Hoping Trump's tariff strategy works... whatever it is (04-03-2025--Hour3)

[00:00:04] What's going on? Thank you so much for listening to this podcast. It is heard live every day from noon to 3 on WBT Radio in Charlotte. And if you want exclusive content like invitations to events, the weekly live stream, my daily show prep with all the links, become a patron, go to thepetekalendershow.com. Make sure you hit the subscribe button, get every episode for free, right to your smartphone or tablet. And again, thank you so much for your support.

[00:00:29] Liberation Day, as Donald Trump called it yesterday. Not a fan. I'm not a fan. I've never been a fan of protectionism. That's me. You don't have to agree with me. But it's the consistent position that I have had. That doesn't mean I support the trade deals that we have signed with other countries. I don't like the deal with China. I don't believe that that's fair trade at all.

[00:00:55] That they've got, you know, slave labor and child labor and all of that. I think like we should not be encouraging that kind of behavior through trade. Now, if there's some sort of a larger play that Trump is making here, I don't know what it is. He did not tell me, which is pretty par for the course. He doesn't consult me on this stuff. So I don't know. So all I can do is just like you watch, wait,

[00:01:24] pray that this is going to be beneficial. But I'm very concerned because tariffs historically end up costing us. We, the consumers, right? So that's my concern. Maybe all of this works out totally awesome.

[00:01:43] And everybody has a new paradigm that we're operating under. Maybe there's a new world order. I don't want to use that term, but maybe there's some sort of, you know, a new, I don't know, battle map on this stuff.

[00:01:58] And okay, we shall see. But short term, very concerning. And as James Antle writes over at the Washington Examiner, which is on the right, that Trump is betting his presidency on this. So he's got a lot riding on this, as do all of the Republicans in Congress, all of the Republicans at the state and local levels.

[00:02:25] Everybody is going to get nailed with this. If this if this does not go well in the next 18 months, Republicans are screwed. Okay, that's that's the concern among the Republican Party. That's why you're seeing, for example, just saw this Republican Senator Chuck Grassley, along with Democrat Senator Maria Cantwell, have introduced legislation that would require tariffs to be approved by Congress within 60 days or the tariffs expire.

[00:02:56] You know, the other part of this here is that Donald Trump, as president, does not have constitutional authority to be enacting these kinds of tariffs. This stuff comes from the Congress. It's supposed to come from Congress. It's supposed to originate in the House.

[00:03:16] And that's why the Canadian tariff issue that Rand Paul and who else? Mitch McConnell, I think, signed on to is like a couple Republicans. And they got this thing passed through the Senate last night to repeal the. It was just a resolution saying they want the Canadian tariffs repealed.

[00:03:38] The House is probably not going to touch it. But the argument is sound, which is this is not the constitutional purview of the president. And the and what he's using is an emergency declaration in order to do this. And I disagree with that. I did not elect a ruler. I didn't vote for a ruler. I don't want one guy doing stuff like this. The Constitution lays out the framework for this stuff.

[00:04:09] I don't. So I don't know if he has the authority to even do some of this stuff. I don't know. And. I don't know if Congress is going to push back on it. I don't know. There's a lot of this stuff. I don't know. Like I said, I'm just like you. I'm sitting here watching it all, too. I'm no expert on these things. So Jim's James Antle. The third elect writes this in the Washington Examiner elected in large part due to voter dissatisfaction over high prices.

[00:04:38] Trump is imposing reciprocal tariffs on allies and adversaries alike. This includes a 10 percent minimum tariff on all imports. Many 2024 voters hoped that Trump would restore the pre-pandemic economy, during which both unemployment and inflation were low and the stock market hummed along. An economic downturn caused primarily by COVID-19 lockdowns brought the Trump boom to a halt and cost him the 2020 election.

[00:05:07] Four years later, Trump was no longer held as responsible for the business closures. Trump is operating under the theory that the U.S. structural trade deficit is less a product of market forces than the mercantilist practices of our trading partners. Allies and rivals erect trade barriers, subsidize their industries,

[00:05:34] and manipulate their currencies to improve their share of the global marketplace. Many and some of that is true, by the way. Right. That is like there are countries that do those things. Absolutely. Many of these countries are more dependent on access to U.S. markets than the other way around.

[00:05:55] Trump and his advisors believe that gives Washington the leverage to get foreign countries to tear down their trade barriers or relocate production to America to avoid the tariffs. Okay. That's according to Antle. That's their thinking here. If successful, the tariffs might lead to more jobs and production domestically.

[00:06:18] They could also be short-lived if foreign governments respond as Trump envisions. But even he concedes there will be short-term pain during the transition. A spike in inflation or a recession could prove costly to Trump and Republicans. The tariffs are being implemented 19 months before the midterm elections and long before the 2028 presidential election.

[00:06:46] So that would give the economy time to recover or for Trump to course correct if the tariffs do not work as he intends they do. Right. So there is a bit of a time cushion to see what the response is going to be, to see how this is all going to work. And you've got, you know, some countries have reached out saying they want to renegotiate or negotiate the tariffs and the trade deals and stuff to do a lot of one-on-one deals.

[00:07:17] And that would be a good thing. Right. I would applaud that if this, if Trump is able to extract these kinds of concessions through this, and I think it was Bob on the email. Yeah. Who said chaos is a negotiating strategy. Right. And we've seen this so many times, right? Trump throws out some crazy things. It's in the art of the deal. He talks about it. So it's like you just, you come in, you disrupt, you cause chaos or whatever.

[00:07:42] And then he makes the deal and that might be what he's doing. We'll see. Anybody that tells you they know how this is going to shake out, they're lying to you. They don't know. Nobody knows. Antel goes on to say voters have frequently lacked the patience for major transformations of the economy.

[00:08:06] Clinton's Democrats lost control of the House for the first time in 40 years after his administration introduced an unpopular health care reform bill. Barack Obama's Democrats suffered even worse losses in the House after passing Obamacare. Another issue is that support among congressional Republicans for Trump's tariff agenda is pretty thin. It's not clear how patient lawmakers will be in the face of any public backlash against the tariffs.

[00:08:33] And it is possible that bipartisan majorities will try to chip away at his congressionally granted powers to unilaterally impose them. There is no issue on which Trump has been more consistent than on trade. He's been talking about this for 40 years. Now he is staking both his reputation for business acumen and his populist reinvention of the Republican Party on these convictions against the advice of most voices in Washington.

[00:09:03] And on Wall Street, he is betting the House, literally the U.S. House, and control of the rest of the federal government, too. Trump is finally able to do this. Will it work? We shall see. All right. If you're listening to this show, you know I try to keep up with all sorts of current events. And I know you do, too. And you probably heard me say, get your news from multiple sources. Why? Well, because it's how you detect media bias, which is why I've been so impressed with Ground News.

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[00:10:18] Jake Sherman, I believe he is at Politico or CNN, Punchbowl News. He says up on Capitol Hill there is a massive disconnect between Republicans versus the White House on tariffs. There's a messaging disconnect.

[00:10:40] On the Hill, Republicans keep saying this is the beginning of a negotiation, but the administration is saying this is not a negotiation. So, again, chaos. And maybe that's the point for some larger goal, right? This from Real Clear Politics, Philip Wegman. Headline, America gets even. Trump launches, quote, reciprocal tariffs.

[00:11:03] The Trump administration is imposing a 10% tariff across the board on all imports and even higher individual rates for nations that his administration deems particularly unfair in their trade practices towards the U.S. Although it looks like they used just some boilerplate formula based on the trade deficit. He had promised previously that reciprocal was a literal term. Whatever they charge us, we'll charge them is what he said.

[00:11:31] But before the event, a senior White House official explained new arithmetic, telling reporters, quote, because the president is lenient and kind to the world, we're only charging half. So it's not reciprocal. The Republicans now in the White House are very different from past GOP leaders who were very much more friendly to Wall Street. Treasury Secretary Scott Bessent made headlines when he told investors that, quote, quote, access to cheap goods is not the essence of the American dream.

[00:12:01] As did Commerce Secretary Howard Lutnick when he said that the increase or decrease of the stock market by half a percent on any given day is not the driving force of our outcomes. Instead, he said, the focus is on the blossoming of American industry or industry, as Trump calls it. Though a vibe shift, the sentiment is not entirely alien on the right.

[00:12:27] Trump is the first to impose protectionist policies at such a scale. But his allies insist he is drawing from a well dug by others. Here is a quote from 1998.

[00:12:57] Do you know who said that? Pat Buchanan. More recently, Senator Eric Schmidt, Missouri Republican ally of Donald Trump. He said America is not an economic zone. It is not a strip mall with an airport attached. It's a nation. It's a people. It's our home.

[00:13:25] Trump has been making that kind of argument for a long time. And the president will get points for consistency from his supporters. Right. Because he's been saying it for 40 years. The question is whether his trade policies can actually deliver the roaring economy that he has promised on the campaign trail or maybe a recession. Like, we'll see. And I said this in the first hour to a caller when we were discussing this.

[00:13:53] That I am probably, well, I do not have as much confidence as, like, if you have a lot more faith and trust and confidence in Donald Trump than I do, then I think you're going to be more likely to go along with this plan and trust and have confidence and have faith that the plan is going to work. I do not. That doesn't mean I don't want to see it work.

[00:14:20] I hope it turns out to the benefit of all Americans. That'd be fantastic. It would completely change the way I think about tariffs. I'm open to be persuaded on it because, again, I said this in the first hour, too, but I may be the fish that doesn't know it's wet. All I've ever known is a, you know, the last century of tariffs are bad. Tariffs are taxes on the American consumer.

[00:14:45] And you go to protectionist, you end up in trade wars, and then they turn into shooting wars. So that's the ocean that this fish is in. And maybe, maybe we'll learn something different. If not, things could get very bad for us. Trump said that the naysayers are not to be trusted. He said they were wrong about NAFTA. They were wrong about China. They were wrong about the Trans-Pacific Partnership.

[00:15:15] He says in every prediction about trade for the last 30 years, they've been proven wrong. Philip Wegman, White House correspondent, Real Clear Politics, he says, It is, without a doubt, the most significant change to trade policy in decades, if not longer. Whether America craters into recession or rises to the advertised golden age, these tariffs are going to be Trump's legacy.

[00:15:44] Now, that is predictive. That's speculative. We don't know. You hear me talk all the time about speculative journalism. Not a fan. I think I've been very clear here, and I know it frustrates some people sometimes when I'm telling you, I cannot predict the future. There are a whole bunch of different things that could happen. I have no idea what is going to happen. If I knew what was going to happen, I would cancel my life insurance policy. No, actually, I do know that's going to happen. That is a certainty.

[00:16:14] So, scrap that. But I would start buying lottery tickets. Let's go over and talk to James. Hello, James. Welcome to the show. Hey. Well, you've been talking about the tariffs. Yes, sir. And, for instance, I'm driving a Ford that a large number of the parts come from Canada. Mm-hmm.

[00:16:36] And there's a 25% tariff now on anything automotive coming out of Canada, which means when I take my car in to get it repaired, suddenly I've got a 25% increase in what it costs me to buy parts for my car. Right. Because this is the axiom that businesses don't pay taxes, the customers do. And by the same logic, they're going to pass that cost of the tariffs right down to the consumer. Of course they are.

[00:17:06] And anybody who doesn't understand that has never worked in anything vaguely resembling business in their entire lives. So, I will tell you what the counterargument is would be that they will, in order to continue having market share, a position, and to keep the prices low, they will move manufacturing to America, creating American jobs, and that'll save them the money on the tariffs.

[00:17:35] They've been manufacturing car parts in Canada since all the vehicles were being built in Detroit. I'm just telling you what they say. That's their prediction on all of this. Well, I think you just said something about if we could predict the future, we'd all start buying lottery tickets. I did. This is my concern. My crystal ball doesn't work that well. Yeah. No, mine either. And this is why I'm worried.

[00:18:00] And that's why I told people at the beginning of the show that if you have a lot of faith and confidence and trust in Donald Trump just by default, then I think people are more willing to go along for this white-knuckle ride. I don't have that level of confidence. No. And so that's my concern. Yeah. Not in a politician, no. Yeah, right. Or in government, right? Like, yeah. Oh, I have no trust in government. Yeah.

[00:18:29] James, I appreciate the call, man. Thanks. Thank you, sir. All right, see ya. To James' point, Stellantis NV said on Thursday that it's temporarily laying off 900 workers. They announced this this morning at five U.S. facilities after the announcement of the tariffs. They're temporarily pausing production at an assembly plant in Mexico and one in Canada.

[00:18:52] The maker of Ram trucks and Jeeps said the U.S. plants affected are the powertrain and stamping facilities that provide parts for the two factories in Mexico and Canada that are now being idled. In a letter sent to employees, the chief operating officer for the Americas, Antonio Filosa, said the company is continuing to assess the medium and long-term effects of these tariffs on our operations,

[00:19:19] but also have decided to take some immediate actions, including temporarily pausing production at some of our Canadian and Mexican assembly plants. Those actions will impact some employees at several of our U.S. powertrain and stamping facilities that support those operations in Mexico and Canada. Again, we'll see what happens. Here's a great idea.

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[00:21:01] I'm doing all right. How are you? Good. So, just, I don't have a crystal ball either, but I will tell you, I grew up in the 80s. My dad was in the textile industry, and he was part of one of the last loom manufacturers in the country called Draper. And I was out of Greensboro. And he talked all the time. I went to school, and by then I took some economics, and we would argue about this issue.

[00:21:27] He ended up winning because he had to close down his business due to the trade issue. He actually voted for Perot in 92, the last politician who brought up this issue. Yeah, the great sucking sound. He talked about that great sucking sound. Yeah. You're here as American jobs. He said there's really no such thing as international free trade.

[00:21:52] And he lost, not due to Mexico or things in the South, but he lost due to subsidized competition from Italy and Germany on their loom manufacturing. And he couldn't compete. They undersold him in the United States, and he finally had to sell the business and give it up. So they had a big plant down in Spartanburg, South Carolina, which is very vertical.

[00:22:20] You know, they made this, you know, was able to create the steel down there. They built the whole thing. And he said, look, I mean, Draper used to be based in Massachusetts, and then in the early 20th century it moved down for cheaper labor here. And he said unless, you know, he was in favor of low business taxes within the country and low consumer taxes within the country. But he said internationally there's just no such thing as true free trade.

[00:22:49] And that was the argument that he claims he won because he had to sell his business. Right. Well, and the same thing happens. I remember reading, I think it was in a, I think it was a book called The French Betrayal of America. And it talked about Boeing versus Airbus and how Airbus gets all of these government subsidies. Yep.

[00:23:13] And then that allows them to, when they go out to bid, they are able to undercut Boeing on their aircraft because the French government, and there's a whole bunch of like, apparently over in France, there's like sort of like an embedded corruption fee. You know, like that's just kind of rolled into the projects over there. And so, and then they get subsidized from the government. And so, yeah, it's like a money laundering kind of deal.

[00:23:42] And it makes it impossible to compete. Yeah. And here in the U.S. And I'll just leave you at that. He said when he was in school in the 50s, tariffs was not a bad word. And he took, he was an engineer and he took a lot of econ engineering classes. He said tariffs was not a bad word back then. But by the 80s when I took it, I came home and argued with him free trade the whole way. And he said international free trade, he just doesn't buy into. Yeah. So that's my two cents. All right, man. I appreciate it. Thanks for the, thanks for the background.

[00:24:13] Yes, sir. All right. Yeah. Take care. Thanks, David. Let me read some emails real quick because I have a bunch of them. They've been building up in the inbox. Joseph said tariffs are bad except for every other country, which has levy tariffs on our exports, except then they were good. But I mean, if you take the position that tariffs are actually taxes on your own people, then no, and you say that those are, that that is bad, then it's bad for them too. Right.

[00:24:43] The, the other thing to keep in mind here is that the tariffs, well, I don't know every single tariff on every single good in every single country. I'm sure there's a list out there someplace, right? But setting a 10% global baseline is way above what any other country is charging as a, as their own sort of baseline. So like if every country, I mean, this is the thing.

[00:25:10] If every country enacts the tariffs in order to protect themselves from competition, because that's what you're doing. You're protecting yourself from competition. Then fine, I guess, but that doesn't get rid of trade deficits per se. And so then if you're going to now throw additional tariffs onto countries who happen to maybe sell a lot like Honduras grows bananas. They sell a lot of bananas in America because we don't grow bananas here. So there's always going to be that deficit there.

[00:25:36] So are you saying then that we have to raise the tariffs on the bananas high enough? So it's, it's, so it's neutral. So it's zero, zero. So there's no deficit. What if Honduras can't afford anything that we're producing? Like now we're going to what? Force them to buy stuff. What if they can get a better deal from a neighboring country for all the other stuff? They don't need to buy stuff from us. They're not developed enough to buy stuff from us.

[00:26:00] This is the problem with looking at a trade deficit as the, the major metric. It's, it shouldn't be that, right? It should be unfair protectionist activity. And that would also include slave labor like China uses. I'm sorry. John goes, or Joseph rather goes on to say the globalization experiment failed middle America.

[00:26:24] I don't care how much pain is inflicted on the stock market because they didn't care how much pain Americans suffered when they opened up phony free trade to countries with child labor, manipulated currencies and protectionist policies of their own. Reap the whirlwind. Well, see, this is the thing, like this is a nihilistic, nihilistic perspective, Joseph. Right? You realize that, right? Like burn it all down, make everybody suffer. Cause it's not just going to be like the, the wealthy elites, the globalists, they're, they're going to be just fine. The Wall Street guys, they're going to be just fine.

[00:26:54] The middle Americans, we're screwed. The poor Americans, screwed. I don't look at the stock market as the only metric. And I, I'm frequently criticizing media coverage of economic data. Like, oh, the jobs numbers are out and good news for the economy. And it's like, the economy is so much larger than a simple data point, you know?

[00:27:17] And that's the beauty of a free market is that it, it allows for all of those data points to work and send the signals people to react to the signals rather than a command control economy. The concept of fair trade, the concept, I think is the proper concept. How you do it, that's the problem. That's what we saw with NAFTA. That's why Trump renegotiated it and did a deal, right? A fairer deal.

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[00:28:42] Creative Video, preserving family memories since 1997. Located in Mint Hill, just off 485. Mail orders are accepted too. Get all the details at createavideo.com. A couple more emails and a phone call or two to get to here. This is Thomas, who says, basically, these tariffs are protectionism. Although I haven't heard the word bantered about, I remember, I think I've said it a bunch, but I remember one of my economics professors who once said, paraphrasing here,

[00:29:11] if the protectionists have their way, eventually we'll be trying to grow bananas in Detroit and they'll be trying to manufacture cars in Honduras. Because then that speaks to comparative advantage. Dennis says, my financial advice, if you want to insure yourself against any negative results from the Trump tariffs, just follow what Nancy Pelosi does. Not what she says, but what she does. She seems to have mastered the manipulation of the money market. Just my personal observation.

[00:29:44] Let's see here. Oh, my gosh. I have so many emails. I'm sorry, guys. Who is this? Mark in Weddington. To state the obvious, we have been on a path, accelerated Biden's $6 trillion plus budget plan. We've been on a path spending towards bankruptcy and associated lower U.S. credit ratings for a long time. Part of that quantitative easing spending, all the way back to 2008, 2009,

[00:30:10] has led to the artificially increased market gains since that time. Short-term thinking, like offshoring, et cetera, is the U.S. way. Thinking in quarters instead of decades like the Chinese do. Folks forgot quickly about supply chain issues during COVID. Getting our house in order, bringing businesses back, market reset, spending, et cetera,

[00:30:36] will cause short-term pain, all capital, 12 to 24 months worth. But for long-term benefits, just like the $2 trillion already pledged by new businesses coming back, expanding in the U.S., just like that non-existent and then temporary inflation that hit everybody across the board, this, too, will hit certain areas. You may recall Janet Yellen saying her thinking had changed. All we need to do is service the debt versus paying it off. That said it for me.

[00:31:05] We were about cooked. Yeah, I think even the White House is saying there's going to be pain. But there's going to be gain long-term. See, and that's the ask. That's the trust me ask. And people who already trust Donald Trump are going to trust him. They're going to say, OK, I will suffer through a lot.

[00:31:27] But most Americans are not going to be willing to put up with two years of job losses, pay cuts, loss of purchasing power. Right? I went through these things in the first hour. And the concerns that people have about the short-term pain could redound to the benefit of Democrats.

[00:31:54] Republicans could get wiped out in the next midterm election. Trump is a lame duck. And then Democrats control the White House, the House, and the Senate. That's the way this could—again, I don't want that to happen. But, like, that is a potential outcome here. So, I hope—whatever the benefits are that they think they can achieve with this reset—the Great Reset is—no.

[00:32:24] But I hope it works. I want it to be beneficial for America. But I'm very worried. Denny says, So, Pete, given the tariffs are a non-removable necessary evil, what is the best way to manage them? Is it good to just announce we're eliminating all of our tariffs? If not, what metrics do you use to measure good tariffs? Please comment and keep up the great content.

[00:32:55] Well, I mean, this—I don't know if I can answer that, Denny, because there are too many variables. And this is the problem. Like, if you're going to target certain products, certain industries, services, or goods, then you've got non-tariff protectionist regulations and stuff. So, there are so many different angles here. And if Trump is trying to negotiate deals one-on-one with every single country and get into the nitty-gritty details of all of this stuff, then maybe it works.

[00:33:26] Right? This is Ronnie. It seems to me I hear just as many economists for tariffs as I do against—oh, I don't hear that at all. My view is that we have been doing—what we have been doing is obviously not working. With the national debt so high—the national debt has nothing to do with trade deficits. It doesn't. A trade deficit just means that we're buying products from another country.

[00:33:54] And if we could make them cheaper here, we would make them cheaper here. But that doesn't necessarily mean that you would have more money to pay off the national debt. The debt is our own doing. That is our own government spending more than it takes in. Right? Forgiving college loans and, yeah, doing all of the safety net programs that it does and all of the grants that it hands out. That is entirely our own making.

[00:34:23] So, with the national debt so high citizens severely taxed, I think it is a great idea to see if it works. If industries come to the U.S., as you know, it would be very significant for many reasons. And if we can use income from tariffs to reduce our national debt, it won't. And lower our taxes, I'm all in. When things have changed so much in the world, I am not so sure we can use history as a predictor. Yeah, they're talking $300 billion a year. That's what it would... That's the...

[00:34:51] Because it's $3 trillion in trade. And so, you're 10% across the board. That generates $300 billion. And that's paid by Americans. So, it's a balloon. You're just squeezing one side of it. Unless, of course, you're able to get the businesses overseas to eat the costs. Which, I don't know if they will do that. I don't think they will. I think businesses tend to push that downstream to the customer. That's usually how that happens. Anyway, let me go to the phones here. Get Pete.

[00:35:21] Hello, Pete. Welcome to the program. Hey, Pete. Yeah. And Angle, I don't know if you discussed it or not, but it's probably worth discussing. The business I was in when I'm retired now was automation for manufacturing in North and South Carolina primarily. And at the time when I started in my career, the industries were textiles, tobacco, and furniture. Oh, wow. You hit the trifecta there. They basically have been wiped out. Yeah. They've basically been wiped out.

[00:35:51] Yeah. And so now if you go to these towns like Siler City or Burlington or Asheboro, they're depressed. They're ghost towns. So I will say, now, will these terrorists remedy that? I don't know. No one knows. But I think Trump's taken part of what he's doing is take it upon himself to at least try. And now we are seeing a lot of businesses make commitments from overseas and our own domestic companies here to reinvest in America for manufacturing.

[00:36:19] So I think your perspective is a little bit different if you're sitting in Burlington, North Carolina, than if you live in a metropolis of Charlotte, North Carolina. Well, to be fair, I live in Mecklenburg County. I live in the county. Sure. And I have lived up in Asheville, that whole area also, not in Asheville, but the surrounds. And so, yes, I understand it. Like for people who have seen the entire – because look, when I went up to Asheville, all I heard was the talk about the Gerber plant and how it closed up there.

[00:36:48] And this was a major manufacturer that employed a lot of people. The Gerber plant closed in the 80s, right? And they still talked about it. And the devastation, the economic ruin, and it scarred people. So I get that. I went up and talked to the people after the mill in Kannapolis closed down, after NAFTA. So I understand that.

[00:37:14] But if you're saying that this is going to bring back the heyday of – I didn't say that. Okay. You put words by mouth. No, I'm asking you, Pete. I'm asking you. I said if you are saying – yeah, I'm asking you. Do you think that Trump's plan is going to bring that back? Oh, I don't know. But I think a large part of his voting bloc are these people. So I would say to them, they're probably pretty optimistic and happy about it.

[00:37:42] Now, whether it's going to come to pass or not, I don't know, nor do you. Right. I have said that – Some movement of some of these manufacturing plants, apparently, apparently coming back to the United States. Yeah. Pete, I appreciate the call. I've got to leave it there. I will just say I have said that. I don't know what's going to happen. I hope that whatever benefit that they're trying to hit, whatever goal they're trying to achieve, that they do. Because that would be great. My concern is that they don't. Right? That's the concern.

[00:38:07] And I have said repeatedly also for the full three hours here that if you have a high trust and faith in Donald Trump, you're going to be, I think, more confident that the plan will work. And if you have a lower trust and faith, you're going to be less confident that it works. All right. That'll do it for this episode. Thank you so much for listening. I could not do the show without your support and the support of the businesses that advertise on the podcast.

[00:38:36] So if you'd like, please support them too and tell them you heard it here. You can also become a patron at my Patreon page or go to thepcalendorshow.com. Again, thank you so much for listening. And don't break anything while I'm gone.