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Here’s What You Should Know About Trump’s 'Trade Wars'

What’s going on?

Markets around the world fell on Thursday when President Donald Trump said he plans a tariff of 25 percent on steel imports and 10 percent on aluminum imports.

A penalty on steel and aluminum coming into the U.S. could be devastating for global trade and is likely to increase prices for American consumers. The European Union, Germany, Canada and other countries have threatened to retaliate.

What did Trump say?

As usual, Trump followed up his announcement by tweeting about it.

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,” he wrote. “Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”

How will this affect me?

Short version: Your money won’t go as far. Companies that use steel and aluminum will have fewer choices and higher costs and will pass on their extra expenses to you, the consumer. The auto industry is one example. Since automakers need steel and aluminum, they’ll likely be paying more to build cars and passing on that cost to people buying them.

Glenn’s take:

On today’s show, Glenn called this announcement from Trump “the biggest blunder in his presidency” because it will hurt the economy.

“He sees this as a way to help struggling industries in the U.S., but it almost never helps,” Glenn said. “The data is clear: Protectionist policies only make things more expensive for consumers with few benefits for the protected industry.”

This article provided courtesy of TheBlaze.

GLENN: President Trump made the biggest blunder in his presidency yesterday, bigger than the NRA meeting that he had, because this one will actually affect the economy. And the economy is what keeps him afloat. Trump announced yesterday that his administration will impose a 25 percent tariff on steel and 10 percent on aluminum.

The move has been debated inside the White House for months. And advisers have been split. But Trump is going for it.

He sees this as a way of helping struggling industries in the US. But it almost never helps.

For decades, the US steel industry has lobbied the government to help them compete with foreign steel. But the data is clear: Protectionist policies only make things more expensive for consumers, with few benefits for the protected industry.

Past presidential attempts to give the steel industry a boost has not gone well. In 2002, President Bush placed tariffs ranging from 8 percent to 30 percent on steel products.

One year later, there was so much international backlash and bad economic consequences, that he got rid of the tariffs. Top advisers warned about retaliation from other countries. The Defense Department warned about how this will affect close allies. But Trump was eager to make the announcement anyway. And in a room full of steel and aluminum executives at the White House, he said, you know, when it comes to a time where our country can't make aluminum and steel, you don't have a country.

Stock market didn't take kindly to this announcement, the Dow dropped 500 points. They're now saying that we are approaching a bear market. Some people are saying that in the next few days, the -- the bears will take over, and we could drop anywhere. I've heard the kindest drop of 2,000 additional points, all the way to 5,000 points.

Companies that make products with steel and aluminum are not happy. Already warning about losses of jobs in those industries and increased prices for consumers.

Increased prices for consumers? Wonder where they got that idea. Oh, that's right. That's right. History.

Ben Sasse had a surprisingly strong reaction in a statement saying, let's be clear, the president is proposing a massive tax increase on American families. You would expect policy this bad from a leftist administration, but not a supposed Republican one.

Why now? Perhaps Donald Trump thought it would end his week of bad press on a more positive note. I'm doing something for the American workers, but if that was his strategy, it is going to backfire.

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Dollar Decimation: How Biden’s Spending Spree Will End Our Currency

If it feels like the U.S. government is spending money like it's going out of style, it's because it is.

On Glenn TV this week, Glenn Beck exposes the TRUE state of our economy that the Biden administration doesn't want you to see. Obama kicked off a spending spree that was continued under the Trump administration, and now President Joe Biden will finally push us over the ledge with the $2.3 TRILLION "infrastructure" deal.

All signs point to a major economic disaster. And the perfect storm is brewing to convert the greenback into a new digital currency. Think Bitcoin, but with CENTRAL bank control, where we could see the end of private savings and private spending and your finances are tracked. Every time our money gets converted, your wallet will take the losses.

Watch the full episode below:

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WATCH: Glenn on Tucker: After Chauvin Verdict we CAN come together

Emotions are high and regardless of how you interpret what happened that day between Derek Chauvin and George Floyd, the wounds are deep. Politics swooped in and took an event that horrified everyone and turned it into a team sport, only deepening the divide.

Glenn joined Tucker Carlson on Tuesday night to discuss a less political way forward.

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Former police officer Derek Chauvin is facing several charges for his treatment of George Floyd. But attorney Andrew Branca explains WHAT must be proven in order for those charges to stand. Did Chauvin act reasonably, in the context of the entire situation? Were his actions directly responsible for Floyd's passing, or could it be blamed on factors beyond Chauvin's control? Branca also explains how the prosecutor committed misconduct serious enough for a potential appeal, how political tension makes it 'impossible' for a fair trial, why he would vote not guilty, and what sentence Chauvin is facing if the actual jury disagrees...

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Dangerous Tech Oligarchs Who Answer to No One | Glenn Greenwald | Ep 104

Have you noticed how the people who call everyone a conspiracy theorist are the biggest conspiracy theorists of all? Like the Russia Collusion conspiracy theory that the Washington elite used to discredit Trump and force him out of Washington, D.C. Or how the CIA is the real power center of American politics. Glenn Greenwald, Pulitzer-Prize-winning journalist and author of the new book, "Securing Democracy: My Fight for Press Freedom and Justice in Bolsonaro's Brazil," is an outsider in the media because he calls out these abuses of power. For one, he agrees that the Deep State is real.

Greenwald is a rare breed these days: He does actual journalism. He explains things very well, like his description of Trump's appeal and Obama's mystique. He and Glenn cover so many topics: Woke corporations, Julian Assange, the #MeToo movement, Putin, Snowden, The Constitution, Big Tech censorship. Why does the Left call Greenwald right-wing but the Right calls him left-wing? For a journalist, that used to be a badge of honor. But as Greenwald points out, the journalism industry has become a Woke priesthood. So, if you want to learn about actual journalism, listen to this episode. It's totally worth getting through a couple of technical difficulties.