Trump says U.S. not willing to make deal with China unless trade deficit is solved

Political Analyst Dr. Meena Bose says that the "blunt instrument" process is what is causing uncertainty with tariffs

Episode Transcript

Speaker 1 (00:00):
At about ten after seven. Let's switch gears, as we're
looking at the market today and the futures are up
after a couple of really kind of crazy days due
to the Trump tariff situation. Let's get our expert on
the Legacy Retirement Group dot com phone line, doctor Mina
Bo's Political analysts. Thanks for the time, Doctor Bo's appreciate it.

(00:20):
So we love our we love our cheap stuff made
in China, and the Chinese love that we're willing to
part with our hard earned dollars to buy those cheap goods.
And they are kind of digging in when it comes
to negotiating on the trade deficit, and Trump says, We're
not going to talk until you eliminate the trade deficit
with this country, and it's right now estimated to be

(00:40):
over at trillion dollars. What do you know, right well.

Speaker 2 (00:43):
I mean, this is it's going to be.

Speaker 3 (00:47):
It's certainly I think chaotic, especially in the next few
days and weeks, particularly if the US raises the tariff
the import task for China to above one hundred percent, right,
which is possible ball starting I guess Wednesday morning, so tomorrow,
So this is you know, this is the I think
I would say the President Trump's issuing, what's wielding a

(01:11):
fairly blunt instrument here with the tariffs in hopes of
or with the UH plan, right, the state of plan
of perhaps of bringing countries to the negotiating table, though
it's not clear even with Israel or with Vietnam.

Speaker 2 (01:27):
Israel of course not now who the Prime minister was
here recently, and the White House did not offer anything
in return, So there's a lot of uncertainty and chaos.
Now could this lead to Some of the President's advisers
are saying this will bring countries to the negotiating table.
We'll see what that brings. But I think there is
kind of a question about what the larger plans here

(01:50):
is because the President has spoken about investment in manufacturing
and to do that success, that's what China has done
actually over the past couple of decades. You really need
to have confidence in the economy, and it's unclear at
this point that the chaos is going to bring up.

Speaker 1 (02:12):
Yeah, and yesterday speaking with doctor Minabo's our political analyst,
talking about tariffs and the markets and so forth, and
the deal with China or any possible deal with China,
it still seems pretty far away. You know, the European
Union said they're ready to negotiate, as you know, the
tariffs have hit them, and they're offering a zero for

(02:34):
zero tariff deal for industrial goods. That don't know if
the President has accepted that deal at this point or
there's a counter offer there, but I mean you're starting
to see. The White House says some fifty to seventy
countries have come to the table willing to negotiate, and really,
I mean between China, Mexico, Canada, I mean those are

(02:55):
the big those are the big three. I would imagine
in China is probably the crown jewel in the in negotiation.
When it comes to tariffs.

Speaker 2 (03:04):
Well, that's I mean, that's clearly the one that is
of kind of greatest concern and for the United States,
and China has about in the last since the twenty
first century. It's I think it's quintrupled, right, it's share
of the global manufacturing and so there is this other piece, right,
it's not just the tariffs, but it's also what the

(03:26):
United States is going to do in its place, and
and I think there's not there hasn't been a lot
of there's kind of chaos and uncertainty about the tariffs
and what that will lead to with other countries. And
there's also the question of what the United States is
going to do internally. And you know, the President has
promised that's kind of golden age returned to a golden
age of manufacturing. It's really not clear how that building

(03:49):
is going to happen, how it will be supported, who
will be doing it, and whether businesses will be confident
in it. And again it's not across the board, right,
some of this depends industry to industry. There are articles
about competition for the fishing industry that may benefit UH
at least some are saying there will be a fair
champ with with a tariff on imports for fishing, but

(04:14):
without a doubt, I mean, across the board, higher tariffs
are problematic. And you know you started by talking about
kind of the dependency the US has on Chinese goods.
There is there is an imbalance in trade that needs
to be addressed, but it's unclear whether this blood instrument
is going to achieve what the President wants well.

Speaker 1 (04:33):
And just and then what like if if if China
is digging in as they say they are they're saying
they're quote willing to fight to the end. I'm not
sure what that even means. Uh before they you know,
kind of lose the trade war with this country. So
so then what I mean, I think we're all for
us manufacturing. I'm all for companies setting up shop and

(04:54):
you know, creating their widgets in this country, you know,
creating jobs and so forth. But that takes time, and
you know, so so then what so China goes, yeah,
we're not playing We're not going to play nice here.

Speaker 2 (05:05):
Then what happens, right, Well, then you start to have
fewer goods coming into the United States. Uh, less purchase
and power for Americans, less opportunity for goods, and you know, economically,
that doesn't that doesn't bode well, right, And and I
would say also, I mean the idea of building a
healthier manufacturing base in the United States. I mean, I think,

(05:27):
without a doubt, right, Americans probably agree having well paying
jobs is essential for a function for a thriving economy.
But how do you get there? And and and that
that part of the plan. I would say it's fairly
sparse on the details and on kind of political reality