Trump’s Fake Deal Was So Stupid We Can’t Stop Laughing

Summary

Bulwark Takes: Summary of “Trump’s Fake Deal Was So Stupid We Can’t Stop Laughing”

Episode Information

• Title: Trump’s Fake Deal Was So Stupid We Can’t Stop Laughing
• Host/Author: The Bulwark
• Release Date: May 8, 2025

In this episode of Bulwark Takes, hosts Tim Miller and Sam Stein dissect the recent trade deal orchestrated by former President Donald Trump with the United Kingdom. The discussion highlights the deal's superficial accomplishments, underlying inefficiencies, and the broader economic implications, all delivered with the characteristic wit and critical insight of The Bulwark team.

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1. Overview of Trump’s UK Trade Deal

Tim Miller opens the conversation by critiquing the newly announced trade deal between the United States and the UK, describing it as "a deal about nothing" (00:35). Both hosts agree that the tangible benefits of the agreement are minimal, primarily maintaining existing tariffs without significant concessions.

Key Points:

• Tariff Status: The deal essentially keeps the 10% tariffs in place, offering negligible changes to previous trade terms.
• Tentative Nature: The agreement remains tentative with several details yet to be finalized (01:11).

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2. Specifics of the Tariff Agreement

Sam Stein explores the narrow scope of concessions within the deal, noting that only selective products received tariff reductions. For instance, Tim Miller explains, “We’re taking down to 0% on Rolls Royce engines” (01:18), signaling a very limited impact on broader economic activities.

Notable Quotes:

• Sam Stein: “We went from 10% to 10%, is that right?” (00:25)
• Tim Miller: “We put a 10% tariff on and kept it.” (03:03)

Implications:

• Limited Reduction: Only specific high-end products like Rolls Royce engines and UK beef saw tariff reductions to 0%.
• Persistent Tariffs: Most goods remain subject to the original 10% tariffs, maintaining economic pressure without facilitating significant trade growth.

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3. Commerce Secretary Howard Nutlik’s Speech

A critical examination of Commerce Secretary Howard Nutlik’s press conference reveals a tone of misplaced pride and exaggerated praise for Trump’s deal-making abilities. Tim Miller highlights the absurdity of Nutlik’s remarks, pointing out Nutlik’s over-the-top commendations of Trump’s “brilliance” (02:25).

Notable Quotes:

• Howard Nutlik: “I have the best dealmaker to my left... he understands business, he understands deals...” (02:15)
• Tim Miller: “What a closer. He is the closer.” (03:27)

Analysis:

• Mocking Praise: Hosts ridicule the overly laudatory nature of the speech, suggesting it was more about flattery than substantive achievement.
• Clownish Atmosphere: Descriptions liken the event to a “Royal Court vibe,” emphasizing the performative and superficial aspects of the press conference (03:34).

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4. Trump’s Role and Priorities

The discussion shifts to Trump’s personal priorities and how they detract from meaningful policy-making. Tim Miller and Sam Stein observe that Trump appears more invested in traditional first lady duties and personal indulgences rather than effective governance.

Notable Quotes:

• Sam Stein: “He takes incredible joy out of it... making it look like Mar-a-Lago.” (04:22)
• Tim Miller: “He was talking about all these special cars... as if this is some great market...” (07:25)

Key Points:

• Distraction from Duties: Trump’s focus on activities like home decoration and hosting wealthy elites indicates a lack of attention to critical policy details.
• Symbolic Gestures: Emphasis on luxury items like Rolls Royces showcases a disconnect between symbolic gestures and substantive economic strategies.

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5. Economic Implications and Empty Ports

A significant portion of the episode addresses the concerning economic indicators resulting from the deal, particularly the slowdown in port activities. Tim Miller references a clip from Howard Nutlik, where Trump misinterprets the slowdown as a positive outcome, stating, “That means we lose less money” (08:27).

Notable Quotes:

• Tim Miller: “Trump doesn’t care. Talk to us about that.” (08:49)
• Donald Trump: “If we didn’t do business, we would have been better off.” (08:49)

Analysis:

• Empty Ports: The reduction in port traffic points to decreased trade activity, threatening jobs for dock workers and truck drivers.
• Degrowth Misconception: The hosts argue that Trump’s stance inadvertently supports a degrowth agenda, where reduced economic activity is mistakenly seen as beneficial (09:00).

Sam Stein adds concern about how unions, such as the East Coast port workers’ unions, perceive Trump’s contradictory statements, highlighting a potential rift between policy and stakeholder interests (10:19).

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6. Conclusion and Future Outlook

Tim Miller concludes the episode by reinforcing the futility of the deal, emphasizing that the maintained tariffs offer no real economic relief. He underscores the skepticism among investors and business owners who see no signs of forthcoming tariff reductions (11:32).

Notable Closing Quote:

• Tim Miller: “10% tariff is low... does not indicate to me that there’s any relief coming anytime soon.” (11:32)

Final Thoughts:

• Superficial Achievements: The deal is portrayed as a hollow victory with minimal benefits.
• Economic Strain: Persisting tariffs and empty ports suggest ongoing economic challenges without clear solutions on the horizon.

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Key Takeaways:

• Minimal Impact Deal: The trade agreement with the UK fails to deliver substantial economic benefits, maintaining most tariffs unchanged.
• Misplaced Praise: Official statements laud Trump’s deal-making abilities without reflecting the deal’s lack of substance.
• Economic Concerns: Reduced trade activity at ports and the potential support of a degrowth-like agenda pose significant economic risks.
• Distracted Leadership: Trump’s focus on personal and superficial activities detracts from addressing critical economic and policy issues.

This episode of Bulwark Takes effectively critiques the perceived ineffectiveness of Trump’s latest trade negotiation, blending sharp analysis with incisive commentary to highlight the broader implications for the U.S. economy and political landscape.

Transcript

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[Tim Miller]

Hey, guys. Tim Miller from the Bulwark here with managing editor Sam Stein. We just had an Oval Office tribute to Dear Leader about his deal with the uk.

[Sam Stein]

I was gonna say it was a tribute, it wasn't a press conference, it was a tribute. Everyone up there was just very happy with Donald Trump's brilliance, especially.

[Tim Miller]

The important headline here is, like, basically nothing happened. I mean, like, it's a deal about nothing, essentially. And we still have a massive tariff that we didn't have before.

[Sam Stein]

I was trying to get it. So as I read it, we went from 10% to 10%, is that right? Or the car tariffs went down a little bit, but only those are like high fancy cars.

[Tim Miller]

Here's the outline of the deal, basically. For starters, it's tentative. There are a few details that need to be worked out still. So we're having a press conference about a deal that isn't done yet. And number two, the 10% tariff is remaining. They'll kind of blanket 10%.

[Sam Stein]

It was a tough negotiation, painstaking, but they decided that 10% is the number.

[Tim Miller]

We'Re taking down to 0% though, on rolls Royce engines. We'll get to that in a second. So 0% tariff on importing Rolls Royce. The UK tariffs on beef were cut to zero, so it's something for our beef farmers who are selling to the uk, which is important because their food is terrible over there. So they should get some Americans.

[Sam Stein]

It's getting a little bit better, I think.

[Tim Miller]

I'm going to be in Manchester in a couple of months. I'll report back. I don't think so. The steel tariff was also reduced. It was a 25% down to 10%. And then there were some promised investments where they're always in promise, blah, blah.

[Sam Stein]

So some progress there.

[Tim Miller]

But, yeah, I guess. But like, we put a 10% tariff on them and then kept it. Like, that's basically what happened. We put a 10% tariff on and kept it. Before we get into the details, I do want to show you, in case you guys thought we were gilding the lily or overstating it, here's Commerce Secretary Howard Nutlik's speech.

[Howard Nutlik]

I want to make this clear. While Jameson and I worked hard, this was the President's deal. And people think, oh, that's not the way it works. If you got to sit next to him, I have the best dealmaker to my left. And if you don't think that we take advantage of him calling the prime minister, getting that deal done, you don't understand. Who's the President? United States. So he's the closer. He gets deals done that we could never get done because he understands business, he understands deals, and that's why we're here today. Wow.

[Tim Miller]

Wow, what a speech by Nutlik. Did you see J.D. vance has to, like, breaks into a laugh. How do you not. And how could you sit there with a straight face? This is ridiculous.

[Sam Stein]

I'm sorry, I hadn't heard you use nut. It's really good.

[Tim Miller]

It's really good.

[Sam Stein]

This was the constant, though, because there was one point where, like, the. Whoever the British guy is, there was just, like, just lauding the President for his, like, taste in cars. And they're all joking about spending a lot of cash and stuff. It was like a bunch of extremely wealthy men just kind of yucking it up in the Oval.

[Tim Miller]

What a deal. What a closer. He's the closer. He is the closer.

[Sam Stein]

They're like, they're making some joke about, oh, you should buy a Rolls Royce now, sir. Opener with a Tesla.

[Tim Miller]

At an interview today with the indivisible crowd, they're having a no kings protest in June, June 14th. There's a kingly vibe to the whole thing. It's like, oh, you know, we have to. Your majesty.

[Sam Stein]

A Royal Court vibe.

[Tim Miller]

Yeah, Royal court. Yeah, the royal Court vibe.

[Sam Stein]

We're like, he sits around, they kind of like surround him standing, and they all try to impress him.

[Tim Miller]

And the little middleman in the court, like, did all the work, but they know they can't get too much credit because you don't want to be, you know, have your head chopped off by the King. So even though you did all the work on this deal, that's barely a deal, you then still have to say, like, oh, this never could have happened if it wasn't for Trump's bleeds and the one phone call he made.

[Sam Stein]

How involved was Trump? He really did nothing. It's just like, did you see the.

[Tim Miller]

Story about how Melania is not in the White House? So Trump's been taking on the first lady jobs as well. Like, as far as the.

[Sam Stein]

The thing I thought about that is that, yeah, if you watch the videos, though, of him taking on those traditional responsibilities of the first lady, he takes incredible joy out of it. Like he loves home decoration. The flag poles, you know, reseeding the rose garden, putting some patio down, making it look like Mar a lago. The interior design and all the gold. That's like the stuff he really likes to do.

[Tim Miller]

Oh, yeah. So that though, I think leads then to the question of like, how much time was there for him to be on to doing these negotiations, the details of the beef, what the beef rate is. I mean, when he's doing all the curtains, the flag poles, he's got to send a lot of bleeds. He's having press conferences every day, he's golfing there just there is limited hours in the day.

[Sam Stein]

He did mention that at one point because they're talking about Ed Martin and we don't have to get into this bed. But he did announce during this that Ed Martin, his nominee for U.S. attorney for the District of Columbia, he's pulling the nomination this day after Tom Tillis said he wouldn't support Martin's nomination. And Trump was asked about that and he was like, well, you know, I could make a phone call and really just, you know, basically tell Tillis to get in line, but I'm so busy with all these countries calling me that I just don't have enough time to make that phone call. So, you know, priorities, I suppose.

[Tim Miller]

Yeah. Eagle eyed rip on the Rolls Royce thing. Yeah, let's just play a little clip of that.

[Sam Stein]

Sure.

[Donald Trump]

I'm going to order a lot of. Mr. President, I wonder whether you like to buy. Well, the last time this happened, I would be happy to suggest a discount, obviously a very modest discount. We have to protect our pocket margins. I've had many of them, actually. You know, the last time that happened, I ended up buying a Tesla.

[Tim Miller]

Again. In normal times, back in the Mitt Romney era, this would be the big controversy in 2012. It's like, oh, rich. Mitt Romney has put a 010 cent tariff on the Rolls Royce engines. But for the rest of you peons who get your allergy medicine from the UK, you're going to pay the 10% tax but a 0% flat rate for the Rolls Royce buyers out there.

[Sam Stein]

It was crazy. And yes, it's very. You know, Romney had the famous car elevator problem. I don't know if you remember that one.

[Tim Miller]

Of course I was there.

[Sam Stein]

I know.

[Tim Miller]

Yelling at you. I was yelling at you.

[Sam Stein]

How many cars does he have anyways? So.

[Tim Miller]

So yeah, he has a hundred children. Where's he gonna put all the kids? Excuse him for having an elevator.

[Sam Stein]

Elevator. Everyone has a car elevator. Sam, don't you? No, Tim. I think that's how it went. Anyways. Yeah, he was in there. He's like talking about all these special cars the UK has. And like, this was clearly, you know, this was clearly the hook that they got him to do the deal. They're like, sir, think about these roll Rolls Royces that you could save. And to him, it obviously resonated, but it just felt so detached walking him, watching him, watching, watching him talk about these fancy cars, as if this is some great, you know, market that he's just opened up the United States, when, like, you know, a couple hundred people might buy a Rolls Royce every year, if that. I don't know.

[Tim Miller]

We appreciate our sponsors here, Smalls, the cat food, etc. I'm not quite saying. I'm not quite making Rolls money yet. Maybe some of our viewers or listeners have Rolls money. I'm just saying a lot of bad news out there in the economy. Great news if you're in the market for new roles. I did just get a text. We are in the market for a Tough Shed because I don't have a garage. Not only do I not have a car elevator, I don't have a garage. And so, you know, and we got a. There's a note from Tough Shed. Prices are going up because of the tariffs.

[Sam Stein]

I'm sorry to hear that. You should have moved before.

[Tim Miller]

Well, no, I got 10 days, so I'm having a family meeting after this. Having a family meeting at the Tough Shed.

[Sam Stein]

I would recommend. Yeah, an outdoor shed is important.

[Tim Miller]

Yeah.

[Sam Stein]

If you don't have a garage, you got to store that stuff.

[Tim Miller]

You do. Okay, finally, empty ports.

[Sam Stein]

This was the best.

[Tim Miller]

Let's watch.

[Sam Stein]

This was the best.

[Tim Miller]

Watch the clip.

[Howard Nutlik]

Because business has slowed down, as you mentioned. We're seeing, but we're seeing, as a result, the ports here in the US the traffic has really slowed, and now thousands of dock workers and truck drivers are worried about their jobs.

[Donald Trump]

That means we lose less money. When I see that, that means we lose less money. Look, China was making over a trillion. 1.1 trillion, in my opinion. You know, different numbers. From $500 billion to a trillion or a trillion one. I think it was 1.1 trillion. And frankly, if we didn't do business, we would have been better off. Okay. You understand that? So when you say it slowed down, that's a good thing, not a bad thing.

[Tim Miller]

Okay, so Trump doesn't care. Talk to us about that.

[Sam Stein]

You were talking with. Who are you talking with? Dylan Matthews about this? No, someone.

[Tim Miller]

Derek Thompson.

[Sam Stein]

Derek Thompson. Yeah. About this sort of degrowth idea as a virtue. And I mean, is this not, like the, like, encapsulation of it? He's like, no, we don't want more economic activity because that will make us poor. You kind of, like, try to think about it like, what is he talking about? We're not going to sell stuff or we're not going to buy stuff, and that because of that, we're going to have this circular economic enclosed system in which we're all just buying and selling to each other. And so therefore, we don't want the ports to be active. And you're sort of thinking like, well, no, because, like, even the ports themselves are small ecosystems of economic activity. Like, we want that stuff to work. But to him and to me, it was, like, very evident that he's convinced himself that a degrowth agenda is actually virtuous. It's scary stuff.

[Tim Miller]

Yeah. I mean, I don't know that he even thinks about it in the context of degrowth. Like, it is degrowth. Right.

[Sam Stein]

I think he thinks about it like, we need to sell within our own system.

[Tim Miller]

Yes. We need to make our own things. Right. So if things aren't coming.

[Sam Stein]

Coming in, if they literally, on the.

[Tim Miller]

Ocean, things aren't coming in, that means that we're going to be creating it here. I don't know how you imagine that happens. I don't think, like, he doesn't seem like the kind of person that does a lot of building or manufacturing himself with the tiny fingers, but, like, I don't, you know, the idea that this is good. I think the other thing this, to me relates to.

[Sam Stein]

Well, let me just say one thing. One thing. I couldn't help but think of the unions, the port workers unions, who, not the west coast ones, but the east coast ones, very, very supportive of Trump. And no one's really checked in on them. And I'm curious how they feel about him saying, well, better not have that activity on the ports.

[Tim Miller]

Sounds like the assignment editor's assigned himself a job. Here's what I think the interesting thing to me, which obviously we're gonna close here, because it's about me being right, not you. Is that that comment you pair it with? There was another question to Trump about, like, that 10% rate about whether that is gonna be standard or whatever. And he. His response was, it's low. He's like, the 10% is low. He's like, all these other countries that are trying to make deals, they don't have the great Jaguars that the UK has. So you know, they might not be able to make as good of a deal, so the number might be higher on tariffs. And I just, you know, again, if you're. If I'm a Wall street person, if I'm an investor, if I'm a business owner who is hoping that this thing. He was just going to come to his senses, like watching a press conference where he's like, empty ports are good. 10% tariff is low. Does not indicate to me that there's any. Any relief on that coming anytime soon.

[Sam Stein]

In fact, the opposite, right? Like, if 10% is the base, then we're in for some hurt.

[Tim Miller]

All right, that's a great place to end. Subscribe to the feed that. Sam Stein. I'm Tim Miller. We'll see you back here soon. Peace.

[McDonald's Advertiser]

McCrispy strips are now at McDonald's. I hope you're ready for the most dippable chicken in McDonald's history. Dip it in all the sauces. Dip it in that hot sauce in your bag. Dip it in your McFlurry. Your dip is your business. McCrispy strips at McDonald's.