MeidasTouch host Ben Meiselas reports on world leaders from Canada, to the EU, to Australia, and elsewhere responding to Trump’s disastrous trade war against the entire world. iRestore: Reverse hair loss with @iRestorelaser Get $625 OFF with the code: MEIDAS at https://iRestoreLaser.com/MEIDAS #irestorepod Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com/tag/coalition-of-the-sane Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: How are world leaders reacting to Trump’s trade war?
world leaders are responding with anger resentment fear confusion at donald trump declaring liberation day and tariffing the entire world at rates higher than anybody expected donald trump self-inflicting a collapse of the united states economy by declaring liberation day in america The futures market last night crashing by a thousand points and more. I'll get to that in a moment.
Donald Trump listed every country that is being tariffed, which he's calling Liberation Day. When you actually look at the chart as well, as Oliver Cooper says, can someone please tell Donald Trump? that the only people in the British Indian Ocean Territory are the U.S. base at Diego Garcia. He's taxing an American military base.
Also, if you look at the chart of who Donald Trump is tariffing, he's tariffing the Heard and McDonald Islands. He's not making this up, declaring a trade war with penguins. Planned tariffs that were shared by the White House includes an island that's uninhabited other than penguins.
Now, James Surotsky and others have been going through the formula for how Donald Trump and his regime actually calculated this tariff scheme stunt, self-induced world economic collapse. And it's by lying and saying, oh, these were just reciprocal tariffs. They're not reciprocal. I mean, if you look at the tariff rate of, let's say, Europe versus the United States, it was like
Each country in Europe were tariffing each other 1%. So where was Donald Trump making up these numbers? As James Czerwicki said, it's important to understand that the tariff rates that foreign countries are supposedly charging us that Donald Trump is claiming exists are just made up numbers by Donald Trump. South Korea, with which we have a trade agreement, is not charging a 50% tariff on U.S.
exports, nor is the EU charging a 39% tariff. So then Sir Wiki and others figured out how the Trump regime actually calculated the tariffs and what they were going to be imposing on the rest of the world. He goes, just figured out where these fake tariff rates come from. They didn't actually calculate tariff rates plus non-tariff barriers as they say they did.
Instead, for every country, they just took our trade deficit with that country and divided it by the country's exports to us. So we have a $17.9 billion trade deficit with Indonesia. Its exports to us are $28 billion. So you take $17.9 and $28 equals 64%, which Trump claims is the tariff rate Indonesia charges us. What extraordinary nonsense this is.
And then the White House actually confirmed that this is how they're doing it. Let's take a look at what the EU Commission President Ursula von der Leyen had to say about Donald Trump. And she talks about how disenchanted, disheartened, disgusted Europe is at the Trump regime. Play this clip.
And because of this collective experience of the last, well, almost 75 years, so many Europeans feel utterly disheartened by the announcement from the United States. Let me be clear. Europe did not start this confrontation. We think it is wrong. But my message to you today is that we have everything we need to protect our people and our prosperity. We have the largest single market in the world.
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Chapter 2: Why is Trump’s tariff strategy being criticized?
the weighted average of EU tariffs on the US is 1%. Japan, which supposedly, according to Trump, had a 46% tariff rate, the weighted average of tariffs on US products is 3.2%.
Marcus Peterson, who was excellent, highlighted the fact that other countries which actually have high tariff rates, like Turkey, all of a sudden get favored treatment from Trump, at least relatively favored, by paying only 10%. What you had was someone who is the president of the United States speaking almost absolute nonsense.
And the biggest nonsense of all was the idea that tariffs can replace income taxes and that they will lead to economic growth. They won't. Now, how bad is this? You have varying rates across the board. You have 20% on the EU. You have 34% on China, even higher on some countries. lowest rates are still only going to be, you know, are still at least 10%.
The Aston Business School modeled this, and earlier this week came out and said, in the event of a 20 to 25% U.S. tariff, and we're roughly talking about that across the board, if the EU and other countries retaliate, the loss to the global economy will be $1.4 trillion, that is trillion with a T, dollars to the global economy.
The tax burden, effective tax burden on the US taxpayers will be $6 trillion with a T. This is one of the most, in addition to being economically illiterate speeches, it is accompanied by one of the most economically damaging actions that have been taken since the last round of high tariffs, which was in the 1930s, which helped lead to the Great Depression.
Now, I showed you Australia's current prime minister, Albanese, and what he had to say. Let me show you a prior prime minister. Albanese is from the Labor Party. Let me show you the former Liberal Party prime minister, John Howard. Here's what he had to say about Donald Trump generally and Trump's tariffs. Here, play this clip.
Agree with tariffs on economic grounds. I made up my mind about the stupidity of tariffs 15, 20 years ago. They do not protect local jobs. All they do is increase local prices. And I think the attitude that President Trump has taken towards some great allies of America's in the past is really blameworthy. I mean, Canada...
Has he forgotten that when the Allies launched Operation Overlord to liberate Europe from the Nazis, that the third largest of the invading armies was Canadian after the American and the British? Has he forgotten the Canadian contribution in Afghanistan? Now, you can argue the toss about whether getting involved in Afghanistan was right or wrong. I thought it was absolutely right.
But you couldn't argue the toss about World War II. That wasn't started by anybody other than Adolf Hitler.
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