AI Chip Curbs Backfire: Why Trump’s Reversal Makes Sense

(00:00.736)

So do we have a deal? Deal or no deal? That was a television show, wasn’t it there? I forget, some game show. Deal or no deal? That’s maybe an idea how we can work out somebody’s tariff deals. But deal or no deal? Trump is set to announce a trade deal framework with the UK. Okay, framework. Okay, this is what I’m getting out of this. UK.

government spokesperson said talks on a deal between our countries have been continuing at a pace and the prime minister will update later today. Until recently, British officials remain skeptical that a deal would be signed off on imminently and some were taken by surprise by Trump’s announcement of the pact won’t a comprehensive trade agreement.

and details remain yet to be finalized.

So it’s a framework, it’s a deal, we’re gonna promise maybe later on to put something together. We imposed 10 % tariff on most goods imported from the UK. The UK is also subject to the 25 % tariffs on steel and aluminum. Again, they’re hoping, I guess the UK wants a reduction on the 25%.

tariffs, but the 10 % is going to remain in place. They’re offering, I guess, some concessions in regards to the digital tax that they put on some of our tech companies. It’s going to be very narrowly focused on removing barriers to trade in specific sectors and trying to boost competition. But again, we don’t know what the the end is going to be.

(02:04.818)

Again, hopefully there will be a comprehensive deal. Again, I want to go back to what trade deals should be. True trade deals should be on one page. You don’t whack us, we don’t whack you with tariffs and we do business. What trade deals have become in many respects, know, what Warren Buffett

talks about basically regulatory capture and building moats around favored industries. And again, these are things that are done depending upon who’s in power, what industry you want to protect, whatever it may be. And then you know what? You sacrifice other industries, which quite frankly is not fair. If you subscribe to the belief, as I do, like Jefferson talked about the Declaration of Independence, that we are all

supposed to be equal under the law. We absolutely trample that ideal all the time. Power decides to pick winners and losers. And that’s what happens and that’s why trade deals are thousands of pages long. And again, who ends up losing out? Yeah, the little guy. Watchdog on WallStreet.com.