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An Irishman Abroad

Trump Tariff Tornado - Irishman In America with Marion McKeone

An Irishman Abroad

Jarlath Regan

Society & Culture, News, Health & Fitness, Society & Culture:personal Journals, Personal Journals, Politics

4.8834 Ratings

🗓️ 4 April 2025

⏱️ 43 minutes

🧾️ Download transcript

Summary

This week on Irishman In America Marion McKeone talks all things tariffs. With the unveiling of Trump‘s tariff bonanza, Wall Street has come tumbling down by upwards of 3 trillion dollars. Have Republicans hit the panic button in secret? Is a Republican Civil War just around the corner? Marion McKeone reports from Washington about the impact , of Donald’s tariff tornado on the mood of American consumers and industry top dogs. Rumours swirled this week that Elon Musk was to step down from his DOGE position. Jarlath asks Marion if the choice to step away has anything to do with the backlash against him around the country. Marion hunts for some positivity missed the bleakness and asks the question if to understand these tariffs America needs to hire a therapist rather than an economist.

Transcript

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0:00.0

My mother believed and my father believed that if I wanted to be President of the United States, I could be, I could be vice president.

0:07.5

Former Vice President Joe Biden has been elected presidents of the United States.

0:13.1

It is my greatest honor and privilege to have been your president.

0:16.9

We will be back in some form.

0:19.3

We are still deeply divided.

0:21.0

Liberation Day turned into stock market annihilation day as $2.5 trillion.

0:27.8

You heard that correctly, $2.5 trillion was wiped off Wall Street and the IMF warned of the significant risk to the global economy.

0:38.8

Marion, this must be what he meant by,

0:40.8

we will have money coming out of our ears as a result of these tariffs, right?

0:44.8

The money will be exiting our ears.

0:47.7

We're so tired of winning.

0:49.4

We're so tired of winning, Charlotte.

0:50.8

It's just like, if I can just update you on that figure,

0:53.7

you mentioned $2.5 trillion. By some just like, if I can just update you on that figure, you mentioned

0:54.2

2.5 trillion. By some estimates now, it's well over 3 trillion. And there are estimates from

1:02.0

an economist in the University of Michigan that I was just reading who says that the actual

1:07.3

growth impact that in real terms is 9 trillion. He said that the effect of

1:12.9

this is the equivalent of a $60,000 wealth loss per every American household today. Now, some of

1:20.5

that will be recouped. You know, I mean, these things, they bounce up and down, their yodos,

1:24.1

but he said that this is where we are at the time we are recording this podcast now.

1:29.0

So, as I said, $3 trillion, depending on how, you know, gross net, all of these economic

1:33.5

figures, but $3 trillion, above $3 trillion is the minimum that has been wiped off today.

...

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