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GOING. TO GET. TO GET INTO THAT IN SPORTS FOR NOW. INTO THAT IN SPORTS FOR NOW. I'M ALI VITALI ON THIS FRIDAY. I'M ALI VITALI ON THIS FRIDAY, AUGUST 8TH. AND WE'LL START WITH AUGUST 8TH. AND WE'LL START WITH THE NEWS.
THE NEWS. COUNTRIES ACROSS THE GLOBE ARE SCRAMBLING NOW TO RESPOND. SCRAMBLING NOW TO RESPOND THIS MORNING TO PRESIDENT TRUMP. THIS MORNING TO PRESIDENT TRUMP. SWEEPING NEW ROUND OF TARIFFS. SWEEPING NEW ROUND OF TARIFFS. THOSE TOOK EFFECT YESTERDAY. THOSE TOOK EFFECT YESTERDAY AND RAISED IMPORT TAXES TO THE HIGHEST LEVEL SINCE THE GREAT DEPRESSION. TAXES TO THE HIGHEST LEVEL SINCE THE GREAT DEPRESSION.
IN JAPAN, LEADERS THERE SAY THE U.S. PROMISED TO FIX A MISTAKE. SAY THE U.S. PROMISED TO FIX A MISTAKE THAT COLLECTED MORE TARIFF FROM THE COUNTRY THAN INTENDED. THAT COLLECTED MORE TARIFF FROM THE COUNTRY THAN INTENDED. TOKYO'S TRADE NEGOTIATIONS NEGOTIATOR SAYS TRUMP OFFICIALS AGREED TO AVOID STACKING THE TARIFFS AND TO REFUND THE COMPANIES THAT HAD ALREADY BEEN OVERCHARGED. STACKING THE TARIFFS AND TO REFUND THE COMPANIES THAT HAD ALREADY BEEN OVERCHARGED.
SWITZERLAND. THE GOVERNMENT HELD AN EMERGENCY MEETING YESTERDAY TO FORGE A PATH FOR FUTURE NEGOTIATIONS AS THE COUNTRY FACES ONE OF THE HIGHEST TARIFF RATES IN THE WORLD. THE GOVERNMENT HELD AN EMERGENCY MEETING YESTERDAY TO FORGE A PATH FOR FUTURE NEGOTIATIONS AS THE COUNTRY FACES ONE OF THE HIGHEST TARIFF RATES IN THE WORLD. IT COMES AFTER THE SWISS PRESIDENT FLEW TO WASHINGTON EARLIER THIS WEEK IN THE HOPES OF REACHING A NEW DEAL. IT COMES AFTER THE SWISS PRESIDENT FLEW TO WASHINGTON EARLIER THIS WEEK IN THE HOPES OF REACHING A NEW DEAL. BUT LEFT WITHOUT ONE.
AND IN INDIA AND BRAZIL, TWO OF THE HARDEST HIT COUNTRIES, LEADERS SPOKE OVER THE PHONE YESTERDAY ABOUT BOOSTING BILATERAL TRADE AS THEY GRAPPLE WITH TRUMP'S NEW TARIFFS. LEADERS SPOKE OVER THE PHONE YESTERDAY ABOUT BOOSTING BILATERAL TRADE AS THEY GRAPPLE WITH TRUMP'S NEW TARIFFS.
MEANWHILE, PRESIDENT TRUMP HIMSELF IS NOW TOUTING NEW JOBS NUMBERS AFTER JUST DAYS AFTER FIRING THE HEAD OF THE BUREAU OF LABOR STATISTICS. MEANWHILE, PRESIDENT TRUMP HIMSELF IS NOW TOUTING NEW JOBS NUMBERS AFTER JUST DAYS AFTER FIRING THE HEAD OF THE BUREAU OF LABOR STATISTICS. THE PRESIDENT CRITICIZED THE BUREAU LAST WEEK AFTER IT PUT OUT A WEAK JOBS REPORT. THE PRESIDENT CRITICIZED THE BUREAU LAST WEEK AFTER IT PUT OUT A WEAK JOBS REPORT. SAYING WITHOUT ANY EVIDENCE THAT THE FIGURES WERE RIGGED. SAYING WITHOUT ANY EVIDENCE THAT THE FIGURES WERE RIGGED.
THEN YESTERDAY, HE DISPLAYED NEW NUMBERS. THOSE CHARTS THAT WERE FOUND BY AN ECONOMIST AT THE HERITAGE FOUNDATION, A CONSERVATIVE GROUP. THEN YESTERDAY, HE DISPLAYED NEW NUMBERS. THOSE CHARTS THAT WERE FOUND BY AN ECONOMIST AT THE HERITAGE FOUNDATION, A CONSERVATIVE GROUP. IT'S IMPORTANT TO NOTE THE NUMBERS ARE BASED ON UNPUBLISHED DATA FROM THE CENSUS BUREAU, THUS MAKING IT REALLY HARD TO VERIFY INDEPENDENTLY. IT'S IMPORTANT TO NOTE THE NUMBERS ARE BASED ON UNPUBLISHED DATA FROM THE CENSUS BUREAU, THUS MAKING IT REALLY HARD TO VERIFY INDEPENDENTLY.
"I WAS TELLING THE PRESIDENT THAT HE DID THE RIGHT THING IN CALLING FOR A NEW HEAD OF THE BUREAU OF LABOR STATISTICS, BECAUSE THIS SHOWS THAT OVER THE LAST TWO YEARS OF THE BIDEN ADMINISTRATION, THE BLS OVERESTIMATED JOB CREATION BY 1.5 MILLION JOBS. THAT'S A GIGANTIC ERROR."
"AND I DON'T KNOW IF SHE'S MIGHT NOT HAVE BEEN AN ERROR. THAT'S THE BAD PART. THERE'S AN ERROR. IT WOULD BE ONE THING. I DON'T THINK IT'S AN ERROR. I THINK THEY DID IT PURPOSELY."
IN HIS FIRST FIVE MONTHS IN OFFICE, STARTING IN JANUARY THROUGH THE END OF JUNE, THE MEDIAN HOUSEHOLD INCOME, ADJUSTED FOR INFLATION FOR THE AVERAGE FAMILY IN AMERICA, IS ALREADY UP $1,174. THAT'S AN INCREDIBLE NUMBER. JUST CAME OUT. SO THAT'S A GIANT GAME. AND IF I WOULD HAVE SAID THIS, NOBODY WOULD HAVE BELIEVED IT. THERE'S YOUR NUMBER.
THIS COMES AS A NEW CNBC SURVEY FINDS PRESIDENT TRUMP'S APPROVAL RATING IS STILL DOWN. OUT OF THOSE POLLED, 51% DISAPPROVE OF THE JOB TRUMP IS DOING AS PRESIDENT. 45% APPROVE OF HIS HANDLING OF THE ECONOMY. THIS IS THE SECOND TIME IN A ROW HIS APPROVAL WAS WORSE THAN HIS OVERALL APPROVAL. ALTHOUGH IT'S HIGHER THAN APRIL'S NUMBERS, WHEN CNBC RECORDED A 43% APPROVAL RATING.
MEANWHILE, DEMOCRATS AREN'T FARING MUCH BETTER, WITH 55% REPORTING NEGATIVE FEELINGS ABOUT THE PARTY. THE REPUBLICAN PARTY ALSO RECORDED A NET NEGATIVE RATING, WITH JUST 36% HAVING A FAVORABLE VIEW. NO HEROES HERE.
BUT ONE ON SET WITH US, BUSINESS REPORTER FOR SEMAFOR, ROHAN GOSWAMI. IT'S GREAT TO SEE YOU IN PERSON. THANKS FOR COMING ON. I WANT TO START FIRST WITH THE WAY THAT THE TARIFFS ARE BEING ROLLED OUT, THE LESSONS THAT OTHER COUNTRIES MIGHT BE LEARNING ABOUT, OKAY, THIS DEADLINE ACTUALLY STUCK. SO WE'RE PAUSING TACO FOR RIGHT NOW. BUT DOES THIS MEAN THAT COUNTRIES ARE JUST SORT OF ON NOTICE TO BE IN PERPETUAL NEGOTIATION MODE WITH WASHINGTON?
"WELL, I THINK WITH TRUMP, YOU'RE ALWAYS IN PERPETUAL NEGOTIATION. IT'S A MOVING TARGET ALL THE TIME. BUT THERE ARE TWO DIFFERENT WAYS THAT COUNTRIES CAN GO ABOUT THAT. AS YOU POINTED OUT, BRAZIL AND INDIA ALREADY HAVE EXISTING RELATIONSHIPS. AND THAT'S WHAT TRUMP HAS FORCED SOME COUNTRIES TO DO: DEEPEN THEIR NON-U.S. TRADE RELATIONSHIPS AS A TEMPORARY OR PERMANENT SOLUTION TO RELYING ON ONE MARKET FOR TOO LONG. THE OTHER IS TO DO WITH THE EU OR THE UK HAVE DONE, WHICH IS TO CUT DEALS REALLY AGGRESSIVELY. AND WHAT'S GOING TO COME DOWN TO IS YOU LOOK AT COUNTRIES LIKE BRAZIL AND INDIA, WHICH HAVE CULTIVATED FOR A LONG TIME RELATIONSHIPS WITH MULTIPLE WORLD POWERS. INDIA, FOR EXAMPLE, AS WE ALL KNOW, IS VERY, YOU KNOW, CLOSE WITH RUSSIA. THERE'S A RELATIONSHIP THEY'VE SOUGHT TO SORT OF BALANCE, COUNTERBALANCE THE U.S. RELATIONSHIP. WITH THE UK, THE EU, ON THE OTHER HAND, OF COURSE, THAT'S NOT AN OPTION. THAT'S NEVER BEEN AN OPTION, NOT FOR THE LAST 80 YEARS. SO I DO THINK THERE IS A BIT OF A MOVING TARGET. THERE'S ALWAYS THAT EXPECTATION THAT TRUMP'S GOING TO RECUT DEALS. BUT I ALSO THINK IT FEEDS INTO A BROADER SENSE OF GLOBAL ECONOMIC UNCERTAINTY ABOUT WHAT YOU CAN DO, HOW YOU CAN MOVE, WHO YOU CAN BUY FROM. IT'S VERY UNSETTLING FOR LEADERS."
YEAH, VERY UNSETTLING. AND I THINK THAT THE TRADE WARS BROADLY HAVE SORT OF BROUGHT THAT FEELING OF UNSETTLED UNCERTAINTY. AND OF COURSE, CHAOS IN THE MARKETS IS NOT THE KIND OF THING THAT YOU WANT. YOU'VE GOT TO IMAGINE THAT THAT'S WHAT'S CONTRIBUTING TO TRUMP'S LOW RATINGS ON THE ECONOMY, WHICH IS STRIKING GIVEN THE FACT THAT VOTERS HAVE ALWAYS SEEMED TO GIVE HIM THE BENEFIT OF THE DOUBT ON THIS ISSUE.
"HE'S GOTTEN A LOT OF LEEWAY ON IT. I THINK IT MIRRORS, I MEAN, OBVIOUSLY, I'M NOT A DATA PERSON. I'M A STATISTICIAN. BUT IT'S GOT TO MIRROR SOME BROADER DECLINE IN HIS POPULARITY GENERALLY. I MEAN, THE WAY HE'S HANDLED THE EPSTEIN FILES, THE WAY HE'S HANDLED ANY NUMBER OF SORT OF HIGH PROFILE PERSONNEL ISSUES, THAT'S NOT GOING TO, YOU KNOW, BASE IS GOING TO LOVE THAT. BUT I ALSO THINK, YOU KNOW, WE'VE TALKED ABOUT THIS ALL THE TIME. PEOPLE DON'T FEEL GOOD. AND I THINK THE JOBS NUMBER ISSUE, I MEAN, YOU CAN SEE IT. HE'S BEEN TALKING ABOUT IT FOR A WEEK. IT REALLY STRESSED EVERYONE OUT BECAUSE SUDDENLY, YOU KNOW, THE NARRATIVE THAT WE NEED TO CUT RATES, THE ECONOMY IS COOKING, RIGHT? SUDDENLY COMPLETELY FALLS APART. PEOPLE START TO REALIZE, OKAY, SO I'M NOT CRAZY. SO THE ECONOMY ACTUALLY ISN'T DOING WELL. IT'S DOING BADLY. SO I THINK, YOU KNOW, IT'S NOT SUPER SURPRISING. I THINK AS WE GO FURTHER AND FURTHER INTO THE SORT OF TARIFF-INDUCED EMPTY SHELVES THAT WE'VE BEEN TALKING ABOUT AND WONDERING WHEN THAT'S GOING TO HAPPEN FOR MONTHS, IT'S GOING TO START TO HAPPEN SOON."
YEAH, BECAUSE THE DEADLINE HERE ACTUALLY STUCK AS OPPOSED TO FIRST LIBERATION DAY MANY MONTHS AGO WHEN THIS WAS FIRST INTRODUCED, BUT NOTHING ACTUALLY TANGIBLY CHANGED.
YES. DIPLOMATICALLY AND IN NEGOTIATIONS THEY CHANGED. BUT FROM A LIVED EXPERIENCE PERSPECTIVE, THEY DIDN'T. AND IT DOES MAKE ME THINK, AS SOMEONE WHO'S MORE OF A POLITICS PERSON, ABOUT THE WAY THAT I WOULD REGULARLY TALK TO PEOPLE ON THE CAMPAIGN TRAIL WHO WOULD SAY, OKAY, I KNOW THAT PEOPLE ARE TELLING ME THAT THE ECONOMY LOOKS PRETTY GOOD. BUT I DON'T FEEL IT. I DON'T FEEL IT WHEN I WALK THROUGH THE GROCERY STORES. I DON'T FEEL IT WHEN I'M DOING MY MONTHLY BUDGET. AND THAT FEELING IS ULTIMATELY WHAT HELPED TO FUEL TRUMP.
YEAH, IT'S INTERESTING NOW TO SEE THE SENTIMENT POTENTIALLY TURNING. I THINK THE OTHER PIECE, WHEN WE TALK ABOUT UNCERTAINTY IN YOUR BEAT, COMES FROM WHAT'S BEEN HAPPENING AT THE FED, SPECIFICALLY THE WAY THAT TRUMP HAS BEEN PRESSURING THE FED CHAIR TO ACT LESS INDEPENDENTLY THAN THE FED ACTUALLY TYPICALLY ACTS AND LISTEN TO HIM AND LOWER RATES. BUT IT'S ALSO NOTABLE SEEING THAT HE NOMINATED STEPHEN MIRON TO BE ONE OF THE FED GOVERNORS CHAIRS.
WHAT DO YOU SEE IN THAT MOVE?
"I MEAN, YOU KNOW THAT THAT SEAT CHANGES EVERYONE. PEOPLE HAVE THEIR OWN OPINIONS, THEIR OWN ACADEMIC CAREERS BEFORE THEY GO AND JOIN THE FED. IF THE FED. THAT BEING SAID, WE KNOW A LOT ABOUT MIRROR AND MIRROR AND WORKED AT A HEDGE FUND BEFORE PRESIDENT TRUMP WAS ELECTED, AND HE PUT OUT A WIDELY DISSEMINATED PAPER THAT WAS SORT OF STANDARD READING FOR THE WALL STREET CROWD, WHERE HE ARGUED THAT TO BOOST AMERICAN PRIMACY, TO BOOST THE AMERICAN ECONOMY, WE NEED A WEAKER DOLLAR AND WE NEED STRONGER TRADE CONTROLS. YOU REMEMBER, THESE WERE THE MAR-A-LAGO ACCORDS THAT PEOPLE TALKED ABOUT RIGHT BEFORE TRUMP GOT ELECTED. AND WE'RE SEEING THAT. I MEAN, THAT'S THE ECONOMIC POLICY THAT THE GOVERNMENT IS DELIBERATELY AND ACCIDENTALLY PURSUING. NOW, IF THAT BECOMES PART OF OUR MONETARY POLICY AND IT STARTS TO SHAPE HOW WE THINK ABOUT FISCAL POLICY, WE THINK ABOUT RATES, THAT'LL BE INTERESTING BECAUSE YOU'RE GOING TO ACTUALLY HAVE, I THINK, A FORCE MULTIPLIER WHEN IT COMES TO TRUMP BEING ABLE TO EXECUTE HIS ECONOMIC POLICY WITH THE SUPPORT OF THE FED. OF COURSE, MYRON IS JUST ONE MEMBER AMONG MANY. WE'LL SEE WHAT ENDS UP SHAKING OUT, BUT HE'S CERTAINLY A TRUMP GUY."
I THINK THAT'S THE OTHER QUESTION, TOO. WE'LL SEE WHAT ENDS UP SHAKING OUT. HE'S BEEN CLEAR IN THE LAST FEW DAYS. HE ASKED SCOTT BESSANT, DO YOU WANT TO MOVE FROM TREASURY OVER THE FED? SCOTT BESSANT, AND HE REITERATED THIS. THEN ON MORNING JOE SAID, NO, I'M GOOD. I'M GOING TO STAY WHERE I AM, BUT I WILL HELP RUN THAT SEARCH FOR YOU WITH THE COMMERCE SECRETARY. SO THAT'S STILL VERY MUCH UNDERWAY RIGHT NOW AS WE LOOK AHEAD TO MAY WHEN POWELL'S TERM ENDS.
BUT YOU'RE ALSO TRACKING ANOTHER BIG STORY HERE, BECAUSE PRESIDENT TRUMP IS CALLING ON THE CEO OF INTEL TO RESIGN OVER HIS ALLEGED TIES TO CHINA. THE PRESIDENT MADE THE DEMAND ON SOCIAL MEDIA YESTERDAY, POSTING THAT BHUTAN IS, QUOTE, HIGHLY CONFLICTED AND MUST RESIGN IMMEDIATELY. IT COMES AFTER SCRUTINY OF THE CEO BY REPUBLICAN SENATOR TOM COTTON OF ARKANSAS, WHO WROTE A LETTER TO THE INTEL CHAIRMAN EARLIER THIS WEEK RAISING CONCERNS ABOUT TAN'S CHINESE INVESTMENTS. THE COMPANY GAVE NO INDICATION YESTERDAY THAT ITS CEO WOULD RESIGN, SAYING IN PART THAT THEY'RE DEEPLY COMMITTED TO ADVANCING U.S. NATIONAL AND ECONOMIC SECURITY INTERESTS. SHARES OF INTEL FELL 3% YESTERDAY, THOUGH, FOLLOWING TRUMP'S POST.
YOU'VE BEEN FOLLOWING THIS STORY CLOSELY FOR FOLKS WHO MIGHT NOT THINK THAT THERE'S AN OBVIOUS TIE-IN TO THEIR DAILY LIVES, OR WHY IT'S WORTH UNDERSTANDING THIS STORY, WHAT'S THE CONNECTOR FOR THEM?
"IT'S KIND OF UNPRECEDENTED. I DON'T THINK EVEN TRUMP HAS EVER CALLED FOR A SITTING CEO TO LEAVE, OR BE FIRED, OF A SPECIFIC PRIVATE COMPANY, AND OF COURSE, THE BOARD IS GOING TO SAY, YEAH, WE LOVE THIS GUY, WHATEVER. BUT INTEL IS A HUGE COMPANY. I MEAN, IT'S AN I'M SURE THERE ARE HUNDREDS OF INTEL CHIPS IN THIS BUILDING RIGHT NOW, PROBABLY THOUSANDS. IT POWERS EVERYTHING THAT WE DO, AND IT'S KIND OF THE FACE FOR A LONG TIME OF AMERICAN TECHNOLOGICAL PROWESS. RIGHT. YOU THINK ABOUT INTEL INSIDE THAT CAMPAIGN WHEN WE WERE YOUNGER. IT'S A HUGE PART OF OUR IDENTITY AS SORT OF THIS JUGGERNAUT OF TECHNOLOGY. AND SO THERE ARE A LOT OF WEIRD THINGS GOING ON HERE, RIGHT? LIKE THIS IS A COMPANY THAT HAS BEEN IN DECLINE THAT IS SORT OF AN AMERICAN ICON. IT'S THE KIND OF COMPANY THAT TRUMP KNOWS AND LIKES AND LOVES, AND IT'S NOT CLEAR WHY HE'S CALLING FOR THIS GUY'S HEAD. NOW, THE PROBLEM FOR INTEL WILL BE THEY SIT BETWEEN DC AND THEY SIT BETWEEN CHINA. RIGHT. THEY HAVE FACILITIES IN CHINA. THEY HAVE, YOU KNOW, THEY HAVE A SIGNIFICANT DC PRESENCE."
BUT WHAT'S THE LARGER STORY TO BE TOLD HERE IS WHEN YOU HAVE TRUMP SO WILLING TO INTERVENE IN THE AFFAIRS OF A PUBLICLY TRADED COMPANY, THAT HE HAS NO SORT OF ACTUAL SKIN IN BEYOND, OF COURSE, GIVING THEM BILLIONS OF DOLLARS. RIGHT. IT'S DISTURBING. AND IT POINTS TO, AGAIN, THE BROADER UNCERTAINTY THAT'S HITTING CONSUMERS, BUT IT'S ALSO HITTING EXECUTIVES, BECAUSE IF THEY CAN GO AFTER THIS GUY WHO'S A CEO OF $100 BILLION, PRETTY STORIED COMPANY, THEY CAN GO AFTER ANYBODY.
IT DOES STRIKE ME, TOO, THAT INTEL WAS ONE OF THE KEY BENEFICIARIES OF THE CHIPS ACT. I MEAN, THAT WAS PRETTY CENTRAL TO HELPING TO BOLSTER THEM AND THEIR INDUSTRY. THE OTHER PIECE OF THIS, TOO, WHEN YOU TALK ABOUT TRUMP AND PRIVATE COMPANIES, I MEAN, HE'S THE SAME GUY WHO GOT OUT AHEAD OF COCA-COLA, SAYING THAT THEY WERE NOW GOING TO BE USING SUGARCANE IN THEIR DRINKS. RIGHT. THIS IS DIFFERENT, BUT IT IS SIMILAR. HE WANTS TO BE INVOLVED IN ALL OF THESE DIFFERENT FACETS OF AMERICAN LIFE, INCLUDING CORPORATE LIFE, REGARDLESS OF IF YOU'RE A PRIVATE COMPANY OR NOT. YEAH.