President Trump's Liberation Day was yesterday and all of the tariffs went into effect. What does this mean for you? What does it mean for America? How will/have other countries respond/responded? All this and more on today's episode. Trump Declares National Emergency To Impose ‘Liberation Day’ Tariffs https://dailycaller.com/2025/04/02/trump-declares-national-emergency-impose-liberation-day-tariffs-china-taiwan/ FBI flooded with record number of new agent applications in Kash Patel's first month leading bureau https://www.foxnews.com/politics/fbi-flooded-record-number-new-agent-applications-kash-patels-first-month-leading-bureau Trump slaps at least 10% tariffs on almost all imports in ‘Declaration of Economic Independence’: ‘Half of what they are charging us’ https://nypost.com/2025/04/02/us-news/trump-slaps-at-least-10-tariffs-on-all-imports-in-declaration-of-economic-independence-half-of-what-they-could-be/ Learn more about your ad choices. Visit podcastchoices.com/adchoices
Chapter 1: What is 'Liberation Day' and what are its implications?
President Trump with a massive announcement yesterday at the White House. Liberation Day for the United States of America. Of course, hysteria in the media and in some cases the markets today. We'll talk about all of the impacts, what they mean. I've got an expert assessment coming up in just moments you do not want to miss and you're probably not going to find anywhere else.
Stay with us here on Vince for that. Great to talk to you this morning. A massive audience already piling in on rumble.com slash Vince. Thank you for that. More in a lot, more in a moment here on the show.
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Operation Day in the United States of America. That's what President Trump announced from the White House yesterday, a big speech where he showed all of the ways that countries have been imposing financial penalties on the United States. Now, the big conversation was these would be about reciprocal tariffs, countries imposing tariffs on us and us responding in kind.
It is, I'll admit, a little more complicated than that. And we'll get into the details on that in a moment. But first, take a look at President Trump holding up the big chart of the ways he says other countries are taking advantage of the United States.
We didn't want to bring out the big charts because it had no chance of standing. Fortunately, we came armed with a little smaller chart. So it's 67%. So we're going to be charging a discounted reciprocal tariff of 34%. I think, in other words, they charge us, we charge them, we charge them less. So how can anybody be upset? They will be because we never charge anybody anything.
But now we're going to charge. uh european union they're very tough very very tough traders uh you know you think of european union very friendly they rip us off it's so sad to see it's so pathetic 39 we're going to charge them 20 so we're charging them essentially half vietnam great negotiators great people They like me, I like them. The problem is they charge us 90%.
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Chapter 2: How do tariffs impact American homeowners and markets?
So when economists say, sure, we have big goods deficits, but look at our great services surpluses, those do not cancel each other out at all, overall. The second thing, and this goes to why we care about the deficits, is that what economists got wrong for so long and we're finally catching up on is that making things matters. If you want to have a healthy economy, you need that industrial base.
You need to actually have the manufacturing. If you want to have national security, you need to have the manufacturing. You want to have strong communities and good jobs for people all across the country, you need manufacturing, agriculture, mining, all of those kinds of industries. There's a social benefit to manufacturing. There's a huge social benefit.
And so look, if we were a country that was like crushing on manufacturing and didn't have any services, then you'd probably say like, well, actually we need to be focused more on the services.
But if you look at how our economy has evolved over the last few decades, if you look at who's been left behind, if you look at what our challenges are, the challenges on the way that we hollowed out our industry. And so that's what this is all about is how do you reverse that?
So how compelling is this? What Trump just did yesterday How many countries are gonna rush to get into line is really the key question, I think, because we've already seen in the last 24 hours a number of countries making ovations very quickly that they wanna resolve any conflict here. We saw Israel come out and saying, we're dropping any tariffs we have, we're going to zero.
Canada's saying, we're ready to drop to zero. If you drop to zero, we drop to zero, we'll all be good. Let's just do that. I'm seeing India is doing everything it can to suck up to Trump right now on this. So it does seem like it is having some impact right away. And the other piece is, as I mentioned at the top, the 10% tariff doesn't go into place until this weekend.
And then the big tariffs don't go into place until middle of the week next week. Isn't that kind of an eternity in Trump time? And the kind of thing that could get these countries to rush to the table with big offers very quickly?
I think that's definitely part of the calculation. And I would separate out that the 10% global tariff across the board, they're doing that sooner. I think the intention is that that's likely to be quite permanent, that that's not going to be negotiated country by country.
Those big tariffs targeted at where we have big deficits, I think it's absolutely right to interpret those as aim to start a negotiation. And what you just described that what countries came out and immediately do is say, oh, we'll drop our tariffs to zero. That's that that captures exactly why we didn't just want to do reciprocal tariffs.
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Chapter 3: What are the specifics of the new tariffs announced by Trump?
But when President Trump introduced the tax cuts by the next year, government revenues had increased in the government. And that's with tax cuts. The reason for that, of course, is that the American economy became more productive in that environment. And so here, President Trump has a plan. This is his first year. He's not even to 100 days yet.
And his plan is to reorder the global trade system around what's good for America, to restore American industry and manufacturing, to induce international investment in the United States, and then to provide tax cuts, huge, multi-trillion dollar tax cuts to the American people. So will that result in a savings for you? You bet it will.
If the president's delivering massive tax cuts to you, that means you get to keep more of your money and then spend it on whatever you'd like to spend it on. And as time goes on, that'll be increasingly American-made products made in flourishing American communities for perfectly good American prices. So there's a lot of excitement here.
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