. Okay,
good luck with that. Watch Dog on Wall Street dot
Com
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