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Save up to 40% your first year at lifelock.com slash podcast. Terms apply. Jackie DeAngelis, I know you're getting set to host your show within just about an hour from now. Yeah. So the market suddenly went negative, now down 350 points. What happened?
All right. We started on a positive note because we've had a couple of down days in a row triggered by nervousness about the tariffs. Then we get the news last night that maybe there's a deal to be made with Canada. They're going to back off. We're going to back off.
They're going to have a conversation. That's how you want to see these tariff negotiations go. We get CPI this morning, which was a fell, actually. So it was at 2.8%, which was a positive thing. That's inflation is going down. Oil prices are down. Food prices are down. Those egg prices are down. So we're seeing things move in the right direction. And then so that's why the market was up this morning. And then you get this news that Canada says they are going to announce new trade duties on 21 billion dollars of U.S. goods. And the market got spooked by that because they said, well, we were hoping that there would be some sort of negotiation here and it doesn't seem to be playing out. This is what I would say. The market's got a brace for this kind of volatility because that's how Trump negotiates and that's how these deals get done.
They're not going to get done in the snap of, you know, fingers overnight. Behind closed doors. Exactly.
Closed in front. And, you know, ultimately, I think what's going to happen is we'll see all the policies start to come together. Growth start to come back to this economy. Revenues coming in from some of these tariffs when they're finally negotiated and implemented.
Manufacturing coming home, more people employed. But again, this will take time. And as I was saying to you in the break, algorithmic trading induces some of this selling. So you hit some of these levels and then the selling continues. Right.
It's not necessarily human being. Right. So the other thing I mentioned to you before, is this a buying opportunity? Absolutely.
Because nothing really happened. These tariffs are coming. You know, we don't know if they're going to be pulled back, but the companies are still the companies.
Absolutely. And I'm not going to say today is the day to necessarily buy. There could be more of this market that washes out.
We had Kenny Polkari on yesterday and he said, you know, we can get into that correction territory or even below. But, Brian, that's actually healthy for this market. It's an S&P 500 up well over 20 percent for the last two years. As we know, students, the markets that look at the last 30 years know markets don't go in a straight line up forever. So if you are looking to get in, if you were looking at Bitcoin at $100,000, it's much more attractive where it's trading now. If you were looking at Nvidia when it hit $144,000, it's much more attractive now.
So definitely if there are things on the radar, watch them and think about buying. So, yeah, so between Canada and the U.S., what about what Europe did yesterday? 25 percent tariffs on goods like motorcycles and whiskey, bourbon, and bourbon whiskey, whiskey, bourbon, whatever.
So they picked out some products. Where's that going? So Europe's playing hardball. That's the way I see this negotiation right now. But that doesn't mean that they won't fold. The way Trump and Lutnik are approaching this is understanding that actually America is in the stronger position.
It's going to hurt these other countries far more than it's going to hurt us. And so basically it's a game, a little bit of a game of chicken. And that's why the market's so nervous. Game of ego, too, right?
And ego. You know, and so we've got to, you know what they always tell me? Trust the process. You've got to trust the process.
More than 75 million people voted for Donald Trump. He told you he was going to do this kind of thing. Now we have to trust the process. Here's Howard Lutnik, the commerce secretary.
Cut for it. When you're negotiating with someone and they're not paying attention and they disagree, the president, who's the best dealmaker ever to sit in that chair, is going to say, here's my response. And then all of a sudden, shockingly, they respond. Yeah, well, he is the best dealmaker, number one. But number two, they're also used to Sleepy Joe Biden, who didn't even know that he signed an executive order to ban natural gas exports.
So they're used to an America that rolls over with leaders that roll over that don't come to the negotiating table and play hardball. You've got a different leader CEO in the chair right now. I think there's no question about it. Now, in terms of the critics, this guy, Steve Leisman on CNBC, he went off and I hear his politics in all of his business statements.
Cut five. I'm going to say this at risk of my job, Kelly. But what President Trump is doing is insane. It is absolutely insane. It is about the eighth reason we've had for the tariffs. And now he's saying he's putting 50 percent tariffs on Canada unless they agree to become the fifty first state.
That is insane. There is just no other way of describing it. And the trouble, Kelly, is that it shows there are no bounds around President Trump. This is very different from the first administration where there were people around him who seemed to I don't know what the word is, but smooth over some of the edges now. And the other thing that's not talked about, Kelly, is what's going on within the administration in terms of how they're treating the Constitution and laws.
I think all of that is bad for the attraction of capital. Your thoughts about his thoughts. So I know Steve for a long time because I used to work at that aforementioned network and I know what his politics are. And he's speaking from a place of emotion. First of all, yesterday, with all the tariff news and Trump proposing that 50 percent tariff, I never heard any conversation other than joking conversation about Canada becoming the fifty first state.
There was no threat in that regard, to my knowledge. So that's number one. But number two, with respect to the Constitution, I'm also a lawyer, Brian. We're actually following the Constitution and the rules properly now, which we weren't. And the previous administration was, you know, basically ripped it up and threw it out the window the way Nancy Pelosi ripped up Trump's State of the Union speech that night. So, you know, people are going to look at this from their perspective, whatever their perspective is.
If you turn on Morning Joe and Joe Scarborough, you hear them saying things that are factually inaccurate as well. That's spin. And, you know, I expect most viewers to do their homework, understand what's happening a little bit better and then make an informed decision. So do you think that a lot of people, you know, you said that before that you would prefer the president get his tax cuts done, get that big, beautiful bill signed?
That would be probably late spring, summer. Right. So and then go ahead with the tariffs.
But the president said, no, we're starting. Would you just like to see across the board reciprocal? So if India is going to charge us 50 percent for cars, we're going to charge whatever India makes. Or if they don't have the product, we'll start doing that.
And then then it goes down. Yeah, I mean, that's fair when you think about it. Nobody understood before President Trump how much we were being charged by these other countries. So what's wrong with a reciprocal tariff? What's good for you is good for me. And ultimately, like I said, it's going to hurt them more than it's going to hurt us.
So they're going to say we're going to lower ours and then we're going to play a game where we go down from there. All right. So you see that that way. Fox News Audio presents the Fox Nation Investigates podcast, Evil Next Door, exploring the life and crimes of five serial predators from across the United States.
Listen and follow now at Fox true crime dot com or wherever you get your favorite podcasts. So Charles Gasparino says, look, this is just a little bit of pain. Look at the big picture, because what he's trying to do with the president's trying to do is bring manufacturing back and shrink the federal working force. So what's happening? The market's not factoring in the good stuff that Trump's doing, which is cutting taxes, cutting deregulation, weaning the government, weaning the economy, the private economy off government is a huge thing.
It's going to take a little pain. Think of reverse Keynesian economics. Instead of spending your way into a pot into positive job growth, you're you're cutting and you're trying to get the private economy to do that, because if you allow the government to do that, we're going to get a lot of debt. And then you definitely have fiscal Armageddon.
I mean, I think he's absolutely right. And that's why I say Trump's policies are a wheel with maybe 10 different spokes and they all have to operate together for you to see the big picture and the final product of what's going to happen here. This tariff aspect is just one small piece of it. If there is even a little inflation as a result of these tariffs, whatever they end up being, and that's debatable, he's going to the tax cuts. The growth that we see in this country is going to make up for it. It's going to offset it. You can already see that in the CPI report today.
So that's all good news. And CPI stands for that's how we judge how the where the inflation's at, what the rate is, right, how fast prices are going up right now. Two point eight percent is much lower percent rate is much lower than we've seen it in quite some time. So he's already brought it down.
He's only been in office a couple of months. And he says, you know, that's we want the trend. Right. You want the trend now. People talk about, you know, if the economy slows down, that could be good news for him, for the interest rates.
Yes. You don't want to slow the economy in theory. But the president wants the housing market to start moving again.
Right. Doesn't he need that to come down? He needs interest rates to come down for sure.
Is that the only way to get him down? Well, he's not going to slow the economy. I mean, listen, he doesn't want it in a slowing economy. Economy is different than stock market. The reason the stock market went up the last four years, gangbusters the way it did was because people were chasing yield because inflation was so high under Biden. So it was like if you didn't have your money in the stock market, you were getting eroded even in a bank.
It was like stuffing it under the mattress and having it rot. So everybody flocked to the stock market and stocks went up. But that's not necessarily because the economy was so great. I think he's going to, you know, we'll see a little slowing potentially as a result of what's happening right now before the growth boom comes in the future.
And that could give you a short term decline in rates. So, Jackie, who do you have on your show or what's going to be your lead on your show? Well, you're riding the tariff. Yeah, we're talking about all this. And we've got Larry Kudlow on the first hour. You want anybody who's, you know, seen more of this in practice and watched it played out and also made policy.
He's your guy. So we're going to be talking to him and picking his brain. I want to talk about just before we let you go on Elon Musk. President of the United States. I love what the president did yesterday. I mean, just brings out the Teslas.
You've got to be kidding me. I'm not asking you to buy a Yugo. I'm asking you to buy the number one electric car that a American, naturalized American has made, engineered. If you want to read how Tesla came to be, it's all in Walter Isaacson's book.
It was the hardest process period. You're going overseas to change the body and the perception of what an electric car is. And he was relentless in making people feel cool behind the wheel for a change, not a go kart anymore.
He engineers, it makes it affordable. And of course, he's got the Cybertruck, too. And now they're attacking the power stations. There are these seven Cybertrucks have been blown up. They're attacking the showrooms here in New York City and in Boston. And I imagine other places around the country is this. And we're watching the stock really suffer and sales go down in Europe.
How do you overcome this? I'm not sure how you overcome it, but what it is, is an attack on Elon Musk because he's helping the president and he's working with the judge department. This is what the left does the same way Biden and his team weaponized the Justice Department to go after Trump in court to effectively try to either put him behind bars or keep him from running from president. They're going after Elon Musk in a different way.
They understand that his company, his legacy is at stake here and they're trying to take him down. But you know what's amazing to me, Brian, the hypocrisy on the left, because a year ago or two years ago before Musk had united with Donald Trump and said he was going to be part of this team, they loved Elon Musk. They love Tesla's. They spent hundreds of billions of dollars on green energy policy that effectively is sinking this country right now because it didn't work out with the with respect to infrastructure and everything else. So now all of a sudden when they thought Tesla was the coolest thing in the world and EVs were everything, now all of a sudden you got to back away from it. People need to look at that and really understand what's happening here. So Musk announced yesterday that Tesla will double vehicle output in the U.S. within the next two years.
He also said here's $100 million to make sure the midterms go well. Right. So he, that fractured relationship that all business experts who knew Musk and knew Trump said these guys are going to break up. Eagle's going to clash.
What do you say? He's a patriot. Not only is Trump a patriot, but so is Elon Musk. It started with the $47 billion that he bought Twitter for to save free speech. And now he is doing all the doge stuff despite the criticism. He's taken the hits where they come. He is putting his money where his mouth is. He is not a hypocrite.
He's standing up for what's right and what he believes. Have ad sales come back on Twitter on X? I am not sure about that specifically, so I'm not going to comment.
Well, I would say this has X looking like a better purchase than it did originally. Absolutely, because more people are back on it and more people are using it. The reason I'm not commenting on the ad sales without having the actual figures is because you've got a lot of these sort of left-leaning companies that would be the ad dollars. So I don't necessarily know what their spend is, but perception is that Twitter is a better company from the public.
And this is why I ask it. Obviously, if it was the same thing, the people that are blowing up his Teslas aren't on Twitter. However, Jeff Bezos on Amazon, it seems as though he is a huge fan of the president.
He's coming around. Zuckerberg on Facebook, huge fan of the president. I'm looking at the Goldman Sachs CEO. So from the big corporations, you might have people out there with purple hair and nose rings who have a problem with the president, but the titans of industry no longer, and therefore Musk could be reflected in that.
Absolutely. And listen, at the end of the day, everybody, you know, it comes down to the bottom line, profits and money. And it did not work out supporting the Biden administration suppressing free speech. Look at Mark Zuckerberg. I mean, they were the main proponent for suppressing the 100 Biden laptop story. All of a sudden now he shows up at an inauguration and he's Trump's best friend. Personally, character wise, I think he's a total fraud.
But at the end of the day, if the outcome is positive, I guess I have to take it. OK, I'm gullible. I actually think the guy transformed. You think so?
I think the UFC stuff. I think that that is he finally feels cool for the first time in his life. OK, I don't think he wants to go back. I don't think he has to. We'll see.
And the word is he is still consistently in touch with Trump. OK, well, I'm like a leopard doesn't change their spots, girl. But, you know, well, I what we both could be right. He could change a little.
And at the same time, it could be very practical. Maybe he learned his lesson. Right. I just do know this. Everyone left Trump's business council after Charlottesville.
Yeah. And we know that was all a lie. And we know that he said there weren't good people. There were good people on both sides, meaning there were some people that wanted the Confederate statues up. Not white supremacist. You played the soundbite.
All those guys left that day. They said, OK, we're going to I think it's going to take a lot more to push him away from Trump right now. Oh, yeah. It's going to take a lot more than some misperceived story. Absolutely. I agree with you on that. All right, Jackie, I can't wait to see your show for two hours. The Big Money Show begins at 12 until noon on F.B.N..
