After President Trump’s tariff “Liberation Day,” markets drop; we try to steelman the case for what President Trump is doing; and the Trump administration tries to explain its strategy. Click here to join the member-exclusive portion of my show: https://bit.ly/3WDjgHE Ep.2173 - - - Facts Don’t Care About Your Feelings - - - DailyWire+: We’re leading the charge again and launching a full-scale push for justice. Go to https://PardonDerek.com right now and sign the petition. Now is the time to join the fight. Watch the hit movies, documentaries, and series reshaping our culture. Go to https://dailywire.com/subscribe today. Get your Ben Shapiro merch here: https://bit.ly/3TAu2cw - - - Today's Sponsors: Perplexity is an AI-powered answer engine that searches the internet to deliver fast, unbiased, high-quality answers, with sources and in-line citations. Ask Perplexity anything here: https://pplx.ai/benshapiro Birch Gold - Text BEN to 989898 for your free information kit. Kars4Kids - Call now: 1-877-Kars4Kids or donate your car online at https://Kars4Kids.org/ben Boll And Branch - Get 20% off at https://BollAndBranch.com/ben Bambee - Right now, get one month of Bambee for just ONE DOLLAR! Go to https://Bambee.com and type in 'Ben Shapiro' under Podcast to schedule your first call with an HR Manager RIGHT NOW! - - - Socials: Follow on Twitter: https://bit.ly/3cXUn53 Follow on Instagram: https://bit.ly/3QtuibJ Follow on Facebook: https://bit.ly/3TTirqd Subscribe on YouTube: https://bit.ly/3RPyBiB
Chapter 1: Why did the stock market drop after Trump's tariff announcement?
The United States economy remains the most powerful economic engine on planet Earth by a long shot. It is not particularly close still. China has bulk, but the United States has actual power. Bulk and power, similar, but they're cousins. They're not exactly the same.
The idea that these are reciprocal tariffs or responsive tariffs, the problem there, again, is if I thought these were responsive tariffs, and I think if the market thought that, it'd be a lot more sanguine because the question is what comes next. Is President Trump going to try to cut bilateral deals with various countries to lower the tariffs back down to zero?
Or is he doing this because he just doesn't like trade deficits? This is the problem I was pointing out yesterday. That giant poster board that he was holding up that showed, quote unquote, tariff rates for various countries on our goods. It's not true. Those were not tariff rates. They had nothing to do with tariffs. Those were trade deficits divided by imports.
Meaning the only way to get those numbers down to zero would be for those other countries to just buy more American products, regardless of whether they are poor or whether they even have tariffs on American products in the first place. It is the equivalent of you saying that you are running a deficit with your grocery store.
You're running a trade deficit with your grocery store because you gave them money and they gave you goods. And the only way that you're going to achieve parity is by getting the grocery store to buy fan belts from your factory. Well, listen, all of this creates uncertainty. There's a lot, a lot of uncertainty.
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Chapter 2: What is the Trump administration's strategy behind the tariffs?
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Thank you. Thank you. Thank you.
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But the problem is that just as a general matter, the conservative argument would be when you have a giant grab bag of cash that becomes the government and power that becomes the government, people are going to lobby for that cash and that regulatory power. And the people who are elected, are going to be answerable to a lot of those people.
If you're looking at labor regulations, for example, many of the labor regulations are being effectively indirectly written by unions that contribute to the members of Congress or to the governor or state senator to whom they're contributing.
I think that the conservative argument would be the reason to minimize government in the areas where you don't have to have it would be because it is almost an inevitability, unless you're going to declare an emergency into what you're talking about, which starts to verge on possible tyranny.
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