The markets continue to plummet as the Trump administration continues to try to pitch the new tariff war; Elon Musk takes on Peter Navarro in a face-off on trade philosophy; and Democrats pounce on Trump’s weekend golf tournament. Click here to join the member-exclusive portion of my show: https://bit.ly/3WDjgHE Ep.2174 - - - 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 PureTalk - Switch to PureTalk and start saving today! Visit https://PureTalk.com/SHAPIRO ZipRecruiter - Try ZipIntro FOR FREE: https://ZipRecruiter.com/DAILYWIRE Good Ranchers - Visit https://goodranchers.com for free bacon, ground beef, seed oil-free chicken nuggets, or wild-caught salmon in every order for a year + $40 off with code BEN. Grand Canyon University - Find your purpose at Grand Canyon University. Visit https://gcu.edu today. - - - 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: What is the current state of the markets amid Trump's tariff war?
Well, folks, the news is breaking hot and heavy because it is always breaking hot and heavy in Trump 2.0. But to be part of our conversation, generally, you do have to be a Daily Wire Plus member. You get all sorts of magical privileges. First of all, Daily Wire Plus members get everything. All of our content, ad-free, including daily shows, hit movies, documentaries, and more.
Plus, exclusive investigative journalism that gives you the whole story, not just the part that fits a narrative. Become a member today at dailywire.com slash subscribe or download the Daily Wire Plus app in the App Store right now. Well... it was a bit of a fraught weekend. The stock futures dumped all over the place.
The market was set to open as of Monday morning down, pretty much across the board. Markets prepared for a bloodbath, according to the Wall Street Journal. In the United States, contracts tied to the tech-heavy Nasdaq 100 led the declines down more than 5%.
In Japan, the Nikkei 225 dropped nearly 8% shortly after open actually hit the circuit breakers, meaning they had to shut down trading for a little while. Bitcoin and oil prices fell sharply as well. And remember, Thursday and Friday were terrible days on the stock market. U.S.
stocks lost $6.6 trillion in value during that two-day washout after President Trump announced that giant tariff regime that he called Liberation Day. And it appears that many traders are betting that things are going to continue to be really, really chaotic in the world of tariffs.
The biggest problem here is that the Trump administration has not made it clear what exactly they want to accomplish with these tariffs. This has been my point the entire time. There are times when tariffs can be useful. In fact, out of three times, tariffs could theoretically be useful. Two times could actually be useful. Okay, so theory number one as to tariffs.
One, tariffs are important to protect important industries. Like for example, defense industries, because you need to produce that stuff here at home instead of producing it elsewhere. And so you actually protect and give effectively artificial subsidies to American defense industries. Totally understandable. Two, tariffs are designed in order to leverage other countries.
either because those countries are our enemies and we want to do harm to them, or because we wish to get other countries to lower their own tariffs. And the end goal is a lower tariff regime. And then there's the third possibility. And this is the possibility that is retailed by President Trump and many other members of the administration. And...
To be perfectly honest, all of these various rationales for the tariffs have been put forward. The third one is the one that's really problematic and the one that the economy is currently reading, that the markets are currently seeing. And that is the idea that tariffs are good. Trade wars are good and easy to win. Tariffs themselves are good and make us rich.
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Chapter 2: Why are tariffs being used and what are the potential outcomes?
You heard President Trump's tweet that we're going to hang tough. And he's asked, how long are we supposed to hang tough? And Besson is not going to commit to any timeline here.
This is an adjustment process. What we saw with President Reagan when he brought down the great inflation and we got past the Carter malaise, that there was some choppiness at that time. But he held the course and we're going to hold the course. And this has been years in the building, years in the making.
Yeah, I mean, there's only one problem. The difference is that Donald Trump inherited an economy where the inflation was too high. Typically, if the inflation is too high, that means you have to increase the interest rates, which is the actual thing that Paul Volcker did as the head of the Federal Reserve under Ronald Reagan.
In order to break inflation, he had to increase the interest rates, which increased the unemployment rates. Then the interest rates went, then the interest, the inflation went red down, the interest rates could drop, and then employment went up. That's the way the Reagan administration works. That is nothing like what we are talking about here.
President Trump is actually pushing policies that create more price inflation in the markets and calling on the Federal Reserve to lower the interest rates so as to inject more money into the economy. So that is an apples to oranges comparison.
Meanwhile, Kevin Hassett, who's the head of the National Council of Economic Advisors, he's trying to rebut something that President Trump put out on Truth Social. So President Trump put out on Truth Social a video saying that he was purposely crashing the market. And again, President Trump on Truth Social, he kind of posts stuff, like kind of whatever he's feeling like that day.
If you see something that's pro him, he posts it. It's not necessarily an indicator of his actual policy. Kevin Hassett says, no, no, no, he's not purposefully crashing the market.
Again, remember, that was an actual going theory, that he was purposefully crashing the market in order to push everybody from stocks into bonds, thereby lowering the yield rate, increasing the demand for bonds generally, and allowing for the lowering of interest rates on the repayment of our debt, right? That was the kind of sophisticated 4D chess theory.
Kevin Hassett's like, no, that's not what's happening.
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Chapter 3: What are the criticisms of Trump's tariff strategy?
Russia struck Central Kiev and other locations in brutal new strikes involving ballistics, cruise missiles, kamikaze drones, and aerial bombs. That came one day after a Russian missile strike on Vladimir Zelensky's hometown of Kerviri, killing at least 19 people, including nine children.
The latest attack involved at least four 295 MS strategic bombers, with Putin's forces unleashing deadly KH-101 missiles from over the Caspian Sea. So again, this is all in the middle of Zelensky saying that he is perfectly willing to sign a ceasefire like today. And Russia continues to push forward. And meanwhile, the administration continues to say we're not going to tariff you.
Everybody else on earth gets tariffed, not you. At some point, reality has to set in and Vladimir Putin has to be brought to the table. If the idea is, push Zelensky to get to the table. I'm all for it. I've been calling for it since 2022. I've been doing this for three years, calling for this. But Zelensky's now at the table. That ain't the problem anymore. Putin is not at the table.
That is very clear. And again, more niceties on trade are not fixing the problem, pretty obviously. Meanwhile, the Trump administration is actually doing a bunch of good things. And this is the thing that's killing me about this trade war that is, again, being poorly run out. Get to the off-ramp. The off-ramp should be zero tariffs. Get to that off-ramp.
If President Trump uses leverage to get there, great. He did it. He did the thing. Awesome. Get there because there's too much other important stuff that is happening. So, for example, the Trump administration is absolutely kneecapping higher education.
The Trump administration escalated its campaign against American universities, according to the Wall Street Journal, by preparing to pull $510 million in federal grants from Brown University while also laying out demands Harvard must meet to avoid losing billions in government dollars.
The administration is freezing National Institutes of Health grants to Brown while it investigates the Ivy League school's handling of anti-Semitism and DEI. Additionally, new developments emerged regarding Harvard after the government opened a review of nearly $9 billion in federal grants and contracts earlier this week. This is great. This is necessary. This should be done.
The administration is also looking into wastes of money, like, for example, an initiative called the U.S. Global Change Research Program. Brent Schur reports this exclusively for Daily Wire. More than three decades ago in 1990, Congress mandated an initiative called the U.S. Global Change Research Program.
Now it spends billions of dollars a year empowering liberal climate radicals to spread climate change doom. The government group says its role is to provide the scientific foundation to support informed decision-making across the U.S. on climate change. What that has amounted to is the production of five national climate assessment reports, the crown jewel of climate research.
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