Trump’s Tariff Plan Explained: Destroy or Help The US Economy?

Patrick Bet-David uses relatable analogies to explain tariffs, trade deficits, and surpluses and highlight the US-China trade imbalance. He explains why tariffs are key in negotiations, contrasts Trump's and Cuba's views, and delves into the historical context of trade policies and their global impact.
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Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller Your Next Five Moves

[PaulaCarbonell-nj]

Tariffs will increase costs of finished goods and components used throughout US manufacturing. This will be an immediate and huge hike in inflation. To fight inflation the Fed will have to hike interest rates which will be wonderful for the billionaires but possibly take away the middle class. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun..

[jamaalgill]

Selective Tariffs definitely make sense. But if we’re placing tariffs on goods coming from foreign countries while there’s no US companies producing those goods, then those tariffs immediately get passed onto the US consumer. We need to ensure that we have US manufacturers actually producing these products here before we place a tariff on that particular product being imported from a foreign country.

[RaymondKeen.]

Stability is a result of our economy's struggles with uncertainty, housing issues, foreclosures, global volatility, and the pandemic's consequences. To restore stability and promote growth, all sectors must respond quickly to concerns about growing inflation, slow growth, and trade disruptions.

[Raniyanhunter]

The Federal Reserve halted rate hikes, which is a very bold move by the Fed to stimulate economic expansion, ease financial conditions and address inflation concerns with potential benefits for consumers. The major concern for me and I believe every other investor is on opportunities present in the market to enhance overall portfolio performance

[tonysilke]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[angelofamillionyears]

Pat, the problem with tariffs is that when you add the tariff to China, etc, you have to make sure the US can produce the items at a competitive price .

[DejectedCat]

Notice how carefully he avoided saying who actually pays the tariff when one is imposed.

[frankhanson]

China is different. We are not buying Chinese goods made by Chinese companies. We are buying products of American companies made in China. So we are essentially buying our own goods from another country. It's Stupid.

[bGzzzzz]

Very poor example……business went to China because YOU wanted cheap products and labour.

[ScottFrasier-orhr]

The analogy with “referrals” is faulty. Referrals are favors, NOT trade. When we trade with a country by buying and selling goods with companies in those countries, we send them money and they send us goods in a voluntary transaction. The reverse is also true. Trade is not an exchange of favors.

[akhileshvenkiteswaran]

I am from India, and we also have this same massive problem with a massive trade deficit with China, and we are trying all our best to get ahead to trade surplus.
This was one of the major reasons why US-India trade went up and US became the largest trading partner with India surpassing China

[lovesbittersweet]

What the youth dont understood is the USA we made our own TV, washing machine and dryer, we made our own clothing, cars, refrigerator , computers etc but our jobs got put in other countries we need it back .

[drainganglif]

As an American business owner who has to import because the things I sell can’t be made in the US, I will be paying the tariffs, not China. Most people don’t understand that it’s the American business that pay and then have to pass it on to the consumer to stay afloat.

[genforged]

I’m from Switzerland, and I think the reason why you don’t see as many American cars in Europe is because German and Japanese cars are generally better and more affordable in terms of maintenance, they last longer, and their engines are smaller. People here tend to buy smaller cars because insurance and road taxes for vehicles with larger engines are much higher. On top of that, fuel prices are high in Europe, so smaller cars are more economical. There’s also a bit of a ‘jealousy culture’ here, where even those who can afford larger cars often don’t buy them. However, Teslas are quite common.

[rockygillman]

I love how everyone on YouTube is suddenly a master economist.

[ak]

Such simple thinking on so many points in this video. Heck, arguably the US used to be the world leader in gym socks (remember Sally Fields in the 1979 movie, "Norma Rae"?), but China, etc, made cheaper gym socks and now all of the smelly gym socks in kids' lockers are produced overseas. Or remember how expensive it used to be to buy a TV, even a small one? The reality is that returning to the 1970s, when we produced much more than we do today was very expensive for families. Patrick points to Germany, which exports high-value products. With that in mind, the Biden Administration's goal had been to pour tons of money into reinvigorating select strategic industries, such as computer chips, EVs, etc. I'm sure there are other critical industries, but hope the Trump Administration doesn't decide to impose tariffs on those products whose import has greatly benefited the average American family.

[majesticfx]

I'd take tariffs over income taxes

[ciscoa]

Tariffs may seem like a good idea, but when consumers go to the store and find prices have doubled or tripled, it raises the question: where does that extra money go? Often, it ends up benefiting the wealthy. While tariffs can be a useful tool, the revenue they generate should be returned to the public. Tariffs should be leveraged to encourage companies to build and create jobs domestically, rather than just increasing costs for consumers.

[logicaljuan]

You don’t understand trade or tariffs. The analogy is completely wrong. Please go learn actual economics.
You have a 100% trade deficit with your grocery store. Yet it’s not a problem. In fact your standard of living is dramatically better than it would be without it because you can’t make all the things you get from your grocery store. Having the government put tariffs on the stuff you buy from the grocery store will only make you worse off. The same applies with stuff people buy from anywhere else.

[ADNANJAZZ]

Bring back jobs ? A regular person would need 10 such jobs to pay for a car payment.