In today’s episode, John Rush alongside co-host Andy Pate and guest expert Jordan Newman, brings a thought-provoking discussion on the intricacies of the Federal Reserve’s decisions. Delve into how recent tariff adjustments impact inflation, employment, and American industries. Understanding Trump’s strategies against China unveils the ongoing trade negotiations and their real-world consequences. This episode offers a comprehensive look at domestic and international economic policies and their cascading effects, making a case for informed consumer perspectives in these uncertain times.
SPEAKER 10 :
This is Rush to Reason.
SPEAKER 17 :
You are going to shut your damn yapper and listen for a change because I got you pegged, sweetheart. You want to take the easy way out because you’re scared. And you’re scared because if you try and fail, there’s only you to blame. Let me break this down for you. Life is scary. Get used to it. There are no magical fixes.
SPEAKER 10 :
With your host, John Rush.
SPEAKER 17 :
My advice to you is to do what your parents did!
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Get a job, Turk! You haven’t made everybody equal. You’ve made them the same, and there’s a big difference!
SPEAKER 12 :
Let me tell you why you’re here. You’re here because you know something. What you know you can’t explain, but you feel it. You’ve felt it your entire life, that there’s something wrong with the world. You don’t know what it is, but it’s there. It is this feeling that has brought you to me.
SPEAKER 09 :
Are you crazy? Am I? Or am I so sane that you just blew your mind?
SPEAKER 07 :
It’s Rush to Reason with your host, John Rush. Presented by Cub Creek Heating and Air Conditioning.
SPEAKER 05 :
All right, happy Tuesday. Welcome, Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate. Andy, welcome.
SPEAKER 08 :
I’m doing fantastic, sir. Welcome to you as well.
SPEAKER 05 :
It is a beautiful day here in Colorado. And, of course, Charlie Grimes, our engineer today as well. Jordan Newman joining us now, America’s Money Answer Man. Jordan, how are you today?
SPEAKER 18 :
Great to be with you, Rose.
SPEAKER 05 :
How is the weather back east?
SPEAKER 18 :
It’s nice here. It’s… It’s about 70 where I am in Raleigh, North Carolina.
SPEAKER 05 :
Beautiful. That’s not bad. We’re 85, so you’re better than we are as far as that goes. All right. Well, let’s get right into it. Lots to talk about. Lots of things going on. There’s never a dull moment. I mean, there never is, really. I don’t think the entire time that we’ve been talking the, gosh, I don’t know how many years now, Jordan. Many, many years now. There’s never a dull moment anyway. There’s always something going on, especially when it comes to the financial end of things. But talk about the Federal Reserve’s decision last week.
SPEAKER 18 :
So they did not change interest rates up or down, which is what people expected. There’s just too much… I’ve never heard Fed Chairman Powell say the word uncertainty as many times as he did on his press conference. On one hand, inflation is coming down to about 2.3% or something like that, and that’s considered a positive thing. But on the inflationary front, the tariffs… are coming in from clear how much and when they’re going to have too much for you to raise prices but that’s clearly coming up who doesn’t feel he can lower rates if inflation about to take off because of the tariffs on the other side the unemployment is but four point two percent we actually had a pretty decent number hundred and seventy seven thousand jobs created uh… last month uh… but there are definitely signs of weakness there uh… and and truckers and the all shipping all the people who you know in the ports that are empty now are getting laid off from them definitely signs of weakness in the employment market in various ways but not enough to want them to push interest rates down so their concern is stagflation where the economy slows and there’s more inflation which is kind of what happened in the late 70s uh… but i think they feel stuck that they can’t raise rates they certainly don’t want to raise rates but they don’t feel they can lower rates if we have a bout of inflation coming because of the tariffs. And now, since that meeting last week, the tariff situation has completely changed. A week ago, we were at 145% on China, and they were 125% on our goods. Now, as of this weekend, that’s down to 10% on American goods from China and 30% on Chinese goods coming here. for 90 days, and then it could happen, it could get better, it could get worse. I mean, there’s just an awful lot of uncertainties.
SPEAKER 05 :
No, it’s really not that much. That’s where I’m disappointed in the Fed. I’m always disappointed in the Fed, because those guys don’t live in reality most of the time. And you can see all this coming. We predicted it even on this program, you know, a month or two ago, Jordan, when it was all said and done. China can’t afford… What’s going on? It’s very apparent, meaning that they had no choice but to. OK, people say, well, Trump blinked. Trump didn’t blink. This was all part of the plan. And the reality is China needs to be in check, which they’re getting more that way right now in regards to tariffs. And China doesn’t have a choice. Their people are revolting. They’ve got panic in the streets. Literally, they didn’t have any choice but to do this, which we predicted last time even you and I and Andy talked. I don’t understand why the Fed can’t see this. And the Fed made a mistake not lowering rates last week.
SPEAKER 18 :
Well, it’s not only China. I mean, China is obviously their major partner, but we have potentially higher tariffs in 130 countries around the world. I mean, right now we have tariffs of 25% on Canada and Mexico for steel and a little bit of various other things.
SPEAKER 05 :
Which is not doing anything to inflation right now, as we’re seeing from the report, so a non-issue.
SPEAKER 18 :
Well, I wouldn’t disagree with that. Car prices, companies are already raising car prices.
SPEAKER 05 :
But as far as core inflation, Jordan, you and I both know that has zero effect on that whatsoever, so that’s a non-issue.
SPEAKER 08 :
Yeah, I mean, it’s going to hit various sectors differently, but overall— Not everybody has to go out and buy a new car tomorrow, so it’s a non-issue. Overall, yesterday’s inflation figures were very good.
SPEAKER 18 :
Yes. I mean, without the tariff threat, inflation is in pretty good check right now.
SPEAKER 05 :
And with oil prices being down, you’re going to see things even get cheaper and cheaper. And again, the Fed, and this is my opinion, but, you know, Jordan, going all the way back to COVID, when you and I and Andy were talking about the Fed being late to raise rates, I’m not wrong this time around either, and the Fed is not looking at things correctly because oil prices are coming down, gas prices in turn will come down, meaning a lot of our core goods that we have as Americans will be coming down. The reality is they missed the boat to help jumpstart things real estate-wise heading into the summer by not doing anything last week. And I know those are short-term rates, but they have a direct effect upon the 30-year mortgage.
SPEAKER 18 :
They do. No, mortgage rates are still over 7%. which it’s been a terrible real estate selling season in the spring here. It’s just been terrible because people can’t afford it.
SPEAKER 05 :
You can blame that on the Fed right now, Jordan.
SPEAKER 18 :
And the home prices are up so much, yes.
SPEAKER 08 :
You know, and Jordan, I just got to say it. I think there is every chance that within the next night, and I don’t know if it’s the 90-day period, they’ll do extensions. They don’t really care when the deals get done, as long as they’re getting done. Everybody’s lining up right now to do these deals. They’re all very complex. Here’s the bottom line. Trump’s strategy is winning. It’s winning not a little. It’s winning majorly because Trump understands that the number one leverage in the entire world is the American consumer.
SPEAKER 05 :
We’re the biggest customer.
SPEAKER 08 :
Right. And he is looking at the world and saying, if you want access to the American consumer, you’ve got to give us better deals. And he’s the first president to do it. He’s playing the Trump card that was going to win all along, and now it’s winning. And the simple fact is this. They are going to deal one by one by one by one by one by one. And the reason this China deal happened is because they, obviously, it’s a big deal. It’s going to take more time to negotiate.
SPEAKER 05 :
And they’re getting hurt more than any other country.
SPEAKER 08 :
Yeah, and between Donald Trump and Scott Besant and a couple more of their people, and this Besant is brilliant, between these people, they are right. They are winning. And I’m going to make a prediction right now. Donald Trump is going to go down quite possibly… as the greatest president since Lincoln.
SPEAKER 05 :
Because of all of this?
SPEAKER 08 :
Because of all of this. He is resetting the entire world economic map that was robbing America blind, and he’s undoing it. Now, is he going to be able to undo it all? Of course not, but he’s going to undo a lot of it. And one by one by one by one, these tariffs are going to come down all around the world because people want that leverage that he’s playing that no other president did. I think it’s going to be fantastic. I don’t see any risk at all in the strategy. Zero. The only risk is, are the American people too stupid to be patient for it?
SPEAKER 18 :
Well, yeah, there’s short-term pain and long-term gains, supposedly. Right. And a lot of people don’t like the short-term pain at all. Nobody does.
SPEAKER 05 :
No, they don’t, Jordan. You’re right about that. I agree on that.
SPEAKER 1 :
100%.
SPEAKER 05 :
You’re correct.
SPEAKER 18 :
And countries like China don’t care about the short-term pain. They don’t listen to their people.
SPEAKER 05 :
Oh, they’re listening right now. That’s why the deal this weekend happened, Jordan. You and I will have to disagree there, because they listened this past week. They have got so much stuff going on right now in regards to their own people. And I agree with you. Normally they don’t listen. They did this past weekend.
SPEAKER 08 :
Yeah, I was going to say, I agree with Jordan in general. They don’t listen to their people. But right now it’s not in general.
SPEAKER 1 :
Right.
SPEAKER 18 :
That’s right. No, I agree. It was tremendous because all these factories are shutting down and going out of business in China because they’re only customers of the U.S., basically. That’s right. The shipping traffic has plummeted 50% or more coming into L.A. and Long Beach because the orders just dried up at 145% tariffs. It’s an embargo. It doesn’t make sense to have trade either direction. And same with us. I mean, our farmers… are having trouble selling soybeans and corn and wheat and so on to China because at 125% tariffs, it makes our agricultural exports uncompetitive. So they go to Argentina and Brazil and Canada and other places as well. It was hurting both sides.
SPEAKER 08 :
In the aftermath, because here’s what’s going to happen, we’re going to have a much more open market into China to sell those goods. How do you think that’s going to affect our farmers? How do you think that’s going to affect a lot of our industry?
SPEAKER 18 :
When we do get a deal… Well, it depends what… I mean, right now, this 90-day period, China has a 10% tariff on U.S. goods going into China.
SPEAKER 1 :
10%.
SPEAKER 18 :
It had been 125%. So that’s a big decrease. But 10% is still way more than it was before. Okay? So… And you know, we were exporting… Billions and billions of… No, no, no, I’m not talking about this.
SPEAKER 08 :
I’m talking about in the aftermath of the upcoming deal, because there will be a deal. After they sign a deal, and they really do open up the market into China, because that’s what’s coming, okay? China’s going to lower their tariffs on us overall dramatically. That’s coming. It’s guaranteed, because we’re playing the lead.
SPEAKER 18 :
But there are a lot of non-tariff barriers that they want to get out as well. I’ll just give you a few examples, okay? Agreed. Stealing intellectual property. And how do you get the Chinese to agree not to do that? That’s a tough one, but hopefully they’ll get them to do that. Manipulation of their currency. They keep their currency artificially low, which makes their goods more cheaper than ours. That’s something you want to kind of get at. The whole fentanyl thing is still a big issue out there. I mean, part of the tariff was 20% for fentanyl. They have still not… pledged in any substantive way to stop.
SPEAKER 05 :
No, if I read today, they basically say it’s our problem, not theirs.
SPEAKER 18 :
Yeah. So that’s what I would call a non-tariff barrier as well. And just in general, they cheat and steal. Yeah, they do. You know, how are you going to change the entire culture? So there are non-tariff barriers that are much harder to get rid of than the tariffs.
SPEAKER 05 :
Gotcha. Gotcha. Let’s squeeze Bob in before we actually go to break. Bob, go ahead.
SPEAKER 04 :
Okay, this quick question for Jordan. I think the Federal Reserve is useless. Right now, they’re pegging everything at 4.5%, quarter of a point above, quarter point below. It’s not going to make much difference to me, the consumer, or even marginal businesses. Let me give you an example. If I have 20% down in sterling credit, I’m going to get a better rate on a home mortgage or a car loan than somebody that’s rotten credit with nothing down. That’s one thing. Let the free market decide what the interest rates are. A quarter of a point up and down is not worth arguing over.
SPEAKER 05 :
No, but one thing it does do, and Jordan, you can speak to this, it builds consumer confidence, if you would, at the end of the day. I agree with Bob, Jordan, a quarter point up, down, whatever, really at the end of the day, cost-wise isn’t really changing a whole lot, even for the average business person that has a line of credit or whatever. But it’s the signal that the Fed sends when they do that. Am I correct?
SPEAKER 18 :
In the last year, the Fed has lowered rates by one full percentage point, which isn’t that huge amount, but it is a signaling signal. that they see the economy weakening and they want to support it. Right now, they’re signaling by not changing rates one way or the other, they’re worried about inflation coming. That’s what they’re signaling. And that’s what the markets are worried about, potentially.
SPEAKER 04 :
The other thing about manipulating tariff rates between countries, the more important thing is the restriction of tariffs. goods going to and from different countries, if you say, well, you know, we’ll have zero tariffs, but we won’t let your products in, what good are the tariffs?
SPEAKER 18 :
Well, that’s what I’m saying. These non-tariff barriers are important on both sides. And we have some non-tariff barriers, the Chinese as well, going both directions. If we can get those down, that would be great. We will. On both sides. And it’s not only China. China’s a big one, but European Union’s going to be a tough one. I mean, we’d have 25% tariffs on them now, and they’ve had very high tariffs and been very protectors for a long time. For them to drop those tariffs would be a major thing. Europe’s 27 countries, they’ve got to agree on that, and that would be a major change for Europe, not to be as protectors. So again, maybe we can do it. But these are not easy negotiations to have in such a short time period.
SPEAKER 08 :
Yeah, I agree. I think Europe is actually going to be the most difficult negotiation.
SPEAKER 05 :
And yet, outside of, correct me if I’m wrong, but outside of pharmaceuticals, what do we need from them?
SPEAKER 18 :
We can take a lot of things from them.
SPEAKER 05 :
We take chocolate. You’re missing my point. What do we actually need from them, Jordan, outside of pharmaceuticals? Because we don’t need chocolate. We don’t need their heavy machinery. We don’t need their tractors. I mean, we don’t need any of that. We like it and we can have it and use it and so on. But do we really have to have it is the question.
SPEAKER 08 :
I get all my wooden shoes from Europe. Andy needs champagne.
SPEAKER 05 :
Are you following me? I mean, again, I look at some of these in that way and I think Trump does as well. At the end of the day, we don’t need, outside of pharmaceuticals, anything from them.
SPEAKER 18 :
We make most of our pharmaceuticals here, or actually in China, in many cases, we make pharmaceuticals.
SPEAKER 05 :
We get a little bit out of the EU as well. Again, it’s not a ton to your point. Personally, I look at the EU as a big not-a-burger because really I kind of look at it as Canada, and I’m sorry to say that, but Canada, again, needs us more than we need them. We are their only way to actually sell oil when it’s all said and done and even exported out of North America. So at the end of the day, Canada needs us more than them. I look at the EU very much the same way. We don’t need them.
SPEAKER 18 :
We import hundreds of billions of dollars from Europe.
SPEAKER 05 :
We do, but we don’t have to, is my point. We do because we like it. We like the German cars. We like Land Rovers. We like Jaguars. I don’t, but some do. I mean, at the end of the day, Jordan, we like those things, but do we have to have them? No, we don’t.
SPEAKER 18 :
Well, if you raise the price so much, then people will substitute for domestics in many cases. That’s the idea.
SPEAKER 05 :
That’s the idea. And by the way, I mean, again, as a car guy myself, I’ll just tell you straight up that we’ve also got this fantasy going on here in America that European cars are somehow better than anything else on our soil. And nothing, nothing, nothing could be farther from the truth.
SPEAKER 18 :
I mean, a lot of the European cars are made in America now. BMW is made in South Carolina. Yes. Mercedes in Alabama. That’s correct. So a lot of these European plates are now made here, and they’re just as good.
SPEAKER 08 :
Really quick here, Jordan, before you run on from that, how does that work on the tariffs? Okay, you’ve got a car. Part of it’s made here. Part of it’s made there. It’s assembled here. How does that all work?
SPEAKER 18 :
The way it works, as I understand it, is they have to – figure out how much of the cars coming in from the parts and so on comes in. So each car will have a different tariff. That’s right. Because it depends, I guess, on the percentage of whether that, you know. This car is 57% American parts or something, or 23%.
SPEAKER 05 :
That’s right. And that, by law, has to be on the Monroney, on the window sticker of each car, telling you exactly how much of that car is made here in America versus someplace else.
SPEAKER 18 :
So it’s going to affect the price car by car.
SPEAKER 05 :
That’s right.
SPEAKER 18 :
Or model by model.
SPEAKER 05 :
That’s exactly right. You are correct in that, Jordan. Absolutely.
SPEAKER 18 :
It’s very complicated.
SPEAKER 05 :
That part is very complicated. You are right on that. You are very right. All right. Let’s do this. We’ll take a quick timeout. We’ll come back. Questions, text us if you would. 307-200-8222. Dr. Scott Faulkner is up next. And speaking of pharmaceuticals, he is not beholden to big pharma or big insurance. He would love to be your doctor. 303-663-6990.
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SPEAKER 1 :
Live and local, back to Rush to Reason.
SPEAKER 05 :
All right, we are back. Rush to Reason, Denver’s Afternoon Rush, KLZ 560. Myself, Andy Pate, Jordan Goodman, America’s Money Answer Man. Jordan, before we get going, how do folks find you?
SPEAKER 18 :
My email is jordan at moneyanswers.com. Always glad to take emails from your listeners.
SPEAKER 05 :
Appreciate it. Okay, really quick before we get back into even maybe a little bit of tariff talk, Andy wanted to talk about Canada for a moment as I was sort of talking about them. a little earlier. Let’s do talk about oil prices for a moment because that does come into play when it comes to what’s going on with Canada and so on. There are rumors out there, even not this past Sunday, Mother’s Day, but the previous Sunday, that, oh gosh, what OPEC did, it’s going to crash the markets. Nobody’s going to be able to recover from that. Oil executives are all going to be looking for a job on Monday morning. Of course, Jordan, none of that happened because 400,000 barrels a day from OPEC, frankly, isn’t changing the marketplace hardly at all when we as a country are use 20 million barrels a day 400k just frankly doesn’t do anything when it’s all said and done but our prices did fall to about 58 something like that they’ve come back into the mid 60s now but it did fall pretty precipitously when opex because they’re buying off futures and so on and that’s what you know the problem is some of these guys frankly jordan i hate to say this and i know these guys are traders and they supposedly are mathematicians and so on but Did they not give the formula that I just gave a moment ago? I mean, did they not think through that? Wait a minute. Just as a country alone, we as Americans use 20 million barrels a day. That’s not worldwide. That’s just here. And yeah, OPEC may raise things up 400 K a day. But at the end of the day, that’s sorry, that’s not a pimple. It’s not much, but a lot of OPEC countries cheat. They do, and that’s partially what they’re trying to get under control. I understand that. Yes, they do cheat. They pump more than what they’re supposed to be, and that’s part of what they were trying to do with all of this. But, again, people need to realize.
SPEAKER 18 :
The reason that oil prices fell so much down to 58 or so was the feeling that the trade war was going to get out of control and really hurt economic activity. I mean, all these ships that used to be coming from China to Los Angeles aren’t coming anymore. They’re not using oil. So if you have an economic slowdown, you lose, use less oil. That’s one of the reasons why OPEC raising production by a small amount was on top of that. Normally, when prices are falling, you think of OPEC cutting production to support the price, but that’s not what they did in this case. It’s more of a signaling mechanism. But on top of the official $400,000, the cheating done by Nigeria and Iraq and Libya and, you know, all these different places.
SPEAKER 05 :
That’s about a couple million barrels a day, roughly.
SPEAKER 18 :
Yeah, there’s more than that. That’s where it came from. That’s good for consumers. We’re seeing prices of the pump falling now. It’s obviously good for airlines and cruise lines and truckers and all the people that use a lot of fuel. In theory, that could be passed through to consumers in the form of lower prices for goods delivered by trucks, things like that. Mm-hmm. And we are producing more oil now at 58 or thereabouts. A lot of American wells don’t make sense. They’re not profitable at that level. So you’re not going to see this surge of new wells, as President Trump would like, drill, baby, drill, because it’s going to be profitable for them. And you do these shale wells and these It’s very costly. It takes a long time. And I would say 65 to 70 is where it makes sense. If they think it’s going to be in the 50s, those wells will never get drilled. Now, they’re getting more production out of existing wells with new technologies, but they’re just not going to be a wild… drilling new wells at these price levels.
SPEAKER 08 :
Well, the directional drilling that they do here in America, though, is much more expensive than they would do in the Middle East, and that’s the big key. We need oil at $70, okay? Otherwise, we are not making the profit margin that they can make in the Middle East. I mean, obviously, we’re not going to make their profit margin anyway. Right. But it’s just not enough of a profit margin. These people who want $55 oil don’t understand what it’s doing to the industry here in America. My biggest concern, though, for the price of oil, because I want it to go up. I want the price of oil to get up to $70 for American oil producers. And my biggest concern is demand in China and India. We need to get those economies up and running again. This is why it’s so important, and I think I’m so happy that Trump has basically got China and India as two of the countries who are near the front of the line.
SPEAKER 18 :
India, they’re definitely doing a lot of talks with India, which would be great, because India is growing well as a democracy, and they need a lot of our stuff. And we buy a lot of stuff from them, because there’s cheaper textiles and all kinds of things. Yeah. That would be great to have India as well. And then I think others will follow. South Korea, I think, could be next. Japan, apparently, we’re making some good progress. I think the last one that’s going to be hardest, as we said before, is the European Union, which is not one. It is one block, but it’s 27 different opinions as well.
SPEAKER 08 :
That’s what makes it hard. That’s why I said that was going to be the most difficult one. Can I talk Canada for a moment? Sure, go ahead. I think Trump wants to burn Canada to the ground. OK, and this is and I mean this, OK, because he made it very clear when he had their joint, you know, get together with their new prime minister. He said everything very nicely. But the things he was saying were very blunt. We don’t need you in any way, shape or form. And here’s here’s what I think is really going on here, Jordan. Once before Trump was entered in as the focal point of the Canadian election, the conservatives were ahead by 25 points in all the polls. They were going. Trump won that election for the left in Canada.
SPEAKER 18 :
That’s correct.
SPEAKER 08 :
That was Trump. By inserting himself and by talking about 51st State and by doing the tariffs. But I think it was the 51st State that really rankled them and all this kind of stuff. And by the way, as you know, I’m a Trump mega fan, okay? But I feel that he… very much caused the Canadian election. And now he’s looking at it like this. They literally moved 30 points to the left, which in a couple months, which by the way is impossible. Okay. That I have literally never seen that happen anywhere in my entire life ever. OK, a country to move about 30 points one way or the other in a couple of months and vote. They voted in. They were absolutely determined to get new conservative leadership because the liberals had driven that country into the ditch. And they literally rechose the side that drove them into the ditch just out of hatred for Donald Trump. Now, Donald Trump is looking at them and I think he’s saying this. I want to see riots in the streets there like we were seeing in China in China before I’m going to deal with you. I want a lot of you to because you guys do not understand how much you need us. And I want to see your industries closing down before I’m really going to deal with you. I don’t think they’re at the front of the list is what I’m saying.
SPEAKER 05 :
And Jordan, I have to agree with Andy on this one because I really feel like a lot of Canadians, especially A, they got really thin skin. B, they get all upset over what happens down here, even though it’s not necessarily a direct, how should I say, a direct attack on them in any way, shape or form. We’re just Americans trying to do what’s best for America, not what’s best for Canada. They are a quote unquote, you know, sister country, but it’s not America. It’s not the United States of America that is up above us. And so the reality is they get really… You know, pardon the language here. Do they get butthurt for no reason at all? And I agree with Andy. I think Trump’s looking at that saying, you know what? You think you were hurt before? Wait till now.
SPEAKER 18 :
Well, I mean, one of the reasons that the left one is that they threw out Pierre Trudeau, Justin Trudeau, who was extremely unpopular and brought in Mark Kearney. who is a much more establishment figure and the head of the Bank of England, Bank of Canada. True. I think if it was Trudeau, it might not have won because he’s hated so much. But they put a new lipstick on the pig, I guess you might say. That’s all they did.
SPEAKER 08 :
Well, they did what the Democrats tried to do, you know, dumping Biden and going to Kamala. But the big difference was this. Here in America, Trump and the America First message was surging. In Canada, it was hated. I mean, just putting a different liberal at the top is not going to move the polls 30 points. That happened because of Trump, didn’t it, Jordan?
SPEAKER 18 :
Yes. I mean, Trudeau realized he couldn’t win, and he was incredibly unpopular.
SPEAKER 06 :
True.
SPEAKER 18 :
And Carney kind of came out of the woodwork. He has not been a politician. He’s been a banker. He’s not even a Canadian. And they found somebody, you know, reputable to bring in. And he kind of pulled it off. They put him in, and then he called a snap election.
SPEAKER 05 :
I mean, he’s Canadian, but you know what I mean by that, Jordan. He’s not a true Canadian in the sense of living there, growing up there, and so on. He’s got, what, triple citizenship, I believe?
SPEAKER 18 :
Right, right. But he’s prime minister of Canada now, so he’s a pretty big Canadian, I would say.
SPEAKER 05 :
Well, he is now, but I mean, my point is, it’s weird to have somebody elected that way that frankly isn’t a, you know, quote-unquote native-born Canadian that really has died in the wool there.
SPEAKER 08 :
Well, he’s an environmentalist nut who is going to wreck their economy if America doesn’t save it. And I don’t know. I mean, what are they going to do? Divert and sell more oil to China? I mean, what are they going to do? They can’t. Well, I didn’t say they could. I mean, obviously, they don’t have the pipeline. They’d have to ship it. It’d be incredibly expensive. I don’t know what their options are is what I’m saying.
SPEAKER 05 :
They have none.
SPEAKER 08 :
Jordan?
SPEAKER 18 :
Yeah. Well, I mean, they’re talking about Europe. But you’re right. I mean, we are their biggest exporter today, export to us. And we are their biggest customer. It goes both ways. They’re huge trading partners between the two of them. And the amount is relatively balanced. I mean, Canada has slightly more exports to us in goods, but we have a lot more exports to them in services. So it’s relatively balanced. It’s not like China, where they… sell $450 billion to us, we sell $150 billion to them. That’s way out of balance.
SPEAKER 08 :
What is going to happen to their industries as we cut them off?
SPEAKER 18 :
They’re going to have a hard time. I mean, the big ones would be lumber, oil, all the tar sands and all those things. All kinds of natural resources, basically, is what they’ve got. And we are the largest market for them. Now, we’re not cutting them off. we’re increasing tariffs, like steel and aluminum are big in Canada.
SPEAKER 05 :
You heard Trump in his conversation the other day with their prime minister basically saying, and I’m glad he did, we want to get to the point where, frankly, we don’t need your stuff. We don’t need, I mean, if we want to buy it, that’s one thing, but we don’t need your steel, we don’t need your aluminum. We want to be self-sufficient. I appreciate Trump saying that. We don’t need them, and I don’t want to need them. Yeah, he said, we don’t need your trees, we don’t need your oil. We don’t need anything you have, so be thankful we’re buying it is my point. Jordan, what I want from some of these countries is a big, fat thank you for being our biggest customer. We haven’t had that, to Andy’s point earlier, we haven’t had that in decades. In its high time, we started getting a thank you.
SPEAKER 18 :
I think it would be nice. I mean, as far as steel and aluminum, I don’t think there’s a lot of places in America that would like to have a steel or aluminum plant. They’re very, very polluting, and I don’t think a lot of people would like to have more steel and aluminum plants in America. As many jobs as it would create, they’d rather keep the pollution in Canada to some extent.
SPEAKER 05 :
Yeah, all the greenies that are so green would rather just have it in somebody else’s backyard instead of your own. Typical hypocrites.
SPEAKER 18 :
That’s exactly right. So we’ll see. I mean, I hope that we get to the same thing. Now, they didn’t come to any agreement when Mark Carney met with Trump last week. Oh, no, no, no. They didn’t come to any agreement. Basically, you know, he kept saying Canada’s not for sale, and Trump said never say never, and he said never. So that’s kind of where they went with it. But they had a chance to make a deal and cut tariffs both directions, but they did not do so. So that’s going to be another tough one.
SPEAKER 08 :
Honestly, Jordan, I think they’re at the back of the line. And they could surprise me. I mean, Trump, you never know the speed of Trump. It could be next week that we have a Canadian deal. I just don’t see it.
SPEAKER 05 :
I think that’s in the Canadian. I think what Trump has done, in my opinion, and I wasn’t in the conversations, but my gut feeling is Trump laid everything out and basically said, call me when you’re ready. And other than that, yeah, they’re not at the top of the list. When you’re ready to grovel. Yeah, when you’re ready and you want to say thank you for us being your largest customer and helping you actually get your oil to the world market, we’ll talk then. How’s that sound?
SPEAKER 18 :
And by the way, I would have said the same thing. They call it elbows up. That’s the big thing in Canada now. They’re all becoming hockey players.
SPEAKER 05 :
Yeah, well, when it starts affecting their pocketbook, they’ll be elbows clapped together begging for mercy.
SPEAKER 08 :
I’ll be honest. I really, Jordan, I have personal angst at Canada right now because I’m sorry. When you are prepared to throw out the party that has wrecked your country for the last several years, and it wasn’t just they didn’t like the prime minister, they didn’t like everything his party was doing. And you are all in agreement that they have been wrecking you. And then all because you’re angry at some American president, you decide to put them back in power. That is such colossal stupidity. They deserve to suffer.
SPEAKER 18 :
And it gave them a bigger majority than before, actually. It was a landslide, really. All right, let’s take a break.
SPEAKER 05 :
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SPEAKER 10 :
The best export we have is common sense. You’re listening to Rush to Reason.
SPEAKER 05 :
All right, we are back. Jordan Goodman, America’s Money Answer Man, with us today. Jordan, again, how do folks get a hold of you?
SPEAKER 18 :
Jordan at MoneyAnswers.com is my email.
SPEAKER 05 :
All right, let’s talk pharmaceuticals for a moment. Trump signed an executive order effectively trying to lower rates. The drug companies, of course, aren’t happy, which I’m not really sure that I understand why, because really this executive order has more to do with PBMs than it actually does the pharmaceutical companies themselves, other than… Trump is trying to make the playing field level again because his feeling, along with mine, is a lot of other countries get much better deals on pharmaceuticals because they can make up for that loss by charging the Americans more money than they need to. Trump, again, wants that leveled.
SPEAKER 18 :
That’s correct. So what he’s proposing is drug prices going down as much as 80 percent, sometimes 50, but major, major reductions in drug prices to bring them down to the same level as the so-called preferred nations, that kind of thing. uh… the other industrialization now that’s good that that that that the problem is research and development it takes a lot millions and millions of dollars to develop new drugs right and many of them don’t work many of them fail in clinical trial I think of the drug industry like the movie business. There are a few blockbusters and a lot of movies that produce very little revenue. And you have to subsidize the losers with the occasional big winners. Except with drugs, it takes years and millions of dollars you don’t know up front. If it’s going to work or not.
SPEAKER 08 :
Yeah, but we’ve been paying for all that, Jordan. I mean, that’s been paid for by the American consumer almost solely. And I wanted to ask you this, Jordan. Can you think of another product that is handled that way internationally where the American public has to pay many, many times more for the same product as they do elsewhere? Because we’re America. Also, we can fund all the R&D for the whole world.
SPEAKER 18 :
That’s exactly what we’re doing. That is correct. Obviously, the drug industry has an incredibly powerful lobby that’s kept it that way. Another one that comes to mind, Andy, is sugar. We have quotas on sugar, and our prices for sugar are artificially high. If we lowered our prices, we could bring in all kinds of sugar from Brazil and other places and cut the price of sugar for Americans. That’s another one that comes to mind. But on this thing, if we make the choice… That means that a lot of drug companies will drop or dramatically reduce their research and development. So drugs for cancer and Alzheimer’s and all kinds of other things just will never happen because they’re not going to put the money in to do the research and development, take that risk if they’re not going to get a high return. The current system is we pay a lot for the drugs. That money goes into research and development and profits of the drug companies. They produce drugs. they have a seventeen-year patent on the map to that goes to that when most drugs that people take a generic spike dramatically my money to go home are generic so a lot of people are not paying very high drug prices uh… you know medicare is now negotiating for drug prices so we’ll see but you are exactly right americans are paying higher for drug prices which is sometimes the rest of world which gets the benefit of drugs at work without having to pay for research about it
SPEAKER 08 :
I got generic brain surgery. Didn’t go well. No? Yeah. Well, I mean, what they’re going to do, and by the way, just so you know, RFK, I’m sure, will soon ban sugar altogether, so we won’t have to worry about that. I see. Yeah, that ain’t going to happen. Obviously, it’s not like the lowest price that’s being paid right now for a drug overseas is what we’re going to get. What they’re going to have to do is raise what they charge overseas to offset because you still need the money for the R&D because R&D is incredibly high risk.
SPEAKER 18 :
The other countries are not going to raise their prices. They have to sell them. And the R&D is going to get cut out.
SPEAKER 08 :
Well, they can’t do that. I mean, you have to have the R&D or you’re not going to have the drugs. So, I mean, I’m not saying they’re going to raise it up to where we are, but I mean, they’ve got to raise it a little.
SPEAKER 05 :
point you know where’s the pain point for you know another country pick one i don’t care who it is you know what what point in time does that other country decide yeah we’re socialized that we get it socialized medicine we have set prices and so on but at what point you know what pain point do they have to where you know drug abc all of a sudden goes up 15 they’re not going to want their prices going up at all okay yeah well you know what yeah too bad people on ice water too but that ain’t happening
SPEAKER 18 :
Yeah. I mean, they’re used to having a free ride on our R&D, and they like it that way. Yeah, and maybe it’s time to stop that is my point.
SPEAKER 08 :
I want my wife to always agree with me, Jordan. Yeah, it ain’t going to happen.
SPEAKER 05 :
I can whine all I want. I meant what I said a moment ago, Jordan. I mean, you know, people in hell want ice water, but it ain’t happening. So the reality is just because they want it doesn’t necessarily mean that’s what’s going to happen at the end of the day. Tough noogies.
SPEAKER 18 :
Yeah, well, we’ll see.
SPEAKER 05 :
My guess is… Germany, Switzerland, all these socialized medicine countries, okay, well, you know, buck up, pal. The American consumer, once again, I go back to what I’ve been talking about pretty much this theme of our whole conversation today. I want a thank you from all of these other countries for what we’ve been able to do for them instead of getting poked in the eye all the time by them.
SPEAKER 08 :
You know, I don’t think that the average German consumer, forget about their government knows, but I mean, Jordan, the consumer, the consumer in Spain, the consumer in another country. I don’t think they understand to what degree the American public is subsidizing the R&D for the drugs they enjoy.
SPEAKER 18 :
Well, you’re right. I mean, there are some dramatic cases in Canada and Mexico, for example. People go across the border. all the time to get the same drug from Canada and Mexico at whatever, 50% or more cheaper. So people are very clear that there’s a huge drug price. There’s all these online Canadian drug operations that get the same drug from Canada all the time. People in America certainly understand it. But I think you’re right. In Europe and so they don’t realize how subsidized and benefits they have. They have very few. They have some. Novo Nordisk is an example. There are some big drug companies in Europe, but nothing close to the innovation we have here, because we have a lot more money to pour into R&D, which takes a long time.
SPEAKER 05 :
Let me back up, though, for a moment. Do we? We’re a country that is so far in debt, Jordan. You and I talk about this pretty continually. I mean, yeah, we talk about that we’re a country that has a lot of money and a lot of resources, and we do, but we’re getting close to, we’re just shy of $37 trillion in debt. That doesn’t even include the unfunded liability side of things.
SPEAKER 18 :
right well i’m a drug companies for the most part of quite profitable and uh… their stocks have done very well and they’ve got the money under the current pricing structure to research darty in addition to help from federal government and i a tion all these agencies which are being cut to the boat i mean we’re going to have less drug development this country because we’re getting less federal grants for an age universities and that these prices go down the drug companies are going to cut back on r&d dramatically it’s just If they’re getting 80% less for drugs, They’re not going to keep doing what they’ve been doing.
SPEAKER 05 :
Let me throw this at you, and I don’t know this. I have not done any studying. I’ve got some folks that probably would that I could potentially talk to. But the other question I’ve always got when it comes to some of this R&D is, you know, do we have also some R&D where, you know, we’re throwing everything at the wall trying to see exactly what sticks versus being more calculated with certain things that we’re doing in regards to making new drugs?
SPEAKER 18 :
I mean, cancer and Alzheimer’s would be two areas that we’re putting billions to try to get it. And we’ve come close with Alzheimer’s. We haven’t got it completely. We’re making progress. And cancer, obviously, has been tremendous progress. It’s not solved, but we’ve made a lot of progress on cancer. Those are the two areas we’ve put billions and billions in to try to solve those two. And yet haven’t. Not fully. We’ve made a lot of progress with cancer, but it’s not fully done. I’m sure it’s very complex. And Alzheimer’s, we’ve had a lot of spectacular failures.
SPEAKER 05 :
Yeah, no, you are right. Okay, before we let you go, talk to us about the chaos at the airports. I hadn’t heard this, by the way, and I travel quite a bit, but I hadn’t heard about some of the chaos over the whole Real ID end of things. I thought that was going to be a nothing burger. I have not seen anything about that.
SPEAKER 18 :
So you can’t board an airplane now without having a real ID, which is this kind of red star on your driver’s license. And about 80% of Americans have it, but 20% don’t. And there have been enormous lines around the block and all the DMVs around the world trying to get this thing. People spend the entire day waiting to get the stupid red star. It was very badly handled. You still can get on an airplane if you have a valid passport. It has to be up to date. Right. But most people use driver’s licenses, and it was just handled very badly.
SPEAKER 05 :
Okay, but really, really quick. Maybe, and I’m, okay, not, I’m just trying to be devil’s advocate. How is it handled wrongly when we have known now for the past how many years that it’s coming? Even this past year, we knew that this deadline was coming. If you’re somebody that didn’t get real ID on your license… How is that anybody’s fault but your own, because you were a knucklehead and didn’t get it done?
SPEAKER 18 :
This is what Americans do. They delay it to the last possible second. And blame it on somebody else. I mean, maybe there wasn’t enough publicity, or people just didn’t get around to it. But that’s the reality of the situation, is that people waited to the last minute. The DMVs got completely overwhelmed by this. And then a lot of people would wait all day, and they’d get to the counter, and they didn’t have what they needed, certain… You have to have like two utility bills to show your address. maybe a passport or a birth certificate or something like that. People would wait all day and then get turned away so they still didn’t have enough identification to make it work. It’s been a mess.
SPEAKER 05 :
I am astounded by that because to me that seems very elementary. I mean, it’s like, okay, you’ve known this is coming. You knew what was required. You can go online and look all of this up. And again, I go back to the whole, you know, is air travel a must? No, it is not a must. It is still, in my opinion, in a lot of cases, a luxury to hop on an airplane. So at the end of the day, this is nobody’s fault but your own for not getting your own ID handled or having a passport, one of the two. How hard is this?
SPEAKER 18 :
Well, it would have been nice if people could have done it online, but that was – you had to go in person.
SPEAKER 05 :
You had to show this very – Well, see, and again, that’s a state-by-state thing because here in Colorado, it is that way. You can do it online.
SPEAKER 18 :
You can get it online? Well, that’s good. Well, you probably haven’t had the problem a lot of other states have.
SPEAKER 05 :
No, in fact, I’ve had real ID, Jordan, now for many years.
SPEAKER 18 :
Uh-huh. Well, you’re the responsible type, but there’s a lot of Americans that are not.
SPEAKER 08 :
I mean, they still don’t let John on any planes, but there are other reasons.
SPEAKER 05 :
Probably on the watch list or something. No, just kidding. I can get on no problem. And again, Jordan, at the end of the day, I mean, I guess I get confused. I mean, having a passport is also not that big of a deal. Yeah, there’s some hooch you have to jump through to actually get a passport. But once again, if you travel at all, how hard is it to get that done? I mean, at the end of the day, I looked at this as a not a burger, but I guess it’s a bigger deal than I thought.
SPEAKER 18 :
And this is happening at the same time that there’s 3,000 job openings amongst air traffic controls. We’re 3,000 short. And some copper wire… shorted out the entire Newark air traffic control system. They were completely blind for like two minutes. And that happened again several times. It’s been a mess. So they have to redo the entire air traffic control system. It’s not going to be instant. It’s not going to be cheap.
SPEAKER 05 :
No, no, it’s not. No, and by the way, long overdue. That thing, I’ve talked to different people in that industry over the years, and that thing is so far overdue it’s ridiculous.
SPEAKER 18 :
It is ridiculous. Apparently they started it a few years ago and it didn’t really work, and they’re just going to have to start from scratch. You got it. And meanwhile, I hope we don’t have more crashes. We had one in Washington in January because of this, and we’ve had apparently quite a few near misses. So it’s really scary.
SPEAKER 05 :
All right. How do folks get a hold of you again, Jordan?
SPEAKER 18 :
They can always email me, jordan at moneyanswers.com.
SPEAKER 05 :
All right. We’ll let you roll, Jordan. Talk to you next month. Thank you, sir, very much. All right. Thank you both. Have a great night. All right. Golden Eagle Financial coming up next. And when you want to talk to somebody directly that can help you with your retirement plans, getting to the future, staying in retirement, by the way, once you make it there, look no further than Golden Eagle Financial. Give Al a call today. Find him at klzradio.com.
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SPEAKER 05 :
All right, question of the day yesterday. What programming language is known for its snake mascot? That would be Python, and that is one of the few questions of the day. I actually knew that Charlie did not. I said that yesterday. Today’s impossible question. This one comes from Jersey Joe. There are an estimated 7 billion people on this planet. What is the estimated ant population? So there’s an estimated 7 billion people on this planet. What is the estimated ant population? I have no idea, Andy, how they would even estimate that. How do you know how many ants there are?
SPEAKER 08 :
I’ll start counting tomorrow, I promise.
SPEAKER 05 :
Okay, I’ll get on that. Get on those hands and knees and let’s go. Yeah, I’ll get back to you. Get that magnifying glass actually.
SPEAKER 08 :
I mean, you hit me with this. You broadsided me with this.
SPEAKER 05 :
I wasn’t ready. Okay, that’s a big question, by the way, so answer that on our Facebook page. We’ve got a lot more in store for you. Two more full hours coming your way. Myself, Andy, Charlie Grimes, your engineer. We’ll be right back. This is Rush to Reason, Denver’s Afternoon Rush, KLZ 560.
SPEAKER 1 :
I’m a rich guy
