into the discussion about trade, an issue that has been a very long time campaign issue and one that he has brought to the white house. this is going to be a big week for this. kelly o donnell, we ll see you again later. thank you so much. joining me right now, betsy woodruff and josh barrows. big welcome to you both. betsy, you heard kelly say, we just don t know. what are you hearing on the issue of where tariffs stand right now? the big issue of what happens next is whether or not the ultimate new policy has any carve outs for american allies. some of the countries we re most closely a lillied with are if te tariffs equitably go to all of the countries.
with that tweet that kelly just read. he s treating the european union like it s some sort of adversary. we would think we wouldn t punish people who we cooperate with every day but this is president trump and anything goes. all bets are off. okay, josh. i know that you ve written about how the president s tariff proposal will hurt the manufacturing industry, even though the president says, no, it s actually going to protect them. talk about that. why is that? so it will protect certain jobs directly in steel and aluminum manufacturing. it will allow american manufacturers to charge higher prices for those products. the initial effect will be that they raise prices because it takes a long time to increase the capacity of your steel mill ramp up, hire more people. at first you have the benefit that your competitors in other countries, they re subject to this tax so you can raise your price. in the long run you could get some job creation in places like
to be a very real thing. so, josh, even if it was a joke, is there an heir of real responsibility by saying these things? sure. there is in much of this administration. i think to betsy s point, i do think the president was joking here about himself. i don t think he was joking about xi and this goes to the way that he s interacted with vladimir putin and a number of other strong men figures around the world where i do think that he envies and admires their style of leadership. i think he envies the way that they don t have to listen so much to their critics the way he has to do it here. this is a president who can t fire his own attorney general whom he hates. he is not anywhere close to moving in the sort of direction. he doesn t have the ability that xi does. i think it would be a nightmare for donald trump to have to be president for the rest of his life given the way that the presidency has treated him so far. so i think there s a part of him inside that would like to be like
i m clean on advise. i think always challenges. you know, a lot of people in the market said, oh, definitely a rate hike in september. we need to be at a normalized level and i talked about before the u.s. economy looks fairly good right now. relative to the rest of the world. i was never in the camp that it was absolutely a go in september. i think now, again, with the uncertainty, the biggest, biggest enemy of markets is uncertainty. bar none. if things are bad, they want to know what it s going on the and how bad and they ll find a way to deal with it. so i think that the issue around china right now is uncertainty and the issue of the federal reserve and interest rates is how much s that uncertainty to play into the u.s. market and what happens is we don t want to see the financial markets impact real markets when business leaders say i m worried and maybe putting off that hiring or not build that plant. right. that s when it starts to impact us and the federal reserve gets con
here. josh barro your final thoughts as we see the market inch by inch minute bial minute up a little more. as the talks happen with china it is important to keep in mind so much talks about china as a competitor for the u.s. this is an area where is china is good for china that will be good for us. that will have the best possible ripple effects for the region. that is not us versus them. this is us hoping they do what s good for them because that s good for everyone. five minutes from the closing bell. thanks to each of you for being was on this busy hour. we are minutes from the close. we ll be right back with that final check of the numbers. ugh!! no one burns on my watch! try alka-seltzer heartburn reliefchews. they work fast and don t taste chalky. mmm.amazing. i have heartburn. alka-seltzer heartburn reliefchews. enjoy the relief.