00:00One, of course, other major area where the Trump administration is changing the lives of Americans is with tariffs.
00:09We're seeing this regime go into effect after months of delay.
00:15And there are some signs that many of the warnings economists had about it haven't come to pass.
00:23There is revenue coming in.
00:24And there are manufacturers who have committed to building factories in the U.S.
00:30Do you see any upside to President Trump's tariff strategy?
00:36Well, there's certainly no upside.
00:38I mean, I do still hear some Pollyanna-ish conservative economists that think that what Trump is doing is negotiating to get better tariffs rates, get them down to zero.
00:48That's the opposite of what we're seeing.
00:49With Europe, we've historically had a tariff rate of 2 to 3 percent.
00:52This new deal is 15 percent, five times higher than it's ever been.
00:57Americans paying 15 percent more for many products on the shelf and, of course, discouraging manufacturing from even setting up in the United States.
01:06I'm hearing from manufacturing companies that want to establish and invest overseas to avoid our tariffs on the parts and materials they need to make their products.
01:13So there's no upside.
01:15There is uncertainty.
01:16Obviously, we can all hope that President Trump is actually playing some master game to get to zero tariffs, but he seems to like tariffs for the sake of tariffs.
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