♪.

TED: COMING UP NEXT ON "ARIZONA HORIZON."

A LOOK AT THE LEGAL QUESTIONS RAISED BY THE TRUMP ADMINISTRATION ALLOWING ELON MUSK ACCESS TO A VARIETY OF SENSITIVE DATABASES.

>>> ALSO TONIGHT, ECONOMIC IMPACT OF THE PRESIDENT'S TARIFFS ON ALL MANNER OF IMPORTS.

>>> AND A CLOSER LOOK AT LOCAL PROTESTS AGAINST THE TRUMP ADMINISTRATION'S IMMIGRATION POLICIES.

THOSE STORIES AND MORE NEXT ON "ARIZONA HORIZON."

.

TED: GOOD EVENING, AND WELCOME TO "ARIZONA HORIZON."

I'M TED SIMONS.

THE TRUMP ADMINISTRATION'S SO-CALLED DEPARTMENT OF GOVERNMENT EFFICIENCY OR D.O.G.E.

IS MAKING FOR MANY QUESTIONS AND CONCERNS.

FOR STARTERS, THE PRESIDENT CAN'T JUST CREATE A NEW FEDERAL AGENCY.

ONLY CONGRESS CAN DO THAT, BUT THE BIG QUESTIONS INVOLVE BILLIONAIRE ELON MUSK WHO LEADS D.O.G.E.

AND GIVEN ACCESS TO SENSITIVE GOVERNMENT INFORMATION.

JOINING US IS FORMER U.S. ATTORNEY ROY HERRERA, FOUNDING PARTNER AT HERRERA ARELLANO LLP.

THANK YOU FOR JOINING US.

>> THANKS FOR HAVING ME.

>> THE MISSION IS TO CUT WASTE, CUT FRAUD IN FEDERAL AGENCY.

THE PRESIDENT CAN'T JUST MAKE UP AN AGENCY.

CONGRESS DOES THAT.

>> THAT'S RIGHT, THIS IS NOT REALLY SORT OF YOUR TRADITIONAL OR OFFICIAL GOVERNMENT AGENCY, WHICH IS CREATED BY CONGRESS, USUALLY A SET APPROPRIATED AMOUNT OF MONEY FOR A PARTICULAR AGENCY.

THIS IS COMPRISED OF ELON MUSK AND SUPPORTERS, MINIONS, IF YOU WILL.

THEY'RE POLITICAL APPOINTEES ESSENTIALLY.

SO THE WHITE HOUSE APPOINTED MUSK AND MUSK HAS APPOINTED HIS OWN PEOPLE TO DO THIS REVIEW, AND AGAIN, AS YOU MENTIONED, THE PURPOSE IS TO ROOT OUT GOVERNMENT WASTE AND EFFICIENCY.

WHAT WE'VE SEEN OVER THE LAST COUPLE OF WEEKS IS D.O.G.E.

IS LANDING ON THE OFFICIAL DEPARTMENTS.

SO THE DEPARTMENT OF TREASURY, THE DEPARTMENT OF EDUCATION AND COMING IN BEING GIVEN ACCESS TO THE SYSTEMS OF THESE DEPARTMENTS AND THE IDEA, I THINK, IS SUPPOSED TO BE THEY'RE GOING TO FIND OUT WHAT'S INEFFICIENT OR WASTEFUL IN THAT DEPARTMENT AND CLOSE THINGS DOWN.

TED: AGAIN, DOES D.O.G.E.

LEGALLY EXIST?

DOES IT HAVE THE AUTHORITY TO STOP PAYMENTS, TO SHUT THINGS DOWN?

>> THERE'S GOING TO BE A LOT OF PEOPLE, INCLUDING STATE ATTORNEYS GENERAL SAY THE ANSWER IS NO.

WE'VE SEEN A NUMBER OF LAWSUITS FILED BY STATE A.G.s AND NONPROFIT ORGANIZATIONS, LABOR UNIONS ARGUING THAT D.O.G.E.

DOES NOT HAVE THE AUTHORITY TO DO WHAT IT'S DOING.

FOR EXAMPLE, IN THE DEPARTMENT OF TREASURY WHERE D.O.G.E.

IS GIVEN ACCESS TO THE VARIOUS PAYMENT SYSTEMS THAT THE DEPARTMENT OF TREASURY HAS.

PEOPLE GET PAID FOR SOCIAL SECURITY OR MEDICAID OR FEMA PAYMENTS OR THINGS LIKE THAT, THE D.O.G.E.

PEOPLE HAVE BEEN GIVEN ACCESS TO THE SYSTEMS, AND THE ARGUMENT FROM THE STATE ATTORNEYS GENERAL IS THIS VIOLATES THE SEPARATION OF POWERS THAT CONGRESS APPROPRIATED THE DOLLARS FOR LET'S SAY SOCIAL SECURITY OR FEMA, FOR EXAMPLE, AND THE AGENCY HAS TO SPEND THAT MONEY.

THEY'RE REQUIRED TO DO SO, AND YOU CAN'T JUST COME IN AND SAY, NO, NO, BECAUSE WE DEEM THIS TO BE WASTEFUL, YOU'RE NOT ALLOWED TO DO THIS.

THAT'S WHAT THE ATTORNEY GENERAL IS ARGUING IS IT'S A VIOLATION OF LAW.

TED: THE ARGUMENT IS IT'S AN ADVISORY COMMITTEE AS OPPOSED TO FEDERAL AGENCY.

>> TRADITIONALLY, THAT'S WHERE IT'S BEEN.

WE'VE NEVER SEEN ANYTHING LIKE THIS BEFORE IN PRIOR ADMINISTRATIONS WHERE PEOPLE COME IN, YOU SEE A BLUE RIBBON COMMISSION THAT COMES INTO MAKE RECOMMENDATIONS HOW TO CUT THE FEDERAL BUDGET, BUT THESE ARE UNAPPOINTED POLITICAL PEOPLE, NOT GONE THROUGH VETTING THROUGH THE U.S. SENATE OR ANYTHING LIKE THAT WHO HAVE SAID WE'RE GOING TO STOP PAYMENTS, STOP THE PARTICULAR PROGRAMS BECAUSE WE FIND THEM TO BE WASTEFUL.

NEVER SEEN ANYTHING LIKE THAT.

TED: SENSITIVE PERSON INFORMATION ISSUE FINANCIAL INFORMATION OUT OF THE TREASURY DEPARTMENT, THE D.O.G.E.

CROWD REQUESTED THAT, THEY REQUESTED IT, BUT I FIND IT INTERESTING THAT THE PEOPLE LOOKING OVER THESE THINGS, NOW THIS IS A READ ONLY, CORRECT?

IS THAT WHAT THE RULING IS?

THEY'RE SAYING THEY CAN DO READ ONLY.

CAN YOU READ AN AWFUL LOT, CAN'T YOU?

>> A NUMBER OF LAWSUITS.

ONE OF THE LAWSUITS THE JUDGE TEMPORARILY RESTRICTED THE ACCESS THE OFFICIALS HAD AT THE DEPARTMENT OF TREASURY.

IT IS SENSITIVE INFORMATION, FOR EXAMPLE, INDIVIDUAL ABOUT INDIVIDUAL RECIPIENT OF A PAYMENT, BANKS INFORMATION, PERHAPS SOCIAL SECURITY NUMBERS, SO THE D.O.G.E.

OFFICIALS ARE LIMITED TO SEE THE INFORMATION ON A READ ONLY BASIS, THEY CANNOT SHARE IT WITH ANYONE BUT CAN'T MANIPULATE THE PAYMENT SYSTEM.

THEY WOULDN'T ABLE TO STOP A PAYMENT.

THAT'S WHERE WE ARE RIGHT NOW AND THERE ARE DISCUSSIONS BETWEEN THE PLAINTIFFS AND LAWSUITS ON THE ADMINISTRATION ON HOW IS THIS GOING TO WORK GOING FORWARD?

>> I THINK ONE OF THE LAWSUITS SAYS SHARING INFORMATION WITH THE GOVERNMENT IS NOT THE SAME THING AS SHARING INFORMATION WITH ELON MUSK?

>> EXACTLY.

ONE OF THE ARGUMENTS IS THERE'S NOTHING WRONG WITH THE TREASURY SECRETARY, WHICH IS A POLITICAL APPOINTEE, LOOKING AT THIS INFORMATION, THAT IS WHAT IS TRADITIONALLY DONE AND EVERYONE UNDERSTANDS IT TO BE THE ROLE OF THE SECRETARY OF TREASURY.

THIS IS SOMEONE OUTSIDE OF THE TREASURY WHO WE HAVE VERY LITTLE INFORMATION ABOUT AND ARGUMENT WHY THIS VIOLATES THE PRIVACY ACT, FEDERAL LAWS, THE ARGUMENT IS THIS IS NOT SUPPOSED TO OCCUR.

NOW THE TRUMP ADMINISTRATION WOULD SAY SOMETHING TO THE EFFECT, YOU'RE POTENTIALLY VIOLATING THE SEPARATION OF POWERS, JUDGE, BY RESTRICTING OUR ABILITY TO SORT OF CARRY OUT THE EXECUTIVE BRANCH.

WE HAVE THE ABILITY TO SORT OF ALLOW THE EXECUTIVE BRANCH, THE TREASURY DEPARTMENT TO OPERATE, AND ONE OF THE WAYS IS THROUGH THE D.O.G.E.

PROCESS AND SO YOU'RE NOT ALLOWED TO RESTRICT THE THINGS WE'RE DOING.

ALL THIS IS CULMINATING IN MAJOR LEGAL DECISIONS COMING PROBABLY BY THE U.S. SUPREME COURT ON THE EXTENT OF EXECUTIVE AUTHORITY UNDER THE PRESIDENT.

>> THE UNILATERAL DISMANTLING OF FEDERAL AGENCIES, THERE IS A FLURRY OF LAWSUITS RIGHT NOW.

THE LAWSUITS ARE COMING HOT AND HEAVY.

ALL OF THIS HEADING TOWARD THE SUPREME COURT, BUT UNTIL IT GETS THERE, THERE'S GOING TO BE PEAKS AND VALLEYS CLIMBING UP AND BACKTREADING.

HOW LONG BEFORE THE HIGH COURT GETS IT?

>> HARD TO PREDICT.

WE'RE SEEING THE INITIAL RULINGS AT THE TRIAL COURT LEVEL AND TEMPORARY RESTRAINING ORDERS, THAT NEEDS TO BE LITIGATED AT THE TRIAL LEVEL AND GET TO THE COURT OF APPEALS AND THE U.S. SUPREME COURT.

ALL EXPEDITED, I'M SURE.

YOU ARE GOING TO CONTINUE TO SEE AT LEAST THE PAUSE OF SOME OF THESE GOVERNMENT PROGRAMS THAT D.O.G.E.

IS DEEMING TO BE INEFFICIENT OR WASTEFUL OR WHATEVER THE PRESIDENT SAYS IT IS.

TED: WE GOT THE DEPARTMENT OF EDUCATION WHICH MAYBE ADIOS HERE, TALKING PERSONAL LOANS AND STUDENT LOANS AND FINANCIAL INFORMATION THERE THAT PEOPLE DON'T WANT ELON MUSK AND HIS FRIENDS TO HAVE.

>> THIS IS ANOTHER EXAMPLE SIMILAR TO THE TREASURY DEPARTMENT WHICH IS YOU ARE NOT ALLOWED TO GIVE THE INFORMATION TO THE POLITICAL APPOINTEES AT THE QUASI GOVERNMENT AGENCY, BUT THEN WE SAW ELON MUSK TODAY IN THE OVAL OFFICE NEXT TO THE PRESIDENT, DEFENDING THE ACTIONS OF D.O.G.E.

SAYING THIS IS WHAT WE RAN ON DURING THE PRESIDENTIAL CAMPAIGN.

THIS IS WHAT THE AMERICAN PEOPLE WANTED, AND THIS IS WHAT WE'RE CARRYING OUT.

THEIR ARGUMENT IS THIS IS WITHIN THE EXECUTIVE AUTHORITY THEY HAVE.

>> Reporter: THE LAST QUESTION AS FAR AS EXECUTIVE AUTHORITY, WE'RE GOING TO TALK MORE ABOUT THIS TOMORROW OR LATER IN THE SHOWS IN THE WEEK IN THE COMES WEEKS.

WHEN THE SUPREME COURT TELLS THE PRESIDENT CAN YOU PRETTY MUCH DO WHATEVER YOU WANT AS LONG AS IT'S WITHIN THE PURVIEW OF THE PRESIDENCY AND THE OFFICE OF THE PRESIDENT AND NATIONAL INTERESTS ARE INVOLVED, WHAT'S TO KEEP HIM FROM DOING WHATEVER HE WANTS TO DO?

>> THIS IS THE CLASSIC GOING BACK HUNDREDS OF YEARS TO JUSTICE MARSHALL'S DECISION ABOUT THE U.S. SUPREME COURT, THE ARGUMENT IS YOU AND WHAT ARMY?

THE SUPREME COURT HAS A PARTICULAR DECISION THAT THE EXECUTIVE BRANCH DOESN'T WANT TO FOLLOW, WHAT HAPPENS?

MOST OF THE TIME WE AVOIDED THAT PROBLEM BECAUSE THE EXECUTIVE BRANCHES ADHERE TO THE U.S. SUPREME COURT.

THE INSTANCE THAT THE U.S. SUPREME COURT OR ANY COURT DECIDES THE ACTIONS OF D.O.G.E.

ARE UNLAWFUL AND TRUMP DECIDES NOT TO FOLLOW THE ORDER, WE ARE IN UNPRECEDENTED, UNCHARTERED WATERS, IF YOU WILL.

TED: A CONSTITUTIONAL CRISIS, SOUNDS LIKE WE'RE HEADED RIGHT THERE.

>> HOPE WE'RE NOT.

TIME WILL TELL.

TED: ROY HERRERA, ALWAYS A PLEASURE HAVING YOU HERE.

>> THANK YOU SO MUCH.

.

TED: THE TRUMP ADMINISTRATION'S LATEST ROUND OF TARIFFS ON STEEL AND ALUMINUM IS ADDING TO CONCERNS THE PRESIDENT'S AGGRESSIVE USE OF TARIFFS ON FRIENDLY TRADING PARTNERS COULD RESULT IN BIG HITS TO THE U.S. ECONOMY.

HERE TO HELP US IS JIM ROUNDS OF ROUNDS CONSULTING GROUP.

YOU WILL MAKE SENSE OF THIS?

>> OF COURSE.

TED: TARIFFS, TRADE WARS.

THE THREATS, THE EXISTENCE THE ABOUND.

WHAT ARE YOUR OVERALL THOUGHTS?

>> LIKE WE DISCUSSED BEFORE, WHEN ECONOMICS WORKS BEST, IT WORKS BEST WHEN GOVERNMENT DOESN'T INTERFERE LIKE THIS.

IN THIS CASE, WHEN YOU HAVE A TRADE WAR, YOU'RE NOT PUNISHING THE PEOPLE IN ANOTHER COUNTRY, YOU'RE PUNISHING THE PEOPLE IN YOUR OWN COUNTRY.

YOU ARE TAXING THE COMPANIES IMPORTING THE GOODS AND IN THE ECONOMIC ENVIRONMENT TODAY, WE'RE PAYING 85, 90% OF THE TARIFF INCREASE.

THAT'S NOT GOOD.

COMING AT A TIME WHEN PRICES ARE STILL HIGH.

INFLATION IS MODERATE, BUT UNTIL INFLATION GETS TO SUBZERO, WE'RE PAYING FAIRLY HIGH PRICES.

WE HAVE HOUSING AFFORDABILITY ISSUES.

THERE'S A LOT OF REASONS THIS ISN'T THE RIGHT TIME TO PLAY THE POLITICAL GAMES, BUT THERE'S ALSO ARGUMENTS THAT I'M SEEING WHERE YOU SOMETIMES HAVE TO PLAY THESE POLITICAL GAMES.

YOU HAVE TO PICK YOUR FIGHT AT THE RIGHT TIME.

TED: BUT IS THERE A CLEAR RATIONALE, A CLEAR RATIONALE FOR THE TARIFFS?

I'M NOT SURE I'VE HEARD THAT YET.

STEEL INDUSTRY, FOR EXAMPLE, 25%.

WE SAW THAT YESTERDAY.

OKAY.

DOMESTIC STEEL MANUFACTURING, THEY'RE HAPPY ABOUT THIS BECAUSE THIS MEANS, YOU KNOW, THAT MORE ATTENTION ON THEM, BUT THE SURROUNDING ECONOMY WHICH DEPENDS ON STEEL IS NOT HAPPY ABOUT IT AT ALL.

>> YEAH, AND IT'S NOT TOO HARD TO PICTURE.

YOU WALK AROUND YOUR HOUSE AND YOU LOOK AT THINGS THAT ARE EITHER MADE OF STEEL OR ALUMINUM OR COMBINATION.

YOU'RE LOOKING AT WASHING MACHINES, REFRIGERATORS, CONSIDERING VEHICLES.

SO IT'S NOT LIKE THE FOOD TARIFFS WHICH IMMEDIATELY YOU SEE PRICE INCREASE IN TOMATOES.

MIGHT BE A LITTLE WHILE UNTIL YOU MAKE THE NEXT BIG PURCHASE BUT THEN YOU SEE IT.

SOME ARGUE IT'S GOING TO CHANGE AND HAVE THE MANUFACTURING BACK TO THE U.S., IT DOES NOT WORK THAT QUICKLY AND A LOT OF THE BUSINESSES SINCE COVID ALREADY STARTED DIVERSIFYING THEIR SUPPLY CHAIN INTO MULTIPLE COUNTRIES.

IT'S NOT JUST CHINA WHERE THEY'RE TRYING TO BRING THE SHORING BACK.

IT'S ALL OVER THE PLACE.

IT'S VERY COMPLICATED IN ORDER TO PUNISH THE BUSINESSES LOCATED OUTSIDE THE U.S. AND ECONOMICS DOESN'T WORK THAT FAST.

TED: HOW MUCH DOES IT HELP DOMESTIC PRODUCERS OF STEEL, ALUMINUM?

AND HOW MUCH DOES IT HURT AGAIN THE SURROUNDING ECONOMY?

>> IT WILL HELP A SMALLER GROUP.

LONGER TERM, YOU MIGHT SEE MORE MANUFACTURING, BUT THE PRIMARY PENALTIES GET IMPOSED ON THE AVERAGE INDIVIDUAL.

THE AVERAGE TAXPAYER.

SO IT'S GOING TO IMPACT LOWER INCOME INDIVIDUALS, HIGHER INCOME INDIVIDUALS, EVERYBODY.

THE DISCUSSION ABOUT WHETHER OR NOT IF WE HAD A TAX CUT, WE MIGHT OFFSET SOME OF THE TARIFFS.

WELL, DIFFERENT INCOME GROUPS PAY DIFFERENT INCOME TAX RATES, SO IT'S NOT THE BEST TAX TO OFFSET THAT, BUT AT LEAST THEY'RE THINKING ABOUT THAT.

>> IF OTHER COUNTRIES ARE THINKING ABOUT RETALIATION, U.S. STEEL EXPORTS, WHAT DOES THAT DO NOT ONLY TO OUR ECONOMY BUT TO THE WORLD ECONOMY?

>> IT SETS US BACK.

IDEALLY WHAT WE WANT TO DO IS NEGOTIATE WITH THEM TO BRING THEIR TARIFFS DOWN.

LIKE CANADA.

EVEN THOUGH WE'RE TALKING ABOUT INCREASING TARIFFS ON CANADA, THEY'RE ONE OF THE HIGHEST TARIFF COUNTRIES OUT OF THE MORE DEVELOPED COUNTRIES THAT ARE OUT THERE.

U.S. IS PRETTY LOW.

WELL, I THINK WE COULD HAVE BEEN MORE STRATEGIC OVER THE LAST TWO OR THREE DECADES TO ELIMINATE SOME OF THESE AND BEEN MORE COMPETITIVE.

YOU CAN'T MAKE CHANGES LIKE THAT OVERNIGHT.

YOU HAVE TO BE CAREFUL WITH THE THREATS.

WHAT I NOTICE FOR THE FIRST TIME EVER OVER THE LAST THREE WEEKS OR SO, I'VE SEEN CANADA MAKING COMMERCIALS FOR U.S. CITIZENS IN GENERAL ON THE NEWS STATIONS ABOUT THE BENEFITS OF TRADE WITH CANADA.

SO THEY MUST BE HAVING SOME KIND OF INFLUENCE POLITICALLY FOR THE CANADIAN GOVERNMENT TO BE FLOODING US WITH A BUNCH OF CANADA IS OUR BUDDY, LET'S WORK MORE CLOSELY WITH THEM.

I FEEL LIKE THERE'S A LITTLE BIT OF POLITICS WE DON'T KNOW ABOUT, BUT THE ECONOMICS SAY THIS IS NOT GOOD FOR EVERYBODY.

TED: I HEARD THIS SUGGESTED, WHEN WE DO THINGS LIKE THIS, RETALIATORY MEASURES COMING TOGETHER, THAT DIRECTION, THAT DIRECTION WILL ALSO LOOK TO A CHINA.

ESPECIALLY DEVELOPING COUNTRIES.

LOOK TO CHINA AS A BETTER TRADE PARTNER.

A BETTER TRADE PARTNER AFTER TARIFFS.

THAT MAKE SENSE TO YOU?

>> DEPENDS ON THE PRODUCT.

WHERE I'D LIKE TO SEE THE U.S. GO, I'D LIKE TO SEE MANUFACTURING BACK, THE TYPES OF MANUFACTURING AREN'T HIGH-WAGE JOBS.

I'D LIKE TO SEE MORE R&D, MORE MONEY PUT INTO WORKFORCE DEVELOPMENT PROGRAMS INTO EDUCATION SUPPORT RATHER THAN TAKING IT OUT BECAUSE THE HEALTH OF THE ECONOMY ISN'T DEPENDENT ON THE POPULATION GROWTH LIKE SOMEWHERE SAYING, IT'S DEPENDENT ON PRODUCTIVITY.

THAT'S THE FUNDAMENTAL FOUNDATION OF ECONOMICS.

IF WE KEEP INCREASING THAT, THEN WE'LL ALL DO BETTER, BUT THE ONLY WAY TO DO THAT IS TO INVEST.

SOMETIME YOU GOT TO SPEND MONEY TO MAKE MONEY, YOU CAN'T ALWAYS CUT LIKE THE FEDERAL GOVERNMENT IS DOING RIGHT NOW, ESPECIALLY HAPHAZARDLY, YOU GOT TO BE STRATEGIC.

TED: YEAH, AND YOU MENTIONED PRICES, INFLATION OBVIOUSLY, YOU HEARD THE FED CHAIRMAN THAT DOESN'T SOUND ALL THAT HOT ABOUT MAKING CHANGES IN THE FUTURE.

SEE HOW THAT WORKS.

WITH ALL THE TARIFFS, THREATS OF TARIFFS, UNCERTAINTY ABOUNDS, WHAT DOES THAT DO TO INFLATION?

>> YEAH, WE'RE GOING TO SEE SOME INFLATION, WE'RE GOING TO SEE SHORT-TERM INFLATION, LONGER TERM INFLATION BECAUSE WE'RE DEALING WITH DURABLE GOODS VERSUS FOOD, MORE PERISHABLE GOODS AND I DON'T KNOW IF INFLATION IS AT THE POINT WHERE THE FED IS GOING TO START TO TIGHTEN AGAIN, BUT WE'RE LOOKING MORE THAT DIRECTION THAN THE FED TRYING TO SPUR EXTRA ECONOMIC ACTIVITY, BUT HOUSING PRICES ARE GOING TO GO UP AT A TIME WHEN YOU DON'T WANT THEM TO GO UP.

GENERAL PRICE LEVELS ARE GOING TO GO UP WHEN THEY ARE ALREADY HIGH.

WE SHOULD BE MORE STRATEGIC WITH WHAT THEY'RE DOING, AT LEAST IN TERMS OF BUILDING THESE RELATIONSHIPS.

TED: AND OBVIOUSLY INFLATION AND ECONOMIC GROWTH HAVE THEIR OWN EQUATION GOING HERE.

AS FAR AS ECONOMIC GROWTH IS CONCERNED, WHAT DO THE TARIFFS DO TO THAT?

>> I SAW ESTIMATES IT'S GOING CUT GDP IN HALF.

THAT'S RIDICULOUS.

ONE ESTIMATE SAID 2.7 GDP WOULD BE CUT TO 2.3, SO .4%.

THAT NUMBER SEEMS LARGE BUT THAT'S A BIG DEAL.

THAT CHANGE EQUATES TO HUNDREDS OF THOUSAND OF JOBS, A LOT OF INCOME, AND CREATES A LOT OF EXTRA ECONOMIC IMBALANCES AND WE'VE HAD NOTHING BUT ECONOMIC IMBALANCES SINCE COVID, WE DON'T NEED MORE.

WE NEED STABILITY.

TED: THEY'RE CALLING THIS DUMBEST TRADE WAR IN HISTORY.

THEY GOT A POINT?

>> DUMBEST IN HISTORY, IT'S HARD TO SAY.

I'M TRYING TO PROVIDE THE P.C.

RESPONSE UNLIKE PAST SHOWS.

I THINK THIS IS ILL TIMED AND NOT THINKING ABOUT THINGS ENOUGH AND PART OF THE REASON IS THEY DON'T HAVE ECONOMISTS IN D.C.

APPARENTLY.

>> ARE YOU CONFIDENT?

>> I'M CONFIDENT THAT THE ECONOMY IS GOING TO KEEP GROWING, I DON'T THINK THIS IS GOING TO SABOTAGE, IT NOT GOING TO THROW US INTO A RECESSION.

I'M NOT CONFIDENT THEY'RE GOING TO, IN THE SHORT TERM, FIGURE OUT HOW TO DO THIS