Trump Tariff Sell-Off Deepens 4/4/25

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 4 April 2025

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

China announced a 34% retaliatory tariff on all goods imported from the U.S. on Friday morning following President Trump’s decision to slap steep tariffs on many countries. University of Pennsylvania Wharton School of Business professor Jeremy Siegel calls Trump’s actions the “biggest policy mistake in 95 years.” Meanwhile, in the nation’s capital, Senators Maria Cantwell and Chuck Grassley introduced bipartisan legislation to give Congress more power in setting and approving trade policy. Sen. Cantwell explains the push to limit the President’s authority. Plus, Snap-on CEO Nick Pinchuk weighs in on whether the broad tariffs were actually necessary and how they place the spotlight on the difficulties of manufacturing. Jeremy Siegel - 11:40 Sen. Maria Cantwell - 25:46 Nick Pinchuk - 33:18 In this episode: Maria Cantwell, @SenatorCantwell Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	I'm CNBC producer Katie Kramer, and this is Squawk Pod.
0:07.0	Market turmoil, reaction to Trump tariff policy rippling around the world.
0:12.0	This is the first time that it's been like self-inflicted.
0:15.0	There's no Wuhan virus. There's no 2008. There's no financial crisis.
0:20.0	And retaliation. China punches back. market historian Jeremy Siegel, who has watched the Dow for decades, lays it plain.
0:27.6	I think this is the biggest policy mistake in 95 years.
0:32.6	A possible pushback in the U.S. Senate, Democrat Maria Cantwell, on the bipartisan charge to limit
0:39.0	the president's tariff authority.
0:41.1	No administration should be able to have this big a hand on something that is our responsibility.
0:47.4	And we hear from a manufacturing CEO facing the specter of higher costs, Snap-on's Nick
0:53.3	Pinchuk. One of the good things about the tariffs, and I don't think there's many good things,
0:57.3	is the fact that it puts in rather harsh perspective how hard it is to manufacture.
1:03.0	It is Friday, April 4th, 2025.
1:06.5	Squawk Pod begins right now.
1:13.2	First up today on the podcast, the U.S. stock markets headed for another brutal slide
1:18.2	after China retaliated with new tariffs on U.S. goods.
1:21.9	The country is set to impose a 34% levy on all U.S. products.
1:26.5	This comes just two days after President Trump announced a 34% levy on all U.S. products. This comes just two days after President Trump announced a 34%
1:31.2	tariff on Chinese goods. That is part of a wide-ranging policy, including a 10% baseline
1:37.5	tariff on almost every country. Oil fell today to pandemic-era lows. Markets around the world
1:44.0	have stumbled, raising fears that a trade war will tip the globe into a recession.
1:49.3	We got into all of that today with our Squawk Box trio, Joe Kernan and Becky Quick at the NASDAQ market site in Times Square, and Andrew Ross Sorkin joining remote from Seattle.
	...

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