Scott Horsley

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.

Republicans traditionally have said, we don't want the government picking winners and losers. Well, this is exactly the government picking winners and losers. When the president can, with the stroke of a pen, impose a 25 percent tax on imports and then grant selective exemptions to industries or executives or foreign governments that cozy up to him.

Republicans traditionally have said, we don't want the government picking winners and losers. Well, this is exactly the government picking winners and losers. When the president can, with the stroke of a pen, impose a 25 percent tax on imports and then grant selective exemptions to industries or executives or foreign governments that cozy up to him.

Republicans traditionally have said, we don't want the government picking winners and losers. Well, this is exactly the government picking winners and losers. When the president can, with the stroke of a pen, impose a 25 percent tax on imports and then grant selective exemptions to industries or executives or foreign governments that cozy up to him.

You know, the stock market has been flashing a signal to this administration that could not be more clear. Investors do not like this trade war. The Dow Jones industrial average tumbled more than 1,300 points on Monday and Tuesday once it became clear that the tariffs on Mexico and Canada were going to take effect.

You know, the stock market has been flashing a signal to this administration that could not be more clear. Investors do not like this trade war. The Dow Jones industrial average tumbled more than 1,300 points on Monday and Tuesday once it became clear that the tariffs on Mexico and Canada were going to take effect.

You know, the stock market has been flashing a signal to this administration that could not be more clear. Investors do not like this trade war. The Dow Jones industrial average tumbled more than 1,300 points on Monday and Tuesday once it became clear that the tariffs on Mexico and Canada were going to take effect.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

The market rebounded somewhat on Wednesday when the White House granted a carve-out to automakers in North America, so long as they meet the terms of the USMCA, the US-Mexico-Canada Trade Agreement. And it was only a one-month carve-out. We've seen a further carve-out on Thursday with tariff relief granted to all products coming from Mexico, again, for just one month.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

But the market is once again down. As we tape this, it's down about 500 points because the business community does not like this uncertainty.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And look, manufacturers in this country want to sell their products not only in the United States, they want to sell their products around the world. Farmers in this country desperately depend on global markets to sell their products. And these tariffs that the Trump administration is imposing to protect the domestic market are going to be a turnoff for those international markets.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

And we saw this in 2018, 2019, when U.S. U.S. businesses lost foreign customers, lost foreign market share because the retaliatory tariffs that were imposed during the first Trump trade war. And as Asma says, this round of tariffs, what's already happened and what's in the pipeline is far more sweeping than what we saw in 2018, 2019.

This is akin to what we saw in the 1930s with the Smoot-Hawley tariffs, which economists are almost unanimous in saying, That global trade war worsened the Great Depression.