RUSH TRANSCRIPT The numbers ░░░░░░░░ determined in all of ░░░░░░░░ market access I discuss ░░░░░░░░ remain Does that mean ░░░░░░░░ baseline will still be ░░░░░░░░ at the end when ░░░░░░░░ the other details are ░░░░░░░░ doubt The president is ░░░░░░░░ to the baseline tariff ░░░░░░░░ just for the United ░░░░░░░░ but his trade negotiations ░░░░░░░░ all other countries as ░░░░░░░░ Permanently even after the ░░░░░░░░ are done That s ░░░░░░░░ to remain The president ░░░░░░░░ determined to continue with ░░░░░░░░ 10 baseline tariff I ░░░░░░░░ to him about it ░░░░░░░░ Sandra that was Karoline ░░░░░░░░ just a short time ░░░░░░░░ As you can see ░░░░░░░░ searching for direction started ░░░░░░░░ day up and now ░░░░░░░░ dial down 120 points ░░░░░░░░ searching for direction amid ░░░░░░░░ of the trade deal ░░░░░░░░ Let s bring in ░░░░░░░░ new guest for us ░░░░░░░░ economist from private bank ░░░░░░░░ manage a lot of ░░░░░░░░ for a lot of ░░░░░░░░ We want to ask ░░░░░░░░ what we should make ░░░░░░░░ the recent talk coming ░░░░░░░░ the White House Are ░░░░░░░░ going to see more ░░░░░░░░ deals and is the ░░░░░░░░ getting better I think ░░░░░░░░ situation thank you very ░░░░░░░░ sandra is clearly getting ░░░░░░░░ and the market concerns ░░░░░░░░ gradually easing Obviously there ░░░░░░░░ a lot of uncertainty ░░░░░░░░ because there is a ░░░░░░░░ level of narratives media ░░░░░░░░ all over the place ░░░░░░░░ what we have so ░░░░░░░░ as one of the ░░░░░░░░ important trade deals ever ░░░░░░░░ in the history of ░░░░░░░░ the United States and ░░░░░░░░ United Kingdom and it ░░░░░░░░ a blueprint for the ░░░░░░░░ of the world I ░░░░░░░░ that is critical to ░░░░░░░░ that trade deals can ░░░░░░░░ signed quickly and effectively ░░░░░░░░ the U K deal ░░░░░░░░ very positive for the ░░░░░░░░ States it s going ░░░░░░░░ bring quite a substantial ░░░░░░░░ in both exports and ░░░░░░░░ but it s also ░░░░░░░░ for the U K ░░░░░░░░ I think that is ░░░░░░░░ element that everybody needs ░░░░░░░░ be thinking about Sandra ░░░░░░░░ sound very optimistic I ░░░░░░░░ that means you re ░░░░░░░░ bullish on the equity ░░░░░░░░ Here s President Trump ░░░░░░░░ can correct me if ░░░░░░░░ m wrong He took ░░░░░░░░ Truth Social to tout ░░░░░░░░ being not only down ░░░░░░░░ he says there is ░░░░░░░░ Costs down no inflation ░░░░░░░░ different from what the ░░░░░░░░ intake needs media were ░░░░░░░░ for Are you seeing ░░░░░░░░ same data We just ░░░░░░░░ for example there s ░░░░░░░░ fantastic analysis that looks ░░░░░░░░ the real level of ░░░░░░░░ of all the different ░░░░░░░░ that lead to the ░░░░░░░░ of the consumer price ░░░░░░░░ and it is at ░░░░░░░░ 6 annualized Therefore a ░░░░░░░░ significant decline Prices are ░░░░░░░░ Natural gas prices are ░░░░░░░░ o see how food ░░░░░░░░ for example are not ░░░░░░░░ So all those elements ░░░░░░░░ that the risk of ░░░░░░░░ that everybody was talking ░░░░░░░░ it makes no sense ░░░░░░░░ tariffs don t cause ░░░░░░░░ What causes inflation is ░░░░░░░░ government spending and printing ░░░░░░░░ That s the problem ░░░░░░░░ was the problem prior ░░░░░░░░ that is what s ░░░░░░░░ sold right now Sandra ░░░░░░░░ sounds like you are ░░░░░░░░ things are moving in ░░░░░░░░ right direction as far ░░░░░░░░ bringing this prices down ░░░░░░░░ inflation hopefully slowing significantly ░░░░░░░░ going away President Trump ░░░░░░░░ taking to Truth Social ░░░░░░░░ say many trade deals ░░░░░░░░ the hopper all good ░░░░░░░░ ones Obviously that would ░░░░░░░░ welcome news to the ░░░░░░░░ Here is Kevin Hassett ░░░░░░░░ president s right hand ░░░░░░░░ with all these deals ░░░░░░░░ these potential agreements coming ░░░░░░░░ the pike Listen There ░░░░░░░░ about two dozen right ░░░░░░░░ and the question of ░░░░░░░░ the priority is I ░░░░░░░░ is up to the ░░░░░░░░ and I think that ░░░░░░░░ and Jamieson Greer have ░░░░░░░░ they might be moving ░░░░░░░░ getting a good deal ░░░░░░░░ Asia They re going ░░░░░░░░ the negotiations with an ░░░░░░░░ mind Sandra so that ░░░░░░░░ that I want to ░░░░░░░░ off with you Daniel ░░░░░░░░ are a big part ░░░░░░░░ what you re watching ░░░░░░░░ now This is going ░░░░░░░░ be a big part ░░░░░░░░ the economy going forward ░░░░░░░░ do you see happening ░░░░░░░░ as obviously the president ░░░░░░░░ huge campaign promises on ░░░░░░░░ The first thing that ░░░░░░░░ to happen is that ░░░░░░░░ 2017 tax cuts are ░░░░░░░░ extended That is a ░░░░░░░░ element for the recovery ░░░░░░░░ the private sector in ░░░░░░░░ United States Another very ░░░░░░░░ factor is the deregulation ░░░░░░░░ going to bring also ░░░░░░░░ in tax revenues So ░░░░░░░░ of those elements have ░░░░░░░░ be added together with ░░░░░░░░ tariff revenue I think ░░░░░░░░ is exceedingly important for ░░░░░░░░ U S Administration to ░░░░░░░░ on what they re ░░░░░░░░ which is reducing government ░░░░░░░░ which went way too ░░░░░░░░ in the past four ░░░░░░░░ and it s already ░░░░░░░░ billion above the 2019 ░░░░░░░░ highest level that was ░░░░░░░░ to be temporary and ░░░░░░░░ it needs to happen ░░░░░░░░ the reduction of government ░░░░░░░░ It s already been ░░░░░░░░ in the first quarter ░░░░░░░░ GDP minus 5 and ░░░░░░░░ improvement of the private ░░░░░░░░ So a massive increase ░░░░░░░░ investment that is very ░░░░░░░░ and also the tax ░░░░░░░░ extension is absolutely crucial ░░░░░░░░ Karoline Leavitt said the ░░░░░░░░ wants tax cuts The ░░░░░░░░ in history He wants ░░░░░░░░ extend the historic tax ░░░░░░░░ from 2017 about what ░░░░░░░░ re mentioning mentioning He ░░░░░░░░ himself about all the ░░░░░░░░ about whether he will ░░░░░░░░ some taxes on some ░░░░░░░░ the wealthy He said ░░░░░░░░ would personally not mind ░░░░░░░░ a little bit more ░░░░░░░░ help the poor in ░░░░░░░░ middle class and the ░░░░░░░░ class in this country ░░░░░░░░ is an honorable position ░░░░░░░░ will see where he ░░░░░░░░ with that Good happy ░░░░░░░░ the program Thank you ░░░░░░░░ much John John reenactors ░░░░░░░░ from Vermont to New ░░░░░░░░ to