The Jon Sanchez Show

10/16-How do tariffs work?

Tariffs are at the forefront of this presidential election. Trump wants to increase them. Harris hates them yet her boss is using them. Who is right? This afternoon on the Jon Sanchez Show at 3pm, we’ll explain exactly what tariffs are, determine if they are good or bad for the economy and most importantly good or bad for you and your family.

Duration:: 35m
Broadcast on:: 16 Oct 2024
Audio Format:: other

At Sprout's Farmers Market, we're all about fresh, healthy, and delicious. Step into our bulk department to scoop up as much as you like from hundreds of bins filled with wholesome grains and limited-time goodies. Visit your neighborhood Sprout's Farmers Market today where flavor fills every scoop. Good Wednesday afternoon, Tia. Welcome to the John Sanchez Show on Newstalk 780K. It's a pleasure to be with you on this hump day and a pleasure to be with my co-host, Mr. Jason God of Sanchez, Wolf Management. Whoo! We're halfway there, Jay. We are halfway there. We are. We have rain, too. It's kind of weird. The stuff is outside. It's so uncommon. Rain, what is it? Hey, I just read it. It's a La Nina year they're predicting or winter they're predicting, so, you know, we kind of enjoy the rain while we have it. So, is that good or bad? It's generally a dry year. A little farmer's knowledge there, too. El Nino, is that, like, more water? El Nino, yeah, that's a drenching year. Like we've had these last couple years. El Nino is very dry and not good for farmers, not good for ski resorts, not good for anybody, because we don't get a lot of water. Not a lot of moisture. We'll hope they're wrong. How do you do? I do, too. That's just what they're saying. Who are we to fight? That's right. Those days, you know, it's amazing. Yeah, exactly, exactly. All right, well, let me tell you what, Jason, I have lined up for you. What a difference a day makes, as I like to say. You know, the world was coming to an end yesterday with a major sell-off in the markets and all kinds of things. I used the analogy on the show last night with Corey, Jason, that, you know, it felt like yesterday we were, you know, in front of a firing squad. We were taking bullets from every direction from the Biden administration on a couple different fronts. And, I mean, just a lot of things just happened yesterday. But again, what a difference a day makes. Today, nobody seemed to worry about semiconductors and what the Biden administration was going to do. And nobody seemed to worry about a lot of the things that drove the market down yesterday. You know, it's just as a quick reminder. We lost 325 points on the Dow yesterday, 187 on the NASDAQ. And lo and behold, we wiped out that 325 point loss on the Dow yesterday. We finished up 337 to a new record close. But a little bit of a dent on the NASDAQ side. We only gained 51 and the S&P rose 27. So got a little ways to go on those two. But what a breath of fresh air it was today to see this action. And, you know, United Health, Jason, right? Yesterday we talked about, you know, we're chatting so much about that. It was, you know, I mentioned that stock. I think every single stock update I did yesterday morning with Ryan. And, you know, obviously it's the most influential stock in the Dow. It represents about 8% or so of the Dow calculation. You needed that stock to rebound today. And lo and behold, it did. It finished up almost $14 a share, about $13.96. So that was one of the big catalysts today. And Jason will mention it in his recap, the NVIDIA rebound and so on and so forth. But he'll go over that recap with you. And like I said, I just want to give you the good news right out of the gate. But let me tell you what we have lined up for you. You know, one of the most hotly debated, contested areas of this presidential election is the issue of tariffs. Now tariffs, of course, they are absolutely at the forefront of what both candidates are talking about. Trump wants to increase them. Harris hates them. But yet her administration currently, meaning her boss, pretty much kept all of Trump's tariffs in place. But yet she comes out and bashes them and says how bad they are. Like a lot of economists say. Well, this afternoon, what Jason and I are going to do, we're going to explain exactly what tariffs are. We're going to help you determine if they're good or if they're bad for the economy, i.e. your investments. And most importantly, good or bad for you as a consumer and your family. Jason, this is a topic that I think you and I could probably do this topic every single day and still not get through the entire issue of tariffs. Because there is so much of a history of tariffs when Trump was in office. And you know, the tariffs that he implemented on friend and foe, right, on a lot of countries that are not our friends and on a lot of countries that were our friends and still are. And I was going back and doing the research on this. I'm like, oh my God, that's right. We put tariffs on the European Union on many products. And we put tariffs on Canada and so on and so forth. But you know, now this is being brought up again, you know, very strongly by former President Trump that if he's reelected, that we're going to see him again. And so we're going to explore this topic tonight. Like I said, it's a very lengthy topic. So Jason, let's kind of make it a goal between you and I. Let's get an early start on as much as we possibly can because we got a lot of things. And I know a lot of our listeners are a little confused about, you know, the good economy for the economy, et cetera. Yeah, I mean, well, certainly today was a little bit of opposite of yesterday. I think the fact that the financials continue to come in strong, Morgan Stanley had good numbers, first horizon, synchrony, those all stood out as strong results. You know, that's favorable for the market. The fear that financials would freak out and say they're seeing all these, you know, requirements to raise loan loss reserves and things along those lines really hasn't occurred. They're not, you know, again, as much as we keep jumping up and down and telling everyone, both candidates are going to tell you that the world's ending, if you don't vote for them, and they're both going to tell you what a terrible place everything is. And the companies aren't, right? And the market is telling you that things are doing much better. Yes, there's pockets of weakness certainly lower earning income consumers are in a pinch, but the bulk of folks are sort of doing far fairly well as far as the economy's concerned and the markets are concerned and the surnames continues to come in better than expected. You've got interest rates that did finally go the right direction today after they had gotten up to that, you know, sort of 410 level, 10-year back at 402. That's a good thing for markets, right? We want lower rates right now. We don't want them to be leaking higher, which they have recently. And I think tech was weak today, even though it was a week. It was just weaker outside of the semis, which are sort of always bought. Is it just rotation, right? It is, you need to sell what is, I mean, tech in general is 30% of the S&P information technology in order to buy financials, in order to buy small caps, in order to buy other things. You need to sell something, and that is where some of that money is coming from. And the rotation, which we've talked about a lot, is healthy. And small caps are really the only one who hasn't gotten back to their highs yet, and they're just a scratch away from it. So, you know, if rates continue to come down, we've talked, you know, that's the area that you want to have exposure to. If the world doesn't end, those are the ones that are going to benefit from lower interest rates, and I think people are finally starting to figure that out. So, financials, even though healthcare specifically was under pressure because of UNH, I still think that area has some biotech we mentioned, could be a favorable spot to be in if interest rates come down. So, yeah, I think it was a healthy day, a good rotation day, and this is the sort of stuff we want to see, and we'll get some economic data tomorrow and into Friday that will either continue that trend or maybe shock things a little bit. Yeah, I think overall, by most accounts, as of yesterday, I didn't see after today, but 40 names in the S&P 500 reported earnings as of yesterday's close, and 80% beat expectation, which, again, Jason and I have told you so many times, the earnings game that Wall Street plays, you know, they lower expectation, then you beat it and your hero and your stock goes up in most cases, so put a little bit of credence into that, but yeah, I think earning season, like you said, Morgan Stanley and a few others that we had Goldman yesterday, just knocked the cover off the ball and many others that have done well. So, yeah, I have to so far, a fairly decent earnings season. Now, I'm going to hit a couple things that many of you may not be aware of that are going on under the surface. I just mentioned the word utilities. And this is an area I want everyone to start being paying attention to. And, you know, when Jason and I did our topic the other day on ETFs, and we said, look at, you know, one of the great things about ETFs is you can buy sector ETFs, and, again, a sector ETF is going to own a basket of stocks in a specific sector, like utilities or semis or whatever the case may be. But, Jason, there's a lot of underpinning going on right now in the utility sector that I think is absolutely fascinating. So, we learned, well, last week or the week before, Microsoft making a major investment into a utility company to basically, you know, get the cobwebs blown off of a three mile island, nuclear facility, a portion of it, because they need electricity for AI. Everybody needs electricity for AI and for the data centers. Well, today, as Jason and I followed very closely, Amazon had a major announcement today, and it didn't really budge a stock. Matter of fact, the stock finished down about 91 cents, but I thought this was fascinating. Amazon Web Services said they're going to invest more than $500 million in nuclear power. They announced three projects from Virginia to the state of Washington. Amazon, or AWS, excuse me, is subsidiary, of course, of Amazon in the cloud computing side, has a massive and an increasing need for clean energy as it expands its services into generative AI. It's also part of Amazon's path to net zero carbon emissions. So, Amazon or AWS signed an agreement with Dominion Energy, a Virginia's utility company, to explore the development of small, this is the term I want everybody to start thinking about. They're called Small Modular Nuclear Reactors, or SMRs, and they are near Dominion's existing north anti-nuclear power station. Nuclear reactors produce no carbon emissions. So, I'm going to stop right there and just kind of plant this seed there. And Jason, I think this is something that we need to dig further into for our audience, maybe next week or something, and talk about this, because you brought this up long, long time ago about this thirst that these data centers, whether you're talking to traditional cloud data center or now these AI data centers, the thirst that they have for power is AWS. And today, look at a normal power generating facility, whether it's solar, wind, coal, whatever, maybe they just cannot produce enough power. And hence, this word nuclear, right, is all of a sudden resurfacing. And now we're seeing some of these companies making major investments into nuclear power. I think it's absolutely fascinating. Let me get your comments when we come back on that, and then we'll get started on our topic of tariffs. Turn over to Kristin Snow. She's in the right now traffic center. In fact, the John Sanchez Show on this talk, 780K, which with Jason Gano Sanchez, wealth management. All right, before we get back to the market, and then our topic, it is a quick reminder, my friends over at S&W tractor, they've got one heck of an inventory coming into wintertime. That's right. Do you want to be out there showing snow? No, you want to use a snow blower when attached to your Coyote tractor. Got some farm work to do? They got the models to do it. The small ones, the big ones, everything in between. The excellent Coyote tractor that will last you for so many years, and let's not forget 0% financing on select models for 84 months. You'll see Stan and the crew located at 4880 East Nye Lane in Carson City. S&W tractor.com is the website, or online, or excuse me, or their phone, 882-125. That's 882-1225. All right, we wiped out yesterday's losses, I said. 337 gain on the Dow, 0.79%. We closed at 43,077, a new record close for the Dow. Now Zekros 51.28%, closing at 18, 367, S&P up 27 points, 0.47%, and finished the day at 5,842. Oil for the day, a small decline of 4/10 of a percent, 270-36 apparel. Good day for gold, $12.40, rise, $2,691.30 an ounce. As Jason mentioned, a two basis point decline on the 10-year to finish at a yield of 4.02%. All right, we're going to get to our topic in a moment. How do tariffs work? Well, first we're having a little bit of discussion about Amazon's big announcement today that they're going to invest more than $500 million into nuclear power. And again, this is a very, very interesting, quasi-new technology or definitely new demand that we are starting to see from these AI data centers and others that need a tremendous amount of electricity. And they've all determined nuclear is the way to go. Jason, take it away from there. Yeah, I mean, the other venues that we currently use obviously have their own infrastructure-based builds, et cetera. Whereas nuclear can be done in small size and can be done very close to location. There are a couple firms out there. OCLO is one that recently IPO'd. OK, LO is the ticker, full disclosure, I do own it. But it is, you know, these small firms that are there to just go build and tip up these nuclear facilities. And it's crazy that, you know, things have gone that direction. 22% today. Yeah, exactly, I know. You're not doing cartwheels? Very small bet, yeah. 5.38% after hours. I know, yeah, it's pretty amazing. But I think it's one of those, it's one of those things that, you know, investors in general in nuclear, you've seen uranium, you've seen some of those prices go up quite a bit for years. Even ahead of this, right? As, you know, I know that the big issue oversees that European, you know, folks were ticked off because Germany brought down all their, you know, around all of theirs around the, you know, quote unquote air quotes, fingers here, a green agenda that ended up back firing quite a bit with Russia, natural gas, and all those sorts of things. But yeah, power use is going to be something. We've talked about copper a lot. We've talked about grid buildouts. It's a big reason why utilities have done what they've done. It's a backdoor play on these data centers. I'm of the opinion, everything tends to overshoot, right? Will the hype fit the reality safe to say that things will get more efficient too, right? The Moore's law of everything, right? These chips will become more energy efficient. You know, the power plants themselves will become more efficient. But clearly right now it seems to be a bit of a darlin area and not, there aren't a ton of companies out there. It's not like you can buy six different companies that, you know, build these things. They sort of joke about them at this point. But like everything, it falls out of favor. And then, you know, people revisit it. Like you talked about Three Mile Island earlier, you know, all the sudden is, hey, let's dust that thing off and get it going again. There's going to be a lot of concern around it just given all of the radioactive issues, aka Chernobyl, et cetera. >> Don't do it in my backyard. >> Right, exactly. That is definitely one, yeah. Sort of how people say, no, don't build a jail in my backyard. I'm like, is that the perfect place? Don't you want it in your backyard? Because if people break out of jail, they don't hang out out front. You can take off, right? It's probably a safe spot. But this is just another, you know, the area that this AI boom has expanded into. You know, I wouldn't make anything too much of a frothy bat. Remember, on the utility side, if these things are going to work, it's going to take years and years and years before they're built. And then some time after that, before they're scaled, you know, probably at that point, who knows? >> Are they going to take years? Because when I've read on these, again, I've never seen the challenge. >> Go on to research this day, the small modular nuclear- >> Yeah, those are faster, but bigger stuff, yeah. >> Yeah, a lot faster, smaller footprint can be, as you said, closer to the grid. So you know, during the break, I did a little search and I said, okay, who are the top five SMR manufacturers? You know, who's leading the pack here in the U.S.? Guess who started this company? >> Amazon. >> It's called TerraPower. >> TerraPower, right? Yeah, never heard of myself. Let me read you the little paragraph about TerraPower. And on the front of the web page of TerraPower, is our dear friend, Bill Gates. Nuclear Innovation Company TerraPower founded in 2008 by Bill Gates and other private sector leaders. Companies now recognize as an international leader in the SMR space, having secured a whopping $80 million in federal funding from the U.S. Department of Energy in 2020 to support the development of the next generation, Natrium Nuclear Reactor in 2021, TerraPower selected Chemerer Wyoming as the preferred site for its Advanced Nuclear Reactor Demonstration Plant. The Natrium Reactor is just one of two competitively selected Advanced Reactor Demonstration Project supported by the Department of Energy. Where the big money goes, we should follow my friend. >> Yeah. >> Did polo see that? >> 2008, he came up with his idea. Westinghouse is another big player in that. The others seem to be on it. >> Much more, exactly. >> Yeah, I thought that was interesting. But I think it's something, kudos to you, man. That was a good pick there. >> It's in my little, you know, that idea I've sort of talked to you about before, right, you know, in certain portfolios, having a lot of really little picks. >> Yeah. >> Things that you want to buy, and like this was one just me that purchased and I don't plan to ever sell it. Just buy it if it goes to infinity grade, if it goes to zero grade, but make it big enough that you don't care. >> Yeah. >> And that was sort of where it is. So it doesn't move the needle, but it's, yeah, it's cool to see. >> Yeah, perfect. >> You buy me hamburger to me? >> Done. Done. Cheese too. You want cheese? >> All right. Cheese is well done. >> Mm-hmm. >> Generous guy, you. All right. When we come back on a more serious note, the world of tariffs, one of the hotly debated areas of this presidential election, do you implement them? Do you get rid of them? >> Well, both candidates have different ideas, but one says she doesn't want them, but yet they're already there under her boss's plan. So we'll figure it out. But we're going to start with the basics. What are tariffs? And then, again, get down to the question. What do they, what's the impact to you? Your portfolio, to the economy, so on and so forth. What happens if Trump gets all the tariffs he wants? Oh, my goodness. Like I said, I wish we had about five hours tonight to share with you everything that there is about tariffs. So we'll do our best to squeeze it in in the next half hour. Let's turn it over to Greg Nef. He's got news traffic and weather. Hey, Greg. Welcome back to the John Sanchez Show on News Talk 780. We had Jason Gotten. We finished up 3.37 on the Dow. The Nasdaq rose 51. The S&P, higher by 27. And as I mentioned, twice now, over the third time, record finished for the Dow, 43,077. All right. When you go to the polling booths here in a few weeks, you choose your candidate. One of the major issues that both candidates are arguing about is they always do, among many things. But this one impacts you as the consumer. You're all I care about. And that is the world of tariffs. Jason and I are going to go through as quickly as we can here and explain to you exactly what tariffs are. Determine if they're good or bad for the economy, and most importantly, good or bad for you and your family. So, Jason, I want to start the discussion off by just giving a very simple explanation of what a tariff is. Because a lot of people hear it. They don't know it. They don't know their paying form, but they're there. Now, in fact, there's billions and billions. How about $79 billion, matter of fact, of tariffs that are currently in our economy right now? So, what is a tariff? Well, many people don't realize this, but it is actually a tax because it is a tax on a good that is imported into the United States, into our borders. There's been a number of reasons that governments use tariffs. And again, we're going to focus on when Trump was in office and really started this whole tariff run in making this a mainstay in our vocabulary. Because they are a tool for governments to collect a whole bunch of money to collect revenues. But they're also a way for governments to protect domestic producers, right? Remember, this is what Trump talks a lot about. Hey, you know what? I'm going to penalize, you know, country ABC for bringing in their widget. I'm going to put a tax on them. 10, 20, 30, 50, 100%, whatever it may be. Because A, it's going to make it more expensive for them to bring it into our country. Because I'm going to impose it on that country. And it's going to be better for the U.S. because we're going to make that widget here in the U.S. and we're going to have jobs, right? That's the whole philosophy behind it. But the argument, of course, comes down to, you know what that country, that ABC country, I just gave you, they don't really pay for it. You and I, as a consumer, we are the ones that pay for it. So that is the real discussion that is going on. Now, there is a number of economic discussions from various economists around the country and around the world. If this tariff idea really works. And that is, again, a debate that will go on, you know, long after, you know, you and I, Jason, leave this earth because, you know, many, of course, there's arguments on both sides, you know, who really benefits from it and so on and so forth. And again, most importantly, who really pays for it? Well, Jason, I can answer this question. You and I pay for it, right? As a consumer, you and I ultimately pay for it. Before I get to, I think it's important, Jason, that we go back into history a little bit because I, again, I was fascinated when I was doing the research and going back and remembering all the tariffs that Trump announced. It was like, it was like, Days of View was like flashbacks. Like, oh my God, I remember when he did that one. Like, you know, the, the tariff on bourbon coming out of the European Union and you know, so on and so forth. So anything you want to add to what a tariff is before we get to a little bit of history on it? No, I just, I think you framed it perfectly. You know, I can't think of a tariff that will make prices go down. No. So I think if we're concerned about inflation, I'm going to say it again. I can't think of a tariff that will make prices go down. Explain that further for those that don't understand why you say that. Right. Well, my question is, will US producers offer you something at a lower price if we have tariffs on overseas prices? I don't know, maybe. So let's go. Okay. So let's give an example. Excellent point. Glad you brought it up. Okay. So let's use Mercedes. Right. Okay. Is GM going to lower their price on a Chevy? Well, you don't let your... If a Mercedes has a 20% tariff on it now. Right. There you go. And the answer is... Right. Right. They're going to either raise their prices or keep them the same. But you know, that's... This brings up a larger conversation. Right. And that's the tough part of that de-globalization. Right. Right. The COVID brought a lot of it out. It highlighted this just in time economy that we've all gotten used to. You know, China, Vietnam, they were low cost producers, which put them in the position they are now, but also put them in the position they are now that people don't want to work for seven cents an hour. And they all are asking for higher wages, higher this, which causes prices to increase everywhere. Right. But you know, the issue is... And I don't want to say it's an issue. Let's reframe it. In order to retain global de-globalization. So we reduce our reliance on China. We reduce our reliance on India. We reduce our reliance on any of the lower cost producers for medicines and things along those lines, which I'm not opposed to. We need to know it comes at a cost. You have to pay a higher price because our workers aren't going to produce the widget for a lower price. We just saw the unions just on the... You know, strike for 60% raises. And like, nobody is saying raising their hands nor am I asking them to lower their wages because we want to be more competitive with Vietnam. Right. So in order to get what we want, if we as in whoever's of this view, if you want to bring everything back and produce everything here, the medicines, the steel, the all these items, you just need to know it's going to cost you more money. And that's fine. I'm not against it. Those we can't have both. Right. We can't have... I want it all built here and I want it to be cheaper. It's just the two don't mix. That's part of what Trump's stating. And I don't... Again, parts of it I completely agree with. But, you know, because China, on the other hand, they are the economy. Right. It's not like GM... Yes, they probably get help here and there on tax breaks. But it's not like the U.S. government sits there and back stops everything GM does. Well, that's what happens over there with many of their businesses. So, you're sort of competing with the Chinese government who subsidizes things and then puts them into other countries way cheaper than we could ever produce them. And so, I completely agree with some of that. But long winded answer, prices will go up in most, most cases with a tariff. Just like taxes going up costs you more, too. But tariffs are tough to say that they're going to help inflation. And it depends upon whose projection you look at. Most economists on average say that our taxes would go up. And I'm going to use the word tax because of the tariff tax. We'd cost the average individual $2,600 more per year. Tax foundation, a little bit lower, about $630. Bottom line, they're going to go up. No one knows because no one knows, you know, exactly where the future taxes are going to be. So, you know, those are, of course, just estimates. Many went back to see, you know, what Trump did with his tariffs. And that's where those figures are coming from. But in reality, if Trump gets reelected, and again, we don't know where those tariffs are, who knows what it's going to cost. But again, what we can tell you is $79 billion worth of tariffs. That's currently what's on the books right now. And all of those, you know, came from, from, from Trump. I shouldn't say all the vast majority of those came from Trump. But the most ironic part of this is Biden, who again, Kamala Harris is out there pounding the table saying, oh, you know, how can you have tariffs on it? Well, guess what? Her boss has kept him on the table. And just, what was it, Jason? Just back in, in May or so? Trump, or, I mean, Biden announced another group of tariffs against China on, on some semiconductors. You know, so, and just yesterday, he, he said, you know, this is a, you know, there, there is some talk about limiting. And that's why Nividia sold off yesterday and a few others because he's limiting the, the exports, or he's researching it, researching the, the exporting the chips to China and, you know, a few other countries. So what, what this does, folks also is it creates a tit for tat situation, right? Yeah. We, we put a tariff on the widget coming from pick your favorite country, China, whomever. And then guess what? They do. Yep. They do the same to us on our products going to them. And before you know it, everybody's gotten new tariffs. And that's what we experienced when, when Trump went so aggressive. Remember that? Everyone gets taxed. Everyone gets taxed. Yeah. Exactly. The country's maybe benefit, but that's, we don't get it. But the government's like, let's do this. Yeah. We're quite colluding with China to be like, I'll tariff you and you tariff me and we'll make out some money and the, yeah. That's right. Exactly. So, so, you know, who really, really wins in this whole thing? But, you know, again, time's running out very quickly. I just wanted to go back and, and, and just real briefly run through some of the, the tariffs that we went through when, when Trump was in office because I was like, oh my gosh, this is days of, days of move. You know, what happened with these things? And it was, it was absolutely amazing. And if you remember, you know, Jason and I sitting in the seats that we do literally every day we would wake up and it's like, okay, who's going to be the next tariff? Because it would impact the stock prices and impact the stock market and impact the economy. So when we come back, let's, let's run through real quickly, Jason, you know, some of the major tariffs that were announced and, and again, kind of flashbacks of what the impact was and what industries were impacted by. It was, like I said, crazy times, but we may have them again. We'll find out. So, we're talking about this tonight. So, I'll put up a Kristin Snow in the right now, traffic center, Kristin. Welcome back to the John Sanchez Show on his talk, 780 K O H. All right. We're talking about tariffs. Again, the impact on you. So, we explain what tariffs are. Determinate if they're good or bad. I'm up in the air. I mean, there's good and there's bad things about it. It's like anything in life. I think you hit it right on the head, Jason. You know, you end up paying for it, but is it the right thing to do? Potentially. Real quick, you know, negotiation wise, right? Absolutely. I would say that, you know, hallmark of Trump, right? Is it a case that we go out with tariffs with the thought that then others come back to us looking to lower the tariffs that they use against us and that in the long run, everything comes down? That could be a potential, right? We're going to go out saying, "Oh, we're going to do this big thing to you unless you make changes back to us." Ultimately, with the assumption that we have the strongest seat at the table, right? So, it's maybe nothing ever does happen. It's just a good way to start saber rattling in order to go out with, "Okay, well, how about you do this? You do that?" Then, yeah, I mean, it would make a lot of sense. So, it doesn't mean that that's the only plan. There could be something along those lines, too. Well, you know, going back in history again, and, unfortunately, we don't have enough time to -- I don't have enough time to go through the details of what I wanted to do. But, you know, a lot of President Trump's tariffs did not come through. A lot of them, to your point, were threats, and then we saw some retaliation from China, and then some of them didn't even come through altogether. But what I found fascinating is, again, that there's $79 billion worth of tariffs right now. Seventy-seven of the 79 billion in tariffs are currently with China. Think about that. Seventy-seven of 79 billion are with China. So, China, of course, responded with tariffs of their own and so on and so forth. We all remember, of course, that the tariffs on washing machines and solar panels and, you know, so on and so forth. And as we joked about, but this was real, you know, Trump started to go after the European Union and tariffs on that. And a lot of those were eventually thrown by the waysider dramatically reduced. So, you know, again, with a couple minutes remaining, here's the point we want you to kind of think about here. Tariffs have their place, and especially against countries like China, where the unfair trade practices and so much unfair business and so on and so forth. We got to be careful, though, because, again, we impose them. They impose them on us, and who really wins? Nobody wins. They accept the countries, and then the consumer, you and I, whether it's here, China, wherever, maybe we're the ones that lose because we ultimately end up paying a price. So, that's something you need to think about. When you go to the polls is, okay, let's go with the economist prediction that tariffs that Trump is, you know, proposing a game going for account for about $2,600 of additional cost to all of us. Can the average person afford that? Well, you know, probably not. So, you think about that also. Now, the other thing to think about is the retaliation. And this is where it really got nasty, Jason, as you and I remember, and our audience remembers, when we went after our allies, right, this is where I think it went way too far when they imposed tariffs against, you know, remember the aluminum one, right, remember that was a big one, where they opposed aluminum tariffs against Australia, an ally against Canada, an ally against Mexico, an ally, and a lot of those were, you know, gone by the wayside, but what it did, the damage that was done, if you remember back, the damage that was done in those relationships, remember, I remember sitting here, Jason, and I don't know if you felt this way when you're at your trading desk, the U.S. was a lone island in the whole world. That's the part that I didn't like, right? Yes, I did not either. The biggest part of, you know, sometimes, again, if that's the plan in order to get what you want, that's, I get it. But that was the part that I would say, you know, Trump specific, right, that was the part that I didn't like about, you know, it felt to us against everybody else, and you know, you share that feels, you know, I get that we're want to be number one, and I think we are, but at the same time, it's no fun to be number one by yourself, right? Yeah, and I think, you know, it's not our, it's not who we are. That's the part that is. No, it's not who we are. And eventually, you know, and eventually you and I both know from an economic standpoint, it would come back to Biden's. I mean, if we shed, you know, put border walls around the entire country and said, we are never going to do one bit of trade, whether it's oil or a widget or whatever with anybody else. I don't know if we could survive. I really don't. I mean, we, yeah, the number of people I hear talk about bricks and all this new currency that you want to alienate ourselves more. That's a perfect way to do it. Right. So I think the bottom line is again, there are areas that they're needed, but there are areas where it can go way too far, like against our allies. I'm all for the tariffs against some countries that, you know, have unfair labor practices like, you know, who and so on and so forth. So it's a fine line. It's a fine line. And one that's going to continue to dominate the headlines as we get closer to the election. Great job, Jason. We'll do it again tomorrow night on the John Sanchez show. God bless. Have a great evening. This program was sponsored by Sanchez wealth management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sancheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker, dealer and investment advisor. Remember FINRA SIPC securities offered only in states, John Sanchez is registered in Sanchez wealth management LLC and independent financial group LLC are unaffiliated entities. When you need meal time inspiration, it's worth shopping king supers for thousands of appetizing ingredients that inspire countless mouthwatering meals. And no matter what tasty choice you make, you'll enjoy our everyday low prices plus extra ways to save like digital coupons worth over $600 each week and up to $1 off per gallon at the pump with points so you can get big flavors and big savings. King supers fresh for everyone. Fuel restrictions apply.