billion consumer goods. that doubly hits his base in middle america, if you think about it, because we know farming is being adversely affected. that s why all the billions of dollars we re collecting in tariffs are being socialized, are being pushed back to farmers right now. what comes next? this is what you have to think about. if we do have these consumer tariffs are there going to be tax cuts for individuals? do they need a bailout? does that come next? i think these are important issues to focus on as we go into the election. the reason why they haven t seen a consumer issue yet is because china is devaluing its currency. that has brought prices down. that has spared the consumer. rufus, put your chinese hat on. let s say your china s trade rep. how did you see the president s decision yesterday? it should have been a very vulnerable day for china when you look at hong kong and how
news. markets have opened one minute ago and they re already down 433 points, wiping out yesterday s massive rally. that rally came, of course, because the president announced delaying the next round of chinese tariffs. well, that rally is clearly short-lif short-lived. this morning on cnbc, secretary wilbur ross weighed in on the president s decision. nobody wants to take any chance of disrupting the christmas season. so you re saying we didn t extract anything from china to do this. there was no quid pro quo. there was no quid pro quo. this was a decision made to do what we decided to do, namely just be a little extra protected. no quid pro quo. translation, the president bid against himself. i have the perfect guest to talk this over, rufus yerska. he s the president of the