35% Tariff If We Start The Show Late

Summary

Armstrong & Getty On Demand - Episode Summary: "35% Tariff If We Start The Show Late"

Release Date: April 3, 2025
Host: Armstrong & Getty
Podcast Platform: iHeartRadio, Apple Podcasts, etc.

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Introduction

In this compelling episode of Armstrong & Getty On Demand, hosts Jack Armstrong and Joe Getty delve deep into the intricacies of the ongoing trade war initiated by former President Donald Trump. Titled "35% Tariff If We Start The Show Late," the episode provides an insightful analysis of the current tariff landscape, its historical context, economic implications, and political ramifications. Interspersed with their signature humor and sharp commentary, Armstrong and Getty offer listeners a comprehensive understanding of the trade tensions shaping the global economy.

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The Trademark Trade War: Origins and Context

Joe Getty initiates the discussion by critiquing the media's superficial coverage of the tariff issue, emphasizing that the focus on the stock market's immediate reactions ("stock market's already down 3%" at [02:02]) fails to capture the broader and more enduring impact of the trade war. He argues that real news outlets often sideline substantial economic stories in favor of transient financial metrics.

Jack Armstrong echoes Joe's sentiments, pointing out the oversimplification prevalent in mainstream narratives. He criticizes the Wall Street Journal's editorial stance, highlighting its exaggerated portrayal of tariffs as catastrophic threats. For instance, Jack mocks the Journal's choice of words: "The Wall Street Journal is filled against lower garment with its poo poo is what I'm hinting at saying that this is a disastrous, horrifying, radical, wild move and Trump will ruin the economy" ([02:42]).

Historical Tariff Practices and Global Trade Dynamics

The hosts delve into the historical backdrop of tariffs, tracing back to post-World War II trade norms. Jack Armstrong explains that post-WWII protectionism was a strategic move to rebuild global economies, ensuring the U.S. remained a pivotal economic power. He states, "They accepted the post WW2 ground as it lies... It's free trade on that ground on that basis" ([08:01]).

Joe Getty brings attention to the existing tariffs imposed by other nations against the U.S., questioning the sincerity of so-called "free traders." He asks, "So when I hear people, a lot of the people that I really like politically say I'm a free trader to the bone... If Vietnam's got 80% tariffs on us, then what does, how does that factor into you're a free trader?" ([06:08]).

Impact on American Manufacturing and Consumers

A significant portion of the discussion centers on the ramifications of offshoring manufacturing and the resultant economic disparities. Jack Armstrong criticizes American corporations for prioritizing profit margins over domestic manufacturing, noting how companies like Levi's and Converse outsourced production to cheaper labor markets. He states, "There's been a long running experiment... We're selling to America primarily or Europe or whatever" ([09:57]).

Joe Getty adds that the decline in product quality, coupled with increased shipping efficiencies, has made imported goods more appealing to American consumers: "They can make a premium brand... they just figured out people are willing to buy tissue paper pants that will fall apart for a lower price" ([13:05]).

The hosts also discuss the cultural shift towards immediate gratification, contrasting it with previous generations' emphasis on durable, long-lasting products. Jack Armstrong muses, "We're a immediate gratification society in a way that was absolutely not true. 30, 40, 50 years ago" ([13:29]).

Political and Economic Ramifications of the Trade War

Joe Getty raises concerns about the concentration of tariff-setting power in the executive branch, questioning the prudence of such significant economic decisions being made by a single individual: "It seems like an awful big decision to be in the hands of one person" ([30:45]).

Jack Armstrong concurs, expressing unease over the potential for policy reversals with changing administrations. He underscores the uncertainty and instability introduced into the economy, stating, "This has thrown everything up in the air. They can't plan. They don't know where and how to invest" ([28:47]).

The discussion also touches upon historical precedents where tariff policies led to significant political fallout, citing the 1930s era when protectionist measures resulted in massive losses for specific political factions ([31:13]).

Media and Public Reactions

Throughout the episode, Armstrong and Getty critique various media outlets for their portrayal of the trade war. They highlight discrepancies and biases in reporting, advocating for a more nuanced and informed discourse. For example, they mock headlines like "ABC World leaders blast Trump tariffs as markets slump" ([15:56]) and question the completeness of such reports by incorporating perspectives on reciprocal tariffs imposed by other nations.

Arguments For and Against the Tariffs

The hosts present a balanced view by outlining both supporting and opposing arguments related to the tariffs:

• Pro-Tariff Arguments:

  • Economic Nationalism: Advocates argue that tariffs protect American jobs and industries from foreign competition.
  • Reciprocal Measures: Implementing tariffs forces other nations to reduce their own tariffs on American goods, leveling the playing field.
  • Stimulating Domestic Manufacturing: By making imported goods more expensive, tariffs incentivize consumers to purchase domestically produced items.

• Anti-Tariff Arguments:

  • Increased Costs for Consumers: Tariffs lead to higher prices for imported goods, burdening American consumers.
  • Retaliatory Actions: Other countries may impose their own tariffs, harming American exporters and creating trade barriers.
  • Long-Term Economic Uncertainty: Persistent tariffs introduce unpredictability, deterring investment and hindering economic growth.

Joe Getty references former Secretary of the Treasury Janet Yellen's perspective, suggesting that American consumers might not bear significant cost increases despite the higher tariffs ([24:36]).

Notable Quotes

• Joe Getty ([02:02]): "Any source that leads with the stock market's already down 3%... they're not serious about discussing this because that's a dumb way to look at it."

• Jack Armstrong ([02:42]): "The Wall Street Journal is filled against lower garment with its poo poo... this is a disastrous, horrifying, radical, wild move and Trump will ruin the economy."

• Joe Getty ([06:08]): "If Vietnam's got 80% tariffs on us, then what does, how does that factor into you're a free trader?"

• Jack Armstrong ([13:29]): "We're a immediate gratification society in a way that was absolutely not true. 30, 40, 50 years ago."

• Joe Getty ([30:45]): "It seems like an awful big decision to be in the hands of one person."

• Jack Armstrong ([28:47]): "This has thrown everything up in the air. They can't plan. They don't know where and how to invest."

• Donald Trump ([10:20]): "For decades our country has been looted, pillaged, raped and plundered... I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world."

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Conclusion and Future Outlook

As the episode draws to a close, Armstrong and Getty emphasize the uncertainty surrounding the trade war's trajectory. They acknowledge the difficulty in predicting how other nations will retaliate and the long-term effects on both the American economy and global trade relations. Jack Armstrong opines, "This has thrown everything up in the air... the dust needs to settle before anybody knows what direction this is likely to move" ([30:20]).

The hosts also express concern over the consolidation of tariff-setting power within the executive branch, warning of potential economic and political instability should future administrations alter or reverse current policies.

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Final Thoughts

"35% Tariff If We Start The Show Late" offers listeners a thorough examination of the complexities surrounding tariffs and trade wars. Through their engaging dialogue and incisive analysis, Armstrong and Getty shed light on how these economic policies intersect with consumer behavior, corporate strategies, and political landscapes. Whether you're an economist or a casual listener, this episode provides valuable insights into one of the most pressing issues in contemporary global economics.

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Listen to the full episode on the iHeartRadio app or wherever you get your podcasts to gain a deeper understanding and hear more expert opinions on this evolving trade situation.

Transcript

[Narrator]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley season one.

[Gilbert King]

Every time I hear about my dad is, oh, he's a killer. He's just straight evil.

[Narrator]

I was becoming the bridge between Jeremy Scott and the son he'd never known.

[Gilbert King]

At the end of the day, I'm literally a son of a killer.

[Narrator]

Listen to new episodes of bone Valley Season 2, starting April 9 on the iHeartRadio app. App Apple Podcasts or wherever you get your podcasts.

[Jack Armstrong]

Broadcasting live from the Abraham Lincoln radio studio at the George Washington Broadcast Center, Jack Armstrong and Joe Getty. Armstrong and Jesse. And now here, Armstrong and Getty.

[Joe Getty]

Are you terrified?

[Jack Armstrong]

It's a terrible start to the day.

[Narrator]

Terrified.

[Jack Armstrong]

Live from Studio C seor, a dimly.

[Joe Getty]

Lit room deep within the bowels of the Armstrong and Getty Communications compound. Hey, it's little Friday.

[Jack Armstrong]

Let's get our.

[Joe Getty]

The weekend starts now.

[Jack Armstrong]

All right.

[Joe Getty]

Today we're under the tutelage of our general manager, the trade war. Here's something I think I'd like to throw out. I think this would be helpful to everybody. If you watch any coverage of this tariff thing, and it's a big deal. It's. It's. It's a really, really big deal. This is not a blowing a story out of proportion thing. It's a big story. It should be the lead story. It should be talked about all day, maybe all week, maybe all month. But any source that leads with the stock market's already down 3%. Anything that focuses on how much the stock market's down in early hours or days, then turn it off. They're not serious news brokers. They're not. They're not serious about discussing this because that's a dumb way to look at it.

[Jack Armstrong]

There's nothing wrong with including that in the coverage. But that's not the lead.

[Joe Getty]

Well, it doesn't mean anything.

[Jack Armstrong]

Well, you don't have anything if you cash out. Explain to us. Well, you're right. Right? Yeah. Yeah. I would argue it's going to be more long term than that, but this is. I. You know, it's funny. I was going to say in general about this story, beware anyone oversimplifying it because you will have. Trump is a monster and he's ruined the economy. The Wall Street Journal editorial board, for instance, has not only wet its pants, it's filled. It filled them. Pants. Why is pants plural? And shirt not. You got two arms.

[Joe Getty]

Anyway, slow down. What did you say? Pants.

[Jack Armstrong]

Pants.

[Joe Getty]

I bought a pair of pants. Even though it's one It's I didn't buy a pair. It's got two legs because that's the way bipeds are built.

[Jack Armstrong]

Right.

[Joe Getty]

It's why is it a pair and why does it pants and not a pair of shirts? I got two arms.

[Jack Armstrong]

Right? That's what I'm saying.

[Joe Getty]

Huh.

[Jack Armstrong]

So anyway, the Wall Street Journal is filled against lower garment with its poo poo is what I'm hinting at saying that this is a disastrous, horrifying, radical, wild move and Trump will ruin the economy. There are others who are the Wall.

[Joe Getty]

Street Journal whose in love with globalism and anything that makes giant corporations richer. Sure they're not worried about you.

[Jack Armstrong]

Meanwhile on the maga, right, you have people saying just ridiculous things about hey, products will cost the same, the jobs will just be American. Ignoring the fact that wait a minute, my labor costs just sex coupled. How am I going to keep my prices the same? It's because, well, tariffs will be so high. So it's, there's, there's a bit to untangle, but untangle it we will.

[Joe Getty]

It's a pair of socks and a pair of gloves, but those are two separate items. You can lose one glove and still have the other ones.

[Jack Armstrong]

You can hold one in each hand.

[Joe Getty]

Yeah. Back to the tariff talk apparent. Here's another thing that I think is misleading that you're hearing on the want you to be scared channels and maybe you should be scared. I don't, I'm not claiming it's all the people I tend to like on stuff like this think it's a horrible idea.

[Jack Armstrong]

So.

[Joe Getty]

But the hitting you with the total number, the percentage of the tariff and leaving out the fact that for instance as of today, 54% total tariff or they don't say total, they just say 54% now on China, which sounds like an extraordinary number. Do you think, geez, my iPhone is going to cost $3,000 and everything like that? We're already at like 30% on most stuff, so we've added another 20 some percent. So it's a little misleading to hit you with the 54%. We've been living with another pretty big number for quite a while. Several years.

[Jack Armstrong]

Right, Right. And you know what's funny? I'm having so much trouble finding this, I assumed it would be omnipresent. I need to have in front of me the eight pages of tariff figures that Trump was holding up and touting yesterday. And you may have seen on conservative news outlets pointing out, and again I apologize, I don't have the numbers in front of me. I will in just a couple of minutes that for instance, Vietnam, from which we get a great deal of our manufactured items, is Nike.

[Joe Getty]

Most of your Nikes are made in Vietnam.

[Jack Armstrong]

That's correct, yeah. And there's Sri Lanka and several other Southeast Asian countries. Malaysia, Thailand. We have been charging them next to no tariff and they have been charging us 65, 75, 88% in the case of India. And you look at that and you say, and you hear somebody say Trump started a trade war. There was already a trade war. We had just gone ahead and conceded all the ground. This, this is the beginning of a process.

[Joe Getty]

Right. Okay. This is where I'm perfectly willing to get into the my ignorance portion of this. I've never claimed to be an expert in economics.

[Jack Armstrong]

C student over here, smartest horse on.

[Joe Getty]

The whole trade war thing. So when I hear people, a lot of the people that I really like politically say I'm a free trader to the bone, I'm a free trader to the bone. Free trade all the way. Okay, If Vietnam's got 80% tariffs on us, then what does, how does that factor into you're a free trader?

[Jack Armstrong]

Well, it's dishonest. They have accepted the post WW2 ground as it lies. Free trade on that ground on that basis because you can still make tremendous amounts of money because you're having your manufacturing done over there for this gigantic economic market. Vietnam is not a gigantic economic market. So if I'm struggling to export to Vietnam, it doesn't matter. I'm selling to America primarily or Europe or whatever.

[Joe Getty]

I'm not trying to be a smarty pants. Got you, haha guy. I honestly don't understand this because I've heard multiple people say this recently. Their economic philosophy is free trade. Well, it sounds to me like these other countries we deal with, they've been tariffing the crap out of us. So where does the free trade come in? Is there much free trade going on?

[Jack Armstrong]

Yeah, you want free trade into the United States.

[Joe Getty]

So that's what they mean. Yes. Okay.

[Jack Armstrong]

Yeah. You just want this giant juggernaut of a wonderful economy to continue to accept goods manufactured cheaply in the third world.

[Joe Getty]

I get that argument. We use that yesterday. I forget what thinker I like who said, why is every president, Republican or Democrat, coming to office and take hold of the world's most successful economy and think we've got to change things.

[Jack Armstrong]

Right? Yeah.

[Joe Getty]

Which is a pretty good question. Like I heard the stat on Japan. Who tariffs the heck out of cars coming from us and 84% of their vehicles are all Japanese made, right?

[Jack Armstrong]

This is true of so many things, especially economically. The post WWII era and forgive me if you've heard this screen many times, in which we stood astride the globe as the only intact major economy, Europe was in ruins, Asia was living in huts. And so we, in order to get the world up and running, partly so they would be a good market for our goods, accepted a certain amount of protectionism, otherwise we would have overwhelmed them and they never would have gotten up on their feet. Did I just say feet? Back to our theme. Anyway, so so many other things that lasted for a very very long time past the point and I'm looking at you, China to some extent, India, Vietnam, all those countries, they're now up and running economically speaking. They don't need a toddler seat anymore. And the problem is while the corporations and corporate boards and stockholders, including myself, have been making lots and lots of money on American companies profits because they've offshored their labor and saved a ton of money, made goods cheaper for everybo, the American worker has taken the short end of that stick. And the argument from the so called free traders has always been well you know, we're all gonna benefit. Rising tide lifts all boats, blah blah blah blah. But they never talked about the incredible tariffs on US goods being exported. And so the global export market has been really stunted for us. That's part of the reason we've lost manufacturing jobs. But the big corporations, they have free movement globally. They can move any of their inputs and outputs to wherever they want, within reason, shipping, blah blah blah. But the American worker can't. And so it's far past time to reset global trade in a way that isn't putting everybody but us in a toddler seat.

[Joe Getty]

I got another question that only a dumb guy would ask. So I'm the perfect man for the job. But I'll do it after we start the official the show officially. I'm Jack Armstrong, he's Joe Getty on this. It is Thursday, April 3rd, the year 2025. We are Armstrong and getting.

[Jack Armstrong]

We approve of this program 35% tariff if we start the show late.

[Joe Getty]

Oh geez, I didn't know that.

[Jack Armstrong]

I know. Here we go. Officially according to FCC rules. Rags at mark.

[Donald Trump]

For decades our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. Our country and its taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore. It's not going to happen.

[Joe Getty]

So yeah, and we'll go through the list of the different countries and all that sort of stuff and some of his charts. It's pretty interesting. And like I said, I this is for real giant news story. Like what's an iPhone gonna cost with the added multiple percentage tariffs thrown on there. But here's one of my questions. So two of my favorite products in the world, Levi's jeans and Converse shoes. I've got pairs of Levi's and Converse that were made in the United States because it wasn't that long ago that chucks were made in the United States. Think until the 90s. I don't know when Levi's stopped early 2000s. Why was it profitable to make Levi's in the United States and Converse in the United States up until not that long ago? And then it. And then they didn't.

[Jack Armstrong]

A handful of things, technical and infrastructure capabilities really, really risen up in the third world in the last 30 years. Say a lot.

[Joe Getty]

In both cases, the quality went down a lot.

[Jack Armstrong]

Yeah, yeah. And shipping efficiencies increased too. But Right. There's been a long running experiment because it's all about profit margin. Not to get too like complicated with this crap because it's boring for one thing. But there's a long running experiment. Can we make $20 on $100 product? What if we really lower our our costs in the third world and sell a $70 product, but instead of making $20, we're making $21 on it? Will Americans accept that $70 pair of Converse shoes? And the answer has been to a large extent, yes.

[Joe Getty]

All right, so some of it is cultural, I think, and this doesn't get discussed enough, the idea that there used to be like a great pride and Levi's were really high quality jeans. Converse were, I don't know how quality they were, but they were better than they are now, I guarantee you, because I've had both kinds. But Levi's were really high quality jeans and like a lot of high qualities. What was the American TV company Magnavox or whatever it was, they made high quality electronics. But I think there was a belief that you got to make a real high quality product and then everybody found out. Unfortunately, as I've complained about for years, a lot of people are willing to buy crap mostly by jeans are crap. They're just a crappy product. They're really cheap, but they're crap. China, they sell the premium brand.

[Jack Armstrong]

I hope their lawyers aren't up yet. This is an editorial opinion, damn it.

[Joe Getty]

I'm not allowed to review a product. As a just joking guy in the media, and I'm reviewing the product as crap. They make a premium brand that is like Levi's used to be, not that many years ago. And they're real expensive, but they're, they're high quality. They're real good. They can make them. They just figured out people are willing to buy tissue paper pants that will fall apart for a lower price.

[Jack Armstrong]

And speaking of the society, it all boils down, I think, to the fact that we're a immediate gratification society in a way that was absolutely not true. 30, 40, 50 years ago.

[Joe Getty]

Cultural thing. I wonder how long it would take to get out of that.

[Jack Armstrong]

Yeah, or pay $100.

[Joe Getty]

You should pay $100 for a toaster. And it will. And you have it for the next 30 years.

[Jack Armstrong]

You give it to your kids when you croak.

[Joe Getty]

Right. But you don't. You pay like I do. You pay $25 for toaster and it's crap. The handle breaks off eventually or whatever.

[Jack Armstrong]

Yeah, you're renting it.

[Joe Getty]

We should, we should get on. We got Katie's headlines on the way and a lot more. And I'd like to hear from you on these topics. Text line four.

[Jack Armstrong]

Armstrong and Getty.

[Narrator]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley season one.

[Jack Armstrong]

I just knew him as a kid.

[Narrator]

Long, silent voices from his past came.

[Gilbert King]

Forward, and he was just staring at me.

[Narrator]

And they had secrets of their own to share.

[Gilbert King]

Gilbert King. I'm the son of Jeremy Lynn Scott.

[Narrator]

I was no longer just telling the story. I was part of it.

[Gilbert King]

Every time I hear about my dad, it's, oh, he's a killer. He's just straight evil.

[Narrator]

I was becoming the bridge between a killer and the son he'd never known.

[Gilbert King]

If the cops and everything would have done their job properly, my dad would have been in jail. I would have never existed.

[Narrator]

I never expected to find myself in this place. Now I need to tell you how I got here.

[Gilbert King]

At the end of the day, I'm literally a son of a killer.

[Narrator]

Bone Valley Season 2 Jeremy, Jeremy, I.

[Jack Armstrong]

Want to tell you something.

[Narrator]

Listen to new episodes of bone Valley Season 2 starting April 9 on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts. And to hear the entire new season ad free with exclusive content starting April 9th. Subscribe to Lava for Good plus on Apple Podcasts.

[Joe Getty]

What do you guys talk about on your show? I've never heard it. Tariffs, mostly. Mostly talk about tariffs.

[Jack Armstrong]

Yeah, Tax rates and tariffs. Mostly. I mean, in general. Yeah.

[Joe Getty]

Very fun.

[Jack Armstrong]

I was very maga. Last segment. The Other side of the coin coming up a little bit later.

[Joe Getty]

There's another side of the coin.

[Jack Armstrong]

Yeah, of course there is. You know, but we'll talk about that then. Let's figure out who's reporting what. It's the lead story with the delightful Katie Green. Katie delight us.

[Katie Green]

Oh, thank you. Well, because it's all that anybody's talking about. ABC World leaders blast Trump tariffs as markets slump.

[Jack Armstrong]

Yeah, right. World leaders, fine.

[Joe Getty]

Yeah. It would be more fair if everybody included what what Joe mentioned to what Trump mentioned yesterday. These other countries have been tariffing the hell out of us forever. So how many of you knew that?

[Jack Armstrong]

For one thing, European Union, for instance, 39%. Tariffs charged at on the U.S. 39%. We're bringing them up now to 20%. Oh, half of what they're charging. It's a trade war.

[Katie Green]

From Breitbart.com Hiring accelerates in March despite tariff hysteria, adding 155,000 jobs.

[Joe Getty]

Awesome.

[Jack Armstrong]

Wow.

[Katie Green]

From Fox News, Columbia University students chain them themselves to gate and leave them there. Of Khalil's detention by ice.

[Joe Getty]

Add another chain that they don't have the key to.

[Jack Armstrong]

Yeah. Confiscate their keys. Good luck. Good luck, kids. Hey, you came here to learn. You're about to learn something.

[Joe Getty]

Yeah, we'll come back and check on your bones in six months.

[Katie Green]

From the New York Times, Amazon said to make bid to buy Tick Tock in the United States.

[Jack Armstrong]

Really?

[Joe Getty]

Okay. We're wondering about how what kind of last minute deal could happen. Tik Tok, the world's second richest man who for whatever reason doesn't get labeled with that you're not evil if you're the second richest man in the world. Only if you're the richest man in the world. But the second richest man in the world thinking, hell, I can afford to buy Tik Tok and make a ton of money off this thing.

[Jack Armstrong]

Boy, if you wanted to see an epic poo storm, you got the tariff thing going on. We bomb Iran and TikTok goes dark. You've got Wall street screaming its head off. You've got young wasting their time, America screaming its head off. And then you know, the left and some of the. Well, so let's maybe wait a week on, on some of this.

[Katie Green]

And this is written as a sob story from the Washington Post. A trans girl was banned from her track team. Now she's competing with the boys.

[Jack Armstrong]

Oh, so a boy is competing with the boys. That is heartbreaking.

[Joe Getty]

Wow.

[Jack Armstrong]

Shut up, Wapo. Cut the crap. Huh? I'm going back to my old slogan. Didn't really catch on. I'm going to try again.

[Katie Green]

Brace yourselves. From the New York Post. Mom mortified when toddler eats cremated grandfather's ashes.

[Joe Getty]

Oh, well, you know.

[Jack Armstrong]

You know, that sounds like a ritual you would do in some, you know, other culture that we find beautiful and mysterious.

[Joe Getty]

First blush was discussing its second blush. It's kind of cool. Circle of life. Ish.

[Jack Armstrong]

It's gonna have some odd poops though for a while.

[Katie Green]

Will Jr and finally, the Babylon Bee. Cory Booker hosts 25 hour PSA on the dangers of crystal meth.

[Jack Armstrong]

Boy, did that little stunt do nothing.

[Joe Getty]

We didn't mention. It shouldn't have been mentioned. Not mentionable. Joe's gonna talk about the other side of the tariff thing.

[Jack Armstrong]

Yeah, there could be a downside.

[Joe Getty]

Among other things on the way. I hope you can stay here.

[Jack Armstrong]

Armstrong and Getty.

[Narrator]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley season one.

[Jack Armstrong]

I just knew him as a kid.

[Narrator]

Long silent voices from his past came.

[Gilbert King]

Forward and he was just staring at me.

[Narrator]

And they had secrets of their own to share.

[Gilbert King]

Gilbert King. I'm the son of Jeremy Lynn Scott.

[Narrator]

I was no longer just telling the story. I was part of it.

[Gilbert King]

Every time I hear about my dad, it's, oh, he's a killer. He's just straight evil.

[Narrator]

I was becoming the bridge between a killer and the son he'd never known.

[Gilbert King]

If the cops and everything would have done their job properly, my dad would have been in jail. I would have never existed.

[Narrator]

I never expected to find myself in this place. Now I need to tell you how I got here.

[Gilbert King]

At the end of the day, I'm literally a son of a killer.

[Narrator]

Bone Valley Season 2 Jeremy.

[Jack Armstrong]

Jeremy, I want to tell you something.

[Narrator]

Listen to new episodes of bone Valley Season 2 starting April 9 on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts. And to hear the entire new season ad free with exclusive content starting April 9th. Subscribe to Lava for Good plus on Apple Podcasts.

[Jack Armstrong]

My advice to every country right now is do not retaliate.

[Joe Getty]

Sit back, take it in.

[Jack Armstrong]

Let's see how it goes. Because if you retaliate, there will be escalation. If you don't retaliate.

[Joe Getty]

This is the high water mark. I like it. I like a threat. So the weenies.

[Jack Armstrong]

The big tariffs have been set by Trump. A trade war has begun, reversing the trend of the last 70 years. Post WWII and nobody wants to admit, as we were discussing earlier, that the other countries have been tariffing the hell out of us. We just haven't reciprocated. And Trump, and I agree with him, has said, hey, the era for that is over. We need reciprocal tariffs. You're going to hit us with 20%. We're going to hit you with something. Not even 20%. It's discounted, as he called it. And it's indisputable that we've been sending American jobs overseas and buying cheap foreign crap and putting our manufacturers out of business.

[Joe Getty]

Well, the numbers he hit with was yesterday. Jesus, did my tongue get cut off? The numbers he hit us with yesterday were lower than people were expecting, were they not? That's why I saw a bunch of headlines.

[Jack Armstrong]

Yes, yeah, yeah. And we'll get into the actual numbers, the anti maga point of view. In summary, and this is also correct, he's Hitler. Not that part. That's not correct. The argument is that it would take a very long time, a very consistent higher tariffs to revive American manufacturing in the way Trump and J.D. vance are talking about, for instance. And that's because it takes a corporation a long time to plan a new plant, never mind to build the damn thing, finance it and get it up and running and actually producing. And then there's a certain time before it's profitable because you poured so much.

[Joe Getty]

Money into it and your prices would be higher if Converse brought making Converse shoes back to the United States. It'd be the. All the things you just mentioned. Yeah, gonna build a plant somewhere where break ground, environmental reviews, all those things. Build a plant and then start selling them and they would cost more.

[Jack Armstrong]

So can it work out in exactly the way Trump is promising? That's a tough sled. Really, really tough. But that doesn't mean it's all a bad idea. Again, everybody else has had training wheels post wwii. Take a look at China, India, you know, Vietnam. We've mentioned the European Union, for God's sake, it's not 1945. They seem to have rebuilt. So it's time for a new trade structure.

[Joe Getty]

Either of the Honduras, I'm looking at you.

[Jack Armstrong]

So let's get some arguments for and against and help you understand the different points of view. There is right on both sides. And you know, a lot of people are rushing to make predictions. It's silly to even try to make predictions about next week, never mind, you know, way down the road because we.

[Joe Getty]

Have no idea how they're going to react. For one thing, these other countries and they're going to react individually. I imagine some of them are going to immediately change their tariff structure out of fear some of them are going to hold their ground.

[Jack Armstrong]

Yeah. Canada, Israel, India. I'll find the complete list have said no, we're not retaliating. We'll work this out. It'll be fine. So where this is next month on the 3rd of the month, nobody knows. So anyway, some arguments pro. We heard Scott Besant there, the secretary of the treasury saying, don't you be retaliating or we'll give you a good slap down. Here's Howard. Yes, maybe be a good idea to.

[Joe Getty]

Go to the last secretary of the Treasury, Janet Yellen, right after we just heard from Bessant.

[Jack Armstrong]

Sure, why not?

[Joe Getty]

She has a different point. 55 Will American consumers bear the cost of these tariffs? I don't believe that American consumers will see any meaningful increase in the prices that they face.

[Jack Armstrong]

That was in 2024.

[Joe Getty]

Oh, okay, gotcha. Oh, that's interesting.

[Jack Armstrong]

Yeah. Yeah. I'd like to hear a little more, but the Secretary of Commerce, Howard Lutnick, is beating the bushes and making speeches and appearing on media as well. 52, please, Michael.

[Howard Lutnick]

European Union won't take chip chicken from America. They won't take lobsters from America. They hate our beef because our beef is beautiful and theirs is weak. It's unbelievable. They won't. We can't sell corn to India. We can't sell rice to Asia.

[Joe Getty]

So you used two adjectives for beef that nobody ever uses. How's your bee, how's your steak? Beautiful. Mine's kind of weak. What?

[Jack Armstrong]

He's a New Yorker. They talk differently. Give us one more. Howard Ludnick there. Michael.

[Howard Lutnick]

Finally, finally, the man behind the Resolute desk, the man in the Oval Office, Donald Trump, is finally standing up for our farmers, our ranchers and our manufacturers to let the world understand either they're buying our products or don't bother coming here unless you're paying for the right to come.

[Jack Armstrong]

It doesn't sound that crazy.

[Joe Getty]

No. The the Wall Street Journal big headline last night was Trump's message is Clear. The era of globalization is over. Like you've been saying, the the problem is takes a long time to unwind that. Can you do it in the three and a half years before the next person comes in and possibly reverses all of it?

[Jack Armstrong]

Right. It may be one of those situations where you make as much progress as as is possible. It's not going to be all the way to where we ought to be, but some progress. Let's Hear from the head. Gu. Give us 47 in 3132. Back to back. 47 meaning the president as I call for clips. That was a confusing reference and I apologize for it. Hit it. 31 and 32. Michael. Dammit. 31 and 30. Now I'm yelling at him.

[Donald Trump]

For decades our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. Our country and its taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore. It's not going to happen. In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can't get any simpler than that.

[Joe Getty]

All right, so I'm maybe. Maybe he's speaking to the perfect audience. Dumb guy, me, who doesn't understand any of this sort of stuff. I don't understand the trade war talk. If they've been doing it to us forever like that. I didn't know the tariffs were this high. And all these different countries for our stuff going over there.

[Jack Armstrong]

Poor I Hemplo, as they would say in the plants that are manufacturing our cars in Mexico. European Union hits us with 39% tariffs on our goods. The ones they let in, they won't let in our beautiful beef, for instance. 39%. They want the beef. They do, sir. The new trade war. U.S. tariffs on the European Union, not 39% but 20%. The U.S. discounted reciprocal tariffs. 20%. So that is virtually exactly half of what they're charging us. A trade war. Trump has started a trade war.

[Joe Getty]

Well, like so I would like this explained to me by somebody smart because I'm probably missing something. This is not my area. But how was it supposed to go on like this forever?

[Jack Armstrong]

Yes, until it affected the stock prices and bottom lines of the major corporations that profit from it because they knew what to expect. So it was factored into their business plan.

[Joe Getty]

But we're supposed to let Europe have a tariff of almost 40% forever and we don't? Yes. Why?

[Jack Armstrong]

I know, I agree with you.

[Joe Getty]

And if it was and you know, the whole thing, if it can't go on forever, it must end that I love it can't go on forever like that. Well, at what point was it going to end? Who is going to do it?

[Jack Armstrong]

Vietnam hits us with 90% tariffs.

[Joe Getty]

Oh, man.

[Jack Armstrong]

The new discounted tariffs against their goods, 46%. We got to go back, started a trade war.

[Joe Getty]

We got to go back.

[Jack Armstrong]

Oh, that's not even funny. Taiwan. Wait a minute. Wait, wait, wait a minute. Taiwan. The only reason Xi Jinping isn't nude sunbathing on their beaches right now you is our armed forces and the threat of using them, which nobody knows would have if it would happen or not. Taiwan hits us with 64%, our friends. Now we're going to hit them with 32%.

[Joe Getty]

Trump starting a trade war. Well, seriously, I would love to take a class and somebody explained to me why that was okay to continue that way.

[Jack Armstrong]

Right? The. Well, the incentives to change the post WWII norms just haven't been strong enough for the actual people who run the world, the money guys, to be in favor of it. They would rather know what the numbers are, as I said, fashion their business plan accordingly and make their profits. This has thrown everything up in the air. They can't plan. They don't know where and how to invest, which has got them very frightened. And that's why the stock market's doing what it's doing. I haven't checked lately, actually.

[Joe Getty]

It bounced back down 1200 last moment I saw.

[Jack Armstrong]

Anyway, that's the problem. It's not that this is bad policy, it's that it is a significant change and B, a whole load of uncertainty. That uncertainty will not last forever. But the dust absolutely does need to settle before anybody knows what direction this is likely to move.

[Joe Getty]

It can't be the founder's intent. That one guy can make this decision though is it seems like an awful big decision to be in the hands of one person.

[Jack Armstrong]

Ladies and gentlemen. Take two. Ladies and gentlemen, I give you the curly headed gentleman from Kentucky, Senator Ann Paul. Clipped 50. Michael. Tariffs have also led to political decimation.

[Donald Trump]

McKinley most famously put tariffs on in 1890.

[Jack Armstrong]

They lost 50% of their seats in the next election when hot smoothie put on their tariff in the early 1930s. We lost the House and the Senate for 60 years.

[Donald Trump]

So they're not only bad economically, they're bad politically.

[Jack Armstrong]

That's funny. I heard him make the point you just made that the Constitution says the power to tax is invested in Congress, period. The tariff thing in a national emergency gives the president a fair amount of discretion. But I am really, really troubled by one person, any person having this much power. That's another one of the downsides to this. I mean, good lord, you get a, you know, Biden is gone and soon to be forgotten. But the next Democrat wackadoodle that gets in there, who knows what they'll decide and just whipsaw trade in a different direction for whatever reason. I think Trump's motivations are honestly a righteous and B, long term in a way we have not seen for a very long time. That that does not mean it's going to work.

[Joe Getty]

No. And we have an election every two years. That's not very long termy. Wall street is a quarter by quarter situation, so that's not very long termy.

[Jack Armstrong]

Yeah. South Korea hits us with 50% tariffs. 50%. We're now going to hit them with I lost it, 25%.

[Joe Getty]

Well, more people should be aware that in Japan, which is what, the fourth biggest economy in the world, they make it so expensive to buy a car from America that they drive almost entirely cars made in their own country. And that's okay. But us to do anything similar as a whole. It's a trade war.

[Jack Armstrong]

Trump started a trade war. We need black bombs going off sounds and the auga and stuff. Can somebody mix that together?

[Joe Getty]

Okay, so that's my number one question. So somebody's listening right now, has got a PhD in economics or, you know, you do this for a living or something. Here's my number one question for the day. If you're a free trader, why does that not include the almost 50% tax coming out of Europe or tariff on their side?

[Jack Armstrong]

Don't get me started about Botswana. Bastards. So never turn your back on a Botswanan. 74%. Yeah. In what sense is that free trade? It's free trade into the United States because that is my biggest market. That's what they mean.

[Joe Getty]

And we, you know, we've got the most dominant economy on the planet for a very, very long time.

[Jack Armstrong]

Egypt, 10% and we hit them with 10%. Feel free to walk like an Egyptian if you choose to. They're free traders like ourselves, Madagascar. How much trade do we do with Madagascar?

[Joe Getty]

You know, another thing that I find kind of funny that we got to take a break so you can get the mailbag is everybody's described as our number one trading partner. I've heard that applied to like nine different entities.

[Jack Armstrong]

Not Botswana though.

[Joe Getty]

Bastards. Canada, Mexico, Europe, China, whoever they mentioned. So is there our number one trading partner and I guess like within a certain segment or it must be.

[Jack Armstrong]

I don't even know. But yeah, I know what you mean.

[Joe Getty]

It reminds me of one time a tour came through the radio. There are six radio stations here and a tour came through and then somebody mentioned and every radio station we looked at, the person said, we're the number one radio station. And I thought, well, that's because you know you're number one. Young women, you're number one. Older men, you're number one. All adults, you're number one. Whatever you break it down, you call yourself number one, right? Which is fine. That must be the similar with the trade.

[Jack Armstrong]

Must be.

[Joe Getty]

Must be. Okay, we got Mailbag on the way. Stay here.

[Jack Armstrong]

Armstrong and Getty.

[Narrator]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley Season one.

[Jack Armstrong]

I just knew him as a kid.

[Narrator]

Long, silent voices from his past came.

[Gilbert King]

Forward, and he was just staring at me.

[Narrator]

And they had secrets of their own to share.

[Gilbert King]

I'm Gilbert King. I'm the son of Jeremy Lynn Scott.

[Narrator]

I was no longer just telling the story. I was part of. Every.

[Gilbert King]

Every time I hear about my dad is, oh, he's a killer. He's just straight evil.

[Narrator]

I was becoming the bridge between a killer and the son he'd never known.

[Gilbert King]

If the cops and everything would have done their job properly, my dad would have been in jail. I would have never existed.

[Narrator]

I never expected to find myself in this place. Now I need to tell you how I got here.

[Gilbert King]

At the end of the day, I'm literally a son of a killer.

[Narrator]

Bone Valley Season 2 Jeremy.

[Jack Armstrong]

Jeremy, I want to tell you something.

[Narrator]

Listen to new episodes of bone Valley Season 2 starting April 9 on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. And to hear the entire new season ad free with exclusive content starting April 9th. Subscribe to Lava for Good plus on Apple Podcasts.

[Donald Trump]

Colluded, pillaged, raped and plundered.

[Jack Armstrong]

The old lprp. You hate to have that going on. It's a country looted, pillaged, raped and plundered.

[Joe Getty]

I think he could leave the R word out.

[Jack Armstrong]

It's a little harsh. Yeah, yeah, yeah. Here's your freedom loving quote of the day from the great Chinese businessman, Jack.

[Joe Getty]

Ma, who's in prison.

[Jack Armstrong]

He's disappeared. Nobody. He's probably on the beach. We should keep going along the path of globalization. Globalization is good. When trade stops war conversations, then you've got Donald J. Trump. Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries, making our products, stealing our companies and destroying our jobs. Protection will lead to great prosperity and strength.

[Joe Getty]

This is gonna be something culturally, this is gonna be damned interesting to watch. As prices go up, do people think, okay, long term this will benefit? Or are they just immediately, screw this. Boo. Trump's 18% approval.

[Jack Armstrong]

Great deal. More to be said next hour. Hope you can stay tuned. Mailbag. Drop us a note. Mailbagarmstrongagiddy.com A number of people wanting to comment on our fascinating discussion of Ezra Klein explaining the progressive worldview yesterday. If you didn't listen to it, grab it via podcast. Armstrong, you get it on demand. Just a quick clip of Mr. Klein.

[Joe Getty]

You can define the Left indifferent different ways. I think the left has a couple fundamental views. One is that life is unfair. We are born with different talents. We are born into different nations. Right? The luck of being born into America is very different than the luck of being born into Venezuela.

[Jack Armstrong]

And therefore they have the duty to equalize everything. Because you didn't build that, you were just lucky, etc.

[Joe Getty]

That was his next line. If you're successful. You didn't do that, by the way. Screw you, Ezra.

[Jack Armstrong]

Vocal fry in a teenage girl. Vocal frying a grown ass man needs a slappin.

[Joe Getty]

Wow.

[Jack Armstrong]

Anyway, Don writes, if you read only one of my emails in your entire life, this is the one I want you to be aware of. That's a good opening. Ezra didn't outright say it, but he's addressing your point about people's life decisions when he says life is unfair. Here's the scary Jack made the point that they never talk about life decisions and we've all made good ones and bad ones, right? Uh, da da da. Here's the scary crazy point he's not saying out loud because he can't defend it and would make him sound like a lunatic. He does not believe in free will. Trust me. My brother and his girlfriend are liberal, highly educated. When having a political debate with me, they spat out Ezra's crazy worldview almost word for word. When I brought up your point that everyone makes decisions in life that greatly affects their outcomes, they defended their position with this. There is a crazy neo Marxist ideology going around with the progressives right now that we didn't make our own decisions. It was all predetermined or destined. What? They straight up said that to me. I just got lucky in that every so called decision I made in my life was predetermined because of, I think they would say, his genetic makeup.

[Joe Getty]

Well, if you believe that because of God, you're a nut job according to those people. But if you believe it through Marxism, it makes sense.

[Jack Armstrong]

You know, we need to bring this up again. There's much more to be said.

[Joe Getty]

Yeah, that's a hell of a topic.

[Jack Armstrong]

It all fits together under the umbrella of what I would call learned dependency, which is a huge part of the leftist political philosophy. They teach people to be devoid of free will, devoid of self determination, agency, as they call it, and to be dependent on them.

[Joe Getty]

Boy, we have a lot today. If you miss a segment, get the podcast Armstrong and Getty on Demand.

[Jack Armstrong]

Armstrong and Gettysburg.

[Narrator]

Something unexpected happened after Jeremy Scott confessed to killing Michelle Schofield in Bone Valley Season 1.

[Gilbert King]

Every time I hear about my dad is, oh, he's a killer. He's just straight evil.

[Narrator]

I was becoming the bridge between Jeremy Scott and the son he'd never known.

[Gilbert King]

At the end of the day, I'm literally a son of a killer.

[Narrator]

Listen to new episodes of Bone Valley Season 22 starting April 9th on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts.