RUSH TRANSCRIPT Will Trump ░░░░░░░░ trade war hurt his ░░░░░░░░ the most Before we ░░░░░░░░ that question we can ░░░░░░░░ ignore the good news ░░░░░░░░ the economy Today s ░░░░░░░░ numbers were better than ░░░░░░░░ The jobs rate dropped ░░░░░░░░ the lowest rate in ░░░░░░░░ years Why is the ░░░░░░░░ still getting flak for ░░░░░░░░ Joining me Stephanie Ruhle ░░░░░░░░ Ben white and Chris ░░░░░░░░ Stephanie first off why ░░░░░░░░ the president getting flak ░░░░░░░░ the jobs in your ░░░░░░░░ It s all in ░░░░░░░░ tweet President Trump gets ░░░░░░░░ numbers gets this data ░░░░░░░░ night before It is ░░░░░░░░ in top secret The ░░░░░░░░ around these numbers is ░░░░░░░░ because it s market ░░░░░░░░ An hour before the ░░░░░░░░ is published the president ░░░░░░░░ out a tweet at ░░░░░░░░ 20 in the morning ░░░░░░░░ eyes on the jobs ░░░░░░░░ I think it s ░░░░░░░░ to be Well no ░░░░░░░░ We know you know ░░░░░░░░ This is what you ░░░░░░░░ to me I can ░░░░░░░░ Yes the president knows ░░░░░░░░ number At the very ░░░░░░░░ he s saying don ░░░░░░░░ focus on any of ░░░░░░░░ bad news Only focus ░░░░░░░░ the good news because ░░░░░░░░ have the good news ░░░░░░░░ at the worst he ░░░░░░░░ telling the market ahead ░░░░░░░░ time and while there ░░░░░░░░ t we didn t ░░░░░░░░ price action We saw ░░░░░░░░ huge volume action at ░░░░░░░░ 21 in the markets ░░░░░░░░ the president said it ░░░░░░░░ don t presidents do ░░░░░░░░ normally For what Stephanie ░░░░░░░░ said This is one ░░░░░░░░ the most sensitive pieces ░░░░░░░░ federal data We literally ░░░░░░░░ it under lock and ░░░░░░░░ a hand full of ░░░░░░░░ have access to it ░░░░░░░░ as Stephanie said this ░░░░░░░░ the potential to move ░░░░░░░░ We know this is ░░░░░░░░ president who is making ░░░░░░░░ night phone calls early ░░░░░░░░ phone calls Does anybody ░░░░░░░░ he s keeping this ░░░░░░░░ secret when he s ░░░░░░░░ to people late at ░░░░░░░░ When I was the ░░░░░░░░ labor secretary I did ░░░░░░░░ see these numbers until ░░░░░░░░ half hour before they ░░░░░░░░ released And I sat ░░░░░░░░ a room I was ░░░░░░░░ allowed to use my ░░░░░░░░ phone I was not ░░░░░░░░ to leave the room ░░░░░░░░ 8 30 until these ░░░░░░░░ came out This is ░░░░░░░░ of the most closely ░░░░░░░░ secrets and the president ░░░░░░░░ not be giving a ░░░░░░░░ about it an hour ░░░░░░░░ Reporters covered it Locked ░░░░░░░░ the room No cell ░░░░░░░░ This is the granddaddy ░░░░░░░░ data If he s ░░░░░░░░ to people the night ░░░░░░░░ when he gets the ░░░░░░░░ if he s hinting ░░░░░░░░ it or telling some ░░░░░░░░ his big business Bies ░░░░░░░░ it is that a ░░░░░░░░ legally at all Well ░░░░░░░░ s a problem because ░░░░░░░░ violates federal rules on ░░░░░░░░ can disclose this information ░░░░░░░░ s not only they ░░░░░░░░ t talk about it ░░░░░░░░ 8 30 when the ░░░░░░░░ comes out There s ░░░░░░░░ hour after that that ░░░░░░░░ officials are not allowed ░░░░░░░░ talk about the number ░░░░░░░░ to let the market ░░░░░░░░ and then spin it ░░░░░░░░ he is talking we ░░░░░░░░ t know he is ░░░░░░░░ night before but if ░░░░░░░░ is they could buy ░░░░░░░░ futures and go long ░░░░░░░░ treasuries Do any number ░░░░░░░░ things You have to ░░░░░░░░ the question The markets ░░░░░░░░ look at it and ░░░░░░░░ what s the big ░░░░░░░░ He s the commander ░░░░░░░░ chief and can do ░░░░░░░░ he wants They can ░░░░░░░░ the sec decides to ░░░░░░░░ Larry Summers said if ░░░░░░░░ in the Clinton or ░░░░░░░░ Administration did this there ░░░░░░░░ be investigations I reached ░░░░░░░░ the sec earlier today ░░░░░░░░ they said no comment ░░░░░░░░ assure you all eyes ░░░░░░░░ be on it Just ░░░░░░░░ it s unprecedented whenuchin ░░░░░░░░ I m bullish on ░░░░░░░░ That s dicey business ░░░░░░░░ s talk about trade ░░░░░░░░ tariffs Prime minister Theresa ░░░░░░░░ issued a statement saying ░░░░░░░░ am disappointed at the ░░░░░░░░ decision by the U ░░░░░░░░ To apply tariffs to ░░░░░░░░ steel and aluminum imports ░░░░░░░░ U S EU are ░░░░░░░░ allies Our steel and ░░░░░░░░ industries are hugely important ░░░░░░░░ the U K but ░░░░░░░░ also contribute to U ░░░░░░░░ Industry including in defense ░░░░░░░░ which bolster U S ░░░░░░░░ security Did the White ░░░░░░░░ expect our allies to ░░░░░░░░ this way Especially the ░░░░░░░░ have have imposed their ░░░░░░░░ tariffs I m sure ░░░░░░░░ else could they react ░░░░░░░░ we are look agent ░░░░░░░░ closest allies Canada Mexico ░░░░░░░░ Union slapping tariffs on ░░░░░░░░ exported steel and aluminum ░░░░░░░░ course they re going ░░░░░░░░ retaliate The big problem ░░░░░░░░ President Trump is the ░░░░░░░░ and aluminum industry employed ░░░░░░░░ 140 000 people The ░░░░░░░░ industries that use it ░░░░░░░░ of people You re ░░░░░░░░ to hurt the manufacturers ░░░░░░░░ people who work the ░░░░░░░░ and you re not ░░░░░░░░ that many people with ░░░░░░░░ tariffs What s likely ░░░░░░░░ be the consequence What ░░░░░░░░ regular folks see Will ░░░░░░░░ rise in basic goods ░░░░░░░░ Will jobs be impacted ░░░░░░░░ to both Good on ░░░░░░░░ president and administration for ░░░░░░░░ to attack this head ░░░░░░░░ They are addressing this ░░░░░░░░ a more aggressive fashion ░░░░░░░░ previous administrations but what ░░░░░░░░ re doing is going ░░░░░░░░ result in the opposite ░░░░░░░░ what they re looking ░░░░░░░░ do It s stunning ░░░░░░░░ watch Larry Kudlow stand ░░░░░░░░ the president when if ░░░░░░░░ ve listened to anything ░░░░░░░░ s said over the ░░░░░░░░ 20 years being a ░░░░░░░░ markets anti tariff guy ░░░░░░░░ s said how dangerous ░░░░░░░░ type of conduct is ░░░░░░░░ it is Chris what ░░░░░░░░ you make of the ░░░░░░░░ from the EU and ░░░░░░░░ and Mexico targeting specific ░░░░░░░░ like Harley davidsons and ░░░░░░░░ and apples Districts that ░░░░░░░░ held by some top ░░░░░░░░ Well that s exactly ░░░░░░░░ This is not just ░░░░░░░░ U S Consumers paying ░░░░░░░░ when they buy a ░░░░░░░░ made of steel or ░░░░░░░░ a six pack of ░░░░░░░░ made out of foreign ░░░░░░░░ These are producers of ░░░░░░░░ S Goods These are ░░░░░░░░ and producers in Iowa ░░░░░░░░ and citrus farmers It ░░░░░░░░ going to have a ░░░░░░░░ effect And the EU ░░░░░░░░ Mexico and others are ░░░░░░░░ Donald Trump s base ░░░░░░░░ And so the very ░░░░░░░░ who have supported him ░░░░░░░░ the way are going ░░░░░░░░ be the most hurt ░░░░░░░░ let s not forget ░░░░░░░░ top of this the ░░░░░░░░ prices that have been ░░░░░░░░ over the last year ░░░░░░░░ are at a level ░░░░░░░░ that they have essentially ░░░░░░░░ whatever tax wind fall ░░░░░░░░ in the bottom 20 ░░░░░░░░ received For most people ░░░░░░░░ today s numbers they ░░░░░░░░ not feeling particularly good ░░░░░░░░ the economy And those ░░░░░░░░ prices are exactly what ░░░░░░░░ Trump went after Obama ░░░░░░░░ haven t seen gas ░░░░░░░░ at this level since ░░░░░░░░ In 2014 and 2012 ░░░░░░░░ s when President Trump ░░░░░░░░ to Twitter saying look ░░░░░░░░ gas prices blame Obama ░░░░░░░░ does this mean for ░░░░░░░░ 2020 support I think ░░░░░░░░ s a problem for ░░░░░░░░ if you see job ░░░░░░░░ in the manufacturing sector ░░░░░░░░ on tariffs If people ░░░░░░░░ unable to hire people ░░░░░░░░ their prices are going ░░░░░░░░ that s bad I ░░░░░░░░ there s a political ░░░░░░░░ where if Trump looks ░░░░░░░░ he s getting tough ░░░░░░░░ China his base likes ░░░░░░░░ but it s fewer ░░░░░░░░ less economic growth that ░░░░░░░░ bad for Republicans They ░░░░░░░░ him to be talking ░░░░░░░░ tax cuts and growth ░░░░░░░░ s the timetable Is ░░░░░░░░ going to happen before ░░░░░░░░ It s happening now ░░░░░░░░ and steel prices are ░░░░░░░░ going up It s ░░░░░░░░ impacting construction projects It ░░░░░░░░ already impacting people who ░░░░░░░░ this stuff It s ░░░░░░░░ right now happen After ░░░░░░░░ Ross had an interview ░░░░░░░░ up a can of ░░░░░░░░ and a beer can ░░░░░░░░ it s negligible They ░░░░░░░░ out and said no ░░░░░░░░ s not It could ░░░░░░░░ cost thousands of jobs ░░░░░░░░ you both Chris is ░░░░░░░░ with us Kicking us ░░░░░░░░ I m kicking you ░░░░░░░░ Not leaving They re ░░░░░░░░ let’s go.