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- [00:01]
FanDuel Host
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- [00:11]
Market Analyst
No one saw that coming except for me, baby.
- [00:15]
FanDuel Host
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- [00:28]
Political Commentator
Call 1-800- gambler Donald Trump returned to Washington, D.C. it was absolute chaos and mayhem this morning. Initially the markets open and started to tank more than we've really ever seen in modern history. Then there was some unfounded rumor that Donald Trump was going to be pausing the tariffs for a 90 day period. The stock market then shot up very quickly. Then the Trump rapid response team said fake news. And then the market began to crash again. You know, normally on these videos I would put up where the market is, but right now it is going down, up, down, up. The volatility is so unprecedented in its nature, not the way a stable market is supposed to look. I don't want to even share it because in five, 10 minutes after I post this video or a half hour after it's posted, it may look entirely different. Suffice to say, I think to be a responsible reporter in this moment, I need to say it is just absolutely chaotic with volatility like we've never seen before. When I have a bigger snapshot, I'll of course report on what that is. But I don't want to in this moment in any way cause signals that could be problematic in any way. But let me just share with you what happened as we all woke up to the opening of the market. It officially became the worst three day performance of the S&P 500 since October of 1987, with the S&P falling more than 20% from its February closing high on pace to confirm a bear market. Here was the moment where there was this unfounded rumor about this 90 day tariff pause to which the Trump response team said wrong fake news. You'll see here this account, Unusual Whales, which covers the market says this is absolute comedy. I wouldn't really refer to it as that the market was blood red today. Then an unattributed rumor was starting on X that there was consideration of a 90 day tariff pause. The market turned green. Then five minutes later the White House denied the rumor. The market became red again. Then Donald Trump posted that he was going to impose additional tariffs on China and not have any further discussions with China would basically mean if you add up all the tariffs on China over 100%. Donald Trump posted yesterday, China issued retaliatory tariffs of 34% on top of their already second set record setting tariffs, non monetary tariffs, illegal subsidization of companies. And it goes on and on and on. And then it says therefore if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8, 2025, the United States will impose additional tariffs on China of 50% effective April 9. Additionally, all talks with China concerning their requested meetings with us will be terminated. Negotiations with other countries which have also requested meetings will begin taking place immediately. Thank you for your attention to this matter. This would bring the tariffs to China above 100%. You see right here this cartoon. I always think these political cartoons encapsulate the moment. Trump on fifth Avenue shooting the economy. Also, as Axios reported over the past few days, no all and we talked about this when the Trump tariffs were initially announced, which he calls Liberation Day, we refer to it as Recession Day, Annihilation Day, Great Depression Day, Liquidation day. You pick your name. The Trump tariffs were based on a massive error in just the underlying formulation. And what Axios went on to report is how this conservative think tank shows that the formula that was applied was incorrectly applied. And also we've, as we've said before, the tariffs are not reciprocal. Despite the Trump regime referring to these as reciprocal tariffs. He kind of made up the the numbers that he claimed were the tariff rates against the United States based upon the deficit with specific countries. So a country like Vietnam, when you calculated the deficit, they would Trump would include kind of the Delta and the deficit as part of what he considered to be a tariff against the United States. So countries like Vietnam and Cambodia and others, you know, would be viewed as being high tariff rates against the United States, even though the US Was getting cheap products from those countries. Orange Monday is the new Black Monday. That's at least when the markets were opening. You may be seeing billboards like this across the United States that are being paid for by Canada and others. Tariffs are a tax at the gas pump. Tariffs are indeed a tax. That's what they are. Tariffs are taxes on the American consumer. And the American consumer is ultimately gonna be the one to pay for this. And the American consumer is paying this volatility, the hit that our 401ks and retirements have been taking. This is not the way the markets are supposed to work at all. And you can tell even here, like when you've lost your CNBC MAGA host. This is the CNBC MAGA host right here. And you'll just see that, you know, they're pissed. Play this clip.
- [06:08]
Market Analyst
And I think from policy institutes on both sides of the aisle, the methodology that was used has been universally derided as being non serious. I don't know whether you know exactly who came up with the formula, but it allowed you to at least characterize most of these countries as being their terrorists, well above the reality of the situation. So that when you say that we're going to do half on them, it was much higher than anyone anticipated. And I think you'd have to concede that this was not the market reaction you were looking for. There's a way of maybe incrementally trying to accomplish some of the things that the President wants to do in a reasonable, serious way. And this just almost across the board has caused what you're seeing in the stock market and a lot of head scratching and head shaking on whether anyone really knows what they're doing in this case. PETER well, let's acknowledge that, sure.
- [07:09]
Economic Expert
No, I can't, because here's what I'm seeing. You throw a lot of stuff at me. First of all, the methodology was perfectly sound. It was done by the Council of Economic Advisers based on long term studies that are in the academic literature. And the people taking potshots at us are the same people that always take pot shots.
- [07:26]
Market Analyst
American Enterprise Institute.
- [07:28]
Economic Expert
PETER of course, of course, the JOE the American Enterprise Institute.
- [07:33]
Political Commentator
So then you had Kevin Hassett, Donald Trump's top economic advisor, was going on Fox. You see the market there on the right. At least that was the snapshot in time. Then here Kevin Hassett talks about he's being asked about a pause on the 90 day tariffs. Here's what he says. Play this clip. Will you do a 90 day pause? Would you consider that or BILL yeah.
- [07:58]
White House Official
You know, I think that the President is going to decide what the President is going to decide. There are more than 50 countries in negotiation with the President. We've got the prime minister of Israel coming today. We've had a reach out overnight from Taiwan. And but, but I would urge everyone, especially Bill, to ease the ease off the rhetoric a little bit. The fact is that say 10% baseline tariff is on what, 14% of GDP. That's about how much trade we have, how many imports. And so 86% of GDP is affected by the deregulation and the tax cuts and everything else. And even if you think, and I think a lot of us at the White House think that these economic responses are exaggerated by critics, even if you think that there will be some negative effect from the trade side, that's still a small share of GDP as the idea that it's going to be a nuclear winter or something like that is completely irresponsible rhetoric.
- [08:53]
Economic Expert
So.
- [08:54]
Political Commentator
And it was based on that, where he didn't say that there would be a pause on the 90 day tariffs. That's that it was incorrectly, erroneously reported that there was a pause which was just false, false information. Take a look. Did you watch 60 Minutes recently? 60 Minutes found that there was no criminal record for 75% of the Venezuelan migrants the US sent to El Salvador. Yes, 75%. We've been highlighting a lot of those stories here on the Midas Touch Network. People who just had autism awareness tattoos or people who had tattoos of Real Madrid, a soccer club or. This story particularly is of significance today as there was a major ruling by the fourth Circuit Court of Appeals, Abrego Garcia, the Maryland man migrant who In 2019, an immigration judge during the Trump administration said that he had a protected status here and could not be sent to El Salvador. No criminal history at all, never committed a crime. Working in Maryland, would check into ICE regularly. The Trump regime kidnapped him, sent him to the El Salvador concentration camp. The fourth Circuit Court of Appeals ordered that he be he immediate confirmed the district court order saying you need to return him immediately by midnight. Donald Trump is appealing the 4th Circuit ruling to the Supreme Court. It was a particularly powerful ruling by the firth by the fourth Circuit Court of Appeals, affirming what the district court said. Get this guy back to the United States. He had protected status. He's not a criminal. You can't kidnap people and send them to concentration camps. This is the ruling from the fourth Circuit for the fourth Circuit Court of Appeals. It says the following. The panel unanimously agrees that the district court's order requiring the government to facilitate and effectuate the return of plaintiff Kilmar Armando Abrego Garcia to the United States by no later than 11:59pm on Monday, April 7, 2025, should not be stayed. The government's motion to stay is therefore denied. I write to explain my view. The United States government has no legal authority to snatch a person who is lawfully present in the United States off the street and remove him from the country without due process. The government's contention otherwise and its argument that the federal courts are powerless to intervene are unconscionable Donald Trump immediately appealed that to the Supreme Court. That's where we stand right now. I'll give you more updates, of course, as I get more data. Thanks for watching and hit subscribe and let's get to 5 million subscribers. Love this video. Continue the conversation by following us on Instagram at Midas Touch and help US blow past 1 million followers.