Trump FAILS To Close Any Trade Deals, Says New Tariffs Coming Soon

Donald Trump continues to fail at everything, but his most consequential failure has been his inability to close trade deals with other countries to stop the trade war. As a result of this, Trump announced on Friday that the US would be setting new tariff rates on foreign goods in the next few weeks, which means that price hikes are on the way (and retailers have already made that point clear.) Trump is freaking out about his failures, but he has no one except himself to blame. Ring of Fire’s Farron Cousins explains what’s happening.

Link – https://www.cbsnews.com/news/trump-ta...

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Donald Trump announced this past Friday that more tariffs are on the way. Folks, apparently the man has been unable to secure any actual trade deals with any actual countries in spite of announcing last week that we had a trade deal with uk. Yay. But it turns out that even UK officials were like, hold your horses, bud. We actually don't have a deal. Um, what they classified it as was the end of the beginning, right? Like, we have now made contact, now we can start negotiating. He announced, uh, uh, that, Hey, look, we've been working with China, and China's like, actually, no, you lowered the tariffs and we didn't have to give any concessions. So both of the countries that Trump has tried to pretend he has a deal with, have admitted there's actually no deal. And with China, they're like, yeah, there's no deal in sight.

So he doesn't have any actual trade deals with anything that benefits the United States. And he's getting angry. He's getting angry that people are figuring this out. He's getting angry that businesses like Walmart are announcing that they're raising their prices due to his tariffs. He had a meltdown over the weekend about Walmart doing that and said, Walmart should eat the tariffs as if any multi-billion dollar company's gonna be like, oh, you know what? You're right. Let's reduce our profits because we're just selfless people so we don't have to raise prices on consumers. No, all these businesses are run by sociopaths. They're gonna screw over consumers even when they don't have to. And you expect them to eat the tariffs. Would you do that, Donald, if your businesses were being affected? No, you wouldn't. You're the guy that recently raised Mar-a-Lago membership fee to over a million dollars when six years ago it was like 150 grand a year.

So you know all about arbitrarily increasing prices just 'cause you want more money. But on Friday, like I said, he announced, Hey, the tariffs are coming, but this is gonna be Howard Lutnick and Scott Besant doing all this. You know, I'm, I'm really not involved. Here's what he said. We have at the same time, 150 countries that wanna make a deal, but you're not able to see that many countries we're, we're not able to see that many. Are they invisible? Can, can you see them? Are these countries in the room with us right now? Donald, you are not able to see that many countries. What, what does that mean? Like, why does the media report these quotes from him and then not expand to be like, by the way, this is a totally nonsensical, unintelligible remark. This is a man suffering from dementia who doesn't even know what he's saying.

Media. Go ahead and print it. It's fine. He's gonna sue you anyway. May as well do it. Jesus Goldman Sachs has predicted, we expect the US' effective tariff rate to increase by about 13 percentage points this year to its highest level since the 1930s. While the ultimate level of and composition of tariffs remains uncertain, they will probably remain elevated for the foreseeable future. Now, famously in the 1930s, in order to get us outta the Great Depression, Republicans said, Hey, let's put tariffs out there. And they did. And the depression got worse because it was a horrible and very stupid policy. And we're right back there thanks to Donald Trump taking us back to the good old days of the Great Depression Trump added. By the way, we're probably in the 12 to $13 trillion range of investments.