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What Will These Tariffs Do To The United States Economy? | Ben Shapiro | YouTubeToText
YouTube Transcript: What Will These Tariffs Do To The United States Economy?
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Core Theme
The core theme is the tension between the need for economic predictability and reliability for business growth and the unpredictable trade policies, particularly tariffs, implemented by President Trump, with a secondary focus on the geopolitical implications for Canada.
now in order for the economy not to tank
you need predictability and you need
reliability I'm not just hearing this
from people who are on the left or in
the center I'm hearing this from
business people who are on the right and
as a business person who is on the right
you know what I want in my economy I
want a sense of predictability so
certain things that President Trump is
doing do give that sense of
predictability so for example we know
there's going to be a move to maintain
taxes at current rates that's great that
means I know exactly what to expect in
terms of my taxes we know that
regulations are likely to become less
onerous that's wonderful I know
precisely what to expect when it comes
to the tariffs the tariffs are
incredibly chaotic and the way they've
been rolled out so far which is sort of
like a hokey pokei we'll we'll put a
tariff in we'll take a tariff out we'll
put a tariff in and we'll move it all
about like that particular approach
Disqus markets it means that you don't
know whether to invest in a particular
contract if you have inputs from foreign
countries you don't know whether to
resign that contract and you also don't
know whether you are going to want to
sign a domestic contract because maybe
the Tariff doesn't go into place and now
you're paying twice what you otherwise
would have paid this sort of UNC is not
good for the broader business Community
which is why you've seen the Dow Jones
Industrial Average giving up all of the
gains since president Trump's election
so president Trump was asked about this
over the weekend and he said that he
doesn't need to be clearer on
tariffs will we have Clarity you'll have
a lot but we may go up with some tariffs
it depends we may go up I don't think
we'll go down but we may go up and but
you you're going to have they have
plenty of clarity they they just use it
that's like almost a sound bite they
always say say that we want
Clarity well that's not a sound bite
that's a reality and again I'm
supporting president Trump here I want
Trump's economy to boom and I can say as
a business person with hundreds of
employees I want to know what comes next
because that's how I game for how I
spend and how I save and how I invest
and that's true for every major or minor
business person in the country now
president Trump to his credit is being
cautious about his predictions Howard
lutnick his Commerce Secretary was on
the Sunday shows and he said don't worry
no recession is coming and you know his
mouth to God's
recession absolutely not anybody who
bets against Donald Trump it's like the
same people who thought Donald Trump
wasn't a winner a year ago Donald Trump
is a winner he's going to win for the
American people that's just the way it's
going to be there's going to be no
recession in America
okay now again I hope that's true and I
generally believe that that is true
however uncertainty is in fact
uncertainty president Trump was asked
the same exact question about now or
later and he said listen I'm not going
to make any predictions about the
economy which by the way is the Smart
response on this President Trump has a
good feel for this a smart response is I
don't know what's going to happen
because the problem is if you say
there's going to be no recession and
then there is one recessionary quarter
it's all over the TV for the next three
years this is the lesson that should
have been learned during the Biden
Administration when the Biden
Administration the Federal Reserve
called inflation transitory and it's now
4 years later and inflation is not
transitory are you expecting a recession
this year um I hate to predict things
like that there is a period of
transition because what we're doing is
very big we're bringing wealth back to
America that's a big thing and there are
always periods
of it takes a little time it takes a
little time but I don't I think it
should be great for us I I think it
should be
great okay now again if the idea here is
that we are ratcheting up pressure to
then ratchet back down the tariffs okay
if the idea is that we're trying to pry
winds out of other countries okay I'm
there if the idea is the tariffs
themselves are going to be good for the
country I have yet to see a situation in
which that is true that is not from the
19th century okay when trade
internationally was significantly more
limited and spending by the way was
significantly more limited domestically
speaking as we spoke about
last week the reality is that while we
are subsidizing a lot of businesses
elsewhere through global trade in our
markets everybody else is subsidizing
our welfare state by buying our bonds
okay that is a reality let me tell you
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meanwhile the question is whether these
tariffs are being put on in order to
drive again an anary outcome right it's
not about the economy it's about for
example fentanyl that was the case that
DHS secretary Christy Nome was making
over the weekend that this is all about
fentanyl it really is about fentanyl it
really is and I think the president
obviously wants a strong economy
obviously wants better trade deals as
well but this is about fentel and what
we can do to stop the cartels from
partnering with Chinese officials
laundering money and bringing a poison
into our country that is specifically
designed to kill the Next
Generation okay so again if the idea is
let's make Canada arm up the border and
militarize the Border all right fine
okay the problem is that the metrics
that are being used like I want the
deliverable because that way you get a
win right if president Trump says I want
Canada to do X and if Canada X the
tariffs go back down I'm fine with it
but it's very difficult to make that
argument about for example fentanyl when
you are not saying the thing you want
from the Canadians this is a point that
was made by Ambassador Kristen Hillman
she says listen less than 1% of all
fenel that's being seized coming into
the United States is coming from Canada
last year 43 pounds of fenel were seized
coming from Canada now you can make the
argument that's because we have a wide
open border with Canada but we had a
wide open border with Mexico and 22,000
lb of fentel were seized at the wide
open border with Mexico last year under
Joe Biden here's Christen hman the
Canadian ambassador to the United States
Canadians are frustrated with our
neighbors you know the country that we
feel closest to the country that is in
Partners allies often family that we've
gone to war with that we've died with
that we come to each other's Aid most
recently in LA but obviously 911 you've
come to our aid over the years so many
times and we feel uh Canadians feel uh
that under attack under economic attack
and is causing some challenges for sure
across Canadian Society fentanyl is a
very serious problem in Canada too um on
some days we have more deaths per capita
than you have here in the United States
so we take this very seriously it is not
a big issue between our two countries
less than 1% of the fentanyl that is
seized in the United States is coming
from Canada but every ounce can kill
families and people so we're taking it very
very
seriously again if there's a deliverable
great and force Canada to the wall to
get the deliverable however all of this
is having an impact on domestic politics
in Canada so if you don't like Justin
Trudeau and his party then why exactly
are you doing the things that are going
to ensure that they remain in power so
before all this trade War stuff The
Runaway winner in the Canadian polling
was Pier POV who's terrific Pier POV is
the leader of the conservative party
he's one of the most articulate
conservative leaders of Our Generation
he's terrific and he has now fallen
behind in the polling to Mark Carney who
is the leader of the liberal party in
Canada who will maintain all of the
policies of of Justin Trudeau except
without the dumb face so Mark Carney
just won the race to succeed Justin trau
as Canada's prime minister and he vows
to win the trade war with the United
States and president Donald Trump he's
the former Governor of the Canadian
Central Bank and Bank of England
according to the BBC he is a he is a
Green Revolution guy he's never served
an elected
office his replacement of the minority
government means that he is the new leader
leader
of the party that is
competitive according to the BBC the
governing liberals have seen a
remarkable political turnaround since
Trudeau's exit as Canadians have been
galvanized by President Trump's trade
threats and support for annexing their
country at the beginning of the year
Pierre POV was ahead 20 points in the
election polls today he is tied with the
liberals so are are you going to get
more from Canada with Pierre pev as the
Prime Minister than you're going to get
from Mark the answer is yes it turns out
that politics has a lot of Downstream
fact in the end listen I trust president
Trump on this stuff because I think in
the end as I've said a thousand times
he's a results driven guy he said over
the weekend he wants a dynamic economy
and a dynamic country the way to do that
is to provide a steady understandable
economy for investors that reduces
regulations and taxes and makes it
easier to do business in the country for
Americans that's the way and here's president
president
Trump well I want a dynamic country
where the private Enterprise carries the
day not the government and uh want a
strong country militarily we need that
nowadays you can see that probably
better than ever
before okay I agree with him and I think
that that is the way that he's going to
move and if the results are bad I think
he's going to change tactics well that's
all for now folks don't forget to like
subscribe and comment your thoughts down
below be sure to check out all of the
other great content on my channel I'll
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