Inflation and gross domestic product are both down while investment in the U.S. surges, we go on location with Interior Secretary Doug Burgum, and the China trade war hits U.S. farmers. Get the facts first with Morning Wire.Good Ranchers: https://goodranchers.com and subscribe to any box using code WIRE to claim $40 off + free meat for life!ZocDoc: Find and instantly book a top-rated doctor today. Visit https://Zocdoc.com/WIRE
Chapter 1: Why is inflation dropping while investment is rising?
Inflation drops, but so does gross domestic product.
Will U.S. investment be able to reshape the U.S. economy?
You have 3% growth, so we really like where we're at now. I'm Georgia Howe with Daily Wire executive editor John Bickley. It's Thursday, May 1st, and this is Morning Wire.
Trump vowed to drill baby drill to make America energy independent. We go on location with Interior Secretary Doug Burgum, who's making good on Trump's promise. We're going to mine baby mine so we can build baby build.
Chapter 2: What does Trump's 'Drill, Baby, Drill' promise entail?
And China is quietly backing off on some tariffs, but slams the brakes on U.S. farm orders.
Chapter 3: How is the China trade war affecting U.S. farmers?
We're fully committed to raising pork, not only domestically, but globally.
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American investment is surging despite turmoil around Trump's tariffs and the GDP slightly slipping.
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Chapter 4: What are the latest economic indicators telling us?
Joining us to lay out the data is Daily Wire reporter Mairead Elordi. So Mairead, how are economists interpreting this latest data?
Hi, Georgia. So there's a lot of catastrophizing going on right now around the economy. The GDP shrank by 0.3% in the first quarter and the Dow dropped about 200 points yesterday at that news rate. But if we dig into the numbers a little bit, the truth is that the data is mixed and there are actually some significant positives in the latest numbers.
During President Trump's Wednesday cabinet meeting, which was broadcast live, Trump and other administration officials poked holes in the media's narrative about the economy. Trump said they are turning Biden's economy around and explained that core GDP is actually up.
That's Biden. That's not Trump. I was very against everything that Biden was doing in terms of the economy destroying our country. But we took over his mess in so many different ways. Core GDP, removing distortions from imports, inventories and government spending. was up plus 3% when you add it. We had numbers that despite what we were handed, we turned them around.
So the Trump administration is feeling somewhat positive. How are they responding to critics?
Well, White House Trade Advisor Peter Navarro broke down how the administration crunched the numbers. And he said, we really like where we are at now when it comes to the economy.
The Trump program, with the deregulation, with the tax cuts that's coming, which will be retroactive to January, which will allow complete expensing, it surged like, what is it, 22%. 22%. And consumption, despite the soft data with the confidence being down, consumption has been robust. So that number's a really good number when you sort out all of that stuff.
And we should be celebrating Trump policy and that number. Now, we've also heard the Trump administration say that more companies are coming back to U.S. soil. What do we know about that?
Well, that's also another thing the media is downplaying, the surge in domestic investment in response to the tariffs. Here's Navarro again.
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Chapter 5: How is domestic investment changing under the current administration?
Trump also said he has gotten $8 trillion in new investments in the United States since taking office.
If we didn't do the tariffs, they wouldn't be doing that. So it takes a little while to get those facilities built, but they're coming in with big, big numbers. They're all coming in with big numbers. We have more money being spent than at any time in the history of our country. We're up to close to $8 trillion, I think I can say. and really it's gonna be a lot higher than that.
There are also other good economic markers right now. Inflation slowed to its lowest rate since September and consumer spending surged 135 billion or 0.7%. Much of that was Americans buying cars and other big ticket items, partly to get ahead of Trump's tariffs. Meanwhile, prices stayed the same in March and personal incomes rose by 116.8 billion or 0.5%. These are all healthy markers.
Of course, we can't predict everything with the volatility of the tariffs, but it's certainly not all doom and gloom.
Well, a lot to watch here, and we're going to continue watching each of these markers. Mairead, thanks for reporting. Thanks, Georgia.
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The Trump administration is looking to break America's reliance on Chinese natural resources by expanding domestic mining and drilling. Secretary of the Interior Doug Burgum is playing a key role in that effort.
As part of our Trump's 100-day special coverage, Daily Wire senior editor Cabot Phillips spent the day with the secretary in a cave. Right.
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Chapter 6: What is the role of the Secretary of the Interior in energy independence?
Chapter 7: What are the implications of reducing reliance on Chinese resources?
And because President Trump made an emergency energy declaration, Secretary Burgum, who's also the chair of the National Energy Dominance Council, was able to bypass regulations that typically result in years-long delays on new mining projects. Now they're gonna be taking just two weeks.
Burgum told me that overregulation of the mining industry here in America has driven businesses elsewhere, forcing us to be more reliant on places like China.
The tool that's been used to kill all of these natural resource industries in America has been permitting. I mean, permitting has been just... drag on, drag on years, decades, then finally a permit's issued, then a lawsuit is filed, then it drags on in court. And that uncertainty has driven the capital formation out of these industries.
And it's caused actually even American companies to say, well, if I'm going to do mining, I better do it overseas.
And it's worth noting, Burgum says that bringing mining operations back to the U.S. will actually be better for the environment globally as a whole. Here he is making that case.
We do it cleaner, better, safer, smarter, and healthier here in the US, because when we attack these resource-based industries, we don't reduce the demand, we just shift the supply to overseas, and then shift it to China, who might be extracting this from, in the DRC in the middle of Africa, and they're doing it without reclamation. They're doing it with sometimes slave labor, prisoner labor.
I mean, they're doing it with no emissions control on what they're doing. So it's worse for the global environment, it helps our adversaries, it hurts our economy, and it's horrible for national security.
Now, Secretary Burgum is also pitching in on Trump's efforts to secure the border. This is pretty interesting. Tell us about that.
Yeah, this month, Burgum transferred a long strip of borderland that stretches hundreds of miles from control of the Department of Interior to the Department of Defense. That's important because it'll give the U.S. military the ability to protect the border themselves on that land.
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