Podcast Summary: The Ben Shapiro Show – Ep. 2175: REBOUND or FALSE SPRING? Has The Market Hit Bottom?

Release Date: April 8, 2025
Host: Ben Shapiro | The Daily Wire

1. Introduction and Current Market Overview

Timestamp: [00:00] – [03:00]

Ben Shapiro opens the episode by addressing the recent turbulence in the stock markets. He highlights the paradoxical movements where major indices like the Dow, S&P 500, and Nasdaq futures surged significantly despite ongoing market chaos. Shapiro questions whether the markets have already hit bottom or if the panic is still justified.

Ben Shapiro [00:00]: "The market remains a chaotic place... Is all the panic overrated? Is it all over?"

2. The Wild Market Session Explained

Timestamp: [03:00] – [10:00]

Shapiro delves into the specific events that caused a $2 trillion swing in the markets the previous day. A false report, originating from a seemingly credible Twitter account, incorrectly stated that Kevin Hassett, head of the National Council of Economic Advisors, anticipated a 90-day delay on tariffs. This misinformation led to immediate market volatility, with significant fluctuations in stock prices as the White House quickly debunked the claim.

Ben Shapiro [07:15]: "A false report from a blue check on Twitter... the market spiked immediately... and then the market dropped again."

3. Tariffs: Revenue, Restriction, or Reciprocity?

Timestamp: [10:00] – [17:30]

Shapiro explores the three traditional rationales for tariffs—Revenue, Restriction, and Reciprocity. He emphasizes that modern tariffs are no longer about generating revenue but are primarily tools for creating fairer trade practices (reciprocity) or restricting imports to protect specific industries.

Ben Shapiro [12:45]: "The real question here is whether President Trump is doing tariffs because he likes restriction, or... reciprocity."

4. Insights from Historian Victor Davis Hanson

Timestamp: [17:30] – [22:09]

Invoking historian Victor Davis Hanson, Shapiro discusses the psychological and economic motivations behind Trump's tariff policies. Hanson argues that Trump's approach is driven by a desire for equity and reciprocity in trade, aiming to reduce the $1 trillion annual trade deficit and regain America's influence globally.

Victor Davis Hanson [19:25]: "The ideas of equity and symmetry are critical to Trump not just financially but also psychologically."

5. International Responses and Negotiations

Timestamp: [22:09] – [30:33]

Shapiro reviews the international community's reaction to the U.S. tariffs. Countries like Japan, Israel, Vietnam, and members of the EU have expressed willingness to negotiate tariff reductions in exchange for similar concessions from the U.S. Treasury Secretary Scott Besant emphasizes that these negotiations are crucial to prevent further market instability.

Scott Besant [20:40]: "We outlined the tariffs on April 2 and then gave the countries several days to think about it... President Trump was ready to Negotiate."

6. Political Pressures and Domestic Implications

Timestamp: [30:33] – [36:07]

Addressing internal political dynamics, Shapiro highlights pressure from Republican senators like Mike Lee and Ron Johnson, who advocate for reducing trade barriers to bolster economic growth. However, he notes that Trump's administration delivers mixed signals, leaving markets uncertain about the future direction of trade policies.

Senator Mike Lee [34:50]: "Trump could go down as the most pro-trade, pro-growth president in modern US History if he uses this moment as an opportunity to reduce trade barriers."

7. Economic Impacts on Consumers and Industries

Timestamp: [36:07] – [33:36]

Shapiro warns about the tangible effects of sustained tariffs on American consumers and industries. Citing the Anderson Economic Group, he explains how tariffs on automobiles could drastically increase prices for both new and used cars, potentially leading to layoffs and reduced demand. He draws parallels to the steel and aluminum tariffs of Trump's first term, which resulted in higher prices and decreased profits for manufacturers like Ford.

Ben Shapiro [36:37]: "Auto tariffs alone could increase the cost for smaller cars by $2,500 to $4,500, and larger vehicles by $10,000 to $12,000."

8. Supreme Court Decisions and Immigration Policies

Timestamp: [36:37] – [46:46]

Shapiro shifts focus to recent Supreme Court rulings that favor the Trump administration, particularly regarding the Alien Enemies Act. The Court ruled that detainees must receive due process before being deported, allowing the administration to resume certain deportations. He criticizes the liberal majority for being selective in their defense of the rule of law.

Justice Sotomayor [46:00]: "The government's conduct in this litigation poses an extraordinary threat to the rule of law."

Shapiro also touches on aggressive immigration enforcement actions, including the deportation of international students involved in pro-Hamas activities, further emphasizing the administration's stringent policies.

9. US-Iran Relations and Nuclear Negotiations

Timestamp: [46:46] – [47:17]

In discussing foreign policy, Shapiro highlights President Trump's direct negotiations with Iran aimed at dismantling its nuclear program. He counters Tucker Carlson's skepticism about military options by referencing Trump's previous targeted actions against Iranian officials, which did not escalate into broader conflict.

Donald Trump [46:46]: "There's a major meeting going on between us and Iran... if the talks aren't successful, other options are on the table."

10. Conclusion and Final Thoughts

Timestamp: [47:17] – End

Ben Shapiro wraps up by reiterating the critical moment in U.S. trade policy. He urges President Trump to leverage the current international offers to achieve meaningful tariff reductions, emphasizing that failure to negotiate could lock the U.S. into a prolonged and damaging trade war. Shapiro calls for decisive action to secure America's economic future and prevent unnecessary pain for consumers and businesses alike.

Ben Shapiro [47:03]: "Use leverage to make great trade deals. You're the deal maker. Do it. Make the awesome deals. Take the off ramp."

Notable Quotes:

• Ben Shapiro [00:00]: "The market remains a chaotic place... Is all the panic overrated? Is it all over?"

• Victor Davis Hanson [19:25]: "The ideas of equity and symmetry are critical to Trump not just financially but also psychologically."

• Senator Mike Lee [34:50]: "Trump could go down as the most pro-trade, pro-growth president in modern US History if he uses this moment as an opportunity to reduce trade barriers."

• Ben Shapiro [36:37]: "Auto tariffs alone could increase the cost for smaller cars by $2,500 to $4,500, and larger vehicles by $10,000 to $12,000."

• Justice Sotomayor [46:00]: "The government's conduct in this litigation poses an extraordinary threat to the rule of law."

• Ben Shapiro [47:03]: "Use leverage to make great trade deals. You're the deal maker. Do it. Make the awesome deals. Take the off ramp."

This episode provides an in-depth analysis of the current state of the U.S. markets in relation to the administration's tariff policies. Shapiro effectively combines economic theory, historical context, and current events to question whether the recent market movements signify a genuine recovery or merely a temporary adjustment amidst ongoing trade uncertainties.