MeidasTouch host Ben Meiselas reports on Donald Trump’s disastrous Saturday morning at his golf course, where he once again caved on tariffs—as the economy continues to crash under his watch. For more MeidasTouch, visit MeidasPlus.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Chapter 1: What is Donald Trump's current economic situation?
Another weekend where Donald Trump is yet again golfing and vacationing in Florida on the taxpayer dime after once again imploding the economy, causing extreme volatility, crashing the bond markets, crashing the dollar, bringing mortgage rates above 7%. And moving the Treasury yields for the 10- and 30-year yields to significantly high and alarmingly high levels.
But Donald Trump is waking up to headlines like this from the usually reliable Wall Street Journal. Trump wants to be impeached again. It's already in the cards, thanks to his ill-founded trade war, no matter how that war plays out.
Chapter 2: What headlines is Trump waking up to?
What this article says is that Donald Trump is using powers that he doesn't have because the power to tariff is actually the power of Congress and that Trump is unlawfully using emergency war powers, in essence, to declare this trade war.
Chapter 3: How is Trump using emergency powers for trade?
that is crashing the united states economy and sending the united states into a recession so what's donald trump doing today though while he's golfing what kind of important messages is he posting to try to address what he's doing Well, he's posting photos and videos like this of Hillary Clinton from the golf course, also from his social media app.
You get ads like this as you click through his post. Trump's $150 trillion gift to America. And it has a photo of Trump next to Bitcoin. Notably, in the past year, Bitcoin is down close to 10%. What we just learned this morning as well is that the United States published tariff exclusions for specified products that are subject to these exclusions.
Chapter 4: What are the latest tariff exclusions announced by Trump?
Notably, and this includes China as well, apparently the U.S. is now excluding computers and and smartphones and other electronics from the tariffs, despite Trump and all of his state regime media saying the iPhones and the electronics and the laptops and all of those products would clearly be subject to the tariffs. I mean, you remember Jesse Waters from state regime media known as Fox News.
Howard Lutnick, Donald Trump's commerce secretary, that Jennings guy on CNN. They're like Americans don't care about more expensive goods. Americans don't care about more expensive iPhones. This is a trade war. This is what we need to do for our national security.
Remember, Lutnick said millions and millions of human beings will be screwing those little screws in the iPhones made right here in America. I got receipts. I'll show you that in a minute. But just another part of the lies and chaos from the Trump regime. Here's the headline from the Washington Post from moments ago. Phones, other electronics exempt from new tariffs.
Chapter 5: How do Trump's tariffs affect electronics and consumers?
Trump administration says the announcement comes after Beijing and China responds to President Trump's escalating trade war with a 125% tariff on all U.S. goods early Friday. They also said in China they don't need to raise tariffs the tariff amount anymore because they've effectively shut the United States out of the Chinese market.
And they said that Donald Trump's conduct is foolish and embarrassing and humiliating. The Washington Post writes the exemptions by Trump announced this morning are appear to undermine Trump's, quote, economic revolution that seeks to move high-tech supply chains and parts suppliers inside the U.S. They still kind of adopt a Trumpian framing of it. I mean, just say that he's lying.
Chapter 6: What is the impact of Trump's trade war on the U.S. economy?
He has no clue what he's talking about. This is about feeding his ego. He thought that Xi Jinping was going to fold and he was going to show, look, I made China submit. He didn't do that. He's backing down like the little coward cornered rat he is. No offense to cornered rats. This from Bloomberg over the past week. China has already trade war-proofed its economy.
Companies and consumers will feel the pain from tariffs much less there than Americans. For Xi Jinping, Trump's self-inflicted wound is an opportunity. China can present itself as a better representative of the rules-based international order. I did a video about this earlier this morning. That's what they're doing. They're going to Europe saying, buy our electric vehicles.
Chapter 7: How is China responding to Trump's trade policies?
They're going to Australia and they're buying the beef there. They're creating alliances and relationships across the world as the United States attacks friend and foe alike. And they're saying, look, we support free trade. We support your economy. Maybe we should talk.
And that is after the United States from prior administrations spent a lot of time focused on deterrence of precisely that taking place. In a short period of time, Donald Trump has tanked the American economy, put us on a trajectory towards a recession or even worse, and destroyed all of our alliances. The mighty dollar sliding sharply as Donald Trump's turbulent trade agenda has battered U.S.
credibility in global markets. and fan fears of a self-inflicted economic downturn. We've seen the dollar crash and we see the credit markets freezing. As Spencer Akeemian reports, the weekly share of home mortgage refinance applications that were rejected was the highest since October 2008, the great recession then after the housing bubble.
These things are very hard to reverse once they get going. As Hakimian says, and I agree with, we must stop all the economic madness immediately. It cannot wait another day. Also, he posts that the benchmark gold auctions in London are seeing record demand because the United States is increasingly being viewed as an unreliable global actor, right? What we're seeing here is the dollar crashing.
We're seeing foreign entities and foreign buyers not buying United States bonds. So we're seeing the 10 and 30-year United States Treasury yields go to higher levels that they should not be going at, reflecting an instability. People don't want to buy our notes, so they're looking elsewhere, and they're looking at London's gold auctions now.
One of the things we're learning about as well is that furniture producers in China, who are not subject to that exemption, they've seen a complete halt in orders from U.S. importers. We're hearing the same across toys, apparel, footwear, and sports equipment. Almost everything is on hold as it relates to China business. And this is an article from Laurieann LaCroco.
Trump tariffs on China will soon bring irreversible damage to most American businesses. And of course, tourism down, travel down into the United States, both because our allies don't want to visit a hostile nation like the United States that tries to bully and extort them. And also, it's just not safe. People are saying, am I going to end up in an ICE detention center without due process?
Are you going to send me to El Salvador? What's this fascist authoritarian Trump regime going to do if I travel there? It's not a safe place to go. Apollo reports that arrivals at the top 10 airports in the US have shown a rapid decline since Apollo.
late february travel from canada is now expected to plummet 20 this year costing the united states 3.4 billion you've got uh big canadian tourist destinations like palm springs and others say please come back please come back we need you to visit but as long as donald trump's in charge who threatened to conquer it who to take it over to actually do a real war and a trade war
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Chapter 8: What are the long-term effects of Trump's economic decisions?
Ain't no drill baby drilling because the oil industry is getting crushed and they don't even have the resources to buy new facilities. Just to show you some of the receipts now that we know about these exemptions that Donald Trump linking and backing down to Xi Jinping, because Xi Jinping is like, get out of here. I ain't submitting to you. So Trump's submitting to Xi Jinping.
Remember when Jesse Waters last week said this?
Now, everybody says, oh, you know, we got these flat screen TVs. Gotta have our cheap flat screen TVs. Okay. Does the guy really need $50 off a flat screen when his factory left, when he doesn't have a job and fentanyl's pouring into the country? That's the trade-off we're talking about here.
And remember on CNN when that Jennings guy, that right-wing propagandist who goes on, says this?
Like it or not, sure, Michael, they are our biggest trading partner. And if we were to manufacture iPhones here, iPhones would cost $3,500. The American people are not going to tolerate that. We have one of the highest standards of working conditions here. I don't think that we can say, forget you, China. Hold on, sure, Michael.
So you're okay. You're okay. If we continue to put our own economic and national security future in the hands of our biggest enemy, because effectively they use slave labor to build stuff and that makes it better for us, that is terrible.
I am 100% not okay with that, but I'm dealing in the reality of what it is.
Do you want to change it? I absolutely want to change it.
I don't know that changing it means isolating us on the global stage.
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