Can you walk us through what you were thinking about? Why you decided to put a 90 day pause? Well, I thought that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid. [00:00:15] Unlike these champions, because we have a big job to do. No other president would have done what I did. No other president. I know the presidents, they wouldn't have done it. Yippee! You're talking about yippee! I mean, that's Donald Trump, maybe the zippiest most [00:00:32] complaining president of all time. But nonetheless, the zippers have gotten their way because the president announced today that he is implementing a 90 day pause on reciprocal tariffs that he had implemented against countries. And he says the only country that is an exception to this 90 day pause, [00:00:50] of course, is China. So the astronomical tariffs on Chinese goods being imported to the United States remain. And so far, the leadership in China has given us no indication that they plan to cave to the pressures coming from the Trump administration, [00:01:06] but nonetheless, all of those other astronomical reciprocal tariffs that Trump had announced during Liberation Day will be paused for 90 days. Instead, he is going to go forward with the baseline 10% tariffs [00:01:21] on our trade partners. And he's encouraging these negotiations or renegotiations on trade deals to continue. Now, I want to be clear, anyone who thinks they know what's going to happen in the future as it pertains to these tariffs is lying to you because no one really knows [00:01:38] what is ultimately going to happen. For me, I feel that it's pretty clear at this point that what Trump is trying to do is just renegotiate trade deals. And I think in some cases that makes a lot of sense. I actually don't think those astronomical tariffs on other trade partners [00:01:56] are really going to be the end result of his tariff policies. However, I do think he means business when it comes to China. And if you notice, there was a dip in the bond market and there's some suspicion that what led to that dip is China essentially selling off American bonds in order to bolster [00:02:14] their economy as this trade war continues. But again, when it comes to the other countries, they will now be facing a baseline 10% tariff as opposed to that baseline 10% tariff, in addition to those other astronomical tariffs that he had slapped on. [00:02:29] Now, we don't know what the end result will be, but white House Press Secretary Caroline Leavitt thinks that everyone who panicked, you know, just doesn't get it. Many of you in the media clearly missed the Art of the deal. You clearly failed to see what President Trump is doing here. [00:02:47] You you tried to say that the rest of the world would be moved closer to China, when in fact, we've seen the opposite effect the entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them. [00:03:05] You know what? Caroline Leavitt is correct. Okay. All you media folks who have been criticizing the Trump administration, you just don't get it yet. Sure, sure. It is true that you had various Trump administration officials saying conflicting things at any given moment simultaneously, by the way. [00:03:26] You know, you've got Howard Lutnick saying, oh, this is all about bringing jobs back to the United States, which will then be employed by robots. Then you have, you know, Scott Bessent, the Treasury Secretary, who clearly does not like these tariffs at all, telling the American people this is just [00:03:42] an effort to renegotiate trade deals. You have Donald Trump saying anything at any given time, right. So the conflicting messages may have confused you, but let's just keep it real. It's not about being confused, it's about just failing to understand the art of the deal. [00:04:00] Okay, when you get conflicting messages from the same administration, obviously that is going to lead to some panic because people are uncertain about what the future holds when it comes to these, these tariffs, whether Trump is actually going to go through with the, you know, [00:04:15] astronomical percentages that he had slapped onto various trade partners. So again, we'll see what happens. But I do find it interesting how so far the administration's messaging after Trump reversed course [00:04:30] on those tariffs or at least implemented a pause of 90 days on those tariffs, is it's your fault media and the American people stop your yipping. Now the markets, by the way, did react to the news the way you would expect. Dave Portnoy in a very celebratory mood today. [00:04:48] I want to show you a screenshot of something he posted on X. I'm up $8.2 million today. Where are all the people in my mentions now? It's like dancing around. Okay, but, Dave, don't you feel a little bit uncomfortable [00:05:05] that the market or the stock market, I should say, reacts so easily to any little piece of information that you might be up $8.2 million today. But depending on what Trump says tomorrow, you could be down another $20 million. [00:05:20] Like, that's the thing that I think people should kind of learn from this whole experience, right? For me, this bolsters why I love Social Security so much, even though I'm paying into it. And I haven't received a dime of Social Security yet, because this is a universal [00:05:38] government program meant to provide fixed income to our country's elderly people and disabled people, by the way. And it's not tied to the stock market. It isn't tied to these, like, insane risks, and I just can't stand how [00:05:55] the market goes up or goes down, depending on the smallest update to what the Trump administration claims they're going to do. And we don't know if they're actually going to go through with these processes or with these policies. But anyway, the market is up for now. And others are celebrating too. [00:06:11] So, Trump, in fact, is bragging about how he has led a record stock market recovery today as he's speaking to, some of his buddies, some of his allies. Take a look at this. You got the market. Seeing your brilliance. [00:06:26] Yeah. It's up almost 7500 points. Nobody's ever heard of it. It's going to be a record. It's amazing. Yeah. Yeah. You make an announcement for next year. - Yes, sir. - I mean, you just got to laugh. [00:06:43] Market's up 2500 points. Nobody's ever seen anything like it. And then, of course, everyone surrounding him is probably so relieved that he has decided to do this 90 day pause. Oh yes, Mr. President, you're a genius. Yes, Mr. President, you broke the stock market for some time, but then you fixed it. [00:06:58] So you're a genius. You're a genius. Okay, anyway, I want to emphasize something, though, because the stock market obviously is easily impacted by news, right? Anything that's happening in the news, it could be a simple announcement [00:07:15] from the Trump administration. It could be suspicion that the Trump administration isn't actually going to go through with some of his policies. Any little thing could either lead to panic, or it could lead to confidence in the stock market where people start to buy shares again, [00:07:31] invest in the stock market again. Again, it's super flimsy, okay, but it's not the real economy. Now, Trump's tariff policies eventually will have an impact on the real economy. And when I say real economy, what am I? What am I talking about? [00:07:48] Well, if tariffs are going to cut into the profit margins for US based companies, they're going to look to other areas for cost saving. And one of the things they might do is lay workers off. They might stop investing in their companies. [00:08:05] Just kind of hold off on spending money. And of course, that will have a ripple effect in the real economy. And obviously that's going to impact American workers, at least in the short term. Right. So the argument that you'll hear from Trump supporters and the Trump administration is, look, [00:08:22] there might be some short term pain, but the long term idea is to bring manufacturing jobs back to the United States. So theoretically that could happen. But there's already been some indication that companies have been resistant to that. [00:08:37] And the fact that Trump keeps going back and forth, back and forth is not inspiring much confidence to bring Manufacturing back to the United States because no one really believes him. So look, we'll see how this all plays out. We don't know what happens after those 90 days. [00:08:53] What I can say is, remember, we've got a midterm election coming up. And if he keeps doing this, pushing these tariffs back, well, then there's going to be additional pressure toward Donald Trump from Republican members of Congress to stop doing this because it's going to [00:09:10] hurt their chances of getting reelected. To which I say, I mean, I guess have at it, Trump, if this is what you want to do, have at it. But in 90 days, will he actually go through with making these insanely high tariffs on our trade partners or goods produced by our trade partners that are [00:09:26] then imported to the United States? Is he going to go through with the tariffs that will impact those products? Who knows. But the threat of those tariffs, he believed, would bring various trade partners to the table to renegotiate deals. He claims that 70 different countries are currently renegotiating trade deals [00:09:44] with the United States. I want to see a little more evidence before I believe that I'm not going to take it at face value. I do believe some countries have reached out to the Trump administration. Countries like Japan, for instance, looking to renegotiate deals. Europe would like to renegotiate trade before actually implementing retaliatory [00:10:01] tariffs against the United States, which I'm very happy to hear about. So again, we'll see what happens. But do I actually think that he is going to go through with those high tariffs in 90 days? Probably not. I think he's serious about tariffs against China. [00:10:17] And I think there's good reason to be skeptical of some of our, you know, past trade deals with China and whether or not the US is getting a fair deal there. So with China I think the trade war is on. I think it will remain. [00:10:32] But with other countries it remains to be seen. Every time you ring the bell below, an angel gets its wings. Totally not true, but it does keep you updated on our live shows.