Economist: If Trump Keeps Escalating Trade War, We Will Have A Recession | The Last Word | MSNBC
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Economist: If Trump Keeps Escalating Trade War, We Will Have A Recession | The Last Word | MSNBC


BREAKING NEWS FOR YOU AS SOON AS THE NATIONAL WEATHER SERVICE THE NATIONAL WEATHER SERVICE RELEASES ITS LATEST FORECAST FOR RELEASES ITS LATEST FORECAST FOR THE HURRICANE TONIGHT. THE HURRICANE TONIGHT.>>>WE BEGIN TONIGHT WITH THE>>>WE BEGIN TONIGHT WITH THE SLEEPING GIANT IN THE SLEEPING GIANT IN THE PRESIDENTIAL CAMPAIGN. PRESIDENTIAL CAMPAIGN. IT IS THE ISSUE THAT HAS NOT IT IS THE ISSUE THAT HAS NOT REALLY BEEN DISCUSSED AT THE REALLY BEEN DISCUSSED AT THE DEMOCRATIC PRESIDENTIAL DEBATES, DEMOCRATIC PRESIDENTIAL DEBATES, BUT WE WILL DISCUSS IT TONIGHT BUT WE WILL DISCUSS IT TONIGHT WITH ONE OF THE DEMOCRATIC WITH ONE OF THE DEMOCRATIC PRESIDENTIAL CANDIDATES. PRESIDENTIAL CANDIDATES. IT COULD BE ONE OF THE BIGGEST IT COULD BE ONE OF THE BIGGEST ISSUES IN THE PRESIDENTIAL ISSUES IN THE PRESIDENTIAL CAMPAIGN A YEAR FROM NOW WHEN CAMPAIGN A YEAR FROM NOW WHEN THE DEMOCRATS HAVE A CHOSEN THE DEMOCRATS HAVE A CHOSEN NOMINEE. NOMINEE. AND IT COULD BE THE SING THELE M AND IT COULD BE THE SING THELE M DAMAGING ISSUE THAT REALLY COULD DAMAGING ISSUE THAT REALLY COULD CAUSE DONALD TRUMP TO LOSE SOME CAUSE DONALD TRUMP TO LOSE SOME SUPPORT AMONG SOME TRUMP VOTERS, SUPPORT AMONG SOME TRUMP VOTERS, ESPECIALLY IN AGRICULTURAL ESPECIALLY IN AGRICULTURAL STATES, AND THIS ISSUE WHICH STATES, AND THIS ISSUE WHICH COULD SPELL ECONOMIC DISASTER COULD SPELL ECONOMIC DISASTER FOR AMERICA EVENTUALLY, MEANING FOR AMERICA EVENTUALLY, MEANING A RECESSION, IS ALL DONALD A RECESSION, IS ALL DONALD TRUMP’S FAULT. TRUMP’S FAULT. NO ONE ELSE HAS ANY NO ONE ELSE HAS ANY RESPONSIBILITY FOR THE CREATION RESPONSIBILITY FOR THE CREATION OF THE POTENTIAL DISASTER THAT OF THE POTENTIAL DISASTER THAT COULD BE COMING OUR WAY THANKS COULD BE COMING OUR WAY THANKS ENTIRELY TO THE TRUMP TARIFFS ENTIRELY TO THE TRUMP TARIFFS AND THE TRUMP TRADE WAR WHICH AND THE TRUMP TRADE WAR WHICH HAS SO FAR BEEN IGNORED BY MOST HAS SO FAR BEEN IGNORED BY MOST OF THE CANDIDATES AND OF THE CANDIDATES AND QUESTIONERS IN THE DEMOCRATIC QUESTIONERS IN THE DEMOCRATIC PRESIDENTIAL DEBATES. PRESIDENTIAL DEBATES. DONALD TRUMP IS THE ONLY DONALD TRUMP IS THE ONLY PRESIDENT IN HISTORY WHO HAS PRESIDENT IN HISTORY WHO HAS TOLD THE AMERICAN PEOPLE THAT TOLD THE AMERICAN PEOPLE THAT WAR IS EASY. WAR IS EASY. HE WASN’T TALKING ABOUT A HE WASN’T TALKING ABOUT A SHOOTING WAR, OF COURSE, HE WAS SHOOTING WAR, OF COURSE, HE WAS TALKING ABOUT A TRADE WAR, BUT TALKING ABOUT A TRADE WAR, BUT TRADE WARS ARE CALLED WARS FOR A TRADE WARS ARE CALLED WARS FOR A REASON. REASON. THEY ARE NOT CALLED TRADE GAMES. THEY ARE NOT CALLED TRADE GAMES. AND NO AMERICAN PRESIDENT PRIOR AND NO AMERICAN PRESIDENT PRIOR TO DONALD TRUMP HAS SAID TRADE TO DONALD TRUMP HAS SAID TRADE WARS ARE GOOD AND EASY TO WIN. WARS ARE GOOD AND EASY TO WIN. TRADE WARS HAVE CASUALTIES. TRADE WARS HAVE CASUALTIES. PEOPLE LOSE JOBS AND LOSE INCOME PEOPLE LOSE JOBS AND LOSE INCOME IN EVERY COUNTRY INVOLVED IN A IN EVERY COUNTRY INVOLVED IN A TRADE WAR, AND DONALD TRUMP TRADE WAR, AND DONALD TRUMP SHOULD KNOW THAT BY NOW, BUT SHOULD KNOW THAT BY NOW, BUT THIS WEEK HE DROPPED MORE BOMBS THIS WEEK HE DROPPED MORE BOMBS IN HIS TRADE WAR BY INCREASING IN HIS TRADE WAR BY INCREASING THE TARIFFS THAT AMERICANS MUST THE TARIFFS THAT AMERICANS MUST NOW PAY FOR CHINESE GOODS TO THE NOW PAY FOR CHINESE GOODS TO THE POINT WHERE JPMORGAN NOW POINT WHERE JPMORGAN NOW ESTIMATES THAT THE TARIFFS WILL ESTIMATES THAT THE TARIFFS WILL COST THE AVERAGE AMERICAN COST THE AVERAGE AMERICAN HOUSEHOLD $1,000 A YEAR. HOUSEHOLD $1,000 A YEAR. FOR MOST PEOPLE COMING UP WITH FOR MOST PEOPLE COMING UP WITH AN EXTRA $1,000 A YEAR TO PAY IN AN EXTRA $1,000 A YEAR TO PAY IN TAXES, WHICH IS WHAT TARIFFS TAXES, WHICH IS WHAT TARIFFS ACTUALLY ARE, IS NOT EASY. ACTUALLY ARE, IS NOT EASY. AND THE DEMOCRATIC NOMINEE FOR AND THE DEMOCRATIC NOMINEE FOR PRESIDENT WILL SURELY BE RUNNING PRESIDENT WILL SURELY BE RUNNING HARD AGAINST THE TRUMP TARIFFS, HARD AGAINST THE TRUMP TARIFFS, BUT SO FAR THE DEMOCRATIC BUT SO FAR THE DEMOCRATIC CANDIDATES ARE STAYING CANDIDATES ARE STAYING RELATIVELY QUIET ABOUT THE TRUMP RELATIVELY QUIET ABOUT THE TRUMP TARIFFS AND GIVING DONALD TRUMP TARIFFS AND GIVING DONALD TRUMP A VERY LONG LEASH IN WHICH HE A VERY LONG LEASH IN WHICH HE APPEARS TO BE GETTING HIMSELF APPEARS TO BE GETTING HIMSELF ALL TANGLED UP POLITICALLY. ALL TANGLED UP POLITICALLY. DONALD TRUMP LAUNCHED THE TRADE DONALD TRUMP LAUNCHED THE TRADE WAR WITH CHINA BECAUSE HE WAR WITH CHINA BECAUSE HE THOUGHT THE UNITED STATES TRADE THOUGHT THE UNITED STATES TRADE DEFICIT WITH CHINA WAS TOO HIGH. DEFICIT WITH CHINA WAS TOO HIGH. NOW IT IS HIGHER. NOW IT IS HIGHER. AXIOS IS REPORTING PRESIDENT AXIOS IS REPORTING PRESIDENT TRUMP’S TRADE WAR HAS LED TO TRUMP’S TRADE WAR HAS LED TO EVEN BIGGER TRADE DEFICITS WITH EVEN BIGGER TRADE DEFICITS WITH CHINA, EVEN THOUGH IT WAS CHINA, EVEN THOUGH IT WAS INTENDED TO IMPROVE THE TRADE INTENDED TO IMPROVE THE TRADE BALANCE. BALANCE. BUT IT’S NOT JUST CHINA. BUT IT’S NOT JUST CHINA. THE DEFICIT HAS INCREASED WITH THE DEFICIT HAS INCREASED WITH MOST OF OUR OTHER TRADE MOST OF OUR OTHER TRADE PARTNERS, TOO. PARTNERS, TOO. AMONG THE U.S. ’15 BIGGEST AMONG THE U.S. ’15 BIGGEST TRADING PARTNERS, THE TRADE TRADING PARTNERS, THE TRADE BALANCE HAS MOVED IN THE WRONG BALANCE HAS MOVED IN THE WRONG DIRECTION FOR TRUMP IN TEN OF DIRECTION FOR TRUMP IN TEN OF THOSE COUNTRIES BETWEEN 2016 AND THOSE COUNTRIES BETWEEN 2016 AND 2018, WHILE THE AGGREGATE TRADE 2018, WHILE THE AGGREGATE TRADE DEFICIT HAS JUMPED FROM $503 DEFICIT HAS JUMPED FROM $503 BILLION TO $628 BILLION. BILLION TO $628 BILLION. “THE NEW YORK TIMES” REPORTS THE “THE NEW YORK TIMES” REPORTS THE AMERICAN MANUFACTURING SECTOR AMERICAN MANUFACTURING SECTOR CONTRACTED LAST MONTH. CONTRACTED LAST MONTH. A KEY MEASURE SHOWED ON TUESDAY A KEY MEASURE SHOWED ON TUESDAY HEIGHTENING FEARS THAT THE TRADE HEIGHTENING FEARS THAT THE TRADE WAR WITH CHINA COULD BRING ON A WAR WITH CHINA COULD BRING ON A RECESSION. RECESSION. THE LAST TEAM OF PRESIDENTIAL THE LAST TEAM OF PRESIDENTIAL ECONOMIC ADVISERS WHO HAD TO ECONOMIC ADVISERS WHO HAD TO DEAL WITH THE EFFECTS OF A DEAL WITH THE EFFECTS OF A RECESSION IS THE OBAMA TEAM OF RECESSION IS THE OBAMA TEAM OF ECONOMIC ADVISERS WHO CAME INTO ECONOMIC ADVISERS WHO CAME INTO OFFICE FACING THE WORST OFFICE FACING THE WORST RECESSION SINCE THE GREAT RECESSION SINCE THE GREAT DEPRESSION OF THE 1930s. DEPRESSION OF THE 1930s. OUR FIRST GUEST TONIGHT, OUR FIRST GUEST TONIGHT, ECONOMICS PROFESSOR AUSTAN ECONOMICS PROFESSOR AUSTAN GOOLSBEE, WAS A MEMBER OF THE GOOLSBEE, WAS A MEMBER OF THE OBAMA CAMPAIGN TEAM OF ECONOMIC OBAMA CAMPAIGN TEAM OF ECONOMIC ADVISERS AND SERVED AS THE ADVISERS AND SERVED AS THE CHAIRMAN OF ECONOMIC ADVISERS CHAIRMAN OF ECONOMIC ADVISERS FOR PRESIDENT OBAMA. FOR PRESIDENT OBAMA. AUSTAN GOOLSBEE KNOWS WHAT AUSTAN GOOLSBEE KNOWS WHAT ECONOMIC CRISIS FEELS LIKE FROM ECONOMIC CRISIS FEELS LIKE FROM INSIDE THE WHITE HOUSE AND HE INSIDE THE WHITE HOUSE AND HE JOINS US TONIGHT WITH WHAT THE JOINS US TONIGHT WITH WHAT THE TRUMP WHITE HOUSE AND THE TRUMP WHITE HOUSE AND THE AMERICAN PUBLIC MIGHT EXPECT AMERICAN PUBLIC MIGHT EXPECT FROM THE TRUMP TRADE WAR AS IT FROM THE TRUMP TRADE WAR AS IT CONTINUES TO FAIL TO ACHIEVE ANY CONTINUES TO FAIL TO ACHIEVE ANY OF THE OBJECTIVES THAT PRESIDENT OF THE OBJECTIVES THAT PRESIDENT TRUMP HAD WHEN HE STARTED THIS TRUMP HAD WHEN HE STARTED THIS WAR. WAR. AUSTAN GOOLSBEE, THANK YOU VERY AUSTAN GOOLSBEE, THANK YOU VERY MUCH FOR JOINING US TONIGHT. MUCH FOR JOINING US TONIGHT. REALLY APPRECIATE IT. REALLY APPRECIATE IT.>>GREAT TO SEE YOU AGAIN.>>GREAT TO SEE YOU AGAIN.>>ARE YOU AT ALL SURPRISED WITH>>ARE YOU AT ALL SURPRISED WITH WHAT THE TRUMP TARIFFS HAVE WHAT THE TRUMP TARIFFS HAVE DELIVERED? DELIVERED?>>NO, OF COURSE NOT.>>NO, OF COURSE NOT. LOOK, WE HAD THE CONVERSATION LOOK, WE HAD THE CONVERSATION BACK TWO YEARS AGO WHEN BACK TWO YEARS AGO WHEN PRESIDENT TRUMP FIRST STARTED PRESIDENT TRUMP FIRST STARTED SAYING HE WAS GOING TO LAUNCH SAYING HE WAS GOING TO LAUNCH THIS TRADE WAR, AND I TOLD YOU THIS TRADE WAR, AND I TOLD YOU THESE TARIFFS IF HE DOES THEM THESE TARIFFS IF HE DOES THEM THEY’RE GOING TO PUT THE UM IN THEY’RE GOING TO PUT THE UM IN DUMB. DUMB. THERE IS THE BIGGEST TAX THERE IS THE BIGGEST TAX INCREASE ON THE MIDDLE CLASS, I INCREASE ON THE MIDDLE CLASS, I BELIEVE EVER IN U.S. HISTORY. BELIEVE EVER IN U.S. HISTORY. WE’RE GOING TO CHARGE MIDDLE WE’RE GOING TO CHARGE MIDDLE CLASS AMERICANS $1,000 EACH TO CLASS AMERICANS $1,000 EACH TO ENTERTAIN THIS FANTASY THAT ENTERTAIN THIS FANTASY THAT WE’RE ACHIEVING SOMETHING. WE’RE ACHIEVING SOMETHING. WE’RE NOT. WE’RE NOT. YOU DON’T GET THE CHINESE TO YOU DON’T GET THE CHINESE TO CHANGE THEIR BEHAVIOR BY CHANGE THEIR BEHAVIOR BY PUBLICLY HUMILIATING THEM AND PUBLICLY HUMILIATING THEM AND TRYING TO BULLY THEM. TRYING TO BULLY THEM. THAT DOESN’T WORK. THAT DOESN’T WORK. WE GOT THEM, FOR EXAMPLE, TO WE GOT THEM, FOR EXAMPLE, TO STOP DEVALUING THEIR CURRENCY. STOP DEVALUING THEIR CURRENCY. AND THE WAY WE DID THAT IS WE AND THE WAY WE DID THAT IS WE GOT ALL OUR ALLIES ON SAME PAGE GOT ALL OUR ALLIES ON SAME PAGE AND THEN WE WENT WITH SPECIFIC AND THEN WE WENT WITH SPECIFIC STRATEGIC DEMANDS. STRATEGIC DEMANDS. WE SAID, LOOK, YOU NEED TO WE SAID, LOOK, YOU NEED TO CHANGE YOUR CURRENCY DEVALUATION CHANGE YOUR CURRENCY DEVALUATION BEHAVIOR IN THIS WAY AND IF YOU BEHAVIOR IN THIS WAY AND IF YOU DON’T, WE WILL REACT IN THE DON’T, WE WILL REACT IN THE FOLLOWING WAY, AND THAT GOT THEM FOLLOWING WAY, AND THAT GOT THEM TO CHANGE THEIR BEHAVIOR. TO CHANGE THEIR BEHAVIOR. DONALD TRUMP HAS NOT MADE ANY DONALD TRUMP HAS NOT MADE ANY SPECIFIC DEMANDS. SPECIFIC DEMANDS. HE THINKS THAT THIS IS WORKING. HE THINKS THAT THIS IS WORKING. HE THINKS THIS IS ACTUALLY GOOD. HE THINKS THIS IS ACTUALLY GOOD. AND AS YOU POINTED OUT, AND AS YOU POINTED OUT, MANUFACTURING STARTING TO MANUFACTURING STARTING TO CONTRACT. CONTRACT. THE UNIVERSITY OF MICHIGAN THE UNIVERSITY OF MICHIGAN CONSUMER CONFIDENCE NUMBERS CAME CONSUMER CONFIDENCE NUMBERS CAME OUT. OUT. I BELIEVE IT WAS THE BIGGEST I BELIEVE IT WAS THE BIGGEST DROP IN CONSUMER CONFIDENCE IN DROP IN CONSUMER CONFIDENCE IN SIX YEARS. SIX YEARS. AND THERE ARE STRONG POINTS IN AND THERE ARE STRONG POINTS IN THE ECONOMY. THE ECONOMY. THERE’S NO QUESTION. THERE’S NO QUESTION. BUT IF WE KEEP ESCALATING THIS BUT IF WE KEEP ESCALATING THIS TRADE WAR AS THIS WEEK WE HAD A TRADE WAR AS THIS WEEK WE HAD A MAJOR ESCALATION, WE’RE GOING TO MAJOR ESCALATION, WE’RE GOING TO GET A RECESSION. GET A RECESSION. I DON’T THINK THERE’S ANY DOUBT I DON’T THINK THERE’S ANY DOUBT ABOUT THAT. ABOUT THAT.>>YOU HAVE SERVED AS AN>>YOU HAVE SERVED AS AN ECONOMIC ADVISER ON A VERY ECONOMIC ADVISER ON A VERY SUCCESSFUL PRESIDENTIAL SUCCESSFUL PRESIDENTIAL CAMPAIGN, THE OBAMA PRESIDENTIAL CAMPAIGN, THE OBAMA PRESIDENTIAL CAMPAIGN. CAMPAIGN. IF YOU WERE ADVISING A IF YOU WERE ADVISING A PRESIDENTIAL CAMPAIGN NOW, A PRESIDENTIAL CAMPAIGN NOW, A DEMOCRATIC PRESIDENTIAL DEMOCRATIC PRESIDENTIAL CAMPAIGN, WHAT WOULD YOU SAY CAMPAIGN, WHAT WOULD YOU SAY ABOUT HOW THEY SHOULD HANDLE THE ABOUT HOW THEY SHOULD HANDLE THE TRUMP TRADE WAR? TRUMP TRADE WAR? SO FAR WHAT I SEEM TO BE SO FAR WHAT I SEEM TO BE WATCHING ARE THATE DEMOCRATS KIN WATCHING ARE THATE DEMOCRATS KIN OF SITTING BACK AND LETTING OF SITTING BACK AND LETTING DONALD TRUMP HAVE A LONGER AND DONALD TRUMP HAVE A LONGER AND LONGER LEASH ON THIS, AND THE LONGER LEASH ON THIS, AND THE REAL DEBATE ON THIS SEEMS TO BE REAL DEBATE ON THIS SEEMS TO BE WAITING FOR NEXT YEAR. WAITING FOR NEXT YEAR.>>THAT MIGHT BE TRUE.>>THAT MIGHT BE TRUE. I’VE TALKED — I KNOW BETO I’VE TALKED — I KNOW BETO O’ROURKE A LITTLE BIT, AND HE O’ROURKE A LITTLE BIT, AND HE CAME OUT WITH A PRETTY CAME OUT WITH A PRETTY COMPREHENSIVE TRADE PLAN THAT COMPREHENSIVE TRADE PLAN THAT STARTED WITH GET RID OF THE STARTED WITH GET RID OF THE TRUMP TARIFFS. TRUMP TARIFFS. THIS IS SELF-DEFEATING. THIS IS SELF-DEFEATING. IT’S DOING THE OPPOSITE OF WHAT IT’S DOING THE OPPOSITE OF WHAT THEY WERE INTENDED. THEY WERE INTENDED. AND THEN IT WENT THROUGH A LOT AND THEN IT WENT THROUGH A LOT OF — A LOT MORE DETAIL ON TRADE OF — A LOT MORE DETAIL ON TRADE POLICY. POLICY. I THINK YOU’RE RIGHT, OVER THE I THINK YOU’RE RIGHT, OVER THE NEXT YEAR WE’LL PROBABLY SEE NEXT YEAR WE’LL PROBABLY SEE MORE ABOUT IT, BUT I THINK THE MORE ABOUT IT, BUT I THINK THE IMPACT OF THE TARIFFS IN THE IMPACT OF THE TARIFFS IN THE SHORT RUN IS JUST A TAX INCREASE SHORT RUN IS JUST A TAX INCREASE ON ORDINARY AMERICANS. ON ORDINARY AMERICANS. OVER THE MEDIUM AND LONGER RUN, OVER THE MEDIUM AND LONGER RUN, WE GET THE RETRIBUTION AND WE GET THE RETRIBUTION AND BLOWBACK THAT THE CHINESE BOTH BLOWBACK THAT THE CHINESE BOTH STOP BUYING AMERICAN AGRICULTURE STOP BUYING AMERICAN AGRICULTURE PRODUCTS, STOP BUYING A BUNCH OF PRODUCTS, STOP BUYING A BUNCH OF THE STUFF THAT WE SELL, AND THE STUFF THAT WE SELL, AND IMPORTANTLY, THEY LOWER THE IMPORTANTLY, THEY LOWER THE TARIFFS ON OUR COMPETITOR TARIFFS ON OUR COMPETITOR NATIONS. NATIONS. SO THEY’RE DOING THE DOUBLE SO THEY’RE DOING THE DOUBLE WHAMMY. WHAMMY. AND IT’S JUST — THIS ISN’T AND IT’S JUST — THIS ISN’T THOUGHT THROUGH. THOUGHT THROUGH. IF THAT WEREN’T OBVIOUS ENOUGH, IF THAT WEREN’T OBVIOUS ENOUGH, JUST LOOK AT WHAT THE PRESIDENT JUST LOOK AT WHAT THE PRESIDENT IS SAYING. IS SAYING. HE’S VARYING BACK AND FORTH HE’S VARYING BACK AND FORTH BETWEEN THIS IS A GREAT IDEA AND BETWEEN THIS IS A GREAT IDEA AND EASY TO WIN AND TURNING AROUND EASY TO WIN AND TURNING AROUND AND SAYING, AND, ACTUALLY, WE’RE AND SAYING, AND, ACTUALLY, WE’RE GOING TO THROW 10, 20, $40 GOING TO THROW 10, 20, $40 BILLION OF RELIEF BECAUSE IN OUR BILLION OF RELIEF BECAUSE IN OUR HEARTS WE KNOW WE’RE HURTING HEARTS WE KNOW WE’RE HURTING YOU. YOU.>>THE LAST WORD I QUOTED FROM>>THE LAST WORD I QUOTED FROM “THE NEW YORK TIMES” BEFORE “THE NEW YORK TIMES” BEFORE TURNING TO YOUR INTRODUCTION WAS TURNING TO YOUR INTRODUCTION WAS THE WORD “RECESSION.” THE WORD “RECESSION.” IS THAT — IS THAT WHERE THIS IS IS THAT — IS THAT WHERE THIS IS HEADED? HEADED?>>I THINK IT IS WHERE THIS IS>>I THINK IT IS WHERE THIS IS HEADED. HEADED. LOOK, FOR THE MOST PART THE LOOK, FOR THE MOST PART THE IMPORTS AND EXPORTS AREN’T THAT IMPORTS AND EXPORTS AREN’T THAT BIG A SHARE OF THE U.S. ECONOMY, BIG A SHARE OF THE U.S. ECONOMY, SO AT FIRST GLANCE YOU SAY HOW SO AT FIRST GLANCE YOU SAY HOW COULD IT LEAD TO RECESSION IF COULD IT LEAD TO RECESSION IF TRADE ISN’T THAT BIG OF A SHARE TRADE ISN’T THAT BIG OF A SHARE AND CHINA ISN’T THAT BIG OF A AND CHINA ISN’T THAT BIG OF A SHARE OF OUR TRADE? SHARE OF OUR TRADE? BUT THE ANSWERS ARE, NUMBER ONE, BUT THE ANSWERS ARE, NUMBER ONE, IT KEEPS ESCALATING. IT KEEPS ESCALATING. NUMBER TWO, THESE ARE THE TWO NUMBER TWO, THESE ARE THE TWO BIGGEST ECONOMIES IN THE WORLD BIGGEST ECONOMIES IN THE WORLD NOW THROWING HAYMAKERS AT EACH NOW THROWING HAYMAKERS AT EACH OTHER. OTHER. AND NUMBER THREE, WE’RE APPLYING AND NUMBER THREE, WE’RE APPLYING TARIFFS — ALL TARIFFS ARE TARIFFS — ALL TARIFFS ARE TERRIBLE, BUT THE WORST TARIFFS TERRIBLE, BUT THE WORST TARIFFS OF ALL ARE TARIFFS ON THINGS OF ALL ARE TARIFFS ON THINGS THAT ARE SUPPLIES TO YOUR OWN THAT ARE SUPPLIES TO YOUR OWN MANUFACTURED PRODUCTS. MANUFACTURED PRODUCTS. AND NOW WE’RE RAMPING UP THE AND NOW WE’RE RAMPING UP THE TARIFFS ON STEEL, ON ALUMINUM, TARIFFS ON STEEL, ON ALUMINUM, ON THE STUFF U.S. MANUFACTURERS ON THE STUFF U.S. MANUFACTURERS NEED TO PRODUCE THEIR OWN NEED TO PRODUCE THEIR OWN PRODUCTS. PRODUCTS. SO WE’RE JUST DOUBLY SHOOTING SO WE’RE JUST DOUBLY SHOOTING OURSELVES IN THE FOOT. OURSELVES IN THE FOOT. I REALLY DON’T UNDERSTAND WHY HE I REALLY DON’T UNDERSTAND WHY HE KEEPS PRESSING. KEEPS PRESSING. THE ECONOMY HAS BEEN THE THE ECONOMY HAS BEEN THE STRONGEST THING HE HAD GOING FOR STRONGEST THING HE HAD GOING FOR HIM IN THE POLLS, AS YOU KNOW. HIM IN THE POLLS, AS YOU KNOW. AND THAT IS CLEARLY STARTING TO AND THAT IS CLEARLY STARTING TO WEAKEN, AND I THINK RECESSION IF WEAKEN, AND I THINK RECESSION IF WE KEEP GOING THIS WAY, WE KEEP GOING THIS WAY, RECESSION IS ABSOLUTELY WHAT’S RECESSION IS ABSOLUTELY WHAT’S GOING TO HAPPEN.

100 Comments

  • George Beck

    Mantis won’t turn in his buddies for lying to Congress about known weapons in Iraq.
    Proof did not exist as promised by Powell.

  • P4OUR

    Maybe because HE "has" money… if that is really possible at this point? I mean… he more than likely owes it all to someone, some way or another, but right now, he has our taxes to vacation & live his life of luxury!
    HE DOES NOT FEEL THE DIFFERENCE BECAUSE HE TRAVELS "ON OUR MONEY!"
    HE VACATIONS "ON OUR MONEY!"
    HE GOLFS "ON OUR MONEY!"
    When will you stupid Republicans realize that he feels none of this pain because he uses "OUR MONEY!"

    His name is AMERICA!
    He makes "AMERICA" rich!
    He is making "AMERICA" great again, from all his failures, bankruptcies, stiffing his workers, laborers, etc.
    He calls himself "AMERICA" and just like Native & Indigenous people, WE NEED TO GET OUR NAME BACK FROM UNDESERVING WHITE PEOPLE & RESERVE IT FOR ONES THAT DO!
    Plenty of whites deserve it & you could call them NO OTHER NATIONALITY, BUT DOTARD IS NOT ONE OF THEM!

  • ACK Preacher

    Wonder how Trump likes eating crow — Candidate Trump said trade wars were easy to win — That he beats China all the time on deals — He told us about how he wrote The Art of The Deal — That China is killing us on trade because we have bad negotiators working for America — He said we shouldnt be wining and dining China since they have been ripping us off for decades — He would get them take out McDonalds and get right back to the negotiating table — Well Mr Trump — have you tried feeding them some Happy Meals so you can get this deal done ??? Trump is so desperate that he once chastised China for devaluing their currency — Now he wants to devalue the dollar —

  • Michael Young

    Rich people don’t buy China goods. Only the mid and low income does. Cut tax for the rich and have the mid and low income pay for it.

  • w23857980

    If Trump wants to bring back manufacturing jobs, he has to allow more foreign workers into the US and who would want to work for $1 per hour.

  • James Koh

    I don't really understand how a man like Trump can become POTUS. It is so obvious he is deficient in his understanding a lot of basic stuff…let alone important things. His knowledge is not only shallow, but twisted, to the extent that other G7 members were ignoring him in their last meeting. He is also a crook, a liar, a molester, a cheat, a money launderer, a failure in business, etc. How and why did America choose him?

  • Michael Ward

    Now I have a serious question, A SERIOUS QUESTION??. White people, what if this President was Black? What do you think would have happened by now?? Be Honest???. This is why I have a horrible dislike to white people. Dam shame!!!!

  • May day

    The Democrats are hoping for a recession, because if not President Trump is Guaranteed another term. That's what all this BS is all about.

  • China Expat

    Media is lying their arses off. Before Trump took office China maitained 22-25% tariffs on US goods sold in China (even goods made in China had to be shipped out and shipped back in to get slapped with those tariffs) in addition China slapped a luxury goods tax on foreign made goods (they called it a luxury tax and only applied it to foreign goods). China made goods sold in the US were only taxed at 2%. I'll give you an example, Lee jeans, Wrangler and Levis sell for 100-140$. Foreign companies were allowed to do business in China on the condition that they turned over their IP, that IP was used created Chinese copycats and then the American companies were then kicked out. China stole our companies' IP through hacking then undercut them and drove them out of business. This was all part of the Communists Party economic war against the west.
    Bush Jr. said trade with China was a problem but failed to do anything
    Obama said this was a problem but failed to do anything
    But you're blaming this on Trump???
    We lose 400billion a year in trade to China each year. We lose 600billion a year in stolen IP each year. Report that you lying POSs. Trade with China needs to end, period. the trade gap got smaller under Trump for the first time.
    I HATE TRUMP BUT WOULD NOT ONLY VOTE FOR HIM BUT WOULD ALSO CAMPAIGN FOR HIM BECAUSE HE IS THE ONLY ONE WHO HAS THE BALLS TO DEAL WITH CHINA.

  • elijah mikle

    Oh there's going to be a recession. That literally a function of capitalism the pro capitalist don't like talking about, and even pretend doesn't happen. The real question is how bad is it going to be.

  • willi0000000

    Lawrence, you should have asked Austin "what's the one thing a president can do to help russia? . . . taxes on imported raw materials!

  • Just Human

    America,  stop blaming the rest of the world and god for trump in the white house. A con man can only con people who are greedy, stupid or vulnerable to the con. Your karma America,  pay for it.

  • Just Human

    The US Congress is sleeping on the job. Maybe, they have also sold their souls to the devil.

    This country is fast tracking on the way to disastrous moral and ethical suicide.

    No one, in the legislative branch has woken up to this murderous,  300 lb Orangutan. Trump is actually murdering all the values and laws that America enforces on itself and around the world.

    People are right when they say, everything trump touches, dies! Trump has killed America from within. Congratulations to the mentally deficient military, who just stood and watched. Did not lift a finget to protect the country they took an oath to serve!

  • Mette Jakobsen

    How will you use the money, thad you get from the new tax on chinese goods. You could give the money back to the poor farmers etc.

  • Alan G

    China is applying an embargo on agricultural products from mostly red states. Everybody will pay an extra $1000 a year for stuff, but trump voters are applying for handouts in record numbers. I guess trump has convinced the gullible that they are not doing worse, and that it was worse under obama. Otherwise, they would have to be very very dumb.

  • mikedoesseo

    It wouldn't surprise me if this fake tough guy actor was actually a right winger behind the scenes. Even if he is a Neo Communist…………..nobody is scared of you, you miscreant.

  • Rahmat Mokoginta

    China sold everything while the US limited the goods that China needed , of course trade was not balanced.

    It is not possible for the Chinese peoples to be forced to eat more pork , chicken feet , soybeans , wheat , and everything like that .

    America needs to open the opportunity for China to buy the goods they need so the trade between them would be balanced even if it might be a surplus for America , for example nuclear reactors and other high-tech products . . .

  • Lindalee Law

    Trump the businessman, is used to saying " do it". He wants money and results,so the rest of us,are collateral damage .
    WHY Trump has to go.
    Perhaps, with a President, new rules: how to simply fire the President. HOW can we continue to allow this? Should we ? He's dumber then a,rock.

  • Moe

    Had Trump done what Obama did, and got all the western nations to cooperate this war would already be over. All he had to do was have all the member nations put a carbon tax on Chinese goods with a coherent plan and time line for the Chinese to come up to Western environmental standards. The absence of environmental policy in China is a big part of why they can produce things so much cheaper. Forcing them up to our standards would have both mitigated the trade deficit AND help slow global warming. Instead Dumpty pulls out of the Paris accord, alienates every (former) ally and tries to bully the Chinese. Bully tactics are stupid, ineffectual and are having the opposite effect the imbecile wanted.

  • Sam Dill

    American Politicians paid American Companies to leave America. Who benefits? The DISASTER is UNPATRIOTIC American Politicians Fking Middle-Class America! The Rothschild Central Bank (Federal Reserve) controls America's Economy! Tariff's do work!

  • evil Duck

    not one country is gonna help tRump, if they do and tRump has half a chance to stab that country in the back.. He'll do it
    Nobody trusts that fool…

  • Rocky Colavito

    When the trade war ends the Dow will blow through 30,000. Liberals just aren’t smart enough to figure this out.
    Impeach Trump why?
    Because idiots like this moron don’t like him. These hosts are paid puppets for the democrats.
    Strong economy
    Booming stock market
    Jobs jobs jobs
    Wages going up
    Low unemployment
    More blacks are working now than ever
    More Latinos are working now than ever
    More women more asians are working now than ever.
    Tax cuts
    Trade war wins
    These ridiculous hosts must bash Trump to keep their jobs.
    When Trump wins re election hopefully shows that lie and deceive their viewers go away.
    You have to be crazy if you believe anything these kooks say. They are paid puppets for people like you.
    This country is booming. Morons

  • End-Gamer

    I'm calling it know, sometime over the next 30 days, Drumph is going to have a mental breakdown and flip out on TV and start crying, he is already losing it.

  • Wo0dy Woodstock

    @LO'D
    Best advice for the Dems still comes from James Carville's 1992 analysis on behalf of Bubba's reelection, "It's the Economy, stupid."
    That's on a par with Deng Xiaopeng's: "It's glorious to be rich" when he opened China up to Western businesses.
    Thank God 2020 is Coming!!!
    Wo0dy

  • Bernie DIAPER SANDERS Lukso

    Trade war to end Chinese Imperialism. Everything is made in China taking away jobs from Americans. Who are you trying to fool Lawrence?

  • Mr . Unknown

    Really who still listens to Larry odonell admitting his fake news story he made up on Trump the other night . Liberals and there delusions they know they cannot stop President Trump liberals are in full desperation mode grasping at straws . There ratings are in the toilet no credibility . Liberals are delusional and they know they cannot stop the Trump train they have tried everything they cannot do it and its sinking in 4 more years of President Trump as liberals implode ! Trump 2020

  • Bobby Nelson

    If about 25 million Democrat pigs commit suicide. It will be our NEW GREEN DEAL… !! When they put a gun in their mouths, and pull the trigger. Just make sure it's a family plan. !! Bang, Bang, Bang .. Splat, Splat, Splat.

  • Todd Theisen

    Recessions are not unusual or even particularly damaging to an economy, it makes pundits look silly when they insist on hyperbole on a routine economic aspect

  • Ras Kai

    Trump has never been a business man…He had everything at his disposal to be a con man. He's just angry he's too old and those blue pills he uses for the young pretty ladies has turned him gaga…senile…he will be better off in mental health facility than in the oval office. What he has done will affect the world economy for years to come….

  • Edward Jacko

    You people need to take your heads out of your a—s. Start to read the REAL NEWS and stop listing to your stupid friends. Biggest thing here is COULD. We all know what an opinion is.
    Wake up and get real. We have never had a better economy. Ever. FMR. Obama Economic advisor buried us. He thinks thats where it is headed "recession" Maybe for you Democrats. Enjoy.

  • lisa robinson

    When will SOMEONE do something Ms. Pelosi? Someone?? Anyone??? The world's just going to fall into ruin BECAUSE of the free world??

  • Mighty Mystery

    Both parties fought getting Ross Perot into the White House because he was rich and nobody could control him (meaning, he has integrity and could not be bought, and he was intent on using sense to break the political gridlock). Yet this Donald got picked because supposedly he could not be bought, but his entire tenure has been based on grabbing money, because he loses so much from absolute incompetence.
    Anyone who is familiar with the merger era of the 1980's and 1990's can see what he is doing. During that time, new graduates were pushing new ideas on business, to play games with perceptions, playing with employee benefits to make profits seem higher. This was not real profit, so eventually, stock fell again. If they announced a merger, stock climbed. Afterward, they laid off, to raise it again. These were not productivity decisions, so all they were good for was short term stock increases and excuses for officers to get bonuses.
    The biggest trick, if we remember, was to create so many convolutions in company finances that, if anyone else took over, he would be so embroiled in putting out those fires that he could not actually upgrade the company. This was the infamous "poison pill" of the corporate world.

    Now, when we have someone alienating our nearest neighbors, alienating our allies, disrupting existing trade, eliminating market access, frightening away new market options, or driving old partners to enter agreements with new markets before we can, what we get is shut out and isolated as our own economy plummets. Donald, who never got stopped by his sycophants, who always could get investors for new projects before old ones failed, thinks he can do that here. And, as on the past, he would sell his old project for someone else to lose, while he skimmed from the new one.
    He is destroying the US economy and the US place on the world, so nobody can sustain it, as he escapes to Korea or Russia, to live like a king.
    Anyone familiar with business as it was run when he started his career, knows he is using those methods, and knows how this will end. Get him out!

  • marcia greene

    I buy a simple little item regularly. It's made in China. It's gone from $12 to $19 in the past year. The TRUMPTY-DUMBTY effect.

  • Donald Smith

    Here is PRO COMMUNIST NAZI CHINA SATAN and the NEW WORLD ORDER and FAKE REPORTER Lawrence ODonnel Working for the PRO COMMUNIST NAZI CHINA SATAN and the NEW WORLD ORDER MSNBC Part of the PRO COMMUNIST NAZI CHINA SATAN and the NEW WORLD ORDER Main Stream FAKE NEWS MEDIA!!!

  • Kenny Taylor

    Has anybody ever thought that since Donald Trump gave all that money to his rich donars, the government is short on cash? And, this trade war thing is his idea of getting funds without accepting responsibility for his mistake?

    The trade wars happened just after he gave a tax cut to the rich and their corporations.

  • David Watson

    On average we have a recession every 10 years. Its not the end of our country its part of the markets dynamics. Stop scaring these young liberals who haven't matured into conservatives YET.

  • kyle bolender

    Why can’t we send planes full of money to China too?? Obama did it to Iran!! We should send it to the rest of the liberal socialist communist democrat countries, god know Venezuela needs it, Cuba needs it, they have already spent everybodies money and are starving! Tax the middle class. We cant have a liberal socialist communist democrat utopia with a strong middle class.

  • Kia Rainey

    I appreciate how MSNBC news programs have taken demonstrating good journalism practice as a point of pride. The shows are critical, information based (I can independently verify facts at multiple and/or true sources), and guests are specifically qualified and credentialed to speak to segments in which they're featured. Do you all feel disappointed that the media conglomerate chief execs are not doing more (anything) to defend journalism against this assault from Trump?

  • ideaquest

    Trump will bring recession to US. “Trade wars are good, and easy to win.” The casualties are farmers first and all Americans soon. Americans will pay $1,000 in taxes per year. Meanwhile these taxes go to Trump’s Administration. This looks like a con job.

  • Carolyn's RV Life

    *sigh.. every republican administration screws up the economy so bad.. and then dems have to come in and fix it.. and them republicans take credit for it.. Amazing world we live in.

  • Diane Wilkins

    He does not care. He’ll never get it because he’s never had to work multiple jobs that he hates just to make ends meet.

  • One Punch

    TRE45ON is proud of starting (his words, not mine) this trade "war".
    Is he not already guilty of (trade) war crimes?
    Impeachment NOW!

  • Thomas Van Horne

    the chinese hoard aluimiunm. And they over price and prouduce steel. Or should i say onder price. I'm still a 36 percenter!

  • Lea-Halsey Tracey

    I am truly ashamed to call the most ostenacious, pompous, ignorant, and pathological liar my President. Is there not one of his cabinet members who will stand up & speak the truth of this unintelligible man? I guess all his concern is what Putin reimburses him for the "job well done" & Watch Melania run as fast as she can when her "job" is done with Trump. If you watch her body language & facial expressions she's disgusted to be with this man. This will go down in the history books as the biggest joke ever played by the Leader of the Free World. How can anyone stand behind his nonsense with a straight face. Isn't there a course he could take on how to use more than 15-20 5th grade words? I'm sending a Thesaurus, and I'm signing it with my real name. I'm anxious to see what, if any response I receive from my gift. I'll be surprised if he even knows what one is. The genius IQ of 145 was one of the most laughable statements to ever cross his lips. I almost want to say with all honesty; the man is in the early stages of Dementia. But, by God you had better agree with ALL his crap or you might go in front of a firing squad LOL..Honestly though IF he is voted in for a 2nd term I'm moving to another country.

  • Wilhelm Sarasalo

    Depends on how you measure the size of economies. EU is not that small either. If you count expensive health insurance and education in the US for GDP, then numbers might be bigger, but it is not apples to apples.

  • Bay Area Consult

    So when the republican mafia and the sleepy démocrates will act !!!!!!! Can anyone stop trump humiliating the entire American nation !!!!!!!!!!!! Enough is enough

  • rex gressett

    Odonald is an intellectual midget. He is so fixated on his blinding hatred he is missing the greatest story of the 21st century.
    the Chinese totalitarian state is on the run. strong American leadership for the first time in decades is changing the world and little Lawrence and his shills are shell shocked. This is a firehose of shameless misinformation. Get your head out of the MSNBC toilet

  • Richard Greenwood

    Trump conversion
    to Judaism and his broken promise about 9/11
    On 15 February 2016, speaking to a wildly enthusiastic crowd in Bluffton, South
    Caroline, he promised that he would find out — and inform the American public
    — "who really knocked down the World Trade Centre.
    It looks that when it was clear to Trump who was really involved in that ‘controlled
    demolition inside job’ he just kept quiet because he didn’t want to upset his
    boss Netanyahu and the fact that TRUMP CONVERTED TO JUDAISM in 2017, as stated
    by now ‘suicided’ David Goldberg, makes it abundantly clear that Trump is never
    going to disclose who really was behind 9/11.
    For more details on Trump’s conversion to Judaism and keeping it secret from the
    American public look at
    TRUTH VS. NEWS, INC.: Aug 26, 2019 Part 1
    NEXUS STRATEGIC ANALYTICS  –  Published on Aug 30, 2019
    https://www.youtube.com/watch?v=T-ZeVQj5BmQ&feature=em-uploademail

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