The Real History of Tariffs
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Hey, everybody. Andrew Colvin in for the one and only Charlie Kirk, who is out on assignment. He's in Illinois at another campus stop, our biggest one yet. He'll have more for you tomorrow. In the meantime, we got lots of tariff news. The markets rebound. What's causing that? What's behind it? And then we bring on John Carney from Breitbart, who is the tariff expert. at Breitbart.com. You should check him out. We talk about what ultimately is the president's goal here. And then we talk about Smoot-Hawley in the 1930s and Reagan and protectionism. Does it work or does it not work? Very fascinating conversation. If this show means something to you, please consider becoming a monthly subscriber at members.charliekirk.com, members.charliekirk.com.
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All right, welcome to the Charlie Kirk show. Andrew Colvin in for Charlie Kirk, who's on assignment today. We have lots of updates from yesterday. What a difference a day makes. That is the theme of, I think, this beginning part of our show here. What a difference a day makes. Over the weekend, I mentioned this yesterday. that it was the sky is falling. It was the chicken little folks. Everything was awful. On Sunday night, I was a part of a bunch of different text message chains that were all about how everything was awful. Everything was terrible. And we were going to be heading into economic calamity. And yesterday got off to a really rough start. It was a volatile day. There's no doubt about it. Currently, however, we are up across the indices and
And that is quite the change from yesterday. We are up about 1,000 points on the Dow, 400 points on the NASDAQ, and 123 points on the S&P 500. So the sky is not falling. We're not out of the woods yet. There's no doubt about it. But there is reason for real optimism, real optimism. We're going to play some of these clips that show what a difference a day makes. Now,
148.
President Trump. has maximum negotiating leverage right here, right now. I think it was a big mistake, this Chinese escalation, because they're playing with a pair of twos. Traditionally, if you look at the history of the trade negotiations, we are the deficit country. So what do we lose by the Chinese raising tariffs on us? We export one-fifth to them of what they export to us. So that is a losing hand for them.
They're playing with a pair of twos. Now, what does he mean by that? Scott Besson is saying that China is exporting so much to us, we're only exporting one-fifth to them. So if they raise tariffs on us, it hurts us about one-fifth as much as it hurts them. The other piece of that puzzle is that China is playing with a house of cards. We often call them that their economy is kind of like a paper tiger. It is weaker than what they would have the world believe. And why is that? Because it's a top-down economy. They are They are rife with oversupply in their economy, meaning they'll build buildings for all of these renters or buyers, and they sit at 20%, 30% occupancy.
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