Trump's Tariff Pause, Apple's Highs and Lows, and Musk v. Navarro

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Speaker 15 It came with a card, a lovely card that said, love your private dancer, Scott.

Speaker 14 I'm your private dancer, a dancer for money.

Speaker 15 Hi, everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network.
I'm Kara Swisher.

Speaker 14 And I turn on the camera and I think, oh, my God, she's finally done it. She's gone through transition.
I'm like at 62, UBU,

Speaker 14 but it was your brother. It was Jeffrey Swisher.
It was my brother.

Speaker 15 Yes, Jeff. Jeff claimed the thing.
Yeah. I would look good as a man.
I'd be a handsome man, I would say.

Speaker 14 Yeah, I would. It's true.
I'd be a dreamer. There's almost nothing I can say that works.

Speaker 15 Yes, exactly. Let me just say something happened to me last night.
I'm here in my new studio, which I'm working on getting nice and fixing up like yours.

Speaker 15 And I get a present. A FedEx guy comes and brings something.
And I had been contacted by your assistant, MJ, about sending me something.

Speaker 15 And I said, as long as it's not a stripper, you were going to send me a game. And I said, as long as it's not a stripper.
So, what to my wondering eyes should appear than this?

Speaker 15 Let me explain the picture for people who can't see. People watch on YouTube and see.
It's a picture of Scott about to lift his shirt to show off his tummy to the crowd at South by Southwest.

Speaker 15 And my face is like, oh my fucking God, how did I end up here?

Speaker 14 50. What series of bad decisions led me to this? I love that photo.
I saw that and I immediately said, By the way, that costs real money because some fucking Getty photographer took it.

Speaker 14 So I had to pay some, some, I don't know, Joey Bagadona's tech company 350 bucks to get that image.

Speaker 15 Yeah. And the crazy thing.

Speaker 14 I think that perfectly summarizes our relationship. I love that photo.

Speaker 15 And it's going on the shelf behind me so people can enjoy it. And maybe, and then it came with a card, a lovely card that said, Love your private dancer scott huh huh

Speaker 14 that's right that's right i'm keeping this forever i'm gonna be buried with this forever is not long at your age boom oh thank you for your lovely gift it was so thoughtful a picture of you

Speaker 14 so speaking of things that about you you just announced your new book i love the cover i love thanks yeah you you were the thing that tipped us over i had all these pictures of me and i'm like i i that it's like the the book is called notes on being a man and I'm like, I'm not comfortable presenting myself as, you know, the aspirational man because it's just not true.

Speaker 14 But I like the more feminine writing, like notes and everything.

Speaker 15 And yeah, it's very, it's got a feminine tone to it. It looks lovely.
It's elegant. I like the ones with your pictures on them, one with you as a kid and as an adult.
I like that.

Speaker 15 But that could be on the back, right? Or or inside or something like that.

Speaker 14 Yeah, but this book isn't about me being the hero. It's mostly about my shortcomings.
And it really is kind of, it's a lot of data.

Speaker 14 And it's sort of like where I screwed up and what I learned about trying, you know, trying to lean into this more aspirational vision of masculinity. Um, but I was much more comfortable not having my

Speaker 14 picture on the front because I've decided that publishers pretty much do nothing but argue over the title and the cover, that's their job,

Speaker 14 but they came up with this, so I got to give it to them. They, it was their idea, so I was real, I was real happy with it.

Speaker 15 It's handsome, it's like, I think it's gonna be a bestseller. I do explain what's happening, it's coming out early, it's coming out in November.

Speaker 14 Yeah, I feel like this, I feel like I said to the publisher,

Speaker 14 we need to get this out sooner rather than later. And I got done early with it

Speaker 14 because I think the window of opportunity is closing. I think this notion of masculinity and what it means to be a man and leaning in and trying to create a or shape a positive image of masculinity.

Speaker 14 I'm like, the window is closing. This is the moment.
We need to get this out. This is perishable.
Everyone from Josh Hawley to Tucker Carlson are, you know, writing books or talking about masculinity.

Speaker 15 So I said, let's... Manly tariffs will do that.

Speaker 14 There we go. I'm like, let's get this out.
As a matter of fact, speaking of which, you didn't ask why I'm in a suit and a tie.

Speaker 15 Why are you in a suit?

Speaker 14 I'm going on. You look very nice.
Thank you. I appreciate that.

Speaker 15 I like when you dress up. It looks handsome.

Speaker 14 I appreciate that. Thank you.
I'm going on the view to talk about my two topics are masculinity and tariffs. How do you dress to talk about masculinity?

Speaker 14 Do you look like a professor or do I wear a Tarzan outfit? Like, what do I, how do you dress for that? So I just put on a suit.

Speaker 15 Well, how was it? Did you go already?

Speaker 14 No, no, no. I'm literally rocketing out of here.
Okay, good.

Speaker 15 Let's get to it then. Anyway, you look great.
Say hi to the ladies. I love them.
Tell the hi. Say hi to Whoopi and everything.

Speaker 14 They're really great.

Speaker 15 So it's another busy news day. Scott, Jesus,

Speaker 15 nothing stops. It's nutty.
So we're going to get right to it.

Speaker 15 Obviously, the big story is President Trump pressing pause on his quote-unquote reciprocal tariffs for 90 days. I just don't even want to use that word.
It's just nonsense.

Speaker 15 Bringing tariffs down to universal 10% for most countries. He is hiking tariffs on China even higher to 125% in response to China's latest retaliation move, raising tariffs on the U.S.
to 84%.

Speaker 15 The markets skyrocket on this pause news, although

Speaker 15 the Dow surged nearly 8%, but it had been down rather significantly. It's not quite back where it was, but the SP 500 added 9.5%.

Speaker 15 The NASDAQ was up 12% best day in 20 years, except that he had caused the decline, of course.

Speaker 15 He initially told American people to be cool about the tariff turmoil, turmoil, later explained his reasoning for reversing course, which is, I'm sorry, just not true. But let's listen anyway.

Speaker 16 Well, I quote that people were jumping a little bit out of line. They were getting yippy, you know, they were getting a little bit yippy, a little bit afraid.

Speaker 15 I'll tell you who was yippy, Donald Trump. That's what happened there.
100%.

Speaker 15 100 friggin percent. It's such a shift, and they're trying to spin it as a victory.
They created, it's like an arsonist explaining how they put out the fire.

Speaker 15 The White House is spinning as the art of the deal victory. But, you know, honestly, he made a mess.
And now he's trying to recover it. But he was very spooked by

Speaker 15 after a major treasury bond sell-off with 10-year yields, briefly, 4.5%, which is insane because it means we have to pay more for bonds. And then we'd have all this debt.

Speaker 15 And he acknowledged he was watching the bond markets saying people were getting a little queasy. Again, he was queasy.

Speaker 15 People have been telling, he told people not to become a panican, like a Republican, but a panicked Republican, a word he coined, apparently, new party based on weak and stupid people.

Speaker 15 But honestly, he's the panican here. He panicked, and smartly so.
It was a good reason to panic.

Speaker 15 He's also been accused of market manipulation by some Democrats, including Senator Adam Schiff, who's calling for an investigation.

Speaker 15 Hours for announcing the pause that sent markets surging, Trump posted on True Social, this is a great time to buy.

Speaker 15 He put DJT at the end of his post, his initials, but also the stock checker for Trump media. Commerce Secretary Howard Luttnick was asked by CNBC's Melissa Lee about Trump's actions in so many words.

Speaker 15 Let's listen to this clown.

Speaker 18 Earlier this morning before the pause,

Speaker 18 he put out a message saying it's a great time to buy, and here we are.

Speaker 18 Here we are, much higher.

Speaker 17 I'd always bet on Donald Trump. Every time I'd always bet on Donald Trump.

Speaker 18 He also wrote DJT, which is a ticker for his media company.

Speaker 17 No, no, no. Every text.

Speaker 18 That was just his team.

Speaker 17 Every text he sends to me, that's his name.

Speaker 18 But that was a great time to buy the market, right?

Speaker 13 I mean, on camera.

Speaker 13 Look,

Speaker 17 Donald Trump understands that it's America is the greatest greatest country. All right.

Speaker 17 We are the greatest country, and we have the capacity for incredible greatness, but someone needs to take the shackles off.

Speaker 15 I mean, he's such an idiot. I mean, every time he speaks, I want to cringe.
The White House has rejected any claims of wrong during saying Trump just reassuring the markets.

Speaker 15 And Americans about economic acidity, but it just feels like a grift. So first, let's talk about what's happened, and then we'll talk about what's next.

Speaker 14 So, Scott, your take.

Speaker 14 A decent term for this president would be President Blink.

Speaker 14 He blinked on TikTok. He blinked on this.

Speaker 14 And a friend of mine, Justin, who's the chief investment officer of Millennium, which is one of the most successful funds in history, I had dinner with him Thursday night and I asked him about this and he said, oh yeah, no, he's going to blink.

Speaker 14 The adult in the room here is the tenure. And the adult said, get your head out of your ass.
And he was thinking that all of these nations would

Speaker 14 acquiesce to the biggest customer in the world. And of course they didn't.
They all imposed reciprocal tariffs. So you think, oh, this is going to hurt Mexico.
Sure, it'll hurt Mexico.

Speaker 14 They implement reciprocal tariffs, which makes goods brought in, imported from America, more expensive.

Speaker 14 What Donald Trump decided to do, or tried to do, was declare war on everyone all at once, meaning our entire,

Speaker 14 entire import economy goes up in price for Americans. The markets responded.
I mean, quite frankly, that interview on CNBC just did not do her job.

Speaker 14 She was like, isn't this great? The markets are up. No, even after the rip up yesterday, the markets gave up seven months of incredible gains.
In three days, Apple lost the value of Walmart.

Speaker 14 And unfortunately, the market doesn't appear to have knee pads and just want to like blow this guy.

Speaker 14 We are in, at some point, at some point, people are going to realize we are in the car with a guy who's got his hands on the wheel who is blackout fucking drunk.

Speaker 14 And the only person in the car saying, hey, maybe you should pull over or let someone else drive, is the ten-year bond in the markets.

Speaker 15 Can you explain for people who understand what happens? If the bond's yields go up, that means we pay more for the money we borrow and so does everybody else, mortgages, everyone else.

Speaker 14 Credit cards, student loan debt payments, mortgages, the cost to borrow money and build another plant or hire more people. So you build fewer plants and hire fewer people.

Speaker 14 The cost of everything goes up. And when yields go up, people say, well, why wouldn't I just invest in the credit markets instead of the stock market? So the stock market also goes down.
So

Speaker 14 one of the many reasons for our incredible prosperity is America as a whole has access to cheaper credit. We can borrow money less to make forward-leaning investments in any country in the world.

Speaker 14 And when it spikes, it's basically saying, people are saying,

Speaker 14 you need to give us more because you become a riskier bet. And unfortunately, we talk a lot about toxic masculinity.
The thing that's hurting America most right now is toxic uncertainty.

Speaker 14 And that is, while he pulled the knife out of the back halfway yesterday by saying there was a pause, because he blinked, let's be clear. The wound is going to take years to heal.

Speaker 14 Because what's happening right now is the entire world is reconfiguring their supply chain around America. They don't want to use our services.
They don't want to use our manufacturing.

Speaker 14 And initially, he thought, okay, I'm going to accomplish a few things. I'm going to bring jobs back to the U.S.
I'm going to reshape global trade. I'm going to raise a bunch of revenues.

Speaker 14 None of that has happened. None of that has happened.
None of that is going to happen. And by the way, he's blinked.
And he said, no, just kidding.

Speaker 14 And in addition, just to go to the comment about the rip up here, and you sent me a text on this. And it was so, I was literally had just threaded something.

Speaker 14 Yesterday, April 9th will go down in history. It's the day where more insider trading took place than any day in history.
I've been trying to figure out how to play this market.

Speaker 14 And the only thing I can figure out is

Speaker 14 the volatility is quite frankly, and I don't do this at home. I have the money to do this.
Most people don't. And I do it at a small extent.

Speaker 14 And I imagine a worst-case scenario because it is a risky strategy. But the way I've been playing it is I sell options because the VIX has gone way up.

Speaker 14 So the price people have to pay you to write them an option, a call or a put goes up. So I've been writing calls.
Now, yesterday, I follow Apple.

Speaker 14 The calls at 200, right? We're trading at 40 cents because the stock was at like 170.

Speaker 14 The options in Apple went fucking crazy about 10 minutes before its announcement. So somebody knew.
And

Speaker 14 if you were like me and you were writing a call, I didn't do this. But if you wrote a call, someone had to pay you 40 cents

Speaker 14 because

Speaker 14 you sold it cheaply because it was way out of the money. Five minutes later, that call was worth $4.

Speaker 14 Just that one strip of options, someone made and lost a third of a billion dollars. And how did all of these people know about this before?

Speaker 14 So

Speaker 14 is it fair to speculate? I'm not accusing, I'm speculating. Well, when you have a guy that sets up a Swiss banking account in the form of a meme coin where anyone can put money in,

Speaker 14 this administration has just shown such a lack of care.

Speaker 15 They might have just been on his signal group. I mean, who knows?

Speaker 14 But word got out.

Speaker 15 They could have just, word got out for sure. This is the sloppiest, most poorest White House going.
And who knows who's nearby, who called people.

Speaker 15 Suddenly, Bill Ackman turns from critic to what a great job deal. I'm sure he made money in this.
I would love it.

Speaker 14 Or he just calls his biggest donors and goes, Wink, wink. By the way, I just get the sense the market's going to go up today.
I just get the sense.

Speaker 14 I'm reconsidering tariffs, and it's not hard to realize the market's going to rip up.

Speaker 15 And also, I will say, I interviewed Bill, I had a tariff panel yesterday, which is probably, actually, it still holds up. But Bill was talking about these bonds.
He said

Speaker 15 the Japanese and especially the Chinese can wreck our economy in two seconds, not buy them, not do, you know, all kinds.

Speaker 15 They are our biggest creditors and they can just put us down, just like by either not buying, flooding the markets with treasuries, making the yields go up.

Speaker 15 The fact that he didn't know this or didn't realize what a situation we're in because of the treasury bonds is just, and to say like it got the yips, he got the yips.

Speaker 15 And he, by the way, he should have gotten the fucking yips.

Speaker 15 Because if that happened, it would have been a disastrous economic meltdown, the likes of which we would never have recovered from for decades. Like, that's the thing.

Speaker 15 He was this close to like taking us all over the edge. And the fact that he didn't does not deserve any credit.
It does not deserve any good job, sir, bullshit.

Speaker 15 Like the Ackmans, who's such a fact, who's such an oily factotum to Trump.

Speaker 15 But anyway, this is just temporary relief, though. We're We're now 90 days of uncertainty.
What should companies be doing in the meantime?

Speaker 15 And these massive Chinese tariffs, the back and forth has been likened to a game of chicken. I think Trump blinks again.
Mr. Yip blinks before Xi, because they have the treasuries.

Speaker 15 They've got a lot of,

Speaker 15 again, we're doing favors for China over and over by this behavior. So what would you do if you're a company?

Speaker 15 And talk about the China thing, because they were also touting we're now really focused on China, which, by the way, we should have been focused in on the first place and not this fucking nonsense, this other other tariff.

Speaker 15 But it's only 90 days. So thoughts?

Speaker 14 Well, I can tell you what companies, non-U.S. companies are doing.
They're rerouting their business plans and their supply chain and excising American vendors, manufacturers out of their supply chain.

Speaker 15 Aaron Powell, Jr.: No more discounts, by the way, from China, too, to American vendors.

Speaker 14 That will take years to repair. To give you a sense,

Speaker 14 The two stories that illuminate just how what a clown car our economic policymakers are right now is that one, it appears these strange tariffs that he initially thought he would impose on every country in the world, he declared war on everyone but once.

Speaker 14 So it goes back to the Winston Churchill quote, and he's credited with this, but supposedly it was Victor Hugo that said it first.

Speaker 14 There's only one thing worse than fighting with allies, and that is fighting without them. He's decided to fight the world without his allies.

Speaker 14 Is that all those ridiculous numbers around tariffs that we couldn't figure it out, it ends up that somebody fed it into ChatGPT and the exact numbers fed back.

Speaker 14 So they're using ChatGPT to figure out economic policy. And then my favorite is the guy who has been the whisperer, the tariff whisperer, is Peter Navarro, a senior policy and economic advisor.

Speaker 14 And it ends up that the book that Jared Kushner found, Death by China, by Peter Navarro, that supposedly is the Bible for this tariff strategy, cites this economist

Speaker 14 and all his policies. And it ends up the economist is fake.
This person doesn't exist.

Speaker 15 It's an anagram of his name.

Speaker 14 So this is what we have. We have ChatGPT and a fake economist in a book that didn't sell dictating the economic policies of the largest economy in America.

Speaker 15 So who is going to win in this China? So if you're an American company, what should you do? Because it's 90 days of uncertainty. He hasn't removed the uncertainty.

Speaker 14 My view is the following is that if someone is screaming nonsense at you and threatening you all the time, it is impossible to predict

Speaker 14 what is going to happen tomorrow with this guy. So quite frankly, what do you do? I think you just, you keep calm and carry on.
And that is you don't change your plans.

Speaker 14 You know, you maybe quite frankly diversify a little bit from not,

Speaker 14 this is so hard to predict. And my feeling is when you don't know who you're waking up next to the next morning, you just carry on with your life.

Speaker 15 Yeah. No gold in the yard in a hole or anything like that.

Speaker 14 Oh, no. Well, from an investor standpoint, we talked about this last week.
I won't give it financial advice.

Speaker 14 I'll just tell you what I've been doing for the last five months, not because I have insight into Donald Trump's mind, but

Speaker 14 the trade that has paid off for the last 15 years is just put more money into U.S. growth stocks.
Everything is cyclical. I think that run is coming to an end.

Speaker 14 When Apple trades at a PE of 36 and it's not growing and you can buy good companies for 12, a PE of 12,

Speaker 14 I'm diversifying into non-U.S. markets.
So that's what I would do as an investor. I would say, okay, if you're in the S ⁇ P and

Speaker 14 you think you're diversified, you're not. You need to diversify geographically.

Speaker 15 And if you're a company head, what do you do? A U.S. Jesus Christ.

Speaker 14 Well, okay. So this goes to moral.
I have been so disappointed that

Speaker 14 all of these Fortune 500 CEOs who wake up in the morning and look at themselves in the mirror and say, hello, Mr.

Speaker 14 President, I bet 200 to 300 CEOs of Fortune 500 companies think in the back of their mind they could be.

Speaker 15 Definitely Jamie Dimon. Jamie Dimon is so thirsty for presidency.

Speaker 14 Well, I think most of them think there's an outside shock.

Speaker 14 You tell a 58-year-old man who is very talented and has been successful his whole life, which you have to be to become the CEO of a Fortune 500 company, that you should be president.

Speaker 14 He's inclined to believe you. Right.

Speaker 14 Anyway, so

Speaker 14 if you want to be president, the key quality is leadership, and that is doing the right thing, even when it hurts.

Speaker 14 None of them are doing the right thing, which is calling this shit out for fear that it's going to take their stock price down.

Speaker 15 They're constantly calling it out some of the time.

Speaker 14 This guy guy out of the Autocrat Handbook is basically saying, if you go against me,

Speaker 14 I'm going to target your company specifically, which is straight out of the Autocratic Handbook.

Speaker 14 And so what the CEOs who are just focused on short-term shareholder value are doing are like saying, oh, you're a great guy.

Speaker 14 You want to see who's going to get exemptions from the tariffs, what companies? Just look at his lunch calendar.

Speaker 15 Yeah, we'll get to that. We're going to get to that in a minute.
Yeah, that's who's going to get it, who kisses up.

Speaker 15 I think Gia is going to run right over him. And also, the next thing, I don't think, I think they have gotten the upper hand again.
They didn't have it. Now they do.

Speaker 14 China?

Speaker 15 China.

Speaker 14 The definition of stupid is things that hurt other people while hurting yourself. There aren't a lot of winners here.
If there is a long-term, a medium and a long-term winner, simply put, it's China.

Speaker 14 By the way, everyone acts, they say we can wreck China's economy. To be fair, China's economy is vulnerable right now.
It will definitely hurt them.

Speaker 14 And by the way, the percentage of trade of exports coming into America as a percentage of their total has gone down seven percentage points since the first Trump administration.

Speaker 14 And our exports into them have gone down four. So we're both less reliant on each other because we're not getting along.
But be clear, they've diversified away from us more.

Speaker 14 In addition, there's a couple things that put them in a power position. And we don't like to admit this.
Americans are wimps when it comes to enduring pain.

Speaker 14 The Chinese, and especially the Russians, are a little bit more resilient.

Speaker 14 They're willing to take pain.

Speaker 14 If all of a sudden, if 77% of toys under the Christmas tree are from China, if these tariffs go through, which they won't, he will blink yet again, but if they were to go through, 90% of Americans on our fixed budget, if the price of toys doubles, that means instead of 10 gifts under the Christmas tree, you're going to have six.

Speaker 14 That means your iPhone's going to go from $1,000.

Speaker 15 We're going to get to that specifically in a second.

Speaker 14 Okay, I'm sorry. I keep jumping ahead.
But the bottom line is Americans, quite frankly, just aren't willing to endure.

Speaker 14 Women are born with an instinct to endure more pain because they have to go through childbirth. We're the man in this relationship.
America, quite frankly, has a lower tolerance for pain than China.

Speaker 14 And in addition, they aren't nearly as dependent. I believe we're just more dependent upon them than they are on us.

Speaker 15 Correct. Especially around the treasuries.
They could wreck us. Like, I don't think anyone realizes how China could wreck us if it felt.

Speaker 15 Also, by the way, it's in our infrastructure from a cyber point of view. I just did a large, they are, they are everywhere in this country.

Speaker 15 And if you think you, and I believe me, I believe them to be an adversary, but the handling them this way is just, he is so stupid. They now know what his pain point is.
He blinked on TikTok.

Speaker 14 He blinked on this.

Speaker 14 By the way, these tariffs, these tariffs are not going to go through.

Speaker 14 There's no fucking way Americans are going to pay

Speaker 14 $2,300 for their iPhone.

Speaker 15 And they are indeed our adversary, FYI. So that's why it's so ridiculous.
All right, let's go on a quick break when we come back. How Trump's latest tariff moves are helping or hurting Apple.

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Speaker 1 Support for the show comes from Odo.

Speaker 3 Running a business is hard enough, and you don't need to make it harder with a dozen different apps that don't talk to each other.

Speaker 8 One for sales, another for inventory, a separate one for accounting.

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Speaker 15 Scott, we're back. Trump's tariff pause brought some much needed good news for Apple on Wednesday after its worst four-day trading stretch since 2000.

Speaker 15 If you can believe that, it was like a million years ago. Apple stock soared 15%, its best day since January 1998.

Speaker 15 But the ongoing and increasing China tariffs are still a major problem for the company as Apple makes about 90% of its phones there.

Speaker 15 Apple is reportedly now planning to source more phones from India to offset some of these costs.

Speaker 15 A couple of things. Apple, if you're Tim Cook, you've got to...
you've got to, this is the biggest test of your mettle, I think, think, ever in your tenure.

Speaker 15 You've done a very good job, but this is really tough.

Speaker 15 Apple was exempt from broad tariffs in Trump's first term, but that's not happening now, despite Tim Cook's $1 million donation to Trump's inauguration.

Speaker 15 It also announced a commitment to invest over $500 million in the U.S. over the next four years back in February.

Speaker 15 You know what? It had done that in the previous administration, and it was stuff they were going to do anyway. So that was kind of a nothing burger.

Speaker 15 So one thing Trump could do is throw Apple a lifeline with an exemption, another exemption.

Speaker 15 One thing they're saying, which is nonsense, is that the White House says the solution is to move iPhone manufacturing to the United States.

Speaker 15 Press Secretary Carolyn Levitt, who is 27, everybody, let me be clear,

Speaker 15 she does not know what she's talking about, said in her briefing this week that Trump believes we have the labor, the workforce, the resources. Carolyn, you're an idiot.

Speaker 15 Even if that were to happen, it would cost $30 billion in three years for Apple to move just 10% of their supply chain to the U.S., according to one analyst.

Speaker 15 And the price for the iPhone would soar from $1,000 to $3,500,

Speaker 15 which is a non-starter. So

Speaker 15 there's no plans to move iPhones to the U.S. at all.

Speaker 15 The short-term benefit for Apple is that people have been flooding into their store to buy iPhones. Everyone's like, get one now.

Speaker 15 You know, there's a tariff panic happening and how much these are going to cost.

Speaker 15 I mean, they are really squeezed. So what's their best thing, an exemption? What should Tim Cook do? Because sucking up didn't work.

Speaker 14 I guess more sucking up, by way of I'm fairly confident there will be no tariff on Apple products.

Speaker 14 One, I think he's going to blink around these tariffs to begin with with China when the market tells him what you've just outlined, that we're not as strong as we think relative to China.

Speaker 14 Two, Tim Cook is the business person that Donald Trump thinks he is. And that is Tim will be smart.
He'll go there. He'll kiss his ass.

Speaker 14 And also, if you want to talk about a cult, the cult of IOS, I mean, first off, the insane notion that we want to bring these jobs back, Dave Chappelle summarized it perfectly.

Speaker 14 We want to wear Nikes, but we don't want to make them. The average assembly wage of an assembly line worker entry-level in China in an Apple factory is $500 a month.

Speaker 14 We want to bring those jobs back to America. You think

Speaker 14 you want to enrage a cult, take iPhones to $3,500,

Speaker 14 and then you're going to see the largest, the most valuable company in history, an American company, lose the value of the German GDP over the course of a year.

Speaker 14 You're going to push back people's retirements. Apple's going to have to withdraw all sorts of growth plans.
And you want to piss off every

Speaker 14 millennial in Gen X in the world, take their iPhones to $3,500.

Speaker 14 Apple is not going to have any tariffs here.

Speaker 10 Having said that, what is Apple doing?

Speaker 14 And they've been doing it for a while. They're trying to diversify their supply chain out of China for a number of reasons.
And by the way, you're talking about analyst Ann Ives. Just to get 10%

Speaker 14 out of China takes three years and costs $40 billion.

Speaker 15 By that time, Trump will be gone.

Speaker 14 So this notion that

Speaker 14 I am fairly confident, folks, you're going to be able to have your iPhone at the same price as now.

Speaker 14 Because one, I think these China tariffs will not last because this is what she, this is how she thinks of Trump right now. The same way Logan Roy feels about his children in succession.

Speaker 14 You are not serious people.

Speaker 14 She looks at Trump and he's like, you are not serious people. We are not backing down.
We didn't back down on TikTok. All these extensions are, I'm serious now.

Speaker 14 We're going to ban ban you unless you sell to Larry Ellison and Elon Musk. They're like, okay, hold my fucking beer.
That's what they're saying now. Okay, you want to tariff us this?

Speaker 14 We'll respond with the same tariffs. It'll hurt us both.

Speaker 14 They will back down. He will blink yet again on China.
And even if there are tariffs on China, he will come up with a reason not to inflame a cult that is even stronger than the MAGA cult.

Speaker 14 And that's the iOS cult.

Speaker 14 And Tim Cook will go back, go down to Mar-a-Lago, tell him he's a genius, show him a new iPhone with his picture on it, with golden crusted leafed picture silhouette of Donald Trump, and he will find an exemption for Apple.

Speaker 14 I just, the idea that Apple, the iPhones, are going to go to $2,200, much less $3,500, or that we're going to bring back those millions of jobs of people screwing in little things.

Speaker 15 It's like every time they open their mouth, I'm like, what are you talking about? Like, where? Where are you going to put these factories?

Speaker 15 And who's going to, oh, oh, God, we will automate them before. And by the way, there are advanced, then they always drag out advanced.
We're going to do advanced manufacturing.

Speaker 15 It's already being done here, Carolyn Levitt, you dumbass.

Speaker 15 We have Gorilla Glass. They're already doing what they, the high-level stuff here and creating jobs.
And they think you're so stupid. I just, I've got so many calls from tech people, like, how stupid?

Speaker 15 are they? And I was like, seems like extremely so, because they don't understand that why would you build a factory here with this lunatic in charge?

Speaker 15 You never know what he's going to do if he's going to arrest you. He's going to do, you know, I mean, he, or make your life hell.
I don't know if any of this stuff is going to last, but

Speaker 15 it's so chaotic. It's like a monkey flinging feces at all of us.
So we're just going to duck until he goes away.

Speaker 14 Apple is the most valuable company in the world, or was. We briefly went to number two.
I think it's back to number one.

Speaker 14 We have. Hundreds of, or they have hundreds of thousands of people working in their supply chain and factories in Foxconn and in China.
Those people make between $500,

Speaker 14 between kind of $20,000 and $40,000 a year. We've outsourced those jobs to China.

Speaker 14 Probably the most robust supply chain ever on a consumer level in history, maybe with the exception of the supply chain of the Manhattan Project that was kind of invented overnight and coordinated to create the bomb and save the world.

Speaker 14 Anyways,

Speaker 14 we held on. Apple has hundreds of thousands of employees across the West, and here's what they're in design, product management, strategy.

Speaker 15 Exactly, the higher end stuff. Yeah, the best.

Speaker 14 At average about $210,000 a year.

Speaker 15 Better jobs, smarter, information technology, services.

Speaker 14 So we have outsourced $500 a month, $20,000 a year jobs such that we would have more money to invest and grow our top line revenues such that we could pay more Americans $200,000 a year. Nike.

Speaker 14 Nike doesn't want people making two bucks an hour putting together Air Jordans.

Speaker 14 They want people who understand branding and sports sponsorships and great retail that, again, make about, I think, $150,000 to $180,000 a year.

Speaker 14 And if you want to bring back those jobs and pay people minimum wage at some plant in Lansing, Michigan.

Speaker 15 They'd rather work at McDonald's.

Speaker 14 Everyone else.

Speaker 14 They would do better jobs. They'd do better at McDonald's.

Speaker 15 They would do better at McDonald's. They would do better at Amazon.
It's just, oh, God, they're so dumb. Speaking of dumb, let's go on a quick break.

Speaker 15 When we come back, we'll talk about Elon Musk's escalating feud with Peter Navarro. In this case, Team Elon.

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Speaker 15 Scott, we're back with more headlines. The feud between Elon Musk and Trump trade advisor Peter Navarro is heating up, and Scott and I are on Team Elon this time.

Speaker 15 Musk called Navarro, quote, dumber than a sack of bricks.

Speaker 15 In an ex-post on Tuesday, that was in response to Navarro saying on CNBC that Elon was a car assembler, not a car manufacturer, because Tesla relies on parts around the world.

Speaker 15 Again, press secretary Carolyn Levitt, who I like to call Tracy Flick, had this to say about it when asked about the feud.

Speaker 19 Look, these are obviously two individuals who have very different views on trade and on tariffs. Boys will be boys, and we will let their public sparring continue.

Speaker 19 And you guys should all be very grateful that we have the most transparent administration in history.

Speaker 15 Oh my God, boys will be boys. Oh, God.
Give me a break. This is, boys don't talk like this.

Speaker 15 Listen, I agree with Elon. I wouldn't have used some of the words he used.
I like Dumber Than I'm Breaking Moore on the other ones I'm not so thrilled with.

Speaker 15 But look, you can not, you can hate on Elon Musk as much as you want. He's made an astonishing company here in the United States and really does know about this stuff, right?

Speaker 15 And have this, this, this like faux economist give him, tell him how things work is just an astonishing thing.

Speaker 15 And in this case, but of course, it's all in Elon's self-interest to get, because he needs to, you know, you know eat at the trough on the other stuff.

Speaker 15 But this is just

Speaker 15 like, I'm so glad Elon called him dumber than a stack of bricks or whatever he called him. I don't know.
What are your thoughts?

Speaker 14 Yeah, it's weird to agree with Elon. But look, I thought, and I still think the fall guy for Signalgate is going to be Wallace.

Speaker 14 I think the fall guy here, when this just becomes stupider and stupider and stupider as we, the president continues to

Speaker 14 wake up next to an adult called the tenure and blinks over and over and over, the fall guy will be Navarro, who, by the way, folks, spent four months in prison and

Speaker 14 has been, quote unquote, the architect or the whisperer here around the tariffs.

Speaker 14 And, you know, I got to be honest,

Speaker 14 if it's a war between Navarro and Musk, I'm rooting for the bullets. I'm enjoying this.

Speaker 14 They both, you know, when you insult people like this in public, you make them look bad and you also look bad. But

Speaker 14 look, he's right. And by the way, just not again, I hate agreeing with, but when Navarro calls Tesla an assembler, Tesla is the most American-made company in America.

Speaker 14 The greatest percentage of parts actually manufactured and assembled in the U.S. The winner of the top four or five.

Speaker 15 The ideas behind it. Look, it hasn't been keeping up in innovation, but what is it?

Speaker 14 But there's a ranking done of who makes the most American car based on how many parts are actually that go into the car actually are made in America.

Speaker 14 And the top four or five most American-made cars are all Tesla models. So the notion somehow

Speaker 14 Tesla is the least assembled car from foreign products of any automobile manufacturer. The Fords are less American than Tesla's.

Speaker 24 So Peter Navarro, I mean, my God,

Speaker 14 sit down. This guy,

Speaker 14 this is the last person

Speaker 14 you would want advising the president on economic policies. And Trump is going to get angry pretty fast when he has to blink over and over and over.

Speaker 15 Because of this guy's, I mean, it's interesting that he's in the sway of him.

Speaker 15 You know, Trump, as you and I know, has been talking about this terror thing since the 80s, as realized we talked about last week. So this guy was playing into already interests that Trump has, right?

Speaker 15 But the fact that he's listening to him like this, I don't think he's going to suffer. I don't think he's going to get rid of him.
I don't think he is.

Speaker 15 I think he keeps them around.

Speaker 14 They can fuck up as much as they want, which to me, this is the guy who has the the reputation for firing people but he actually doesn't right he's sort of it's still pretty early i mean we're only we're only 10 weeks yeah that's true that's true i don't know or yeah navarro's been sidelined and then he was trying very desperately to pretend this was the play it might not be a press release or announcement on the west lawn it'll be a vivek vivek ramaswamy was fired yeah he just did it quietly and pretended that he wanted to run for governor two years before the actual race

Speaker 14 i i think he's gonna it's like you know what they by the way i think i think elon's gonna leave what do they say about old soldiers? They never die. They just fade away.

Speaker 14 That's what's going to happen here. There's going to be a lot of people here who just fade away.

Speaker 15 I mean, I feel like probably somewhere in Elon's adult brain is like, what in the actual fuck, right? Like he's not, he's, he may be heinous, but he's not stupid, right?

Speaker 15 He can't, like, can you imagine sitting there? And then, God, the.

Speaker 15 Pretending that this is one particular one was David Sachs was like pretending this is a victory.

Speaker 14 Is that a victory? Veteran tweet. I couldn't even understand it.
He was right about everything again. I I mean, what was he right about?

Speaker 15 It was planned. I wrecked it and then he fixed it.

Speaker 14 Isn't it brilliant?

Speaker 15 Like, what? Like, honestly, like, even I, even Elon couldn't tolerate that. Anyway, Navarro, goodbye.
Good night. Go to sleep.

Speaker 15 You're done.

Speaker 14 Go home or go back to prison, wherever, wherever you want to go.

Speaker 15 Anyway, a couple of quick things. SCOTUS is cutting red tape for President Trump in the past week.

Speaker 15 The court has said the administration does not have to comply with an order directing him to rehire thousands of federal employees, lifted an order stopping the use of alien enemies act for deportations, allowed the plan to freeze funding for teachers, and Chief Justice Roberts allowed the Justice Department more time to litigate whether administration must return a man who was deported by error.

Speaker 15 A lot of these rulings are temporary. They haven't made the ruling, but they've left things in place,

Speaker 15 which is just the same as making the ruling to many people.

Speaker 15 They're not doing anything. They must be like, they're inundated.

Speaker 15 The Trump administration, just the way they're inundating law firms or media with all kinds of nonsense, is inundating the Supreme Court with all kinds of requests, and all of which take time.

Speaker 15 So they're like they're working, these old people are working overtime in this case.

Speaker 15 You know, I think they will put everything into stasis, which is exactly what Trump wants, meaning he can run Rothschild. It doesn't stop anything.
So thoughts?

Speaker 14 I think the darkest moments in

Speaker 14 Western progressive society have been something around camps. Obviously, Germany and concentration camps.

Speaker 14 I think one of the darkest moments in American history that we try to airbrush over is the fact that we took law-abiding Japanese families, some of whom had boys serving the European theater, and put them in internment camps.

Speaker 14 I think that some of the black sites to avoid Geneva Convention's laws that we spun up to basically torture combatants during the war on terrorism, I think that over time we will realize just how ugly that was.

Speaker 14 And I've said for a while that I thought similar to Germany, we were one economic shock away from doing something similar in the U.S. But it always takes on a different complexion.

Speaker 14 But when you start rounding people up and many of them don't have a criminal record and some of them just have the wrong tattoo and you essentially send them, I'm not going to call them concentration camps because I think they're different levels of depravity.

Speaker 14 And that concentration camps took, you know, took the crown for a level of depravity we haven't seen since then, fortunately.

Speaker 14 But when you send people to overcrowded prisons with no due process in another country and then you refuse to acknowledge your mistake and bring them back, which you could do with with one call.

Speaker 14 That is a form.

Speaker 14 That is going to be something we're going to look back on and think, you know, we really should have spoken up. We really should have spoken up.
And also, I just want to do a shout out.

Speaker 14 Tim Miller from the Bulwark has been really good on this. He's been highlighting this and he's been a steadfast voice on this.
Folks, just be clear. This stuff always takes on a different complexion.

Speaker 14 And when you allow this to happen, without due process, just be careful when you get that knock on the door.

Speaker 14 So this is one, and one of the reasons, let me take it to economics because it seems to be the only fucking thing Americans care about is when their 401k goes up or down. One of the reasons our stocks

Speaker 14 trade at a higher multiple, one of the reasons we attract the most human capital and the most financial capital in the world is due process and rule of law. And it's tempting to bypass it.

Speaker 14 If we did away with search and seizure laws, crime would go down. It comes at a cost, right? But it's worth it.
And over time, it creates the greatest economy, the greatest society.

Speaker 14 Think of America as a product. We offer more prosperity and more rights at the lowest cost in terms of taxes in the history.
This is the best product ever.

Speaker 14 And a key component of that value is there is expensive, sometimes awkward, sometimes inefficient due process.

Speaker 14 So be clear when you turn a blind eye to some gay hairdresser who has done nothing wrong, who ends up in a hellscape prison in El Salvador and no one is willing to make a call and get him out and acknowledge the mistake.

Speaker 14 At some point, that knock on the door might come for you.

Speaker 15 Correct. I mean, it's interesting, even in small ways.
I have several friends who are on green cards here.

Speaker 15 They've, every one of the two of them in the last week have had real problems at coming back into the country. Like they wanted to look at one of my friends'

Speaker 15 messages and she refused. She said, No, you can't look at my phone, get a subpoena.
And they're like, Well, it would be easier on you if you'd let us see it. And she's like, Do I have to?

Speaker 15 And they said, No. And she goes, I shall not.
Then, I mean, they, and that's other

Speaker 15 lovely guy, he's from Switzerland, slowed down at the border hour and a half two hours just like pressuring them to say things it's just even at the smallest level it's it's it's everywhere and they will come for you they're 100 come for you um let's finish up on one more thing um i want to talk about chris krebs who is uh head of cisa uh who was the uh who who was fired by trump for saying the election the 2020 election was legal um and trump fired him or everything was fine and he is now going after via executive order, Chris

Speaker 15 and removing security clearances from the company he works for, meaning Chris will probably, he's going to hurt the company itself

Speaker 15 in order to get rid of Chris and also Miles Taylor, who was the one who was deep throat, essentially, the first administration.

Speaker 15 And they're going after them personally, trying to ruin and wreck their lives. And I don't know what you think about this.
I have great regard for Chris and Miles.

Speaker 15 And what they're doing here is specifically targeting specific people via executive order because he told both of them told the truth.

Speaker 15 I don't know if you have any thoughts on that, but I will do anything to help Chris,

Speaker 15 whether it's raising a legal defense fund, anything else. But the fact that he's specifically targeting people now is American citizens who just did their job and told the truth is chilling.

Speaker 15 As far as I'm, I couldn't be more outraged by this. I'm outraged by all of them, but this is an astonishing attack on

Speaker 13 people who

Speaker 15 just were doing their job.

Speaker 14 Yeah, like this is, again, along the lines of depravity in an autocrat's handbook, where he's trying to create an incentive program where if you say nice things about me, I might give you a call you and say, oh, by the way, I get the sense the markets are going to go up tomorrow and you get rich.

Speaker 14 Or if you come to have lunch with me in Mar-a-Lago, I'll exempt your company from these tariffs.

Speaker 14 And if you do your job and say, I see no election interference, I might come after you with the full weight of the Department of Justice.

Speaker 14 I'd like like to think that our justice system will vomit on this.

Speaker 14 And the only observation I would have here, other than what you said, which is exactly right, and I think it's important that we keep raising these issues, is the timing of this was not accidental.

Speaker 14 He did it yesterday because he wants a misdirect from people to look away from the fact that he blinked and that he is literally fucking with the global economy like a drunk driver right now.

Speaker 14 So what do you know? Hey, folks. I mean, this is how weird it is.

Speaker 15 Let's pull this one out of my pocket.

Speaker 14 I want to outrage the lib targets in the media and get them to look over here at what is a blatant violation of the law and the autocrat such that they such that they stop staring at the fact that I am unilaterally taking the global economy down for no fucking good reason.

Speaker 14 So, I agree with you. I think it's terrible.
I appreciate you bringing it up. But quite frankly, I think it is a purposeful misdirect from the fact that he's taking the global economy down.

Speaker 15 Absolutely. Except I think it's more systematic.
This is removing clearances from this company is going to force them to,

Speaker 15 he's going to have to quit because he's hurting this company, right? The second thing is he does, he's reversing clearances, remote clearances to law firms that don't cooperate.

Speaker 15 They can't do business, which is why they're being so acquiescent, is they're losing clients. They're losing everything.

Speaker 15 If you can't, if you have federal business and you can't do federal business because you don't have security clearances or the government won't work with you, you're fucked.

Speaker 15 Like it's, it is part of a bigger picture of fucking with people's economics, right?

Speaker 15 This is, this is the goal here with Chris and Miles is to fuck with their economics and to fuck with the economics people they work and affiliate with.

Speaker 15 Not a, you know, finding a lawyer is going to be hard because they fuck with the lawyers. The media is nervous.

Speaker 14 You know, I mean, and then illegally reward your ally.

Speaker 15 This is this is part of the same thing of even if it's a distraction, it's also trying to kneecap everybody so they can't come after you in some fashion, whether it's the media, the lawyers.

Speaker 15 Obviously, the Justice Department has lost every bit of ethical boundaries, is over because of that,

Speaker 15 another oily fact totem, Pam Bondi.

Speaker 15 You know, it's just, I think it is a distraction, and yet it's also part of the same plan.

Speaker 15 When he does stupid stuff like this with the economy, not just stupid, but dangerous and devastating, he can then threaten people at the same time.

Speaker 15 It's a similar thing. Anyway, all right, Scott, one more quick break.
We'll be back for predictions.

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Speaker 15 Okay, Scott, let's hear a prediction. What's your prediction?

Speaker 14 Well, I have three, but they're all related. One, a blink.

Speaker 14 This guy will blink again. The Chinese, the tariffs, you know, okay, 90-day pause, more uncertainty, more reduction in the multiple awarded by global investors on every company in the U.S.

Speaker 14 because we are now

Speaker 14 brand America is toxic uncertainty.

Speaker 14 So this 90-day pause is ridiculous. He will, and then the 100%, I think we're at 125% tariff on China.
He will blink again.

Speaker 14 The tariffs will come dramatically down because quite frankly, she looks at Trump and says, you are not serious, people. Folks, this isn't going to happen.
The tariffs are going to come way down.

Speaker 14 Trump will blink again. Even more confident, there will be no tariffs, incremental tariffs on Apple products.
Tim Cook will play Trump like a fiddle.

Speaker 14 Trump will be scared to piss off the cult of IOS, which is huge in the United States. And he will not want to kneecap our shiniest, brightest, most handsome thoroughbred, and that is Apple.

Speaker 14 That's not going to happen. In addition, we're going to find out in

Speaker 14 somewhere between

Speaker 14 three years and nine months or sooner that the greatest criminal insider trading took place yesterday. There's just no way this administration who is one

Speaker 14 telling the DOJ to drop all cases against a mayor accused of conspiring with a foreign agent because he supports the administration, two, that creates a Swiss banking account that you can put money into with no record.

Speaker 14 Three, tells all, after getting a quarter of a billion dollars from the crypto community, tells everyone investigating platforms in the crypto community for good reason to stop all investigations, to believe that this administration did not leak insider information or engage in massive market manipulation yesterday.

Speaker 14 We're going to find out that April 9th was literally the biggest griff day in history.

Speaker 15 But will they do anything about it? Will the SEC do something? He was pretty silent, this new acting as well.

Speaker 14 Nothing will happen until January of 2029, if a Democrat is elected. Only if, only if.

Speaker 14 But in this economy, in this digital age, there'll be digital records everywhere. They can just go through.

Speaker 14 They can use AI to go through who was buying and selling all of these options 10 minutes before.

Speaker 14 There's phone records and digital servers everywhere.

Speaker 14 And they're just, I think, going to find dozens, if not hundreds of people who have a connection to the White House, who were given a nink, a wink, and a nod and made millions of dollars engaging in market manipulation or trading on non-material, non-public material information.

Speaker 14 This will go down as the biggest Grift Day in history, Wednesday, April 9th. All right.

Speaker 15 That's a good one. Those are good ones.
And they're all related. And they're all really depressing in so many ways.
Do you have anything happy?

Speaker 14 Anything? Anything? I don't know. I'm excited about it.

Speaker 15 The new new Mission Impossible is coming.

Speaker 14 You want to go with me?

Speaker 14 You keep talking about taking me to a movie. I don't really go to many movies anymore.

Speaker 14 You love Mission Impossible.

Speaker 15 Now that you sent me an intimate picture of us, I think it's time.

Speaker 14 I did. I'm your private dancer.

Speaker 14 A dancer for money.

Speaker 15 I'm your private dancer.

Speaker 14 A dancer for money.

Speaker 15 I love that album. That whole album.

Speaker 15 Let me just.

Speaker 15 That is a great album. Go listen to that album.
I listened to it when I was in my early 20s. I love that fucking album.

Speaker 14 Yeah. Did you like it? Yeah.

Speaker 15 Remember, she was, she made her way back. Yeah.

Speaker 14 I think whenever I think of that, I think of Marissa Tomei from the movie The Wrestler. I think I could have ended up with Marissa Tomei.

Speaker 15 She's a beauty. I love her.
She's beautiful.

Speaker 14 She's so hot. She's hot.

Speaker 14 And she's age appropriate for me. Anyway, so.
Okay.

Speaker 15 All right. You're married.

Speaker 14 All right.

Speaker 15 Oh, her. Anyway.
Anyways.

Speaker 14 Oh, wait. You want to go back to my college tour? Someone asked me to personify Duke.

Speaker 14 Okay.

Speaker 14 By the way, did I tell you in the middle, you're on these tours.

Speaker 14 And in the middle of the U Chicago and Duke tours, I did the same thing with my son. Totally inappropriate.
Now, he mentions the person giving the tour said, we want to know the real U DMP word.

Speaker 14 And someone asked, what's the admissions rate?

Speaker 14 Okay, 4% at Duke in the University of Chicago.

Speaker 14 Which means that, so everyone is there with their two overprotective parents. Looking around.

Speaker 14 So if there's 25 people or 75 people on the tour, which is the average size of the tour, one of those people, one of those kids is getting in.

Speaker 14 So I said to my son, as soon as they said 4%, I said, I said, let's leave the tour. And he said, why? And I said, let's break up with this bitch before she breaks up with us.

Speaker 14 And he looked at me and he knew exactly what I meant. And we peaced out and we went and checked out the stadiums and went and got food.

Speaker 14 But I'm like, it is so insane. Anyways, back to Duke.
They're down to 4%.

Speaker 14 Duke will produce, Duke is the new Harvard. Duke will produce more presidents in the next 50 years than Harvard because presidents are one of two things.

Speaker 14 They're either really fucking impressive or ridiculously rich.

Speaker 14 Obama, Clinton, the former, you know, Trump, W, although I think W is actually a decent man, they're really rich.

Speaker 14 And Duke has more really freakishly impressive and really rich people than any university right now. All right.
Duke is the new Harvard.

Speaker 15 Okay. All right.
But you're pieced out because you broke up with that business.

Speaker 14 4%? Why do we want to put, why would you want to do?

Speaker 15 That's like, that's like me. It's like the hunger guy.

Speaker 14 That's like me at a bar with hot people. It's just not going to happen.
It's just not going to happen. I mean, have at it.
If there was common app in a bar, I'd be all over it. But,

Speaker 14 you know, not going to happen. All right.

Speaker 15 You know, I'm not going to go into it because we've got to go. But I taught at Duke for a semester.

Speaker 14 Anyway, it's lovely. It's a lovely.
Journalism? Yes. Beautiful campus.

Speaker 15 Anyway, thank you, Scott. It was very thoughtful.
And it gave me a good laugh last night.

Speaker 14 I'm glad.

Speaker 15 Anyway, it was very touching. Walt never sent me a picture of him nearly naked.
If you've got a question of your own that you'd like answered, send it our way.

Speaker 15 Go to nymag.com slash pivot, submit a question for the show, or call 85551-PIVOT.

Speaker 15 Elsewhere in the Karen Scott universe, this week in Prof G Conversation, Scott spoke with Ian Bremer, president and founder of the Eurasia Group, one of our favorites. Let's listen to a clip.

Speaker 14 Longer term, there are some winners.

Speaker 35 And China long term will also benefit because the United States will have given up so much reputational capital and China will be able to take advantage of that, particularly in the global south, but also to a degree in Asia, the Japanese, the South Koreans, to a degree in Europe.

Speaker 35 But in the near term, China gets hit really badly. In the near term, Mexico and Canada get hit really badly.
In the near term, the United States is the comparative winner.

Speaker 35 And I expect that to be reflected in the markets.

Speaker 15 So it's a little different from what you were saying, but in the long term.

Speaker 14 Yeah, and by the way, on anything geopolitics, you know,

Speaker 14 go with Ian's view. He's very bright.

Speaker 15 Okay, that's the show. Thanks for listening to Pivot and be sure to like and subscribe to our YouTube channel.
We'll be back next week. Scott, read us out.

Speaker 7 Today's show was produced by Larry Eamon, Zoe Marcus, and Taylor Griffin. Erniner Todd engineered this episode.

Speaker 9 Jim Mackle edited the video.

Speaker 7 Thanks also to Drew Bros, Mia Severo, and Dan Shallan. Nishak Kurwa is Vox Media's executive producer of audio.
Make sure you subscribe to the show wherever you listen to podcasts.

Speaker 14 Thanks for listening to Pivot from New York Magazine and Vox Media.

Speaker 7 You can subscribe to the magazine at nymag.com slash pod. We'll be back next week for another breakdown of all things tech and business.
Kara, the market is down 1,100 points.

Speaker 21 Toxic uncertainty.

Speaker 14 Welcome to the Trump administration.

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