Scott Horsley

Hi, great to be with y'all.

Hi, great to be with y'all.

Hi, great to be with y'all.

Well, you know, I think that caveat that we always put at the top of the podcast, things may have changed by the time you hear this, is particularly apt in this circumstance because it's been a wild week. On Monday, we had no tariffs on imports from Canada and Mexico. On Tuesday, we had suddenly a 25% tax on nearly all imports from Mexico and Canada.

Well, you know, I think that caveat that we always put at the top of the podcast, things may have changed by the time you hear this, is particularly apt in this circumstance because it's been a wild week. On Monday, we had no tariffs on imports from Canada and Mexico. On Tuesday, we had suddenly a 25% tax on nearly all imports from Mexico and Canada.

Well, you know, I think that caveat that we always put at the top of the podcast, things may have changed by the time you hear this, is particularly apt in this circumstance because it's been a wild week. On Monday, we had no tariffs on imports from Canada and Mexico. On Tuesday, we had suddenly a 25% tax on nearly all imports from Mexico and Canada.

On Wednesday, that tax was relaxed as far as cars go. Today, it was relaxed further as far as most imports from Mexico go, that is, imports covered by the U.S.-Mexico-Canada Free Trade Agreement. So it's changing hour by hour, day by day, but it's certainly put the economy into a lot of questionable territory.

On Wednesday, that tax was relaxed as far as cars go. Today, it was relaxed further as far as most imports from Mexico go, that is, imports covered by the U.S.-Mexico-Canada Free Trade Agreement. So it's changing hour by hour, day by day, but it's certainly put the economy into a lot of questionable territory.

On Wednesday, that tax was relaxed as far as cars go. Today, it was relaxed further as far as most imports from Mexico go, that is, imports covered by the U.S.-Mexico-Canada Free Trade Agreement. So it's changing hour by hour, day by day, but it's certainly put the economy into a lot of questionable territory.

Well, you know, they've offered multiple rationales. The tariffs against Mexico and Canada, and to some extent China, are ostensibly a reaction to fentanyl coming into the U.S. illegally, even though in the case of Canada, virtually no fentanyl comes from Canada. It's also about illegal immigration.

Well, you know, they've offered multiple rationales. The tariffs against Mexico and Canada, and to some extent China, are ostensibly a reaction to fentanyl coming into the U.S. illegally, even though in the case of Canada, virtually no fentanyl comes from Canada. It's also about illegal immigration.

Well, you know, they've offered multiple rationales. The tariffs against Mexico and Canada, and to some extent China, are ostensibly a reaction to fentanyl coming into the U.S. illegally, even though in the case of Canada, virtually no fentanyl comes from Canada. It's also about illegal immigration.

But the president has also talked about using tariffs to encourage people to manufacture in the United States as opposed to in other countries. And then he's also talked about using tariffs to raise revenue to offset the expected loss in revenue from extending the 2017 tax cuts. The thing is, tariffs can't do all of those things. They're mutually incompatible.

But the president has also talked about using tariffs to encourage people to manufacture in the United States as opposed to in other countries. And then he's also talked about using tariffs to raise revenue to offset the expected loss in revenue from extending the 2017 tax cuts. The thing is, tariffs can't do all of those things. They're mutually incompatible.

But the president has also talked about using tariffs to encourage people to manufacture in the United States as opposed to in other countries. And then he's also talked about using tariffs to raise revenue to offset the expected loss in revenue from extending the 2017 tax cuts. The thing is, tariffs can't do all of those things. They're mutually incompatible.

Well, the administration certainly sees it as that simple. And as we've said, they do think tariffs are a way to encourage domestic manufacturing. And this is one reason that the United Auto Workers Union has been supportive of these tariffs, even though, as we mentioned, now autos have gotten a one-month reprieve from the import taxes.

Well, the administration certainly sees it as that simple. And as we've said, they do think tariffs are a way to encourage domestic manufacturing. And this is one reason that the United Auto Workers Union has been supportive of these tariffs, even though, as we mentioned, now autos have gotten a one-month reprieve from the import taxes.

Well, the administration certainly sees it as that simple. And as we've said, they do think tariffs are a way to encourage domestic manufacturing. And this is one reason that the United Auto Workers Union has been supportive of these tariffs, even though, as we mentioned, now autos have gotten a one-month reprieve from the import taxes.

But the answer to Secretary Letnick's question is why are those jobs in Canada? Because in this country, we've generally left it up to business people to make decisions about where factories should be located. We don't leave that up to central planners in Washington at the Commerce Department or the White House.

But the answer to Secretary Letnick's question is why are those jobs in Canada? Because in this country, we've generally left it up to business people to make decisions about where factories should be located. We don't leave that up to central planners in Washington at the Commerce Department or the White House.