Transcript
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Trump continues to look like a complete and utter fool. It's yet another morning of ranting and raving like a lunatic in all caps posts and he's now saying that this consensus framework, whatever the heck you want to call it with China. Actually, the United states is imposing 55% tariffs against China and they are imposing only 10% tariffs against the U.S. donald Trump acts like that's a victory. Yay. We're taxing the American people 55%, basically making Chinese goods unaffordable to bring into the United States while China is smartly not taxing its own people. And didn't they say yesterday that it was going to be the same 30%? Who even knows what the hell Trump is doing with these tariffs? Here's Trump's post. All all caps. Our deal with China is done subject to final approval with President G and me. Pause there. Actually should be subject to final approval of Congress, who has the tariff power. But let's be clear. Donald Trump is an idiotic dictator. And so this is what you'd expect him to say. Full magnets and any necessary rare earths will be supplied up front by China. Pause there. That's what was taking place before you tariff the world. I like that. He goes, this is a victory. We're going to get what we were getting before the trade war against the world. And then I caved because China withheld rare earth minerals. And then all of our technology companies were about to go bankrupt. So we immediately had Treasury Secretary Scott Bessant Bessant and Trade Representative Jameson Greer cave because Trump always chickens out. Dude, you're claiming a victory for the status quo before your trade war. I mean, again the international community is laughing in this idiot's face right now. He goes on to say, likewise, we will provide to China what was agreed to, including Chinese students, using our colleges and universities, which has always been good with me. Exclamation point. Always been good with you. You were the one who tried to put an end to that. So again, the status quo. Exactly what existed before the arson lit the world on fire and created chaos that is lingering and has jeopardized, even jeopardized, crushed the United States power in the world. Then Trump goes we are getting a total of 55% tariffs. China is getting 10%. Relationship is excellent. Exclamation point. Thank you for your attention to this matter. Thank you for your attention to this matter. A Spencer Akimian says so the deal was reached in London was that our consumers and businesses now get to pay 55% taxes instead of 30%. Then Donald Trump goes. Adding to the China readout, President Xi and I are going to work closely together to open up China to American trade. This would be a great win for both countries. To China is open to American trade. What frickin world is this idiot living in? China's open to American trade. Europe is open to American trade. We have free trade with the world. I don't even know what era you are living in in your cognitively addled, malignant, narcissistic, idiotic lack of a brain of your. Then he posts this CPI talking about inflation. CPI just out great numbers. Fed should lower one full point. Would pay much less interest on debt coming due. So important. Exclamation point. I like how he's celebrating the fact that inflation rose 2.4% in May on an annual basis. So it rose less than expected. The report was not as bad as people expected. So I guess baby Trump deserves a round of applause. Yay. It's not quite as bad as it expected. As we expected it was gonna be a big win for Donald. Not as bad as expected. Let's take a look at what the Wall Street Journal previously said about this data. So just so you know, this is what the Wall Street Journal said. Economists raised questions about the quality of U.S. inflation data. Article June 4. Labor Department says staffing shortages reduced its ability to conduct its massive monthly. Okay, well that's a data point. How about what JP Morgan says right here? We still think it may be early to see signs of sizable pass through of tariffs into consumer prices and look for firmer readings by the summer months. In other words, even though inflation is still rising, it's not Rising as much as people expected. We're gonna be waiting for the summer months to really get a handle on what's going on. And if you wanna take a look at what another bank, Citigroup, is doing, Citigroup is set to put aside hundred millions of dollars more than it did last quarter to account for potential losses on loans. An early sign that the biggest US Banks may be bracing for deteriorating economic health. Given the macro environment, et cetera, cost of credit compared to last quarter, we expect to be up a few hundred million, says Citigroup's Citigroup's head of banking. Now what is Howard Lutnick? Donald Trump's scammy? They're all scammy. Commerce Secretary have to say so when are you going to do these deals? Lutnick, you said there were going to be 90 deals in 90 days. We're almost in July. The 90 days is up. You've done zero deals in 90 days. So Nutlik, tell us Nutlik, what's the update? Play the clip.