Elon Musk, who the president has described as a genius. Repeatedly, basically came out over the weekend and said, that he at least implied two things. One, that he's not in favor of these tariff program the way it's structured currently, suggesting he wants it. [00:00:15] He wants zero zero across the board, but he also took a shot at you and took a shot at you personally. Have you spoken to him? Elon Musk and Trump adviser Peter Navarro are at war over Trump's tariffs. Let's see what Navarro has to say about it in this interview on CNBC. [00:00:32] When it comes to tariffs and trade, we all understand in the white House and the American people understand that Elon's a car manufacturer, but he's not a car manufacturer. - He's a car assembler. - He's a car assembler. - Those are fighting words. - Shots fired. [00:00:49] Okay, here we are, yet another right wing on right wing crime. And I love it. And part of the reason I love it, guys, look, this applies more to the media hosts like Portnoy and Rogan, etc., that are rebelling against Trump on a number of different issues. It's not so much like, oh, internal fighting. [00:01:07] And that means that it will naturally be a good thing. Sometimes a good thing, sometimes it's not for us or for the country. But what is important is that people are beginning to say, I'm not just going to say whatever Trump says, because if it hurts my interest, I don't work for Fox News. I don't work for Trump. [00:01:23] I'm just not going to say it. And that has gotten all the way to Elon Musk, who's firing shots at Trump through Navarro. He's not trying to hit Navarro. He's trying to hit Trump through Navarro. That's exactly right. Everyone is afraid to attack Trump directly. [00:01:38] So instead they're kind of attacking each other. But it's just a problem there. It's a proxy war. There's a proxy war going on right now within the Trump administration with Trump allies. So look, you can see why Elon Musk would be against the tariffs [00:01:55] that Donald Trump is pursuing here. Tesla stock fell 10% by Friday, erasing billions in Elon Musk's wealth. Markets closed on Friday, with the week marking the worst trading week in five years. And stocks didn't really rebound today. You know, the Dow opened at a 1300 point [00:02:17] drop but closed at 400 points down. Now clearly Elon is upset. Make no mistake about it. And he took jabs against Peter Navarro over the weekend. I want to give you a few examples. So in response to a clip featuring Navarro's passionate defense of Donald [00:02:37] Trump's tariffs on CNN, Elon Musk wrote a PhD in econ from Harvard is a bad thing. Peter Navarro has a PhD from Harvard in economics. He says it's not a good thing. Results in the ego slash brains, being bigger than one problem. [00:02:57] I don't know what he meant in that last line, but nonetheless, he's basically taking jabs at Peter Navarro's Harvard education. Okay. He also wrote in response to someone arguing that Peter Navarro is correct in his analysis. He ain't built crap. [00:03:13] I'll use the word that I'm allowed to use on the show. And during an interview with Italian Deputy Prime Minister Matteo Salvini. This is on Saturday, Musk made clear what he would like to happen in regard to tariffs between the United States and Europe. [00:03:30] Take a look. I'm hopeful that there can be a very close relationship with America and Europe. And, I'm hopeful, for example, with the tariffs that that, at the end of the day, I hope it is agreed that both Europe and the United States should move, [00:03:49] ideally, in my view, to a zero tariff situation, effectively creating a free trade zone between Europe and North America. And, that that would be my that's what I hope I hope occurs. [00:04:05] And also, more freedom of people to move between Europe and North America. So that that has certainly been my advice to the president. Now, look, in regard to Europe, we're not talking about exploited labor, right? Europe is not China or Vietnam or these other countries where you can take [00:04:23] advantage of super, super cheap labor. So I'm definitely way more open to lifting these tariffs against our European allies, as opposed to some of the other countries where our corporations take advantage of and exploit cheap labor to the detriment of American workers. [00:04:41] I think in those areas, some targeted tariffs might make sense. But clearly, what you just heard from Elon Musk is very different from what you will hear from Peter Navarro, who make no mistake about it, Peter Navarro isn't just talking the talk. He is a tariffs evangelist and has been for a long time. [00:04:59] - He really does believe in tariffs. - Yeah. This whole attacking each other is, elite schools is hilarious. Okay. Oh, you went to Harvard. Job is no good. I went to what? No. What? Oh, if I went to Wharton, it must be right. Yeah. It's insufferable. Okay. Yeah, yeah. [00:05:14] Can't stand it. Okay. Anyways, so now, first of all, we're going to put you in a tough situation. We got you in a live chat poll. Okay? Where? You got to ask where. We're asking you who's right. Peter Navarro or Elon Musk. Peter Navarro, by the way, before you vote, just buys you a little bit more. [00:05:31] Is one of the guys who, came up with the fake elector scheme, to rob us of our democracy last time around. So, lots of loathing in all directions here. Okay, first, let me start with what Navarro is right about. Elon is a car assembler. It's true. [00:05:46] He didn't invent Tesla. Let me see what we got. Elon, I hate to do that to you. Elon winning in a poll 7129. Okay. Watch the show live Monday through Friday. Be part of it starts at 6:00 eastern every day. All right. So, he mainly assembles cars, and, yes, they get the parts [00:06:03] from lots of other places in the world. Mexico, Canada for some of the, you know, essentials, and also Japan and China. So we, So is it true that Elon has a financial incentive here? To be against these tariffs? Yes. [00:06:19] Has he lost about $30 billion in value in his companies since the tariffs hit? Yes. Is will that create a bias or perspective for him? Yes. So Navarro is right about all those things. Now turn to Elon. Yes. But on the substance. Who's right? Elon is, in my opinion, clearly right. [00:06:37] So if we get a 0% rate with European Union and we don't charge each other tariffs. I can't see the harm in that at all. That sounds like a great outcome. Like if that's all Trump had done, I would actually give him a lot of credit for it. [00:06:54] And remember, he hasn't landed that bird. It hasn't happened yet. We don't even know if the EU is actually going to go for it. If I'm being honest, they would be better off joining China and creating enormous pressure on us right now and get a better deal for themselves. But hey, if they do the 0%, I'll take it. These tariffs are never going to last anyway. [00:07:11] It just causes way too much damage. So Elon is right. You might as well get some deals out of it and then get the hell out of Dodge. But Navarro is a to be fair to Navarro, he's a true believer. He really believes these maniacal things that are not going to happen at all. [00:07:27] Like that the tariffs are going to stay or we're both going to get a great deal from European Union, but we're not going to take away the tariffs and they're going to be permanent and rebuild our manufacturing base. No they're not. So in regard to zero tariffs between the United States and the EU, [00:07:43] Navarro did weigh in on that. So why don't we hear what he had what he had to say. And I'm curious what your response is, Jake. Do you expect deals to be announced this week with the president? I expect the, the, the market to to quickly find a bottom. [00:07:59] I expect without any deals from the president or without any. Is it possible he says, let's do a 30, let's do a 30 day hiatus on some of this, and let's talk it over with all of our trading partners to see if we can get get somewhere before we do it. Is that possible? [00:08:15] All right. Hang on. Again. Let me let me finish these these thoughts here. I mean, first of all, it's the president's decision. Second of all, I've told you that the most important thing is for countries to come to us not offering zero tariffs, which is disingenuous because it won't get us anything, particularly with countries like Vietnam. [00:08:32] What they have to do is tell us they're going to drop all their non-tariff cheating. And as you said, that takes a little time here. Okay. We got a $1.2 trillion deficit. In some cases the deficit kind of makes sense, right? [00:08:47] - Yeah. - So anyway. But yeah. So let me jump in on a couple of things. First of all, now we're asking them not only to drop their tariffs but all their non-tariff policies as well. What kind of moving the goalpost is this. Right. So look again if you wanted to say, hey, there's a particular trading policy that [00:09:06] Vietnam and China have and you see how it affects us through taxes or whatever else and or devaluing their currency, let's have a strategic strike against that. I'm all in because I think they do too much of that playing around stuff. But if you impose these massive tariffs on them and then hope that they're [00:09:24] just going to wipe away everything else when they could easily just get together and band against us as basically China's led the way on right now, they can crush our markets, they can crush, and our prices skyrocket, and we'll be in bigger pain than the rest of the world. So that's it's all fantasy land stuff from Navarro. [00:09:41] That's not going to happen. What I'm hoping is what honestly, what Elon is hoping for too, which is some sort of face saving maneuver where Trump comes out and goes, oh yeah, we got Vietnam to move on bubblegum, and we got China to move on. [00:09:57] Baseball caps. The MAGA hats we're buying. And so I win. I win right? And not all the tariffs are gone. And we didn't get rid of their tariffs and all the other non tariffs and stuff. That's the best possible scenario at this point because we're not going to win this war. [00:10:13] This is a maniacal war where we nuked everyone else in the world at the same time. They're going to nuke us back and we're going to be in a lot. This is just the beginning. If they all nuke us back with the same amount of tariffs we put on them, we're going to be hurt. Bad dog. And at one clarification from last week, I intimated that Elon's companies would [00:10:34] be better off than GM, Stellantis and some other manufacturers here in America. So he might not hate these tariffs as much as they do, because it might give him a slight competitive advantage. - Wrong again Bob. - Yeah. On that one it looks like although those facts are true, [00:10:50] that is not what's happened. What's happened is that Tesla has been hurt very badly. And Elon is not happy about these tariffs. He's very, very unhappy. And I want to make sure to clarify that for you guys. So you know. And shockingly, the head of the United Auto Workers, Sean Fain, who of course [00:11:08] is representing the workers for the major American, you know, car companies is like defending Trump's tariffs. Every time you ring the bell below, an angel gets his wings. Totally not true. But it does keep you updated on our live shows.