Loading summary
Transcript2 lines
- [00:00]
A
We're in a supply chain trade war with China. It's an act of war and it's going to hurt the American consumer. I'm Michael Popak. You're on the Midas Touch Network and Legal af. We woke up and we're at war because Donald Trump has decided that is the way to American prosperity. Every independent economist has said this trade war with China, which has broadened as of today, will actually be an indirect tax on the American consumer, up to $1,200 a year, the largest tax increase in our history. Because as Warren Buffett, the famous oracle of Omaha, has just recently said, there's no ferry. Somebody's gotta pay the tariff and it ends up being the American consumer. Now let's talk about the trade war. Donald Trump started it presumably in order because he was semi successful in a trade war with China the first time around. That's a lie. He ended up taxing them up to 3%. Now it's up to 39% on Chinese imports. And the Chinese have responded. It started out as well, we'll just tax natural gas and coal, some farming equipment. Now as of today, they've announced a wholesale tariff on all agriculture farm imports. China is the number one trading partner for the Midwest and our farm community. Right. All of that, all of the wheat, the corn, the chicken, the poultry, the fruits, the vegetables all go to, to China. It is, it is the reason the farmers of America are kept afloat. Donald Trump very callously just posted on social media and said, good luck, farmers. You'll be making more products for Americans. How much more can we eat and consume? Is everybody supposed to be 30%, 40% obese like Donald Trump? In order to keep the American farmer afloat, they need Chinese markets. As I said. Let's give an example of a supply chain war that, that, that China has now declared. Let's use one company as an example that was just reported in the New York Times. Skydio, it's a company you and I never think about, but Skydio, an American company, makes drones for US military and emergency services operations. Skydio is now one of the 15 companies that China has put on a list that they are not allowed to obtain any of the materials they need to build their high tech devices from China. So it is denied to them. I'm talking about semiconductors, I'm talking about rare earth minerals and other things that we need in order to fuel our economy, especially at the high tech level. So skydio is not going to be able to make the drones the way they used to which means we're not going to have them for military purposes, for import, export and use, or for emergency purposes. I never thought I would in my lifetime agreement with the Chinese finance minister. But frankly, his quote, I couldn't have put it any better myself. Let me read to you from the quote here from the Chinese trade minister, the finance minister. The US Is unilateral tariff increase damages the multilateral trading system, increases the burden on US Companies and consumers and undermines the foundation of economic and trade cooperation between China and, and the U.S. i could. That was perfect. I couldn't put it any better. Now the Chinese finance minister is more worried about the American consumer than our American president. And this war has a terrible ending for the American people. Donald Trump is one of the reasons I want to be able to stop the flow of narcotics from China. The fentanyl crisis. The fentanyl crisis. China said, you know what, with the trade war, we were doing cooperation with you to stop the flow of narcotics. But we're going to pull out of that. See everywhere, even in an asymmetric way that China can find a way to gain an economic advantage or an advantage against America. Now they're incentivized to do that. When we pull out of the World Trade Organization, when we pull out of multilateral and bilateral trading relationships, all it does is make our economy suffer. We are the. We were. We are the economic engine for the world. Our factories, our manufacturing plants, our service companies, right, produce more services and goods than we can consume in America. This show is sponsored by Liquid iv. Sometimes when my family is fast asleep and nobody's watching but the family dog, I get my big pile of car magazines and the Sunday paper with a sleeve of chocolate chip cookies and a glass of oat milk. Love looks different for everyone, especially when it comes to all the ways you treat and celebrate yourself. Gift yourself the everyday indulgence of extraordinary hydration from Liquid IV powered by Live Hydro Science. Visit LiquidIV.com and fall in love with flavors like the zesty new hydration multiplier, sugar free raspberry lemonade and use code legalif to save 20% off your first order. I always make sure I have Liquid IV and its easy to use packets handy in my gym bag and my carry on computer bag when I'm traveling. Nothing like a quick burst of pina colada to give me the hydration I need and take me to my happy place. Hydration and getting enough each and every day, especially as the days are about to get that much longer, is a quest we are all on but with Liquid iv I know that with a few packs a day I'm ensuring that when I'm on the go I'm not neglecting staying hydrated. Liquid IV has true to fruit flavors that keep you hydrated. Find all your favorite hydration multiplier flavors on their website from acai berry and lemon lime to pina colada. Or choose from their line of sugar free flavors like raspberry lemonade, white peach and rainbow sherbet. Break the mold and own your ritual. Just one stick and 16 ounces of water hydrates better than water alone. Powered by live hydro science. An optimized ratio of electrolytes, essential vitamins and clinically tested nutrients that turn ordinary water into extraordinary hydration. Treat yourself to extraordinary hydration from Liquid IV. Get 20% off your first order of Liquid IV when you go to liquidiv.com and use code legalaf at checkout. That's 20% off your first order with code legalafiquidivity. It has to be exported. We always need export markets or our economy doesn't hum. How do I know that? Look at what the stock market and consumer confidence are doing. Stock Market 1 Indicia Financial Health of the economy in the trash. That's why Donald Trump doesn't talk about it anymore. Remember when he used to say the stock market is booming, It's a Trump dividend. It's a Trump economy. And then when it wasn't doing well for a day or two under Harris or Biden? Oh, it's a Biden Harris hated by the. By. By the. By the economy. Oh, look at the stock market. Reason he hasn't talked about stock market since he's gotten in is because it's gone down, down, down, down, down. Every one of his policies has been rejected by the economy and the American consumer. The American consumer is so allergic to Donald Trump's policies and so fearful of what it's going to do to their pocketbook and their kitchen table issues that their consumer confidence has plummeted. Meaning they're not going to spend and we're not going to spend our way to avoid stagflation or recession. Because the American consumer has no confidence in Donald Trump's ability to steward our economy. And now we're in a trade war with China for absolutely no reason. What are we going to get out of the trade war? The farmers. Right? The wheat belt. The farmers. The, the. The world's food basket of America needs an outlet for its supply. I'll give you one example. Not many Americans find The delicacy of chicken feet to be something that's like on the American diet. China loves them. It's part of their cuisine and culture. American poultry factories and plants send more chicken feet than you can shake a, shake a stick at to China. Where are they going to send them now? Who's going to absorb them? And then when the tariff war happens on, on agricultural products, soybeans and, and, and wheat and corn and potatoes and all the other stuff we send to China, who mass consume it when we don't have an outlet for it, where's it going to go? And China will obtain their agricultural products from other countries like Brazil and South America, where they have worked hard to develop trading relationships, helping to build infrastructure in the Caribbean and in South America, south and Central America that is a conduit for them. They grow things too. Mexico grows things too. Mexico has a very vibrant trading or farm and agricultural sector. And you don't think Claudia Sheinbaum is now going to make an alliance with China against the United States? Good job. Donald Trump united the world against the United States. Yeah. So China and Canada get China, Canada and Mexico all get closer together at Canada. That too, you know, as they become trading partners. And now we just normalize China. Right, Our communist enemy. While Donald Trump at the same time decides he's going to try to curry favor with China and Russia and he's going to remove from the federal government the cybersecurity experts who are responsible for making sure that China doesn't attack and continue to attack our infrastructure, our power grid, our utilities, our banking system, our election system. We got rid of those, those cybersecurity experts. They were fired by Elon Musk. At the same time, the Pentagon is told to stand down and don't conduct any offensive cyber attacks on China or Russia. If I didn't know better, I would think Donald Trump is working for the Chinese and the Russians. And look what he's doing to the economy. He was handed a diamond of an economy and he's thrown it into the trash. I'm going to continue to cover it all right here on the Midas Touch Network and on Legal if all of the contours, all of the unintended and intended consequences of the trade war, the supply chain war with China, with Canada, with Mexico, here on the Midas Touch Network and on Legal af. Till my next reporting, I'm Michael Popak. In collaboration with the Midas Touch Network, we just launched the Legal AF YouTube channel. Help us build this pro democracy channel where I'll be curating the top stories. The intersection of law, law and Politics. Go to YouTube now and free subscribe at Legal AFMTN. That's @legal AFMTN.
- [11:16]
B
You are no dummy, but you're kind of acting like one. You used to crush it in school, outsmarting opponents on the field. And now, well, you're still smart, but not exactly challenging yourself. You could be advancing nuclear engineering in the world's most powerful Navy. You were born for it. So make the smart choice. You can be smart, or you can be nuke smart. Become a nuclear engineer@navy.com nukesmart America's Navy forged by the sea.