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Speaker 1 stated they have not spoken about tariffs with the person in question, and suggests reading "The Art of the Deal." They believe the person is a negotiator who lays out tough terms, which sometimes works. Speaker 1 says we need to prioritize national security, resiliency, and diversified supply chains. They state tariffs are a tool that, if properly used, could help resolve these issues. Speaker 0 asks if tariffs are a legitimate negotiating tool, and Speaker 1 confirms they are.

The speaker asks the senator his opinion on violence against Tesla products. The speaker specifically asks if the senator denounces the violence against Tesla products, dealerships, and cars. The senator responds that he can't talk about Tesla, but that Elon Musk is a disaster for America, and America knows it. The speaker then thanks the senator.

Do it. The tariffs are said to be bringing in a lot of additional revenue, which, the speaker states, is being used to give tax relief to the American people and make it easier for average Americans to get by. So

The speaker believes tariffs should be placed on goods the U.S. makes, not on goods it doesn't, and sees them as a bargaining chip. They claim that Europe and Japan have 100% tariffs on American cars, preventing Ford and GM sales. The speaker suggests the U.S. should reciprocate to force negotiation and lower tariffs, allowing American companies to compete. While broad statements are necessary when running for office, tariffs are an amazing tool to protect the American worker. The speaker believes tariffs will either generate revenue or drive up domestic productivity, ideally both. The speaker references the Marshall Plan, where the U.S. allowed Germany and Japan to tariff American goods to rebuild their economies after World War II. They question why this arrangement persists decades later, with Europe and Japan still heavily tariffing U.S. industries like auto and furniture. The speaker attributes foreign-made furniture purchases to this tariff imbalance.

Speaker 0 is down $7,000,000 in stocks and crypto due to Trump's tariffs. Speaker 0 has been trying to understand the tariffs, which they see as a trade deficit tariff. The speaker suggests the tariffs are based on a formula to even up the amount of goods traded between countries. According to the speaker, everything is in bad shape because of these tariffs.

Speaker 0 asks if the person really wants Tom Emmer to be speaker, as they did not vote for congressman Jim Jordan. Speaker 1 responds that they do not like Tom Emmer and think it is a terrible job. Speaker 0 clarifies that they voted for someone they don't like because they didn't want to vote for Jim.

Speaker 0 believes Trump is a "dumb guy." Speaker 1 asks if the feeling towards Trump is neutral. Speaker 0 says she wants to be remembered in history as someone who held the line against Trump and helped the economy. When Trump was president and wanted to stimulate the economy, she started raising rates, doing the opposite of what Trump wanted. The feeling is that they don't want Trump in the government.

Speaker 1 states that a deal with Canada is not being held up, but rather, there are different concepts being considered. Speaker 1 favors tariffs because they are simple, easy, and precise. Mark has a more complex, but also very good, idea. They are going to consider both concepts. Speaker 1 believes a deal is achievable if both parties agree.

The speaker asks the senator his opinion on violence against Tesla products. The speaker asks if the senator denounces the violence against Tesla products, dealerships, and cars. The senator responds that he can't talk about Tesla, but that Elon Musk is a disaster for America, and America knows it.

**Speaker 0:** 212 Democrats voted against no tax on tips, Social Security, and overtime. If the government makes money and spends it responsibly, taxes aren't necessary. The new administration is holding the government accountable, and people are mad about it. **Speaker 1:** There's no tax on tips, overtime, or Social Security in the budget resolution. Taxes are normal. This utopia where nobody pays taxes isn't going to work. Read the budget before lecturing people about it.

Speaker 2 stated he doesn't think they can change Donald Trump at this stage. Speaker 1 believes Pierre Poilievre, like Trump, will focus on the American worker, securing borders, ending fentanyl, and securing the world. Speaker 2 said he and Poilievre have a lot in common, but Speaker 1 says Poilievre is willfully blind to threats facing the country. Speaker 2 stated the U.S. doesn't want cars, steel, or aluminum from Canada because they want to make their own. Speaker 1 questioned how much steel is used these days. Speaker 2 recounted a conversation with Trudeau, whom he called "Governor Trudeau," about tariffs on Canadian cars. Speaker 2 claimed Trudeau said a 25% tariff would mean the end of Canada. Speaker 2 believes the U.S. subsidizes Canada to the tune of maybe $200 billion a year and that it's hard to justify. He added that the U.S. protects Canada militarily.

Speaker 0 states the president promised reciprocal trade, but the speaker now feels like a "sucker" because they believe free trade is "awful" for the American worker and the deal was poorly executed. Speaker 1 claims to have spoken with heads of firms in the last 72 hours and asserts that "he" and Bill Poole have "no idea" what it's like, that people are losing their jobs, and firms will go out of business. Speaker 1 says "they're nuts" and "know nothing," and that the Fed is asleep. Speaker 1 hasn't seen a market like this since 1990. Bill Poole is described as "shameful."

Speaker 0 states that Donald Trump is in retreat due to opposition to his tariff policies, which are described as chaotic and damaging to the economy. These policies are said to discourage spending due to their unpredictability and harm American families. Speaker 1 claims tariffs send a message to China that their unfair trade policies must end and that failure to reform will have dramatic consequences. The speaker asserts China has a large and growing trade surplus with the U.S., partly due to free trade rules, but largely because China doesn't play fair by restricting access to their markets and not preventing the theft of intellectual property.

The European Commission's retaliatory tariffs are still on the table if a deal with President Trump cannot be made. Speaker 1 believes a deal can be made and offers to help. Their goal is to invite President Trump to Italy for an official visit and explore the possibility of a meeting with Europe, advocating for frank discussions to find mutually beneficial solutions. Speaker 1 believes that together, both sides are stronger and is committed to finding the best way to reinforce this strength on both sides of the Atlantic. Speaker 0 claims that making a deal with Europe will not be a problem because the U.S. has something that everyone wants.

Speaker 0 contends that when someone proposes imposing tariffs on foreign imports, it is often framed as a patriotic move aimed at protecting American products and jobs. While such measures may yield a short-lived effect in some cases, the speaker asserts that their long-term impact is detrimental to every American worker and consumer. The argument is that high tariffs provoke retaliation from other countries and trigger intense trade wars. As a result, the worst consequences unfold: markets contract and even collapse, businesses and entire industries shut down, and millions of people lose their jobs. On a global scale, there is a growing realization that genuine prosperity for all nations comes from rejecting protectionist policies and embracing fair and open competition. The speaker emphasizes that America’s jobs and growth are at stake in this dynamic.

Speaker 0 questions why Australia was "whacked with a tariff" despite a free trade agreement and a trade surplus, especially considering their importance as a national security partner. Speaker 1 states they are addressing the $1.2 trillion deficit left by President Biden. They claim Australia bans US beef and pork and is preparing measures against US digital companies. Speaker 1 says there is a global tariff on everything. Speaker 0 argues that "whacking" both friends and foes undermines national security, insults Australia, and damages our partnership. Speaker 0 expresses concern about the lack of trust from friends and allies due to this policy, set to take effect at midnight.

The European Commission's retaliatory tariffs are still on the table if a deal with President Trump cannot be made. Speaker 1 believes a deal can be made and aims to invite President Trump to Italy for an official visit, potentially organizing a meeting with Europe. The goal is to frankly discuss everyone's needs to find a mutually beneficial middle ground. Speaker 1 believes that together, both sides are stronger and is seeking the best way to reinforce both shores of the Atlantic. Speaker 0 claims that making a deal with Europe will not be a problem because the U.S. has something that everyone wants.

Speaker 0 asks if the person really wants Tom Emmer to be speaker, as they did not vote for congressman Jim Jordan. Speaker 1 responds that they do not like Tom Emmer and believes it is the worst job in America. Speaker 0 clarifies that they voted for someone they don't like because they didn't want to vote for Jim.

Speaker 0 cites an MIT economist study indicating a 20% tariff on China led to a 0.7% price level increase over four years during President Trump's first term. Speaker 0 notes the drop in oil prices and expects mortgage applications to increase due to low interest rates. Speaker 1 claims that President Trump's tariffs cost Americans nearly $80 billion in new taxes, increasing prices on goods like washing machines and tires. Speaker 0 disputes this, reiterating the aggregate price increase was 0.7%. Speaker 0 adds that households saw real net wages increase during that time.

Speaker 1 stated that Jerome Powell is too late and slow, and that he is not happy with him. Speaker 1 claims he has let Powell know this. Speaker 1 believes that if he wanted Powell out, Powell would be out of his position very fast.

The speaker discusses tariffs and questions their logic, arguing that tariffs are supposed to replace the income tax, but pointing to a pie chart that shows income tax and social security as the large portions, with a small line at the top representing proposed tariffs, and asks how tariffs could replace the income tax unless the system is off the charts and business becomes untenable. The speaker asserts that a recent development shows significant harm to farmers under the tariff regime, noting that Trump plans a $14,000,000,000 bailout for farmers because the tariffs are hurting their income. This is presented as part of the broader argument that tariffs have negative effects on agricultural interests. Turning to historical context, the speaker references the 1893 McKinley tariffs, which Trump allegedly quotes, and claims that such tariffs would lead to an economic depression and an agricultural depression, suggesting a cyclical or predictable downturn as a consequence of protectionist policy. The speaker then recommends reading Secrets of the Federal Reserve by Eustace Mullins, asserting a strong critical stance toward taxation. It is stated that no tax has ever helped the people, that all sides have implemented taxes, and that bankers have “screwed the people.” The speaker emphasizes the importance of being aware of these dynamics, linking taxation to a broader critique of financial and political systems.

The speaker states they are in dialogue with the prime minister and believes he is happy with how they treated them with tariffs. The speaker addresses foreign leaders, urging them to terminate their tariffs, drop barriers, and stop manipulating currencies, which they claim is devastating. They request these leaders buy tens of billions of dollars of American goods. The speaker asserts tariffs protect the country from economic harm and will lead to unprecedented growth, adding that this growth has already started.

Speaker 1 stated they are not a fan of tariffs but hope they work. Speaker 0 asked for the senator's comment about tariffs. Speaker 1 mentioned their hearing is not what it used to be.