Steve Bannon (8:52)
The other is tariff and trade. They're trying to blame inflation on tariffs. Nothing could be farther from the truth. Tariffs are generating, I think, quite frankly, very surprising returns to Treasury. Scott Besson will tell you that. But that's not the purpose of the tariffs. The tariffs are a forcing function to drive manufacturing back here to the United States from international companies in other countries. If you don't bring your manufacturing back to the United States, you'll pay a tariff, you'll pay a tolling fee to get access to the most lucrative consumer market in the world. It's just pretty straightforward. Those are two massive bets. We, for 50 or 60 years we've allowed trade and manufacturing, or really manufacturing to atrophy. And therefore we've had these massive trade deficits. And people on Wall street and the elites just laughed at Lou Dobbs and others, Peter Navarro, myself and others that talk about trade deficits and how big I think the trade deficit is something like $24 trillion right now. And how they laugh that, oh, that's just an accounting convention. It's not accounting convention. That all has to be financed. If you have negative trade balances, somehow you got to finance the purchases from the American people. So that's basically your resources going out and stuff coming in. You've got to, you've got to balance that. It's, it's very logical. It's fought all the time by Wall Street. Wall street hates to talk about it. President Trump is the first to really talk about it and this time in his second term, he had the opportunity to do something about it. Now he's getting a full on volley from the haters every day. The economists, the business types that hate fair trade and want to go back to the system that we were just ripped off all the time. President Trump, in the national security memorandum, they just put it on Friday, talked about it. It's the first time really, as we've said before, you focus on your trade and deficits along with your national security. In NATO we pay, essentially we underwrite their security. And on all the trade deals over there, we were upside down, particularly as they, as they negotiate a lot. Just on the whole year for the eu, we were upside down and upside down with different nations and particularly on different things, whether it's cars in Germany or other manufactured goods that were made throughout the rest of Europe. President Trump says we're not going to do that anymore. We're going to get a trade deal that's going to help balance what we do. And paying for your national security. And this national security memo they put out on Thursday night, Friday morning, he said, hey, look, here's the problem. We don't even know. We have no idea who's going to be in charge in 30 years because we look at, or 20 or 30 years because you look at what's happening to your countries, we look at this flood of illegal migration. He said again to Dasha Burns on political and it has the entire European group with their heads blown up. President Trump, that's why he's going to Scranton today kicks off at least an end of year and you're going to see it next year at the beginning of the year. President Trump going on the road and explaining to the American people in very straightforward language, here's what I've done economically. He gave him, he gave himself a grade this morning for the economy of A plus plus plus plus and like I said, reporters talk to me. How could Trump do that? I said, listen, he is the architect. He's the architect of this economic plan. Scott Bessant and others Navarro are kind of the engineers to come in and help execute on his plan. But his plan is very straightforward. He's going to make America great again by bringing back manufacturing jobs to the United States. How's he going to do that? He's going to get capital invested in the United States. He's going to give quite frankly very attractive tax benefits to companies that will invest now and invest in plant and equipment for high value added manufacturing jobs. In addition, on the world's commercial relationships and these trade deals he will go is from Liberation Day, I think to April until today have teams, you know, Howard Lutnick leading some.
