Tariffs will increase costs of finished goods and components used throughout US manufacturing. This will be an immediate and huge hike in inflation. To fight inflation the Fed will have to hike interest rates which will be wonderful for the billionaires but possibly take away the middle class. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
A collapse has began!!! Rich people know this.... they are hedging... through hedge funds. It costs them about 6% a year to do this. Those that aren't rich are not hedge and are at great risk in the bubble of all bubbles with the debt at all time highs. The increasing prices have impacted my plan to retire at 62, The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $110k in value stocks and digital assets, Up to 400k so far and pretty sure I'm ready for whatever comes.
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Cut corporate taxes for the rich, raise tariffs for the poor. His balance sheet might look fine, but the poor Americans pay the tax for this patriotic scam😂
@juandeldiablo696 you don't think it's a compensation problem? There's definitely some amount of money you could pay me (and virtually everyone else) to clean hotel rooms, pick fruit, etc. Will I do it for pennies an hour? Definitely not. Will I do it for $300/hr? Where do I sign up! Obviously $300/hr is ridiculous, but the point is it's not the job itself that 'regular Americans' won't do. It's getting paid the current rate that is grossly unappealing.
This ship sailed long ago. We did this to ourselves. Nobody told executives to ship those jobs to China. They did that because their bonuses would go up in the short term, while we would suffer in the long run. As somebody who has done business in 25 different countries, I would suggest we adopt a long-term viewpoint instead of the quarterly mentality that has led to the demise of companies like Boeing, which was total class when run by engineers. Once the financial people took over, they destroyed it.
@@americanexpat8792 I spent Thanksgiving explaining to my elders these are US companies exploiting China’s cheap labor market for higher profit margins. They literally thought China sent all this stuff over here just to take American jobs and make us weaker. We can’t fix this level of ignorance.
I helped my friend flip houses in San Antonio, Texas from 2005 to 2020. When the immigration reform hit, Texas ice agents were snatching up the workers from home Depot. They were also snatching up workers from flips. We had a tile job going on in the house. Ice showed up, took all the workers except the foreman because he was from America. Once we found replacements they happen to be Caucasian. They wanted twice as much and their work performance was 1/4 of the individuals that were snatched up by ice. The thing that stuck out the most was these individuals were complaining about the heat in San Antonio, Texas. I think people are going to get what they voted for but they didn't realize what they voted for
I'm from Europe. I'm somewhat confused. If a business hires illegal immigrants, they can't show them on paperwork, so they don't pay income taxes and that makes it a financial crime. Could I be mistaken ? Dunno, I think US should fine heavily businesses which do that, while also issuing work visas for legal immigrants of selected professions.
@@Hexanitrobenzene Moat Illegal immigrants get a tax number of some sort, and are allowed to work freely until they are adjudicated in immigration court. They pay taxes at the same rate as Americans.
That may be applicable and quote" normal business but in construction and agriculture totally different.esp in San Antonio and Houston. Some of the most talented individuals certainly were not from America and their immigration status was questionable unfortunately.
You are right Anthony. Florida, Texas and Arizona will shrivel in the heat. Nobody to build, repair, clean, mow or produce leading to inflation, shortages, black markets. I wonder who they will blame then?
@@anthonyglover9386 Practically speaking, I get your predicament and sympathize with it. Especially in south Texas. However, you have to pay the appropriate wage & associated taxes to people legally entitled to work on that job. Otherwise you can justify all kinds of other law breaking, which the vast majority of people wouldn't be for. If that means flipping houses becoming uneconomical, then I guess your friend just can't do it. There are citizens and/or legal workers perfectly capable of doing a tiling job as good or better than the people he hired illegally, but because those people would've had to compete with illegal labor's wages, that was not a viable profession. There are a lot of talented people all over the world; that's not the only prerequisite. Those people didn't magically appear at the job site, they used the roads, they drank the water/used utilities, etc. - they have to be taxed to pay for that like the rest of us. Think about it: why would people who did 4x better work accept half the price? They HAVE to offer that because it is ILLEGAL. Otherwise they wouldn't get the job - if they were the same price he'd surely hire legally. The fact the legal workers took advantage of that situation to do worse work is as much an outcome of the broken system as anything else - they can get away with it because potential better tilers aren't going to do the work for that rate. And by potential I mean both current tilers but especially legal workers that WOULD have been interested in doing it had they seen it as a viable profession. That's the fundamental long term problem we have. HOWEVER, we have to be practical and reasonable too - just walling off the country and deporting everybody here illegally doesn't magically solve the issue with suppressed wages/misallocation of talent overnight without negative consequences. If the system was working properly and not allowing that illegal work, it's important to let enough of those same people who did a great job be able to get work visas or whatever so their talent isn't wasted. We have the longest lines of people waiting at our embassies to immigrate to the U.S., so it's similarly stupid the system doesn't approve enough of the people with the right mindset/appreciation for American values to come here and give us all the benefit of their talents. If that was allowed, then after putting in the extra initial effort to get work approval they'll receive the BETTER wage they deserve for their quality work than in the current system. The person who loses most in that "ideal scenario" is likely your friend unfortunately, but if things are working as they ought to be then he still should be able to do flips, just with a lower profit margin. Will house prices go up a little bit because it'll rise labor rates to the FAIR rate over time? Probably - but the way it's supposed to work is your friend can also then LEGALLY scale his model to increase margins/lower prices to offset a lot of that. The person with the greatest unfair gains from the broken current system are the "flippers" in your scenario - do that at scale and it's a big contributor to why working class opportunity has fallen and inequality has grown.
The arguments for tariffs on China are essentially national security based. The use of tariffs on Mexico and particularly Canada are completely unjustified and it is noteworthy that they weren’t even discussed in this video.
I am astonished that this economist didn't mention that the American economy has always used immigrant labor to do jobs the citizens of the United States would not do. I met my first migrant worker when I was 7. The little girl on the opposite side of the fence at my rural school, was helping her mother to pick tomatoes. I said hello and she spoke words I couldn't understand. Our country has depended upon migrant labor my entire life.
Absolutely true; but it's "legal immigrant labor" that enables the current system to work properly for everyone. Obviously that does not include 7 year olds - but I'm sure you meant she was just spending time with and helping out her mom which is great. If we aren't going to give up and accept the accelerated status quo like we've been doing, it's important that any crackdown on illegal work/workers be immediately followed by a systemic reform and increase in legal work visas/legal immigration. So many people want to come here the right way: if they will risk their lives to cross deserts surely they will fill out some paperwork to avoid not just that perilous journey but also having to live in constant fear of deportation on the other side. But we have to both give them that opportunity and stop the unfair competition they and more importantly our own citizens face from unauthorized workers. Everybody ultimately wins in that scenario, with the possible exception of people/companies that extract unfair gains by not paying enough to desperate illegal workers and in taxes that enable our economy to function.
I don’t know if Mr Cass is simply unbelievably naive and idealistic or he believes that your listeners are simple minded and ready to believe anything we are told in a sincere tone of voice by an “expert” but our economy hasn’t been a fully functioning competitive market in some time. And the assertion that it has any interest in benefiting working families is laughable.
I found this one of the best discussions on the topic I've heard. One concern, Mr. Cass said: "The point of our market economy isn't to create the highest profits possible for corporations, it is to create prosperity for working families." Fortunately, or not, that is not the goal of any corporation with which I am familiar.
Good point, I thought the same thing! The way I took it though, is that Cass is saying the focus on corporate profit as a measure of 'success' of the system needs to change. We've been in this system of corporate capitalism since the 70s when big businesses used a strategy of legislative capture to enhance their control over the system at the expense of labor. That was one of the main pillars of the whole neocon movement, believing, falsely, that what is good for the company is good for the working public.
From a business's P&L persepctive, labor is a cost to be minimized. But that should not be the attitude of the elected representatives of those people. What I hear people like Cass, Vance and others saying is their view of a MAGA future will be to end the neocon era and usher in a kind of conservative populism. How far the next Trump administration moves in that direction, and how successful their policies are, is another question. One thing the 2024 election told me loud and clear is that, like it or not, MAGA is here to stay. It will be important to look at who the thought leaders might be post-Trump and what their political agenda will be.
"Create prosperity" with tariffs on consumer goods, tax cuts for the rich and higher inflation? Classic demagoguery... And who wants to work from dusk till dawn in a factory or sweatshop? I doubt very many...
@@migueldelagos6635- if only they didn’t also want to end women’s rights to independence (including expecting women to remain married to an abusive husband, parent the child of a rapist, etc. etc etc). I agree with the questions re: tariffs on Canada, Mexico. How does that fit with the guest’s arguments? To me, one of the biggest points is that lobbying needs to be curtailed one way or another. Also that JD Vance is not at all a good spokesperson for these views
That true,for forty plus years are politics and policies have been to make the rich richer and give the middle and low income just a few crumbs so they won't notice the man taking more than his share,sad thing is they have accomplished dumbing up a certain amount of Americans so they'll vote against their own interest and instead vote for the rich to get richer and pay less taxes in the process
I strongly take issue with the statement that the point of the US economy is to improve the conditions of working families. This has not been true for many decades or at least since Reagan.
And It wont improve under trump either, working conditions will get worse, but profits will soar and wealth will concentrate. This has always been the end goal. Get rid of the middle class, so we can have trillionaires with their own private armies.
@@charlesbeaudry3263 I heard him say this as well and I had to rewind and listen to it again thinking I misheard such a naive statement. I almost stopped listening at that point.
On the remark that a tariff increase of 25% would result in an insignificant retail price increase. If I’m an importer, and I normally pay $100 for a product which I sell for $150. If I now have to pay $125 for the item, do I now sell this product to the wholesaler for $175 to pass on the $25 increase in cost, or do I raise the price to $187.50 to maintain my profit margin? And then, does the wholesaler take a cut in his profit margin? Think about what this so called economist is saying.
Agree, but why weren't the tariffs Trump enacted and Biden kept blamed for the high inflation of the past few years? Given that tariffs raise prices and inflation is defined as a rising level of prices.
They were blamed by anyone wanting to buy solar panels or cheap EV's. Trump's deficit financed tax cuts for the rich put more money into the economy and also greatly increased inflation.
OK...was Canada even mentioned? How can you reconcile forcing companies to relocate production in allied / like minded countries and then impose a 25% tariff on all Canadian products. It seems to me that the US should be expanding its trading relationship with its northern neighbour, not throwing up tariff barriers.
Trump and the MAGA crowd seem to believe that Americans can impose tariffs on its trading partners and that the trading partners have no agency and will not respond. Not only will they respond, but they’ll respond tactically and strategically to cause you as much economic pain as possible. That is was happens in a trade war.
What's so surprising? Doesn't the US spy on its own allies? Just ask Angela Merkel. As Kissinger said, "It may be dangerous to be America's enemy, but to be America's friend is fatal."
No mention of the enormous, staggering costs of collecting and deporting millions of people (and to where?). Not to mention the work these people do that most Americans are not accustomed to doing, nor want to do---not just farming and agriculture, but building the millions of houses that America desperately needs. This guy sounds informed and reasonable to a lay person, but he has no real clue what he's talking about. We don't need economists who are ideologues. We need practical, non-partisan ones with experience in the real world.
If Trump raises tariffs the way he has said he will, this just might cause a worldwide recession. China is in a very deep recession. Lack of Chinese demand has put several European countries, most notably Germany, into a slight recession. Increasing tariffs right now may be the straw that breaks the camel's back. Tariffs is one of the causes of the Great Depression. History doesn't repeat itself, it rhymes.
And further, there is likely nothing produced in an American factory that is not available elsewhere, so a trade war would have serious consequences here.
This is a dumb conversation. Well done for finding an economist that agrees with Trump. Conflating no tariffs with the reason there’s low wage growth is a signal that ideology and not reality is what is being argued for here.
Moving production from China to other low cost countries does nothing to improve the USA trade deficit and does not create American jobs. What an idiot.
Cass may be employed as an economist but nothing he is saying is backed by any economist I have ever studied. Is he actually an economist? The wiki article on him has him studying poli sci and law. Is there any data or explanation on his position that tariffs will cause only negligible price increases?
I can't believe that this guy is an economist. Other countries will impose the tariffs on US goods, and you still will have big trade deficyt. Higher labour costs will increase prices as well. Perfect storm for high inflation.
Also, if prices rise because of tariffs and the FED increases rates, Trump might try to force them to lower interest rates in the face of rising inflation. Get some popcorn.
If Americans don't have good jobs with good wages we can't buy anything, and you'll see politics continue to be toxic. The status quo is not an option.
For Americans to have good jobs with good wages, they should have the productivity that justify their cost when compared to other countries. It's certainly not the case.
Retaliatory tariffs and plans to cut energy from Ontario and other provinces if tariffs are put in place. I doubt Mexico and Canada are going to take any drastic taxes well. They'll most likely push back hard against a bully move.
The issue with politicians meddling in business is that, regardless of their intentions, it often leads to unforeseen and negative consequences. While there’s frequent criticism of America being in decline, the reality is that over the past 30 years, we’ve built some of the most valuable and influential companies in the world-NVIDIA, Apple, Microsoft, Alphabet, and Amazon. These companies have been the engines of innovation and growth. My concern is that as politicians increasingly step in to manage the economy, their interventions could stifle the very dynamism and entrepreneurial spirit that have driven this success, potentially leading us down a perilous path.
It's odd that the very people who promoted the business dynamism point of view are now backtracking. I can't decide if they really believe their new love of tariffs or they just see it as a path to political power.
The US is the most powerful economy on the planet bar none. Its not 'in decline'. And the multi billionaires have never ever had it so good. Just because the majority haven't seen the benefit, why would billionaires care about that?
Also...need to incentivize a narrowing of executive to average worker pay. Exec pay is an all-time modern high vis a vis worker wages. Small tax reforms could move this needle.
If China had unfair trade practices, then taking them to the WTO and asking for compensatory sanctions would have been the legally defensible approach. Under WTO regulations, unilateral tariffs are not permitted. Obviously Trump-Biden weren't confident the US could make a legal case against China, so another round of unilateraSmoot-Halley Tariffs became the order if the day. This will not end well for working class Americans.
I don't know why Ameicans can't remember anything, but his tariffs from the first administration forced us to bail out the farmers with public funds and now food prices are on the roof.
This economist fails to mention that it was economists in the first place who wanted to bolster US corporate profits by arguing to take production offshore to China to access cheaper labour, eliminating many US jobs. Now as Americans and much of the world is too poor to buy these products, threatening corporate profits, they want to reverse this decision.
So a tightened labour market will mean employers will have to raise wages and improve working conditions.. Fairyland talk. They’ll either mechanize or they’ll sell their business to a huge corporate behemoth that’ll mechanize.
I'm really not sure about the Tariff Plans. I didn't hear much about Mexico and Canada. I think though given China's policies and their possible demographics that we should prepare for not having Chinese goods so much on tap. How much will this impact American Consumers, indeed those at the lower end of the earnings spectrum? And how many Special Interests will be enhanced at the expense of everyone else? Potentially quite a lot in both cases. I very much agree with the overview of education. We have the same issues in the UK with College Degrees the mainstay for preparation at schools and not enough emphasis on Trades and vocational training. This has lead to skills shortages and a growth of an Underclass in the UK. These skills are also vital and needed as we move forward. Need to get the balance right. I wonder how this will play out with the Teaching Unions, and how League Tables go towards assessing what is a 'Good' School. Interesting Times ahead.
Will America's focus on tangible goods with tariffs drive activity associated with intangible goods (services) to international markets? Will America's college educated bear the burden for Trump's obsession associated with blue-collar job? Will a large fraction of US universities/colleges be closed due to lack of demand? Everything has consequences. A focus on goods production should have a big impact on services production, but I haven't heard anyone discuss this explicitly.
I also have to make another comment about the American manufacturers, that actually believe they're worth more than products made in China. I found the US manufacturers to be lazy, no sense of urgency, they had an inflated sense of self and produced inferior product at double or triple the cost for better product coming from China. It should be interesting to see what hapapens.
Your guest is wanting to have us return to the “good old days”. He does not recognize that we are evolving into a new green technical paradigm. We are struggling through that new transition, currently. His prescription for the economy will likely halt current evolution with all the attendant current hardship but, his remedy will serve to deepen current societal problems. Such an irony seems no where to be found in over half the less informed American electorate.
I was working in the computer industry while this was going on and at the time China was reverse engineering our technologies. This was a mess for the market and the end users that bought products based on price point and little to no QA (quality). It also created compatibility issues with hardware that would not function with 3rd party software. The way we eventually beat them was with the incentive of marketing dollars which allowed for write offs on the back end. It sure didn't increase my bonus but took market share from the Chinese. I don't believe this will be a win win scenario, someone always gets stuck with the short stick.
Feels more theoretical professorish take on how tariffs will play out. Will have to wait and see if people will be able to wither inflation that will follow on BOTH tariffs as well as labor shortage, at the SAME time, rather than being enacted in phases with enough economic feedback.
Oren Cass knows that when he goes to Supermarket to buy ANYTHING, that supermarket is not going to FORCE him to buy anything and everything, hence Oren is not dependent on that Supermarket. Similarly, America is not dependent on products from China. Anyone can buy from MORE expensive Countries, instead of from China.
I find you Ian riding a fine line without asking any hard questions! You teased but avoided: how many Americans want to work the Farm fields or other tough jobs like Sanitation jobs? You really think Americans will “grin and bare” higher day to day expenses - Groceries, household and houses, Gas, etc etc etc? If you let economists gloss over details then you are not fooling Ng your job!
With a 25% tariff on goods coming out of Indonesia and India, we can rest easy knowing it’s not coming out of China. So people! Rally round my cause! No I could care less if I’m out $6000 a year as I’m uber rich, and it WILL bring your standard of living in line with Feudal peasants, but it’s for a good cause! Onward soldiers! The only thing to fear is fear itself! and eviction and bankruptcy..
Explain Import Tariffs to the boys at the bar - it's an extra Tax on Canadian Whiskey, English Gin, Jamaican Rum, and Maxican Tequila, but not on Jack Daniels. 🤣 It's paid by the guy buying the drinks. 😒
Tariffs can encourage domestic production by making imported goods more expensive, thus making domestically produced goods more competitive. This can benefit domestic manufacturers and potentially create jobs. However, the cost of these tariffs is often passed on to consumers in the form of higher prices. Tariffs on goods not produced domestically primarily increase prices for consumers without the benefit of boosting domestic production. This can harm consumers and reduce overall economic efficiency. It's also important to consider that tariffs can spark retaliatory tariffs from other countries, leading to trade wars that harm everyone involved. Therefore, the effectiveness of tariffs depends heavily on the specific goods and the overall economic context. A blanket statement that tariffs are "good" or universally beneficial is inaccurate. The impact of tariffs is a complex issue with both potential benefits and significant drawbacks.
America should intervene in trade because no trading partner has reciprocated American fairness since the 1940s. But to do it right THE voice America should listen to is Michael Pettis.
American fairness? Nothing America does is for free. It has been and still is by far the richest and most powerful country in the world. It is an expensive privilege though.
I noticed that when Ian said the 25% tariff applied during the 1st Trump admin caused Americans to pay more on a number of items - he made a face indicating he didn’t find that to be plausible. That’s concerning.
Wow these are some of the best comments I've seen on the internet. Funny thing, I don't think anybody realises that Trump et al seem to want to get an old style manufacturing economy back, they don't realise that the US economy is leading the world with a new style economy-because the US has generally let things alone-let the economy evolves- Why chase the old-embrace the new. My Great great great grandfather moved to Michigan from Ireland to work in a foundry (farm to foundry!) if Americans in the red states won't embrace the changing world, they've lost something their forebearers had in spades.
does he even know what tariff is? it's just tax. a taxation the worst kind. Regressive that is rich or poor pay the same amount .people will suffer except top 5% who will get subsidy.
Canada's strength is our resource commodities. The U.S. needs what we have. The only way any of this is profitable for the U.S.A. is if manufacturing is ramped-up and expanded. This can't be done if Canada is wreaking havoc on the U.S. supply chain by withholding commodities and disrupting the shipments of goods over the border. And if Canada can find new trading partners the U.S. is screwed. Do you think China might want to help with that? Tariffs are Trump's weapon of choice other countries weapons of their own.
No Canadian business and no Canadian government will ban the export of a Canadian good. Quebec will not turn off the electricity if maple syrup is dutied. Ontario will not ban the export of automobile parts. Alberta will not turn the tap off. Sadly, trade is distance related. Canadian steel is not competitive in Europe because Sweden is much closer.
@@rb239rtr I agree that no Canadian business would willingly give up an easy sale. But it's the Federal Government that controls exports, not businesses not the Provinces. The Feds can add export tariffs to selected U.S. bound goods, or resource extraction taxes on selected commodities. Or pull a Donald Trump and restrict sales under the guise of national security. But perhaps the most cost-effective thing to do is slow everything down at the border. More intense security checks on exports leaving Canada for the U.S. to ensure no fentanyl or illegal immigrants. Think aid trucks into Gaza.
@@rb239rtr We won’t ban anything but the US will pay more and Canada will now shift to other markets and reduce American trade..our dollar will climb as we don’t have to deflate our dollar to trade with the US…That’s why our dollar was worth more prior nafta…all of this will backfire on the US as their bond market folds. We can also throw export tariffs onto the oil,gas and other rare earth minerals they won’t get from China…so F’around and find out..also as they keep pissing off Canadians they will cut trips to the US. If he goes forward with this insanity I will shift my vacations elsewhere…it’s a big world out there
Reduce the deficit by extending and likely increasing the tax cuts for the ultra-wealthy and corporations... Yeah, solid economics there. Also, this guy is concerned about our education system while Trump appoints a wrestling magnate to be the Secretary of Education (in other words, dissolve the entire department). What planet is he living on?
Reagan conviced you to move jobs else where would be good for the US économy…it was true for the rich but it ruined the Middle class… keep voting against your interests Genius!
@@ArmHope- In words perhaps. But in actions it seems to be more a matter of focus on billionaires, including pre-election transactions. If trump is in fact on the side of working people, why would he engage such a serious lying game? Well find out.
I doubt that 1 in 25 of the US population are 'illegal' ? And although tariffs might work where the US already has its own alternative products, where there is no US alternative then the effect is not just inflationary, its also without the benefit of creating new US based jobs, for maybe quite some time.
Tariffs will increase costs of finished goods and components used throughout US manufacturing. This will be an immediate and huge hike in inflation. To fight inflation the Fed will have to hike interest rates which will be wonderful for the billionaires but possibly take away the middle class. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..
A collapse has began!!! Rich people know this.... they are hedging... through hedge funds. It costs them about 6% a year to do this. Those that aren't rich are not hedge and are at great risk in the bubble of all bubbles with the debt at all time highs. The increasing prices have impacted my plan to retire at 62, The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $110k in value stocks and digital assets, Up to 400k so far and pretty sure I'm ready for whatever comes.
Please can you leave the info of your lnvestment advsor here? I’m in dire need for one
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Annette Christine Conte is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Cut corporate taxes for the rich, raise tariffs for the poor. His balance sheet might look fine, but the poor Americans pay the tax for this patriotic scam😂
Robin Hood reversed. Steal from the poor. Give to rich.
It’s their agenda.
That's a fact
@@liang8255 they voted for it....I don't want to hear "everything is so expensive"
Anyone that thinks regular Americans are going to do the jobs illegal immigrants do are completely out of touch
I will spend the afternoon watching magas work in all those "black" and "Hispanic" jobs. Love it!
@@juandeldiablo696 the only other choice may be welfare, once the layoffs kick into high gear there won’t be many good paying jobs.
@@leemartinez2975are you assuming that republican are only white people ? lol
@juandeldiablo696 you don't think it's a compensation problem? There's definitely some amount of money you could pay me (and virtually everyone else) to clean hotel rooms, pick fruit, etc. Will I do it for pennies an hour? Definitely not. Will I do it for $300/hr? Where do I sign up!
Obviously $300/hr is ridiculous, but the point is it's not the job itself that 'regular Americans' won't do. It's getting paid the current rate that is grossly unappealing.
But, how much more will you pay someone else to do "immigrant work"? I'm guessing, not much.
This ship sailed long ago. We did this to ourselves. Nobody told executives to ship those jobs to China. They did that because their bonuses would go up in the short term, while we would suffer in the long run. As somebody who has done business in 25 different countries, I would suggest we adopt a long-term viewpoint instead of the quarterly mentality that has led to the demise of companies like Boeing, which was total class when run by engineers. Once the financial people took over, they destroyed it.
Financial engineering, haven't you heard of it before?
@@americanexpat8792 I spent Thanksgiving explaining to my elders these are US companies exploiting China’s cheap labor market for higher profit margins. They literally thought China sent all this stuff over here just to take American jobs and make us weaker. We can’t fix this level of ignorance.
Capitalism always seeks short term goals, unlike Chinese socialism.
Same as American 4-years presidency, American system has no continuity.
@@DouglasW-m9z I'm a retired 'real' engineer. We know what we are doing, financial engineering is a sham.
I helped my friend flip houses in San Antonio, Texas from 2005 to 2020. When the immigration reform hit, Texas ice agents were snatching up the workers from home Depot. They were also snatching up workers from flips. We had a tile job going on in the house. Ice showed up, took all the workers except the foreman because he was from America.
Once we found replacements they happen to be Caucasian. They wanted twice as much and their work performance was 1/4 of the individuals that were snatched up by ice. The thing that stuck out the most was these individuals were complaining about the heat in San Antonio, Texas.
I think people are going to get what they voted for but they didn't realize what they voted for
I'm from Europe.
I'm somewhat confused. If a business hires illegal immigrants, they can't show them on paperwork, so they don't pay income taxes and that makes it a financial crime. Could I be mistaken ?
Dunno, I think US should fine heavily businesses which do that, while also issuing work visas for legal immigrants of selected professions.
@@Hexanitrobenzene Moat Illegal immigrants get a tax number of some sort, and are allowed to work freely until they are adjudicated in immigration court. They pay taxes at the same rate as Americans.
That may be applicable and quote" normal business but in construction and agriculture totally different.esp in San Antonio and Houston.
Some of the most talented individuals certainly were not from America and their immigration status was questionable unfortunately.
You are right Anthony. Florida, Texas and Arizona will shrivel in the heat. Nobody to build, repair, clean, mow or produce leading to inflation, shortages, black markets. I wonder who they will blame then?
@@anthonyglover9386 Practically speaking, I get your predicament and sympathize with it. Especially in south Texas. However, you have to pay the appropriate wage & associated taxes to people legally entitled to work on that job. Otherwise you can justify all kinds of other law breaking, which the vast majority of people wouldn't be for. If that means flipping houses becoming uneconomical, then I guess your friend just can't do it. There are citizens and/or legal workers perfectly capable of doing a tiling job as good or better than the people he hired illegally, but because those people would've had to compete with illegal labor's wages, that was not a viable profession. There are a lot of talented people all over the world; that's not the only prerequisite. Those people didn't magically appear at the job site, they used the roads, they drank the water/used utilities, etc. - they have to be taxed to pay for that like the rest of us.
Think about it: why would people who did 4x better work accept half the price? They HAVE to offer that because it is ILLEGAL. Otherwise they wouldn't get the job - if they were the same price he'd surely hire legally. The fact the legal workers took advantage of that situation to do worse work is as much an outcome of the broken system as anything else - they can get away with it because potential better tilers aren't going to do the work for that rate. And by potential I mean both current tilers but especially legal workers that WOULD have been interested in doing it had they seen it as a viable profession. That's the fundamental long term problem we have.
HOWEVER, we have to be practical and reasonable too - just walling off the country and deporting everybody here illegally doesn't magically solve the issue with suppressed wages/misallocation of talent overnight without negative consequences. If the system was working properly and not allowing that illegal work, it's important to let enough of those same people who did a great job be able to get work visas or whatever so their talent isn't wasted. We have the longest lines of people waiting at our embassies to immigrate to the U.S., so it's similarly stupid the system doesn't approve enough of the people with the right mindset/appreciation for American values to come here and give us all the benefit of their talents. If that was allowed, then after putting in the extra initial effort to get work approval they'll receive the BETTER wage they deserve for their quality work than in the current system. The person who loses most in that "ideal scenario" is likely your friend unfortunately, but if things are working as they ought to be then he still should be able to do flips, just with a lower profit margin.
Will house prices go up a little bit because it'll rise labor rates to the FAIR rate over time? Probably - but the way it's supposed to work is your friend can also then LEGALLY scale his model to increase margins/lower prices to offset a lot of that. The person with the greatest unfair gains from the broken current system are the "flippers" in your scenario - do that at scale and it's a big contributor to why working class opportunity has fallen and inequality has grown.
The arguments for tariffs on China are essentially national security based. The use of tariffs on Mexico and particularly Canada are completely unjustified and it is noteworthy that they weren’t even discussed in this video.
this is great news. I will tell my 20 year old he can great a great job picking cauliflower...I assume they have good wifi and a barista on site!
I am astonished that this economist didn't mention that the American economy has always used immigrant labor to do jobs the citizens of the United States would not do. I met my first migrant worker when I was 7. The little girl on the opposite side of the fence at my rural school, was helping her mother to pick tomatoes. I said hello and she spoke words I couldn't understand. Our country has depended upon migrant labor my entire life.
Absolutely true; but it's "legal immigrant labor" that enables the current system to work properly for everyone. Obviously that does not include 7 year olds - but I'm sure you meant she was just spending time with and helping out her mom which is great.
If we aren't going to give up and accept the accelerated status quo like we've been doing, it's important that any crackdown on illegal work/workers be immediately followed by a systemic reform and increase in legal work visas/legal immigration. So many people want to come here the right way: if they will risk their lives to cross deserts surely they will fill out some paperwork to avoid not just that perilous journey but also having to live in constant fear of deportation on the other side. But we have to both give them that opportunity and stop the unfair competition they and more importantly our own citizens face from unauthorized workers. Everybody ultimately wins in that scenario, with the possible exception of people/companies that extract unfair gains by not paying enough to desperate illegal workers and in taxes that enable our economy to function.
4:15 "A strong mandate from voters"? What are you smoking Ian? Trump garnered less than 50% of the total vote!
I don’t know if Mr Cass is simply unbelievably naive and idealistic or he believes that your listeners are simple minded and ready to believe anything we are told in a sincere tone of voice by an “expert” but our economy hasn’t been a fully functioning competitive market in some time. And the assertion that it has any interest in benefiting working families is laughable.
Sometimes I think maybe they believe their own lies, because they are repeated too often.
@@araara4746 they say in Texas that if you tell people you have a horse long enough, eventually someone will give you a saddle
I found this one of the best discussions on the topic I've heard. One concern, Mr. Cass said: "The point of our market economy isn't to create the highest profits possible for corporations, it is to create prosperity for working families." Fortunately, or not, that is not the goal of any corporation with which I am familiar.
Good point, I thought the same thing! The way I took it though, is that Cass is saying the focus on corporate profit as a measure of 'success' of the system needs to change. We've been in this system of corporate capitalism since the 70s when big businesses used a strategy of legislative capture to enhance their control over the system at the expense of labor. That was one of the main pillars of the whole neocon movement, believing, falsely, that what is good for the company is good for the working public.
From a business's P&L persepctive, labor is a cost to be minimized. But that should not be the attitude of the elected representatives of those people. What I hear people like Cass, Vance and others saying is their view of a MAGA future will be to end the neocon era and usher in a kind of conservative populism. How far the next Trump administration moves in that direction, and how successful their policies are, is another question.
One thing the 2024 election told me loud and clear is that, like it or not, MAGA is here to stay. It will be important to look at who the thought leaders might be post-Trump and what their political agenda will be.
"Create prosperity" with tariffs on consumer goods, tax cuts for the rich and higher inflation? Classic demagoguery... And who wants to work from dusk till dawn in a factory or sweatshop? I doubt very many...
@@migueldelagos6635- if only they didn’t also want to end women’s rights to independence (including expecting women to remain married to an abusive husband, parent the child of a rapist, etc. etc etc). I agree with the questions re: tariffs on Canada, Mexico. How does that fit with the guest’s arguments? To me, one of the biggest points is that lobbying needs to be curtailed one way or another. Also that JD Vance is not at all a good spokesperson for these views
That true,for forty plus years are politics and policies have been to make the rich richer and give the middle and low income just a few crumbs so they won't notice the man taking more than his share,sad thing is they have accomplished dumbing up a certain amount of Americans so they'll vote against their own interest and instead vote for the rich to get richer and pay less taxes in the process
I strongly take issue with the statement that the point of the US economy is to improve the conditions of working families. This has not been true for many decades or at least since Reagan.
And It wont improve under trump either, working conditions will get worse, but profits will soar and wealth will concentrate. This has always been the end goal. Get rid of the middle class, so we can have trillionaires with their own private armies.
Inflation adjusted hourly wages have been stagnant since Reagan. What exactly did Reagan do for working people???
@@charlesbeaudry3263 I heard him say this as well and I had to rewind and listen to it again thinking I misheard such a naive statement. I almost stopped listening at that point.
reagan ran a scam also, trickle down works in toilets.
Tariff will affect the poor more.
Tarrifs will benefit the US Oligarchs
On the remark that a tariff increase of 25% would result in an insignificant retail price increase.
If I’m an importer, and I normally pay $100 for a product which I sell for $150.
If I now have to pay $125 for the item, do I now sell this product to the wholesaler for $175 to pass on the $25 increase in cost, or do I raise the price to $187.50 to maintain my profit margin?
And then, does the wholesaler take a cut in his profit margin?
Think about what this so called economist is saying.
Agree, but why weren't the tariffs Trump enacted and Biden kept blamed for the high inflation of the past few years? Given that tariffs raise prices and inflation is defined as a rising level of prices.
They were blamed by anyone wanting to buy solar panels or cheap EV's.
Trump's deficit financed tax cuts for the rich put more money into the economy and also greatly increased inflation.
No you will raise your prices and so will American companies that make the same thing.
OK...was Canada even mentioned? How can you reconcile forcing companies to relocate production in allied / like minded countries and then impose a 25% tariff on all Canadian products. It seems to me that the US should be expanding its trading relationship with its northern neighbour, not throwing up tariff barriers.
Trump and the MAGA crowd seem to believe that Americans can impose tariffs on its trading partners and that the trading partners have no agency and will not respond.
Not only will they respond, but they’ll respond tactically and strategically to cause you as much economic pain as possible.
That is was happens in a trade war.
What's so surprising? Doesn't the US spy on its own allies? Just ask Angela Merkel.
As Kissinger said, "It may be dangerous to be America's enemy, but to be America's friend is fatal."
Yeah, including Canada and Europe into the list sounds insane...
Shame on Canada for trusting the USA and not diversifying it's trade relationships.
@@rayatpremothey will now
No mention of the enormous, staggering costs of collecting and deporting millions of people (and to where?). Not to mention the work these people do that most Americans are not accustomed to doing, nor want to do---not just farming and agriculture, but building the millions of houses that America desperately needs. This guy sounds informed and reasonable to a lay person, but he has no real clue what he's talking about. We don't need economists who are ideologues. We need practical, non-partisan ones with experience in the real world.
soon America will be like a portrayal of Germany in an old 'B' war movie: Halt! your papers please!
This leaves large questions about how tariffs on non/China countries fit.
"We are a Nation of Laws and we do need to enforce our laws." I agree with you, Mr. Oren. How about we start at the top?
Let’s see the results, we are eager to see how is going to work
If Trump raises tariffs the way he has said he will, this just might cause a worldwide recession. China is in a very deep recession. Lack of Chinese demand has put several European countries, most notably Germany, into a slight recession. Increasing tariffs right now may be the straw that breaks the camel's back. Tariffs is one of the causes of the Great Depression. History doesn't repeat itself, it rhymes.
And further, there is likely nothing produced in an American factory that is not available elsewhere, so a trade war would have serious consequences here.
Mess with Canada and they will shut off there crude oil and electrical power to the US.
Strong mandate? What?? How do you figure that?
This is a dumb conversation. Well done for finding an economist that agrees with Trump. Conflating no tariffs with the reason there’s low wage growth is a signal that ideology and not reality is what is being argued for here.
Moving production from China to other low cost countries does nothing to improve the USA trade deficit and does not create American jobs. What an idiot.
It's a stability and security issue. But no it does not impact trade deficit
Cass may be employed as an economist but nothing he is saying is backed by any economist I have ever studied. Is he actually an economist? The wiki article on him has him studying poli sci and law. Is there any data or explanation on his position that tariffs will cause only negligible price increases?
Graduate of Trump University
15% of American employment is derived from foreign direct investment. In some states foreign investment account for 40% of employment. Be careful.
I can't believe that this guy is an economist. Other countries will impose the tariffs on US goods, and you still will have big trade deficyt. Higher labour costs will increase prices as well. Perfect storm for high inflation.
And make the rich pay their taxes…
Good luck tackling inflation with all of these tariffs.
good luck tackling tariffs with all this inflation
Good luck tackling tariffs with all of this inflation
Good luck building up efficient new supply chains anytime soon.
wumao
@@tocreatee3585 LOL
HOWS IT WORKED SO FAR , GRAIN FARMERS MARKETS ARE GONE BILLIONS. AND BILLIONS OF DOLLARS LOST AND THE MARKETSARE GONE FOREVER NICE WORK TRUMP
Also, if prices rise because of tariffs and the FED increases rates, Trump might try to force them to lower interest rates in the face of rising inflation. Get some popcorn.
Ian, why do you say that trump has a “strong mandate” from the voters? He won by 1.5%.
He did win and therefore has “power.” It’s the basis for a “strong mandate” from voters that I’m asking about.
I understand Trump managed even less votes than when he lost.
More than half voted against Trump. 🤑
If Americans don't have good jobs with good wages we can't buy anything, and you'll see politics continue to be toxic.
The status quo is not an option.
For Americans to have good jobs with good wages, they should have the productivity that justify their cost when compared to other countries. It's certainly not the case.
@@brucel7430Cost of living in America is higher than other countries. That is the only reason why its wages are higher.
Retaliatory tariffs and plans to cut energy from Ontario and other provinces if tariffs are put in place. I doubt Mexico and Canada are going to take any drastic taxes well. They'll most likely push back hard against a bully move.
All Trump's children have different fathers, 100% ❤
What a laughing clown....my opinion.
Retaliation tariffs destroy this theory
The issue with politicians meddling in business is that, regardless of their intentions, it often leads to unforeseen and negative consequences. While there’s frequent criticism of America being in decline, the reality is that over the past 30 years, we’ve built some of the most valuable and influential companies in the world-NVIDIA, Apple, Microsoft, Alphabet, and Amazon. These companies have been the engines of innovation and growth. My concern is that as politicians increasingly step in to manage the economy, their interventions could stifle the very dynamism and entrepreneurial spirit that have driven this success, potentially leading us down a perilous path.
It's odd that the very people who promoted the business dynamism point of view are now backtracking. I can't decide if they really believe their new love of tariffs or they just see it as a path to political power.
The US is the most powerful economy on the planet bar none. Its not 'in decline'.
And the multi billionaires have never ever had it so good.
Just because the majority haven't seen the benefit, why would billionaires care about that?
Also...need to incentivize a narrowing of executive to average worker pay. Exec pay is an all-time modern high vis a vis worker wages. Small tax reforms could move this needle.
If China had unfair trade practices, then taking them to the WTO and asking for compensatory sanctions would have been the legally defensible approach. Under WTO regulations, unilateral tariffs are not permitted. Obviously Trump-Biden weren't confident the US could make a legal case against China, so another round of unilateraSmoot-Halley Tariffs became the order if the day.
This will not end well for working class Americans.
How much richer does the US want their citizens to be than the average citizen of earth?
I don't know why Ameicans can't remember anything, but his tariffs from the first administration forced us to bail out the farmers with public funds and now food prices are on the roof.
Of course Milhouse Van Houten would grow up to become a nationalist crank think-tanker.
man, I thought I recognised him, you are right.
This economist fails to mention that it was economists in the first place who wanted to bolster US corporate profits by arguing to take production offshore to China to access cheaper labour, eliminating many US jobs. Now as Americans and much of the world is too poor to buy these products, threatening corporate profits, they want to reverse this decision.
He might know what’s wrong with USA, but does he real understand how to run the country?
we love Ian Bremmer don’t we folks?
No one in politics has done anything about legalizing them.
Thank you 👍
So a tightened labour market will mean employers will have to raise wages and improve working conditions.. Fairyland talk. They’ll either mechanize or they’ll sell their business to a huge corporate behemoth that’ll mechanize.
Whoever thought Trump tarrif plan will work, would consider betting on a donkey to win the indy 500.
I'm really not sure about the Tariff Plans. I didn't hear much about Mexico and Canada. I think though given China's policies and their possible demographics that we should prepare for not having Chinese goods so much on tap. How much will this impact American Consumers, indeed those at the lower end of the earnings spectrum? And how many Special Interests will be enhanced at the expense of everyone else? Potentially quite a lot in both cases.
I very much agree with the overview of education. We have the same issues in the UK with College Degrees the mainstay for preparation at schools and not enough emphasis on Trades and vocational training. This has lead to skills shortages and a growth of an Underclass in the UK. These skills are also vital and needed as we move forward. Need to get the balance right.
I wonder how this will play out with the Teaching Unions, and how League Tables go towards assessing what is a 'Good' School.
Interesting Times ahead.
Will America's focus on tangible goods with tariffs drive activity associated with intangible goods (services) to international markets? Will America's college educated bear the burden for Trump's obsession associated with blue-collar job? Will a large fraction of US universities/colleges be closed due to lack of demand? Everything has consequences. A focus on goods production should have a big impact on services production, but I haven't heard anyone discuss this explicitly.
I also have to make another comment about the American manufacturers, that actually believe they're worth more than products made in China. I found the US manufacturers to be lazy, no sense of urgency, they had an inflated sense of self and produced inferior product at double or triple the cost for better product coming from China. It should be interesting to see what hapapens.
Main Street or Wall Street? America can’t prioritise both.
Your guest is wanting to have us return to the “good old days”. He does not recognize that we are evolving into a new green technical paradigm. We are struggling through that new transition, currently. His prescription for the economy will likely halt current evolution with all the attendant current hardship but, his remedy will serve to deepen current societal problems. Such an irony seems no where to be found in over half the less informed American electorate.
R u ready to pay much more higher price for the goods?
I was working in the computer industry while this was going on and at the time China was reverse engineering our technologies. This was a mess for the market and the end users that bought products based on price point and little to no QA (quality). It also created compatibility issues with hardware that would not function with 3rd party software. The way we eventually beat them was with the incentive of marketing dollars which allowed for write offs on the back end. It sure didn't increase my bonus but took market share from the Chinese. I don't believe this will be a win win scenario, someone always gets stuck with the short stick.
Feels more theoretical professorish take on how tariffs will play out. Will have to wait and see if people will be able to wither inflation that will follow on BOTH tariffs as well as labor shortage, at the SAME time, rather than being enacted in phases with enough economic feedback.
There will be huge increase in fed prices if you put 25% tariffs Mexico and Canada food imports.
The best way to create jobs for american workers is to treat and pay them fairly…and dont let the big corporation keep paying the two party…
Very insightful conversation. I've never heard this perspective before, and I've got to say that he does make a lot of really excellent points.
Inflation 27% interest rate 20% unemployment 12% GDP MINUS 10% ,DOLLAR 4 TO EURO
Tariffs? See Smoot-Hawley
Trump’s tariffs start gradually beginning 2018 and continued to Biden til today. How many US manufacturers have returned to the US?
Oren Cass knows that when he goes to Supermarket to buy ANYTHING, that supermarket is not going to FORCE him to buy anything and everything, hence Oren is not dependent on that Supermarket. Similarly, America is not dependent on products from China. Anyone can buy from MORE expensive Countries, instead of from China.
I find you Ian riding a fine line without asking any hard questions! You teased but avoided: how many Americans want to work the Farm fields or other tough jobs like Sanitation jobs? You really think Americans will “grin and bare” higher day to day expenses - Groceries, household and houses, Gas, etc etc etc? If you let economists gloss over details then you are not fooling Ng your job!
Yes, he can do all those. Let's see who is going to be harmed more.
Anyone seen Milhouse?😂😂
These guys want to go back to the days of Archie Bunker.
I know! We should elect a bunch of oligarchs to run the country they’ll surely have compassion for the middle class🤦🏻
With a 25% tariff on goods coming out of Indonesia and India, we can rest easy knowing it’s not coming out of China. So people! Rally round my cause! No I could care less if I’m out $6000 a year as I’m uber rich, and it WILL bring your standard of living in line with Feudal peasants, but it’s for a good cause! Onward soldiers! The only thing to fear is fear itself! and eviction and bankruptcy..
Donald, just make sure your tariffs include “all” imports from Canada and Mexico ie oil, gas electricity and all foods!
Explain Import Tariffs to the boys at the bar - it's an extra Tax on Canadian Whiskey, English Gin, Jamaican Rum, and Maxican Tequila, but not on Jack Daniels. 🤣
It's paid by the guy buying the drinks. 😒
Tariffs can encourage domestic production by making imported goods more expensive, thus making domestically produced goods more competitive. This can benefit domestic manufacturers and potentially create jobs. However, the cost of these tariffs is often passed on to consumers in the form of higher prices. Tariffs on goods not produced domestically primarily increase prices for consumers without the benefit of boosting domestic production. This can harm consumers and reduce overall economic efficiency. It's also important to consider that tariffs can spark retaliatory tariffs from other countries, leading to trade wars that harm everyone involved.
Therefore, the effectiveness of tariffs depends heavily on the specific goods and the overall economic context. A blanket statement that tariffs are "good" or universally beneficial is inaccurate. The impact of tariffs is a complex issue with both potential benefits and significant drawbacks.
America should intervene in trade because no trading partner has reciprocated American fairness since the 1940s. But to do it right THE voice America should listen to is Michael Pettis.
American fairness? Nothing America does is for free. It has been and still is by far the richest and most powerful country in the world. It is an expensive privilege though.
I noticed that when Ian said the 25% tariff applied during the 1st Trump admin caused Americans to pay more on a number of items - he made a face indicating he didn’t find that to be plausible.
That’s concerning.
Mexico will pay for it... china will pay for it 😂😂
It's a VAT.
Wow these are some of the best comments I've seen on the internet. Funny thing, I don't think anybody realises that Trump et al seem to want to get an old style manufacturing economy back, they don't realise that the US economy is leading the world with a new style economy-because the US has generally let things alone-let the economy evolves- Why chase the old-embrace the new. My Great great great grandfather moved to Michigan from Ireland to work in a foundry (farm to foundry!) if Americans in the red states won't embrace the changing world, they've lost something their forebearers had in spades.
Shouldn't he tax Brics on their US bond purchases?
Lose the background music. It’s a scourge on YT that every channel feels compelled to do. Distracting and annoying. Thank you
Why buy from enemy and why enemy wants to buy from you
Turn off the background music, please? It doesn't add anything.
I hope canada shuts the lights out in this guys house lol
Mandate? Ian, what mandate.
does he even know what tariff is? it's just tax. a taxation the worst kind. Regressive that is rich or poor pay the same amount .people will suffer except top 5% who will get subsidy.
What’s the risk that china will simply wait out the pain, until the political pressure builds up on Trump admin
Countries can issue similar FED IOU notes special tailor to Trumbist administration... take it or leave Trumbist...
Canada's strength is our resource commodities. The U.S. needs what we have. The only way any of this is profitable for the U.S.A. is if manufacturing is ramped-up and expanded. This can't be done if Canada is wreaking havoc on the U.S. supply chain by withholding commodities and disrupting the shipments of goods over the border. And if Canada can find new trading partners the U.S. is screwed. Do you think China might want to help with that? Tariffs are Trump's weapon of choice other countries weapons of their own.
No Canadian business and no Canadian government will ban the export of a Canadian good. Quebec will not turn off the electricity if maple syrup is dutied. Ontario will not ban the export of automobile parts. Alberta will not turn the tap off.
Sadly, trade is distance related. Canadian steel is not competitive in Europe because Sweden is much closer.
@@rb239rtr I agree that no Canadian business would willingly give up an easy sale. But it's the Federal Government that controls exports, not businesses not the Provinces. The Feds can add export tariffs to selected U.S. bound goods, or resource extraction taxes on selected commodities. Or pull a Donald Trump and restrict sales under the guise of national security. But perhaps the most cost-effective thing to do is slow everything down at the border. More intense security checks on exports leaving Canada for the U.S. to ensure no fentanyl or illegal immigrants. Think aid trucks into Gaza.
@@rb239rtr We won’t ban anything but the US will pay more and Canada will now shift to other markets and reduce American trade..our dollar will climb as we don’t have to deflate our dollar to trade with the US…That’s why our dollar was worth more prior nafta…all of this will backfire on the US as their bond market folds. We can also throw export tariffs onto the oil,gas and other rare earth minerals they won’t get from China…so F’around and find out..also as they keep pissing off Canadians they will cut trips to the US. If he goes forward with this insanity I will shift my vacations elsewhere…it’s a big world out there
Reduce the deficit by extending and likely increasing the tax cuts for the ultra-wealthy and corporations... Yeah, solid economics there. Also, this guy is concerned about our education system while Trump appoints a wrestling magnate to be the Secretary of Education (in other words, dissolve the entire department). What planet is he living on?
This is so woefully naive it's adorable 🤨 Did we not see how quickly Americans turned on Biden due to inflation.
Reagan conviced you to move jobs else where would be good for the US économy…it was true for the rich but it ruined the Middle class… keep voting against your interests Genius!
This guy seems to be too proggeresive to be conservative.Have the republicans become a party of the working class?Im confused.
Actually, yes. And now the Dems are the party of the university elite.
Populist, anyway the wind blows
Did you not see the trump coalition? Where have you been, that’s what he stands for
@@ArmHope- In words perhaps. But in actions it seems to be more a matter of focus on billionaires, including pre-election transactions. If trump is in fact on the side of working people, why would he engage such a serious lying game? Well find out.
@@karengates5321 working class wages outpaced inflation while he was president… you may like that but working class people know their paycheck well
I doubt that 1 in 25 of the US population are 'illegal' ?
And although tariffs might work where the US already has its own alternative products, where there is no US alternative then the effect is not just inflationary, its also without the benefit of creating new US based jobs, for maybe quite some time.
The coffee farmers of Wisconsin will benefit from tariffs on Brazilian coffee
@@stanford2444until they can’t afford it because Americans like good conditions
Oren Cass is a liar … case closed
Enforce your laws a country led by a convicted criminL is precious
at point blank, these are left-wing economics!
The prob of course is that his tariffs are on all imports so if ur not getting it from china then who if youve tarriffed everythig and everyone
The prob of course is that his tariffs are on all imprts so if ur not getting it from china then who if youve tarriffed everything
I thought you said Trump was not fit to be president.
No