Donald Trump (8:01)

But so that's a very important subject to me because I've everybody in this room has lost friends or people that have family members that have died of fentanyl. So there's a big incentive for China to stop. And I take them at their word. They're going to work on that, I think very hard.

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Unknown Political Commentator (9:42)

As Congressmember Eric Swalwell said, just like I told you this would happen, Trump caves on China. Thank you. You went to the town halls and town squares. We did this. And he's also referring to a post he made on April 27 where he says Trump will cave on tariffs if we push this with everything we got. We can make this coward cave. It's coming and he was responding there on April 27, 2025, to Trump saying that these tariffs against China were working so well that we were going to eliminate the income tax, that we wouldn't need the income tax anymore. Here, play this clip.

Donald Trump (10:19)

And we're going to make a lot of money and we're going to cut taxes for the people of this country. It'll take a little while before we do that, but we're going to be cutting taxes and it's possible we'll do a complete tax cut because I think the tariffs will be enough to cut all of the income tax. Now we have a lot of debt that's been left to us, you know, unfortunately, over many years. We'll take care of that. But the tariffs, when if people only understood the tariffs, we're going to be giving people of this country a tremendous tax cut and we're going to start with people making less than $200,000 a year.

Unknown Political Commentator (10:55)

So here's what we posted on the Midas Touch Network. US China agreed to a 90 day pause on new tariffs after shipping to US ports plummeted. US tariffs on Chinese imports will be cut from 145% to 30%. Chinese tariffs on US imports will be cut from 125% to 10%. If tariffs are supposed to result in massive job growth and make us rich, then why are lowering them? Then we showed the cycle of Trump and MAGA people. Trump goes I'm adding tariffs. MAGA people, this will create jobs. Trump, I'm removing tariffs. Art of the deal says his MAGA cult Trump, I'm adding the tariffs again. Trump people, this will create jobs. I'm removing the tariffs. Trump people, art of the deal. As Justin Wolfers, economist at University of Michigan says, there are two ways to frame this news. U.S. trade policy and our macroeconomic prospects are much better today. And they were yesterday. And two, U.S. trade policy and our macroeconomic prospects are much worse today than on Inauguration Day. Both are still true. This is how they're talking about this in China Daily, the main Chinese state regime media. I just want you to see how they're framing this there. As a major power in the world, the US should act in such in a responsible way. However, the frequent backsliding and wanton changes in trade rules of the government have damaged the country's credibility of itself. The US has become an unreliable and fixed player in global economic governance with its strategic credibility and international status being continuously eroded by its shortsighted behavior. The US Is trying to curb China's economic development through High tariffs. But the reality is quite the opposite. The global supply chain has formed an intricate network and China has cultivated irreplaceable advantages in basic manufacturing support industries and labor. The high tariff policy of the US Will not be able to hit China, which in turn will seriously damage its own economic interests. China will not succumb to any form of economic coercion and will resolutely defend its legitimate rights and interests and national security through corresponding countermeasures in accordance with relevant laws and regulations and the basic principles of international law. It goes on to say, so you see what the position of China is right there. And then while I'm on the topic, I do want to show you this as well, because you can go through deal by deal here with Donald Trump and we can call this out. I think Justin Wolfers, economist at University of Michigan, does a very good job right here doing that. Here he talks about how, really, when you talk about the quote, unquote deal between the United States and the United Kingdom, it's just a phony thing. Here, play this clip.

Justin Wolfers (13:39)

Let me characterize the whole deal for you. It's 10%. I want you to write that in big font on a big piece of paper, 10%. And there's a little asterisk next to it. The 10% matters because it basically said Trump walked in and he said, I am imposing a 10% tariff on Americans who buy goods from Britain no matter what. And then he said there's an asterisk up here which says, now let's start making a deal. And the making a deal was a promise to have further chats about further conversations, which actually gets very close to nothing done. It was basically collusion between the British Prime Minister and the American president to go out and each lie to their respective populations to pretend each had gotten something done with the other. The reality is this deal does nothing except actually cement in place higher tariffs to be clear taxes on Americans who buy goods from the United Kingdom per end with a carve out for Rolls Royces.

Unknown Political Commentator (14:34)

And here Professor Wolfers talks about how the economics of the special tariff carve out for British made luxury vehicles really reveals Donald Trump's true intentions here, which is to basically help luxury brands that he likes, I guess, while manipulating the markets. Here, play this clip right here.

Justin Wolfers (14:57)

And what's amazing is the President actually said, well, we've got to give them a break on the Rolls Royces because they're a beautifully made handcrafted car. The whole point of the tariffs is to bring production to America. I get British craftsmanship. But if the President doesn't think we're capable of learning how to stretch leather over a car seat, we have tariffs on bananas. No American worker is ever going to learn how to grow bananas. We have tariffs on vanilla. We can't grow vanilla. We have tariffs on diamonds. We can't mine diamonds. But we did decide that the one thing we definitely can't do is Rolls Royces. So we should have a special carve out.

Unknown Political Commentator (15:53)

Well, there you have it, folks. Let me know what you think. Hit subscribe let's get to 5 million subscribers and thank you for watching. Can't get enough Midas? Check out the Midas plus substack for ad. Free articles, reports, podcasts, daily recaps from Ron Filipkowski, and more. Sign up for free now@midasplus.com SA.