October 27, 2025 • 9 mins
LISTEN and SUBSCRIBE on:
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
In this episode:
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
In this episode:
- Trump claims a new “deal with China” — but Chris breaks down why no deal actually exists
- The Supreme Court showdown over Trump’s tariff powers and how his Canada tantrum just made things worse
- Why Reagan was right about tariffs — and how Trump’s rewriting history isn’t helping
- Plus: the truth about China’s struggling economy, deflation, and why trade with allies (not enemies) is the real solution
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 we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Tariff's in trade deals. Maybe possibly, I don't know. I
don't know. Again, the news came out this week. Oh
my god, we got it. Look like we got to
deal with China. I'm like, what just there's no deal?
Speaker 3 (00:30):
And we go back to June, and you know, we
had a trade deal in June supposedly where China was
paying fifty five percent, we were going.
Speaker 2 (00:37):
To pay ten percent. Of course it was gone.
Speaker 3 (00:40):
That deal is gone again, the whole rare earth minerals bit.
If you actually read the release. As of right now,
China's holding off for a year and we are pulling
the one hundred percent tariff deal. I don't know what
(01:03):
this means going forward. Again, supposedly Trump and z are
supposed to meet up on Thursday. We we shall see,
we shall see.
Speaker 2 (01:13):
Uh.
Speaker 3 (01:13):
Scott Bessett took to the UH took to the airwaves
this weekend, and again he was asked about asked about
inflation here and he's like, oh, you're cherry picking. Egg
prices are down and gasoline is down. Okay, Scott, whatever,
I knew you were prepared for that question. But come on, man,
(01:36):
I stop, okay, please cut it out. Okay, you just
had a three percent inflation print man, and everyone's you know,
high five in one another at three percent. Tread's old
target was two for crying out loud, and they're high
five in each other at three.
Speaker 2 (01:55):
Yeah, the price is really.
Speaker 3 (01:56):
Falling off a cliff man anyway, and he talked about
you know, soybeans and soybean farmers, and they're upset, and
again Scott Scott like said, well, you know, just so
you know, I'm a soybean farmer. Because you own farmland
that you lease to a soybean farmer doesn't make you
(02:17):
a farmer, Okay. I own apple stuffs stock, Scott, And
that does it make me a coder for crying out loud?
Come on, man, for Cravenby knows that if you're wealthy,
there's a million different types of tax deductions and things
you can do when it comes to owning farmland. For
(02:38):
crying out loud, I mean I had three acres on
Long Island. All I needed to do was to get
some chickens and I would have gotten a massive tax
break for crying out. There's a lot of ways a
game in the system that wealthy people do, and farmland
is one of them. I've talked about the amount of
farm checks that go to Park Avenue addresses. Okay, Scott,
you live and what Charleston. Yeah, I think that's where
he lives anyway, So his farm check is going there.
(03:01):
He's not out in North Dakota pulling weeds, are running
attractor farmer, Scott, give me a break.
Speaker 2 (03:10):
Anyway.
Speaker 3 (03:12):
I think they're starting to see the writing on the
wall when it comes to what may happen with the
Supreme Court and tariffs. And I don't think Trump helped
himself last week we talked about on the podcast briefly
(03:32):
talked to me and how he threw over a tantrum
based upon the advertisement that was run by Ontario. And
again I didn't think it was smart for Ontario.
Speaker 2 (03:42):
To do that either, but they did.
Speaker 3 (03:46):
And you know, Trump basically coming out and saying that
Reagan was pro tariff.
Speaker 2 (03:52):
No he wasn't. Just stop saying crap, that's not true.
It bothers the hell out of me. Okay, I had nothing.
Speaker 3 (04:03):
If you, you know, disagree with say you disagree with
his policies. Okay, that's fine, But don't say that he
was pro Trump tariff policies.
Speaker 2 (04:11):
Because he wasn't. And again, you can go and you
can watch the video.
Speaker 3 (04:15):
No, it wasn't taken out of context. And no, there
was no AI. Okay, yeah, it was chopped up in
different pieces. It wasn't the whole thing. But go watch
the entire radio address or listen to it you can. Okay,
Reagan was not pro tariff. Now what Trump did by
imposing this additional tariff on Canada because he was upset
(04:42):
about the commercial? Do you understand it doesn't help his
case in front of the Supreme Court.
Speaker 2 (04:50):
You get it.
Speaker 3 (04:51):
They's supposed to be for an emergency. What the emergency?
You raised tariffs on Canada because you didn't like a
commercial they ran.
Speaker 2 (04:59):
I don't.
Speaker 3 (04:59):
I don't see how that's going to help them, Okay,
I don't. Anyway, you know, we'll talk about this. The
Journal wrote about this today. We'll talk about the well
it was actually had to do when he did, wrote
Ron Reagan put tariffs on semiconductors coming out of Japan.
Speaker 2 (05:25):
It was a basically his what he did. At that
point in time.
Speaker 3 (05:33):
You had Democrats in Congress, which were led at the
time by Dick Gephart, and they were threatening tariffs, and
Reagan in his speech wanted to basically warn everybody about
the protection damage from the past, and he talked about
the Smoot Hawley Tariff Act of nineteen thirty and how
it contributed to the Great Depression and have some bit
(05:55):
in Ferris Bueller's day off for crying out loud with
Ben Stein. Anyway, Reagan's semiconducted tariffs, how'd that work out?
Intel lobbied for the tariffs. Basically the US attempt a
computer chip industrir policy focused around the semitech consortium that
(06:17):
was it didn't work out. Okay, if you remember Cyprus
semiconductor Okay, it didn't work out. Now again, I understand
when you're talking about certain aspects China industrial policy.
Speaker 2 (06:36):
I've talked about this before.
Speaker 3 (06:38):
This was a lot of America companies basically giving away
their intellectual property to China for a period of time
because they just wanted to have access to that market.
Shouldn't have done that shouldn't have done that. And yeah,
many of the trade policies have were in work, and
I understand we need to correct that. But the entire
globe like the deals that he's doing, and I'm gonna
(07:02):
give credit what credit is due, like what he had
with Australia when it came to rare earth minerals. Deal
with your friends, you want to push back against China
and their policies, Well, why would you go after your friends?
Want to be better to cut much better deals with
them and have a vibrant trade relationship with them that
I think works, And hopefully that's what we're going to
(07:23):
see happen. Don't know how the Supreme Court's got to
come down on these things. The costs are working, they
weigh down into the public, just like we said it
was going to do. Okay, that's just the reality. How
it ends up, we don't know, Okay. But as far
as any trade deal with China, there's been no deal
as of yet. I can hope, so can hope so
(07:46):
because again we'd like business to be conducted. Right now,
traffic traffic on ships between China and the United States
is hitting lows. We're talking, you know, going back sometime
not as much business is being done. Now, I'm a
(08:07):
big believer that you want.
Speaker 2 (08:08):
To do business.
Speaker 3 (08:09):
We don't have to have this awful adversarial relationship with China.
Speaker 2 (08:16):
Okay. I know there's a lot of big push out there.
Speaker 3 (08:18):
Yeah, I got a lot of the neo kons jumping
on this as well, that China wants to dominate in
the entire world.
Speaker 2 (08:25):
Again, I don't see it. I don't see it.
Speaker 3 (08:30):
I don't, sorry, Okay, Do I think that they've got
major issues? Are they very very different than we are
as far as their belief system? Do I'm not a fan, Okay,
Jimmy Lai all these things. Yeah, I understand all that. Okay,
I get all that, and seems to me, yeah, Zijian
(08:52):
j Ping is definitely a change from Hu Jintao and
Deng Haopeng. But I'm sorry, I don't believe that he's
going to be there forever.
Speaker 2 (09:02):
Okay. Oh yeah, it kind of made himself, you know.
Speaker 3 (09:07):
Again, you take a look at the economy in China
and how the people are doing, okay, and there is
going to be pushback for all intentsive purposes. They are
in a massive recession. You've got deflation going on there
because people are not spending anything. They need to kick
their economy into gear and they need to do business
(09:27):
with the rest of the world. They can't close themselves
off again. They would collapse. So again, use this as
an opportunity, I said, God willing cooler heads prevail. We
get some sort of decent trade deal, and we can
put a lot of these crazy tariffs to bed Watchdog
(09:47):
and 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 we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
Tariff's in trade deals. Maybe possibly, I don't know. I
don't know. Again, the news came out this week. Oh
my god, we got it. Look like we got to
deal with China. I'm like, what just there's no deal?
Speaker 3 (00:30):
And we go back to June, and you know, we
had a trade deal in June supposedly where China was
paying fifty five percent, we were going.
Speaker 2 (00:37):
To pay ten percent. Of course it was gone.
Speaker 3 (00:40):
That deal is gone again, the whole rare earth minerals bit.
If you actually read the release. As of right now,
China's holding off for a year and we are pulling
the one hundred percent tariff deal. I don't know what
(01:03):
this means going forward. Again, supposedly Trump and z are
supposed to meet up on Thursday. We we shall see,
we shall see.
Speaker 2 (01:13):
Uh.
Speaker 3 (01:13):
Scott Bessett took to the UH took to the airwaves
this weekend, and again he was asked about asked about
inflation here and he's like, oh, you're cherry picking. Egg
prices are down and gasoline is down. Okay, Scott, whatever,
I knew you were prepared for that question. But come on, man,
(01:36):
I stop, okay, please cut it out. Okay, you just
had a three percent inflation print man, and everyone's you know,
high five in one another at three percent. Tread's old
target was two for crying out loud, and they're high
five in each other at three.
Speaker 2 (01:55):
Yeah, the price is really.
Speaker 3 (01:56):
Falling off a cliff man anyway, and he talked about
you know, soybeans and soybean farmers, and they're upset, and
again Scott Scott like said, well, you know, just so
you know, I'm a soybean farmer. Because you own farmland
that you lease to a soybean farmer doesn't make you
(02:17):
a farmer, Okay. I own apple stuffs stock, Scott, And
that does it make me a coder for crying out loud?
Come on, man, for Cravenby knows that if you're wealthy,
there's a million different types of tax deductions and things
you can do when it comes to owning farmland. For
(02:38):
crying out loud, I mean I had three acres on
Long Island. All I needed to do was to get
some chickens and I would have gotten a massive tax
break for crying out. There's a lot of ways a
game in the system that wealthy people do, and farmland
is one of them. I've talked about the amount of
farm checks that go to Park Avenue addresses. Okay, Scott,
you live and what Charleston. Yeah, I think that's where
he lives anyway, So his farm check is going there.
(03:01):
He's not out in North Dakota pulling weeds, are running
attractor farmer, Scott, give me a break.
Speaker 2 (03:10):
Anyway.
Speaker 3 (03:12):
I think they're starting to see the writing on the
wall when it comes to what may happen with the
Supreme Court and tariffs. And I don't think Trump helped
himself last week we talked about on the podcast briefly
(03:32):
talked to me and how he threw over a tantrum
based upon the advertisement that was run by Ontario. And
again I didn't think it was smart for Ontario.
Speaker 2 (03:42):
To do that either, but they did.
Speaker 3 (03:46):
And you know, Trump basically coming out and saying that
Reagan was pro tariff.
Speaker 2 (03:52):
No he wasn't. Just stop saying crap, that's not true.
It bothers the hell out of me. Okay, I had nothing.
Speaker 3 (04:03):
If you, you know, disagree with say you disagree with
his policies. Okay, that's fine, But don't say that he
was pro Trump tariff policies.
Speaker 2 (04:11):
Because he wasn't. And again, you can go and you
can watch the video.
Speaker 3 (04:15):
No, it wasn't taken out of context. And no, there
was no AI. Okay, yeah, it was chopped up in
different pieces. It wasn't the whole thing. But go watch
the entire radio address or listen to it you can. Okay,
Reagan was not pro tariff. Now what Trump did by
imposing this additional tariff on Canada because he was upset
(04:42):
about the commercial? Do you understand it doesn't help his
case in front of the Supreme Court.
Speaker 2 (04:50):
You get it.
Speaker 3 (04:51):
They's supposed to be for an emergency. What the emergency?
You raised tariffs on Canada because you didn't like a
commercial they ran.
Speaker 2 (04:59):
I don't.
Speaker 3 (04:59):
I don't see how that's going to help them, Okay,
I don't. Anyway, you know, we'll talk about this. The
Journal wrote about this today. We'll talk about the well
it was actually had to do when he did, wrote
Ron Reagan put tariffs on semiconductors coming out of Japan.
Speaker 2 (05:25):
It was a basically his what he did. At that
point in time.
Speaker 3 (05:33):
You had Democrats in Congress, which were led at the
time by Dick Gephart, and they were threatening tariffs, and
Reagan in his speech wanted to basically warn everybody about
the protection damage from the past, and he talked about
the Smoot Hawley Tariff Act of nineteen thirty and how
it contributed to the Great Depression and have some bit
(05:55):
in Ferris Bueller's day off for crying out loud with
Ben Stein. Anyway, Reagan's semiconducted tariffs, how'd that work out?
Intel lobbied for the tariffs. Basically the US attempt a
computer chip industrir policy focused around the semitech consortium that
(06:17):
was it didn't work out. Okay, if you remember Cyprus
semiconductor Okay, it didn't work out. Now again, I understand
when you're talking about certain aspects China industrial policy.
Speaker 2 (06:36):
I've talked about this before.
Speaker 3 (06:38):
This was a lot of America companies basically giving away
their intellectual property to China for a period of time
because they just wanted to have access to that market.
Shouldn't have done that shouldn't have done that. And yeah,
many of the trade policies have were in work, and
I understand we need to correct that. But the entire
globe like the deals that he's doing, and I'm gonna
(07:02):
give credit what credit is due, like what he had
with Australia when it came to rare earth minerals. Deal
with your friends, you want to push back against China
and their policies, Well, why would you go after your friends?
Want to be better to cut much better deals with
them and have a vibrant trade relationship with them that
I think works, And hopefully that's what we're going to
(07:23):
see happen. Don't know how the Supreme Court's got to
come down on these things. The costs are working, they
weigh down into the public, just like we said it
was going to do. Okay, that's just the reality. How
it ends up, we don't know, Okay. But as far
as any trade deal with China, there's been no deal
as of yet. I can hope, so can hope so
(07:46):
because again we'd like business to be conducted. Right now,
traffic traffic on ships between China and the United States
is hitting lows. We're talking, you know, going back sometime
not as much business is being done. Now, I'm a
(08:07):
big believer that you want.
Speaker 2 (08:08):
To do business.
Speaker 3 (08:09):
We don't have to have this awful adversarial relationship with China.
Speaker 2 (08:16):
Okay. I know there's a lot of big push out there.
Speaker 3 (08:18):
Yeah, I got a lot of the neo kons jumping
on this as well, that China wants to dominate in
the entire world.
Speaker 2 (08:25):
Again, I don't see it. I don't see it.
Speaker 3 (08:30):
I don't, sorry, Okay, Do I think that they've got
major issues? Are they very very different than we are
as far as their belief system? Do I'm not a fan, Okay,
Jimmy Lai all these things. Yeah, I understand all that. Okay,
I get all that, and seems to me, yeah, Zijian
(08:52):
j Ping is definitely a change from Hu Jintao and
Deng Haopeng. But I'm sorry, I don't believe that he's
going to be there forever.
Speaker 2 (09:02):
Okay. Oh yeah, it kind of made himself, you know.
Speaker 3 (09:07):
Again, you take a look at the economy in China
and how the people are doing, okay, and there is
going to be pushback for all intentsive purposes. They are
in a massive recession. You've got deflation going on there
because people are not spending anything. They need to kick
their economy into gear and they need to do business
(09:27):
with the rest of the world. They can't close themselves
off again. They would collapse. So again, use this as
an opportunity, I said, God willing cooler heads prevail. We
get some sort of decent trade deal, and we can
put a lot of these crazy tariffs to bed Watchdog
(09:47):
and Wall Street dot Com
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