CNBC’s Liesman Calls Out Karoline Leavitt for Saying ‘Trust in President Trump’: ‘I’m Sorry, but “Trust the Dear Leader” Is Not an Economic Policy’

Wallace Let me bring ░░░░░░░░ our coverage CNBC senior ░░░░░░░░ Reporter Steve Liesman who ░░░░░░░░ helped talk us through ░░░░░░░░ feels like 11 months ░░░░░░░░ it s really only ░░░░░░░░ about 7 days Just ░░░░░░░░ in where Stephanie has ░░░░░░░░ off at both what ░░░░░░░░ ve covered for us ░░░░░░░░ day which is the ░░░░░░░░ to day reactions to ░░░░░░░░ utterances from Trump and ░░░░░░░░ people around him as ░░░░░░░░ as his pretty quick ░░░░░░░░ in undermining confidence in ░░░░░░░░ structural elements of our ░░░░░░░░ strength LIESMAN Yeah So ░░░░░░░░ think you can see ░░░░░░░░ in exactly what Stephanie ░░░░░░░░ talking about We have ░░░░░░░░ thing in Wall Street ░░░░░░░░ call the flight to ░░░░░░░░ trade When the world ░░░░░░░░ weird people come to ░░░░░░░░ United States they buy ░░░░░░░░ S assets they buy ░░░░░░░░ they buy the dollar ░░░░░░░░ buy stocks That didn ░░░░░░░░ happen this time around ░░░░░░░░ happened is bonds sold ░░░░░░░░ which is the reason ░░░░░░░░ the yield rose stocks ░░░░░░░░ off and the dollar ░░░░░░░░ depreciated So the question ░░░░░░░░ is the U S ░░░░░░░░ the world safe haven ░░░░░░░░ right now there s ░░░░░░░░ question as to whether ░░░░░░░░ not that s true ░░░░░░░░ you think and we ░░░░░░░░ talked about this Nicolle ░░░░░░░░ week they send us ░░░░░░░░ dollars that we sent ░░░░░░░░ They invest back in ░░░░░░░░ country back in our ░░░░░░░░ Well that dollar flow ░░░░░░░░ now been well pretty ░░░░░░░░ cut off especially from ░░░░░░░░ like China It s ░░░░░░░░ more difficult from everywhere ░░░░░░░░ the world So the ░░░░░░░░ is are they going ░░░░░░░░ continue to buy our ░░░░░░░░ How are we going ░░░░░░░░ finance our deficit We ░░░░░░░░ do it but we ░░░░░░░░ do it at a ░░░░░░░░ price And there s ░░░░░░░░ things that I think ░░░░░░░░ happening One is a ░░░░░░░░ effect of these higher ░░░░░░░░ and what they do ░░░░░░░░ world and global trade ░░░░░░░░ The other one is ░░░░░░░░ When you go back ░░░░░░░░ how this reciprocal trade ░░░░░░░░ was created I m ░░░░░░░░ it the Penguin Formula ░░░░░░░░ it s the formula ░░░░░░░░ included an island with ░░░░░░░░ on it Well here ░░░░░░░░ what we know We ░░░░░░░░ the Treasury Department they ░░░░░░░░ up with a bunch ░░░░░░░░ ideas they ve been ░░░░░░░░ on for several months ░░░░░░░░ what the reciprocal tariffs ░░░░░░░░ to look like They ░░░░░░░░ have been in the ░░░░░░░░ digits We never actually ░░░░░░░░ them The reason we ░░░░░░░░ t see it because ░░░░░░░░ Trump ignored it in ░░░░░░░░ of this crazy formula ░░░░░░░░ put these unbelievably high ░░░░░░░░ on other countries He ░░░░░░░░ rid of some of ░░░░░░░░ He kept his piece ░░░░░░░░ China in there And ░░░░░░░░ right the idea that ░░░░░░░░ is now proceeding to ░░░░░░░░ economic policy in a ░░░░░░░░ and deliberate way is ░░░░░░░░ of out the window ░░░░░░░░ heard the White House ░░░░░░░░ spokesman say trust in ░░░░░░░░ Trump Well I m ░░░░░░░░ but trust the Dear ░░░░░░░░ is not an economic ░░░░░░░░