The last three days coming into today has just been, you know, not good. I went super viral when I said I lost $7 million. I'd kill to be back to losing $7 million. I haven't even looked. [00:00:16] If I had to guess, I'm down in these last three days. Probably close to 20. I don't know, like ten, 15% of my net worth. Poof. I hate that I'm losing all this money. He's come up with this thing. Don't join the panicky party. The panicking party. [00:00:32] Very funny. Even with the stock market in absolute shambles, it appears that President Donald Trump is undeterred from implementing his tariffs policy. And we're going to get back to Portnoy, Dave Portnoy in just a moment. Of course, an avid Trump supporter who has now maybe reconsidered his decision [00:00:52] to be such a vocal proponent of Trump's. And if you're an American who's panicking, well, the president wants you to stop being weak and stupid. This is what he conveyed on Truth Social. Today, he writes, the United States has a chance to do something [00:01:07] that should have been done decades ago. Don't be weak. Don't be stupid. Don't be a panickin. A new party based on weak and stupid people. Be strong, courageous and patient and greatness will be the result. I will give him credit for panickin because oftentimes he takes, ownership [00:01:25] of words that he hasn't come up with. But in this case, congratulations, Trump. You did come up with that word. Well done. Well, let's see if it sticks. Okay. So first of all, I was given to understand that no Trump voter would ever break. No Trump person in media would ever dissent. [00:01:40] I was told they were all 100% occult and there should be no conversations with them, only yelling. Interestingly, Portnoy turned on not just Trump, but Will Cain from Fox News and Clay Travis. And let's be honest, between Portnoy and Clay Travis, no one even knew that [00:01:56] they were two separate people until now. But it turns out they were opposed to one another, at least in this particular case. And what's most important guys is that some set of independent media folks that supported Trump are now calling BS on the other guys. [00:02:12] And so when they were lockstep and it was just Fox News and they had a monopoly on talking points and no one ever broke. But now Portnoy's going, you guys sound like idiots when you tell me that this was all planned, and us shaving off 20% of our net wealth [00:02:28] with some sort of genius strategy, and is and that we should just stick to the talking points about how other people are panicking. No, I'm not going to do that because that's really dumb. So we're going to get back to more of what he had to say in just a moment. But before we do, just to make sure we're all on the same page, as of this morning, [00:02:46] the Dow was down 1300 points. In fact, today marked the third straight day of declines. And on top of that, the S&P 500 officially entered bear territory, so no longer a bull market. The initial 10% baseline tariff, which is of course part of Trump's [00:03:03] tariff policy, took effect at U.S. Seaports, airports and customs warehouses on Thursday of last week. Higher taxes on goods from 57 larger trading partners are set to start later this week. Now Trump was asked, what's going on, bro? [00:03:20] Like, are you planning on negotiating for better trade deals? And you're using the threat of these tariffs as a negotiating tool? Or are are you for real? Are these the tariffs that will remain in place? And he basically told reporters today during a press conference sitting beside Benjamin Netanyahu. [00:03:36] A little bit of both. Okay. So basically he is looking to negotiate trade deals with some countries. But some of these tariffs, he believes will remain in place and will be permanent. But look, Trump is a man with a plan. Any more whining from China and he'll hit them with even steeper tariffs. [00:03:54] That's another message we got from Trump. Today, China issued retaliatory tariffs of 34% on top of their already record setting tariffs. Non-monetary tariffs are illegal substitution, subsidization of companies and massive Long-Term Currency Manipulation. [00:04:12] Despite my warning that any country that retaliates against the United States by issuing additional tariffs above and beyond their already existing long term tariff abuse of our nation will be immediately met with new and substantially higher tariffs. [00:04:29] And then here's the kicker, he says if China does not withdraw its 34% increase above their already long term trading abuses by tomorrow, April 8th, the United States will impose additional tariffs on China of 50% effective April 9th. [00:04:44] And that would be an additional 50% on top of the tariffs that Trump has already implemented against China. And he also threatened to call off his planned meetings with China, and said that negotiations with countries that have requested meetings [00:04:59] will take place immediately. In fact, the first country, of course, was the country of Israel, which, of course, Trump slapped 15% tariffs on their goods being imported to the United States. And so did Netanyahu get his way. [00:05:14] About to get a little sneak peek into what their talks look like in this next clip. Do you plan to reduce the tariffs that your government put on Israeli goods? 17% on Israeli goods? The 17%? Do you? - Well, we're. - Talking about a whole new trade. [00:05:31] Maybe not. Maybe not. Don't forget, we help Israel a lot. You know, we give Israel $4 billion a year. That's a lot. My congratulations, by the way. That's pretty good. But we give Israel billions of dollars a year. Billions. [00:05:46] It's one of the highest of any we give a lot of. We give a lot of countries money. We take good care of our friends and we don't take care of our enemies. We're not taking care of our enemies anymore. But we do take care of our friends. So non-committal in regard to, you know, repealing the tariffs against Israeli [00:06:05] products entering the United States. We'll see. We'll see what Trump does. But I think you should triple those tariffs against Israel specifically. Yeah. No. Okay. To be fair, Israel brought their tariffs down to zero. So they should be zero. But of course Israel is the first to get in the door and get to negotiations. [00:06:23] Now Trump didn't give in to him right away on the tariffs I'll give him credit on on that. On the other hand, he later promised to again for the US to control and own Gaza, and to clear out all of the Palestinians from Gaza. So, of course, still serving Israel, through and through. [00:06:40] So now on to the back to the tariffs, when if he does that 50% extra mental tariff on China, then the tariffs on China will be an astounding, absurd 104%. So, guys, there's the chickens are going to come home to roost. The stock market ain't it? Stock market is phase one. [00:06:58] Phase two is when it hits you in the prices. That hasn't happened yet. But if these prices really, you know, these tariffs stay. The prices go up and then it goes into the market. Then you're going to see real anger. Because right now this is affecting the top 10% more than anyone else. [00:07:16] Yes. Retirement accounts. ET cetera. And yes, it could affect whether you lose your job or not. But you haven't yet lost your job and it hasn't yet affected prices. When it does, then it's going to be political Armageddon. And so people aren't going to listen to any pannikins or pelicans or anything [00:07:33] else, and they're not going to listen to any talking points. If all of a sudden all prices on all their goods skyrocket way past where they were under Biden, so that that catastrophe might be on its way. But that gets to the central hypocrisy here of Trump and the decision [00:07:50] that they're trying to force him into. I want to get to that in one second. EU is, on the other hand, is maybe negotiating, trying to get to 0%, which I'm actually surprised by because the rest of the world kind of has us where they want us right now. We can't afford to have the market stumble too much more. [00:08:06] We can't afford that. To have these tariffs actually hit prices of goods and lose the jobs and lose the businesses. So if they all gang up on us now, economically, we're toast. So I mean, cross your fingers that they don't do that. [00:08:21] But Trump has opened up us up to disaster. If the rest of the world unites against us. I'm going. To. Okay, so look, I partially agree with you, but I think part of the reason why they're not ganging up on us is that we have 330 million people in the United States. [00:08:36] It's a massive country with a lot of consumers, and a lot of these smaller countries rely on us to. - Keep their businesses. - Afloat. No, but let me let me explain. So it's a good question. So look, if we're taking on a one by one us versus Estonia, they have no chance. [00:08:54] They're going to have to give in to whatever demand we have. Us versus Mexico, us versus Canada. As long as it's contained, our economic might is massive, not just because of the 330 million people, because our GDP per capita is sky high, we spend more than anyone else. Anyone else? It's not close, right? [00:09:10] On the other hand, if China and the EU and Japan and South Korea were all let alone India, BRICs, all those other folks who are not our enemies, who are, you know, China, you could have an economic conversation about whether we're opposed to them. But all these folks, they could easily there's no war or anything like that. [00:09:28] It could easily unite and go, okay, now we're going to do reciprocal back at them. And if they all do reciprocal back at us, which would be a very logical move, we would be devastated. So like any one of them by themselves, we have leverage. And we could use that to bring down their tariffs or anything like that. [00:09:46] But China has well over 1.2 billion people. They're four times our size. And they used to be poverty stricken several decades ago, but now they have a roaring middle class. So you could easily make deals with them. Europe is pretty much our size. You could easily make deals with them. [00:10:02] We are playing with fire here. But a worldwide fire. But so the Anna that gets to the main point, which is. Look, I asked this on on social media earlier today, and now finally reporters have started asking it too, because it's a logical and obvious question, which is wait, wait wait wait wait. [00:10:18] Are these tariffs meant to stay for a long time and rebuild our manufacturing base, or are they a negotiating ploy to bring tariffs down? And then they're going to go away soon. So which one is it. - And he has an answer to that question. - You're right. [00:10:35] And it can't be both. You can't say oh I did it as a negotiating ploy. And I got these amazing new deals, including 0% from some countries. And mission accomplished. So I took the tariffs off. And that's why the tariffs will reignite our manufacturing base. Wait, did you take them off or did you not take them off? [00:10:51] Are they short term or are they long term. And he's not clarifying because he wants the best of both worlds. He's just throwing out both talking points. Yeah, I'll tell you what I think he's going to actually do. - But go. - Ahead. No, I. Mean. Look. I've said this before. I'm going to say it again, what he's doing right now with slapping tariffs on every single country and, [00:11:08] you know, really upping the ante with some of our closest trade partners and allies is ridiculous. However, the thing that frustrates me the most about all of this is that it actually is a good idea to do some targeted tariffs, right? It is a good idea both for our national security and for the well-being [00:11:26] of our country, to produce certain things here in the United States, pharmaceutical drugs being one example. The problem is with the way that Trump is handling this. I'm worried that that window for targeted tariffs will just be diminished, will disappear because of what it's doing to the economy. [00:11:43] Right. Look, it hasn't hit the real economy yet. Of course, it's hit the stock market. But we all know what would happen if this continues. Right. These companies are going to stop investing in their own businesses. They're going to stop hiring people. They're probably going to lay a lot of people off. [00:11:59] It will definitely. I hate to use this phrase, but it's true trickle down to ordinary American workers. So I'm very concerned about that. But that's not to say that some targeted tariffs make sense, because some things absolutely should be produced here in the United States for our [00:12:16] own well-being and national security. Now, if you're denying that these blanket tariffs that Trump has implemented are disastrous, why don't we hear from Russian state media? Because they are absolutely celebrating what Trump is doing. [00:12:32] So on Russian state media, there's a political scientist by the name of Dmitri Kulikov, who said the following quote. The price of goods will certainly go up in the United States. The old political and economic global system is practically dead. [00:12:50] Sounds pretty celebratory. The host of this, you know, state sponsored Russian news show, Vladimir Solovyov says the following. A monument should be erected to Trump. This was a major blow to the system of capitalism. [00:13:06] I think he deserves at least a Sotloff medal. And Sotloff medal is basically not a prestigious medal at all. It's a gag gift. The Daily Beast described it as a worthless award that a master gives his servant. But he went further, saying, quote, to deliver this kind of blow. [00:13:24] Well done, old man. I mean, Ronald Reagan's got to be spinning in his grave. So here's the Russians celebrating that a Republican president is helping to kill off capitalism. And well done, old man. [00:13:40] Now, look, you could take that any way you want. You don't have to get into the Russia, Russia, Russia. It's just interesting that they're so positive in Russia that this is disastrous for America, that they're openly celebrating on air. [00:13:55] And remember, nothing goes on air without Putin approving it. Right. So this is the Russian government rubbing it in our face. Ha, ha. Your president is helping to kill off your country and we love it. Okay. Meanwhile, Trump and Putin, are you okay? Putin. [00:14:10] Okay. I don't know why he does it, but the fact that he does do it is pretty clear. So now to the look, let me clarify two numbers before I get back to. Yes, but what should we do? Number one, the Dow started off at 1300 down. Now it's it ended around 400 down. So it recovered a little bit. [00:14:29] But again, people are still super worried about how volatile it is. Wobbly it is. And the fact that it's still headed down. Number two. I want to go back to Portnoy for a second. Wait, 20 million is 10 to 15% of your net worth? Holy cow. So he's got about $200 million. [00:14:45] - Okay. - You got to be right. - You got to be right. - Okay. Interesting. And it's amazing that he's willing to. - I mean, 20 million is a lot of money. - Yeah. The back and forth with his purchase of his company and then him getting it back is public. So I don't blame him for sharing it. But it is amazing, right. [00:15:00] That they throw around those numbers. All right. Now back to important stuff. So guys which one should it be. Should it be permanent. And it helps rebuild manufacturing. Should it be temporary. Because negotiating deals etc.. Now if it was targeted it should be permanent as Anna is saying. [00:15:16] Yeah. Okay. But they're not targeted. So they're thrown out at all countries and all industries, etc.. So since that is damaging and I would say our best case scenario is he tries to save face by negotiating a couple of deals. [00:15:33] Oh, I made a deal with Israel that already had tariffs at 0%. Oh, I made a deal with EU and maybe it is a good deal. Then I'll take it. And I'm happy. Right. And then if he takes all of these off and got us a couple of, you know, negotiated deals for a little bit lower tariffs. [00:15:48] It was not the right way to do it. And it still will have significant consequences for the significant downturn. And it might lead to a recession, but at least we'll get something positive out of it and be done with these ridiculous nuclear tariffs. Right. So that's what I would prefer. [00:16:05] But because he's not smart and strategic enough to do well placed industry specific tariffs, he's just not capable of it. Right. And so by the way if you're pro tariff this is terrible news for you because everyone's going to despise tariffs after this. [00:16:21] So good luck doing your strategic. - Tariffs going to. - Get. To. Yes that's what I'm trying to communicate. Right. There are tariffs that make sense. Those tariffs are never going to be done now. Right. That's the frustration here. Now, with that in mind, let's hear more from Portnoy, because [00:16:37] this hour long video was incredible. You're going to get another snippet of it right here. Even I'm not in the panicking party. All right, I hate this. I hate that I've lost 20 million. I didn't love seeing him on the golf course, playing his course championship and being like, I'm a very low handicap. [00:16:53] I didn't love that. Like, the stock market is getting crushed. I've lost 20% of my net worth and you're out on the golf course. Like, in my mind, Donald Trump just cost me 20 million or whatever he did. Maybe don't be on the golf course because I'm not. [00:17:09] I'm curled up in a ball in bed sweating. So what? I care about this. If I wasn't rich, maybe not as much, but I firmly believe if the stock market is down and crashing, the whole economy's. [00:17:24] It's all intertwined. And it is. It is all intertwined now. Right now, you know, the people you hear whining the most are people who are heavily invested in the stock market. A lot of rich people, a lot of billionaires, are worried about what's going on right now, including, by the way, Elon Musk. [00:17:40] And we're going to get to some of the infighting involving Elon Musk in just a moment. But look, this is going to create some really severe cracks in the Trump administration, but also for the Republican Party, because now you have a group of Republican senators who are like, yeah. [00:17:58] So, you know, that whole thing that we did where Congress ceded power to the executive branch, it turns out we don't like that so much. I think that we should get back to a day where Congress made the decision about tariffs. So we'll see what happens. Oh, tons of Republicans are now peeling off, and there's too many of them [00:18:14] for Trump to threaten them one at a time, just like the trading partners he took on too much at once. So now Rand Paul is hitting him. Senator Kennedy from Louisiana is hitting him. The guy who's like, that's my ass. Right. And that's exactly what he's worried about. [00:18:30] Now his own ass. So, they're all over TV going. I don't know about these tariffs now. Elon Musk not sure about the tariffs. Bill Ackman not sure about the tariffs. So it's falling apart at the seams. I thought they were never going to break. Interesting. So look guys Wang Jun I think one of our members on Titcomb, [00:18:50] has a good line here that I like. He said this is the part we call finding out. Okay. So. And that's exactly right. Trump thought he's above it. And there's reports from the inside saying that he thinks he's not listening to anybody anymore. And he thinks that his advisers were the problem first time around. [00:19:08] But they were the reason that you managed to have an interesting balance in the economy now without those, professionals, advice. He's just doing dumb stuff and finding out. And so, but the bottom line on on the [00:19:24] overall panic is I'm absolutely positive that these tariffs will not be around. Okay. So you know that's a strong statement. There's a lot of folks, especially on the right wing who say no way they're going to be around forever and ever. And it's going to rebuild manufacturing in ten years from now. [00:19:41] We're going to thank Donald Trump for all these wonderful tariffs that he brought here and then remained. They're not going to remain. So the very, very, very long as they'll last is right after the tax cuts. Then you'll never hear of them again. Oh I did a deal with Iceland and the place with the Penguins. [00:19:58] And I'm such a great negotiator. We don't need them anymore. I know you'll never hear. But how many months is that going to take? And by then, there's going to be a lot of damage in the real economy, not just the stock market. So that's a great question because you're right. [00:20:13] Phase two is about to hit where the prices are actually going to go up. Then there's going to be massive panic. Right. So then that's the real question. Can they sneak in the tax cuts before they take away the tariffs. Because remember they're saying oh $5.5 trillion in tax cuts. [00:20:29] Don't worry about it. Tariffs are going to raise $6 trillion. So now if they get rid of the tariffs they can't say the tariffs are going to raise $6 trillion. So they need to keep the tariffs. That's why today the unspoken story. And by the way guys eyes on the prize. And we need to do this. We do it every day but we need to double down. [00:20:47] ET cetera. They're trying to pass the budget right now. - Nobody's talking about the budget. - I know. Yep. Everybody's talking about this and everybody's. And you know what's all the Republicans are saying? Exactly what we told you here on the on the Young Turks, they're all saying, well, especially with the markets being volatile like this, we really need to give American companies another round of tax cuts and deregulation [00:21:06] to make sure that they're going to be stable and okay. So that's the plan all along. The minute they get those the tariffs are gone. The tariffs aren't the problem that in the long run the tax cuts are. Every time you ring the bell below an angel gets its wings. Totally not true. [00:21:22] But it does keep you updated on our live shows.