Trump Caves to Tariff Uproar, But Doubles Down on China | Olivia Munn
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What happened on Trump's Tariff Day?
We've got so much to talk about tonight. Trump's tariffs are off, but they're on again, but they're also off. So who cares? Let's get into it with another installment of Trade Wars.
My favorite word, my favorite word, tariffs.
Last Wednesday, Donald Trump announced that in one week, he was gonna impose the biggest increase in tariffs in 100 years. And after a week of panic buying, a year's supply of toilet paper and air fryers, the day has finally arrived. It is 11.59 and 48 seconds, which means we are just moments away from the president's new tariffs.
It's President Trump's long-awaited tariff day.
It's reciprocal tariff day. Well, the tariffs are here. All right, it is tariff day. Happy Tariff Day, everyone! It's what Trump is replacing Juneteenth with. Now, Trump is celebrated by putting tariffs on every country in the world, including 104% on products made in China, which is probably fine. I mean, how many products are made in China? But Tariff Day wasn't just celebrated here in America. Other countries got in on the fun, too.
How did other countries respond to Trump's tariffs?
Swift retaliation. Both China and the European Union are responding to President Trump's tariffs. China has announced its own retaliatory tariffs, 84% on all U.S. goods it imports.
According to the European Union, almonds, orange juice, poultry, soybeans, steel and aluminum products, tobacco and yachts imported from the United States now will have a 25% levy on them.
25% on yachts? Why do these trade wars always have to screw over the little guy? I'll be honest, I didn't even know America made yachts. I thought the only thing we made here was Nepo babies. But this really feels like it's spiraling out of control. It seems like the smart move is to back off this whole thing. But Trump's team has been adamant that they will stay the course.
This is not a negotiation. It's not the kind of thing you can negotiate away. I don't think there's any chance that President Trump's going to back off his tariffs.
The president made it clear yesterday this is not a negotiation. Trump posted this morning, my policies will never change. Well, that's it then. They're in it to win it. Full speed ahead from the window to the walls. Skeet, skeet, skeet, mother . Trump's policy will never, ever change.
This is CNN breaking news. The president announced just minutes ago that he's now, quote, authorized a 90-day pause on some of his new tariffs.
What? The trade war's over? But it's tariff day. I shaved my legs for this. Now I have to grow it all back. But hey, at least we can buy things from China again, right? I mean, Amazon Prime, here I come.
Why did Trump pause some tariffs but increase others?
Notably, though, the president is raising the tariff applied to China from the United States to 125% effective immediately. So this pause applies to other countries, not China.
Hey, Siri, cancel 1,000 air fryers. Trump, I don't understand what happened here. You tanked global stock markets. You put us on the verge of a recession. You told everyone to build factories in America because the tariffs wouldn't go away. And then you took them away. What happened? Did you just get spooked by the markets? The 90-day pause when there was a Is that because of the whiplash that we've been seeing across the financial market?
No, this was his strategy all along. Absolutely brilliant move. Brilliant not only economically, politically, it was good for the American worker. He's negotiator-in-chief, he's landing the plane, he's the master of the deal. I mean, you're watching the art of the deal in real time here.
Many of you in the media clearly missed the art of the deal. Uh, yes, the art of the deal. Create a global crisis and then dig yourself halfway out. It's truly masterful, Donald. I'm starting to think that the art of the deal is art in the way that Jackson Pollock is art. Like, it looks like someone just threw a bunch of shit at the wall, but now I have to pretend like it's genius and it's gonna cost millions of dollars? Come at me, abstract expressionism hive. You know I'm right. Come on, Trump, just admit that you started a game of chicken and you got too scared to finish it.
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Chapters
8 chapters
1
What happened on Trump's Tariff Day?
0:33–1:56
2
How did other countries respond to Trump's tariffs?
1:56–3:47
3
Why did Trump pause some tariffs but increase others?
3:47–8:21
4
What is the strategy behind Trump's tariff decisions?
8:21–9:10
5
Who is Olivia Munn and what is her perspective on Trump's tariffs?
9:10–12:28
6
What are scientists saying about resurrecting the woolly mammoth?
12:28–13:01
7
How could bringing back woolly mammoths help combat climate change?
13:01–13:58
8
What are the challenges and controversies around de-extinction?
13:58–33:39
Speakers
10 identifiedMore from The Daily Show: Ears Edition
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