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trade fight, expanding steeper tariffs on almost all of america's trading partners. >> our country and its taxpayers have been ripped off for more than 50 years, but it is not going to happen anymore. >> this is not liberation day. it's recession day. >> will the tariffs trigger a global recession? >> the markets are going to boom, the stock is going to boom, the country is going to boom. >> my guest this morning treasury secretary scott bessent. republican senator james lankford of oklahoma and democrat adam schiff of oklahoma plus x factor. >> i feel like this is one of those things that may not seem that is going to affect the entire destiny of humanity, but i think it will. >> elon musk's candidate loses in a wisconsin supreme court race he spent millions on. >> i never could have imagined that i'd be taking on the richest man in the world and we

won! >> has musk become more of a liability than an asset? >> and political endurance. >> i confess that the democratic party has made terrible mistakes, but it gave to this demagogue. >> senator cory booker breaks the record for the longest senate floor speech. >> where does the constitution >> what will it learn from the 25-hour prott? >> joining me for insights and analysis are, nbc correspondent garrett haake. leann caldwell, chief washington correspondent. neera tanden from american progress and lahnee chen, a fellow at the hoover institution. welcome to sunday. it's "meet the press." >> from nbc news in washington, the longest-running show in television history this is "meet the press" with kristen welker. >> good sunday morning.

the global fallout is intensifying after president trump imposed the highest tariff levels against nearly every country in a century. many economists are now warning president trump's tariff plan could push the nation closer to a recession while he insists it will bring the country to a new golden age. >> it's our declaration of economic independence. for years, hardworking american citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense, but now it's our turn to prosper. >> the risks and uncertainty of this new trade war are causing serious jitters from wall street to main street where american businesses and consumers are likely to bear the burden of higher costs. stocks nosedived in the biggest losses since the covid pandemic, wiping out a record $6 trillion in value in just two days. world leaders responding,

suggesting the trump tariffs will fundamentally change the global economic order. >> the 80-year period when the united states embraced the mantle of global economic leadership, when it formed alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services is over. >> the white house's message is to be patient and don'tfocus on the short-term impact. >> the markets are going to boom, the stock is going to boom, the country is going to boom. >> manufacturing, american manufacturing to where you would like to see it? >> say it's a two-year process. >> what i'd ask folks to appreciate here is that we are not going to fix things overnight. >> on saturday, protesters took to the streets in cities all across the country speaking out against the trump administration's moves to fire federal workers, immigration crackdowns and new tariff policies. the white house has insisted the tariffs are not a negotiating

tactic, but president trump contradicted that message saying there is room for negotiation. >> the president made it clear yesterday this is not a negotiation. >> the tariffs give us great power to negotiate. >> and just hours later, president trump insisted, quote, my policies will never change. meanwhile, former vice president mike pence is calling trump's tariffs the largest peacetime tax hike in u.s. history and warns they could cost american families over $3500 per year, and on capitol hill there's growing concerns even among some republicans about the president's actions. >> there could be short-term pain. >> it's going to be consumers who bear the cost. >> it's a terrible mistake. they don't work. they will lead to higher prices. >> remember what mama gump said, stupid is as stupid does. let's not be stupid. let's don't have a trade war.

>> and joining me now is treasury secretary scott bessent. secretary bessent, welcome back to "meet the press "qwest. >> good to see you. >> it's good to have you back after a big week. let's talk about president trump's announcement to his tariffs as i laid out at the top of the program. the markets lost more than $6 trillion in value. was this disruption always part of the plan, mr. secretary? >> look, the markets are organic animals. you never know what the reaction's going to be. one thing that i can tell you is that treasury secretary, what i've been very impressed with is the market infrastructure that we had record volume on friday, and everything is working very smoothly so the american people, they can be very -- take great comfort in that and in terms of the market reaction, look, we get these short-term market

reactions from time to time. the market consistently underestimates donald trump. i remember in 2016, the night president trump won, the market crashed. the market crashed, and it turn out he was going to be the most pro-business president in over a century, maybe in the history of the country, and we went on to very high after inflation returns for the next four years. >> but this was the biggest two-day crash since the pandemic. the president on saturday urging people, quote, to hang tough saying it won't be easy, and i guess the big question on people's minds, mr. secretary, how difficult is it going to be and how long are americans going to have to hang tough? >> well, again, i reject that assumption. there doesn't have to be a recession. who knows how the market is

going to react in a day and a week and what we will have is the long-term fundamentals to prosperity that i think the previous administration had put us on a course toward financial calamity. >> just in term of the uncertainty, i think, that people are feeling and seeing and president trump saying he wants people to hang tough, acknowledging there's going to be what he has described as a short period of pain, can you help provide some clarity for folks? how long will this period of uncertainty be? are we talking about weeks? are we talking about months? are we talking about years? >> again, this is an adjustment process. what we saw with president reagan when he brought down the great inflation and we got past the carter malaise that there was some choppiness at that time, but he held the course, and we're going to hold the course and this has been years in the building. -- years in the making.

this unsustainable system. our trading partners have taken advantage of us, we can see that through the large surpluses. we can see that through the large deficits and this is a national security problem which we saw during covid. we saw during covid that optimal supply chains are not resilient, and what i can say is the only good outcome from covid is it was a beta test for what would happen if our supplply chaingot broken and president trump has given -- has decided that we cannot be at risk like that for crucial medicines, for semiconductors and for shipping and we are going to move forward so the american people can than they are going to have a more secure future. >> and yet, president trump promised that he was going to improve the economy starting on day one. he said prices are going to come down. more than 160 million americans, mr. secretary, as you know, are

invested in the market. many of them have spent the to right now and who have just seen their lifetime savings drop significatly? >> kristen, i think that's a false narrative. americans who want to retire right now, the americans who have put away for years in their savings accounts don't look at the day to day fluctuations of what's happening. in fact, most americans don't have everything in the market. they have those in the 401(k) have a 60/40 account, the 60/40 accounts are down 5% or 6% on the year, people have a long-term view. they have a program that the reason the stock market is considered a good investment is because it's a long-term investment. if you look day to day, week to week it's very risky. over the long term it's a good investment. >> president trump's tariffs are being described as the biggest tax hike on americans in

decades. they could cost the average household thousands of dollars. republican senator ted cruz had this to say. i'll play it and get your reaction on the other side. >> tariffs are a tax on consumers and i'm not a fan of jacking up taxes on american consumers. >> do you acknowledge that president trump's tariffs will cause prices to go up on a range of goods? >> kristen, what i like is data, and if we look at data from president trump's first term and there's a big study that just came out from a group of economists, mostly of m.i.t., that showed that a 20% -- 20% tariff on china led to a .7% tax -- price level increase over for years. i think that's pretty good. if we can take in 20% in tariffs and it's a .7% increase, and kristen, the little publicized story this week, everyone wants to look at the stock market

going down. you know what else went down? oil prices went down almost 15% in two days which impacts working americans much more than the stock market does. interest rates hit their low for the year. so i'm expecting the mortgage plications to pick up. >> just to be very clear, though. during president trump's first term, the cost to americans was nearly $80 billion in new taxes, prices did go up from everytng from washing machines to tires. >> let's go back. the aggregate number was. .7. we can discern the thing. households saw real net wages go up. so if wages go up faster than prices which is not what happened over the past four years, that's yet bottom 50% got eviscerated. >> let me ask you about your view because last january you

wrote that, quote, tariffs are inflationary. the fed chair said the same thing on friday that tariffs announced this week cause higher inflation. have you expressed any concerns to president trump directly that his tariff policy could be inflationary? >> what i've said is tariffs are a one-time price adjustment. so there's a big difference between insipid, endemic inflation within the system and consistent price level increases and a one-time adjustment, but the other thing that we're doing is we are raising wages for working americans. we're bringing down regulation. so their estimates, their regulations have cost the average household about $8,000. when we get this tax bill through then we will make the tax levels permanent, and again, the drop in the energy prices, the drop in interest cost -- i

think, real after-tax wages are going to go up for americans and that's what's important. >> one of the big questions and points of confusion, i think, is are these tariffs permanent or are they a negotiating tactic? some administration officials say they're permanent and president trump himself has said he's open to negotiating. is president trump willing to negotiate or are these tariffs permanent? >> i think that will be a decision for president trump, but i can tell you that as only he can do at this moment, he's created maximum leverage for himself and more than 50 countries have approached -- have approached the administration about lowering the non-tariff trade barriers and lowering the tariffs and stopping currency manipulation. they've been bad actors for a long time and it's not the kind thing you can negotiate away in days or weeks. >> you yourself have said he's

using this for negotiating. he has told me directly he's open to negotiating. very clearly for the american people, can you say definitively, is he planning to negotiate? has he started negotiations? >> i think we have to see what the countries offer and whether it's believable because again -- >> he's open to it is what i hear you saying. >> no. no, no, no. i think that we are goinging to have to see the path forward because after 20, 30, 40, 50 years of bad behavior you can't just wipe the slate clean. >> all right. let me ask you about one of the big questions, recession, as you know, the chances of a recession are rising in the wake of the tariffs announced this week. do you believe that president

trump's tariffs are risking the chances of a recession? >> i don't, and i think we can see from the jobs number on friday that it was well above expectations that we are moving forward. so i see no reason that we have

to price in a recession. ? okay. before i let you go, i know you've been one of the officials spearheading the efforts to get president trump's budget bill passed on capitol hill. it includes the president's plans for tax cuts, extending the 2017 tax cuts, for example. are you confident that the president's budget bill will pass before the august recess? >> we are shooting for even a much earlier date and kristen, i can tell you the underreported story in d.c., it's fun from our side of the aisle to watch the democratic chaos and the underreported story speaker johnson has done an incredible and 's gotten continuing resolutions, and speaker thune, the nation issued reconciliation instructions so things are moving very quickly. >> very quick le. president trump calleded on the fed chair to lower interest tes. do you think that fed chair jerome powell should lower interest rates? >> i think that when we see inflation dropping that the fed will do what it always does and lower rates, but in the meantime, what we can control is the longer term rate, the ten-year rate, which hit a new low on friday. that's where mortgages are priced, that's where long-term capital formation is priced and back to the tax deal, when we can pass that, we will have economic certainty. ? okay. we'll be watching for that timeline you just laid out closely. secretary scott bessent, thank you very much for being here. we appreciate it. >> thank you. >> when we come back, republican senator james lankford of oklahoma joins me next.

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. welcome back. joining me now is senator james lankford of oklahoma who is out with a new book "turnaround. america's revival." >> good to have you. >> i have to start by talking to you about tariffs, and i want to start with where i left off with secretary bessent. the questions about a recession, the concerns by economists that the chances could be increasing for a recession. he said there's no reason to anticipate a recession. do you agree with him? how do you see it? >> i'm not an economist, and i don't anticipate a recession. some of it is history, some of it is current. that's helpful getting on top of prices and things like gasoline, things people use every day.

that price continues to stay down. that helps the entire economy, but i can also look at the trump version one and biden actually and see where did we have the greatest challenge on inflation? where did we have the greatest challenge on the economy? we've seen two plans side by side now and there's more trust for president trump saying yeah, there's a challenge in the market and pushing the area on trade and wants to bring more manufacturing back to the united states and that's causing this rumble that's happening on wall street, but we also see where things are going because we've seen this movie before and saw how successful it was. >> there are concerns about what it means on the world stage for the united states. >> sure. >> here's what "the wall street journal" editorial board wrote, mr. trump's board is giving china another large market to court american allies. senator, do you believe that these tariffs run the risk of >> everything will embolden

china. they're very confident in many ways. they're very, very dependent on exports. if they don't have large quantities of exports their economy doesn't work at all. they'll try to sh more manufacturing to the united states to bring jobs here and that's why china has reacted so fast. i've seen the administration reach out to vietnam, bangladesh and say let's open up dialogue and the president's even made a statement that he's talking to vietnam once they get the tariffs down significantly back to where they were in vietnam. that's a huge challenge to china at that point and right now china is trying to send products to vietnam so they sent them from here to send tariffs and we have to fix that. >> you have expressed concerns about tariffs in the past. i want to play a bit of what you said in 2019 and get your reaction on the other side. >> the american workers and the american companies pay the brunt of all of those. so far, americans have paid $12 billion in tariffs. it's not punishing the chinese. it's punishing us.

>> senator, how long are you willing to give president trump to see if these tariffs, in fact, are working and making the economy better? >> they're reshifting the economy to get more to the united states and that's good for us long term. tariffs do cause an increase in price. it's a one-time increase that happens and i want to get that down. we've seen other rates in countries that are very, very high. we have to be able to work those down because our economies are intertwined globally and we want to make sure it's fair and works. one of the clearest examples is israel has a 15% rate, , lebano turkey, saudi arabia have a 10% rate and we have to figure out why that's so and be able to bring it down. >> even senate colleagues said if it goes past 90 days that will be a problem, senator ted cruz, for example. is that the timeframe you're looking at? 90 days? >> i don't have a calear. more than anything else this is a short-term issue while the

negotiations are happening and once the president starts announcing negotiations in other countries we'll start to see the market calm and see the rates come down quickly. >> senator grassley has proposed a bipartisan bill and it would allow congress to play a larger role in tariff policy. senator, would you support this legislation? >> i have not gone through that completely. let me tell you why on this. congress has a role in most tariffs. the president can impose it. it doesn't have the same trigger that comes to congress and what chuck grassley is saying, congress has a role, quite frankly constitutionally and any kind of revenue issues. so it is right for the legislative branch to engage and say we have a role in our revenue issues and always have for that long term so we'll have the courts step in on this, congress will step in on this and the president is also trying to fix a major issue that's trying to be in the country for

a long time and that's manufacturing leaving the country. >> okay. i do want to talk about your book. it's called "turnaround. america's revival." one of the things that strikes me in reading this is ur optimism. you have this rallying cry for people to get engaged and for people to get involved. right now america is drifting instead of intentionally sailing. what do you say to those people who have just given up on american politics? >> re-engage locally. america is not about our politics. it's about our people. it's about each other and our families. it focusses on faith and politics and some people say that can't be true. our faith drives our families and affect our neighbors and we sometimes disengage our faith from politics and we say i'll live my faith with consistently any and i'll scream, yell and be angry. let's engage both to live those

principles. we are a nation, ultimately that's about what happens locally and what happens locally affects the nation. as i said in the book, washington doesn't change the country. what changes washington is us. >> you are spearheading an effort to get the bipartisan border bill passed. it was opposed by some democrats and opposed by folks in your party and a theme is doing something is so much better than doing nothing. do you believe that your party is following that principle right now? >> we are. we are chipping away on areas with the tax policy and we are trying to chip away on those things little by little on it. quite frankly, we sit back at times and say it's such a mess, i'll do nothing and that's the worst possible thing. i give an example of a tornado in oklahoma and you ask why do

you start? you start where you're standing wherever you are, that's where you start because everything needs to be cleaned up and if you look at everything else and the anger rising in the country. we can either yell at the anger or we can say let's do something. start right where you are and start making an impact and if each of us does that look what happens in the country. >> talking about doing something, one of the things you're trying to do right now, republicans are trying to do is pass this budget bill. >> we are. >> again, as i was talking about with secretary bessent would extent the 2017 trump-era tax cuts. the chair of the committee jodi arrington had this to say about the bill, it's unserious and disappointing creating $5.8 trillion in new costs and a mere $4 billion in enforceable cuts. do you think that president trump's budget bill, his agenda, is in real trouble? >> it's not. it's not. let me tell you the difference here. people will look at the senate budget and say you're not reducing enough spending on

this. we have to reduce a lot more spending and we're all nodding our heads and saying yes, we do have to redo a lot, but a budget bill is a wide framework to say let's get started. there's no detail in it. everybody says where is the detail? there's no detail in the budget. it's just a framework and the next stage is where we go into detail. this bill simply allows us in the process to go to the next bill. most americans don't track the process. they want to know what's the product in the end and what's the product that will come out of this? >> yes or no, you can get this done before the august recess? >> oh, absolutely we can get it done. >> the book is "turnaround. america's revival." thank you very much for being with us. >> thank you. when we come back, democrat democratic senator adam schiff democratic senator adam schiff will join me next. even with my mom's alzheimer's, we've still been close. but when she developed agitation

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i've been a pharmacist for 44 years. when i have customers come in, i recommend prevagen. number one, because it's effective. does not require a prescription. and i've been taking it quite a while myself and i love it when the customers come back in and tell me, "david, that really works so good for me." makes my day. prevagen. for your brain. welcome back. joining me now is senator adam schiff of california. senator schiff, welcome back to "meet the press"? thank you. great to be with you. >> it is great to have you here.

let's start out by talking about president tru's tariffs. he calls this an economic revolution. he says these tariffs are necessary to reset the global economic order and so that the united states is treated fairly on the world stage. how do you respond to that? do you agree with any part of that? >> i don't agree with any part of that, and unfortunately, he's wrecking our economy. i think people have seen their retirement savings on fire, and there he is out on the golf course. that may be the most enduring of the trump presidency that is the president out on a golf cart while people's retirement is in flames. the treasury secretary saying that people aren't looking at where the retirement savings are. maybe he doesn't have to. he has the wealth, he doesn't have to. maybe the president with his wealth doesn't have to, but what i'm hearing from californians is those that have just that retired and those on the eve of retiring are terrified of this and i hope and pray we head out

of a recession, but it will be the trump recession. he will completely own it. this is a completely self-destructive economic act that he's engaged inand it's not just the tariffs. it's also the freezing offunds, the firing of people, allies in california. i'm hearing from farmers who still haven't recovered market share from the tariffs during the first trump administration. i'm hearing from people in the tourist dustry. you have people from other countries who don't want to come here, most particularly canadians and i'm hearing from other small business people who are telling me that canadians are saying don't send us any more of your products. in fact, we're sending you back what you've already sent us. it's a whole range of trump economic policies that are hurting people. >> speaking of what you are hearing from californian, the governor of your state, gavin newsom actually says he's pursuing agreements with other countries to try to exempt

california from retaliatory tariffs. do you think that's appropriate? do you support california striking unilateral deals with foreign countries? >> oh, absolutely. i applaud the governor for doing this, and what's more i want to encourage people from other countries if they're considering canceling their vacation plans somewhere else, come to california. we will welcome you in california, and i know i speak for a lot of my constituents who are desperately concerned about how we are alienating some of our closest friends and allies and picking unnecessary fights and that is going to be bad for business. small business people in particular are really hurting right now, and anything we can do, anything the governor can do, anything i can do to improve the business climate we ll do. >> i want to talk to you about congress' role because you just heard me talking about senator lankford about that bill that's being proposed in the senate that would essentially limit the

president's power in terms of imposing tariffs and gop congressman don bacon plans to introduce the same piece of legislation in the house. do you think there is enough bipartisan support to move that legislation forward and to effectively block president trump's ability to impose tariffs? >> i think so. we saw an early indication of this, one of my colleagues, senator tim cain had a resolution to end this so-called emergency with canada. that would allow us to essentially curtail at least some of the tariffs and that passed with republican support. it would still have to get through the house, but there is bipartisan concern with this trump tax,nsumers and already is. so, yes, i think given time we can get that done, but we don't have time right now. this economy is in a tailspin, and we need to be arresting that now. >> i do want to ask about a

democratic party, there is a book out by dave whipple in the days after president biden's devastating debate performance with president trump, his first chief of staff ron klain returned to help him prep. klain reports that he was surprised by the fact that he thought president biden was struggle struggling to focus and even fell asleep by the pool after cutting one debate prep session short. do you think his advisors misled the american people about his capacities? >> it's hard for me to gauge what the closest advisers of the president were seeing at the time. i can only speak to the interactions that i had with him which were in the months leading up to his getting out of the race largely ceremonial occasion, but i will say this, he made the decision to get out of the race. i think that was the right

decision. the vice president, as the vice president, i think ran a great campaign, but could not run away from being a representative of the status quo, and the fact is that people are hurting and have been hurting for a long time. this is a, frankly, decades in the making problemwhere people are working harder than ever and still can't get by. what donald trump is doing is making so much worse. both parties will have to address this right now, this budget that you're talking about will give a massive tax cut for billionaires and they'll take it out of middle-class families and they'll explode the deficit and debt. that will move us further in the wrong direction. so we'll have to grapple with some of the central challenges and the structural challenges in our economy.

>> senator cory booker, his 25+ hour speech on the floor this week. you actually jumped in at one point to ask him a question, to give him a break from speaking. i want to play part of his statement back to you and get your reaction on the other side. >> i confess that i have been imperfect i confess that i've been inadequate in the moment and i confess that the democratic party have made terrible mistakes that have given lane to this demagogue. i confess we all must look in the mirror and say we will do better. >> do you agree with senator booker that the democratic party in his words gave a lane to president trump? >> i definitely agree with him. i think we're guilty of not thinking big and acting big. you can move the country far and fast if you have the courage of

your convictions and being bold. they're being bold in a horribly, dangerous, destructive direction which is hurting working families, but that's not excuse for democrats not being bold in our ideas and pushing the country forward and we'll do that. there's nothing that succeeds like winning. we just won in wisconsin and that is a shot in the arm and the energy you're seeing now manifests around the country in the mass demonstrations show that the democratic party is waking up, and i think cory booker did a lot to help democrats in washington in particular to say wake up. these are not normal times and we're not going to have to fight what they're doing in a normal fashion and pushing back aggressively and hard and hours in a row like cory booker, we'll have to be pushing hard on our own big ideas. >> all right. i want to ask you about someone else who was in the democratic party, mayor eric adams.

all of the corruption charges were dismissed against him. the judge said that the move, quote, smacks of a bargain, trading illegal dismissals for the the policies. how do you see this? >> this was a totally corrupt deal between the president and the may are on of new york. we'll make these serious corruption charges go away if you'll be a loyal soldier in donald trump's migration army, and that's what the corruption the judge was talking about and tragically, we're seeing that bargain play out. countless, lawless actions by the administration going after universities, going after law firms, patently, illegal action and we're seeing a lot of surrender to this illegality. law firms surrendering, universities surrendering. the only way we're going to get through this is if we stand up with courage and defend ourselves and our institutions

and defend working people because ultimately the americans are going to be hurt by this because to the degree that the trump administration is fixated on rescuing corrupt allies or punishing law firms that stood up to him, they're doing nothing about the fentanyl crisis, they're doing nothing about attacking violent criminals. they're spending their time on petty retribution and abusing the justice department. i'm having a hearing tomorrow as you know, at 3:30 along with jamie raskin, we're doing everything about the acts with the justice department? senator adam schiff, thank you very much for coming back. we really appreciate it. >> good to be here. >> good to have you here. when we come back, the u.s. once fought to boost tari

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to learn more about the books featured on "meet the press" go to nbcnews.com/books.

you'll also find new releases on history, bog ravy iography and . nbc receives a commission for sales made through our websitit welcome back. the panel is here. nbc news senior white house correspondent garrett hake. leann caldwell, chief washington correspondent for puck. neera tanden, president and ceo for the center of american progress and lahnee chen a fellow at the hoover stanford institution. let me start with you. you heard me talk to the treasury secretary to try to get some clarity around what they mean when they ask americans to hang tough. take me inside some of your conversations. what are your sources telling you about the timeframe? what are they asking of americans right now? >> look. it's very much a moving target. it depends on who you ask and when you asask them, but you hed from the president in the open. he thinks this is a couple of years' progress here -- process,

i think the president has the political super power where he can declare victory at any time. i would expect to see some of those conversations that the treasury secretary was talking about turning into trade deals somewhere along the way with perhaps smaller trading partners. the white house is heavily focused on getting congress to step up and pass the tax bill. they are hoping that that will be part two to their economic road map here, and that will get some of the heat off them, but i think it's important to remember that this is a president who is not bogged down by a ton of say long-held policy positions. the tariffs is different. this is something he's believed in for the entirety of his career before politics and i don't see him off of this any time soon. >> one of the biggest consistents, political reer, business career as garrett notes. i thought the conversation with senator lankford was notable. we talked about the possibility of legislation passing that

would give congress a little bit more power over tariffs. there are some jitters among republicans. how long do you think republicans are going to give president trump before they start to speak out more forcefully and say, hey, we're worried about these tariffs? >> garrett says the president can be painful for a couple of years where a lot of these replicans don't have a couple of years. they have to face voters in 2026 and remember, the republican party outside of donald trump used to be ay free market, fre trade party and so they're watching this closely. i know there's been reporting about 90 days. i'm hearing 60 days and the markets need to be super stable for 2026 for republicans to win, and these republicans, the ones who are keeping their powders dry ght now, they are hoping that this is just a negotiation, that these tariffs will start to be rolled back very soon, but no one knows the answer to that, and so that's where republicans privately are very nervous even

if publicly they're not saying a lot just yet. >> lahnee, there is uncertainty hanging over this and i think that's part of when we're seeing on wall street, as well. does president trump have a breaking point where he says i can't take any more of this. i have to shift policy. >> every president will be responsive to the state of the economy and it's incredibly resilient. whether it's jobs coming back in semiconductor manufacturing and auto manufacturing and every administration will look at the economic situation. that will place popolitil pressure on them. i will say that what president trump has successfully done in this regard is to jump-start a conversation on two significant issues. one is how do you deal with the fact that we've had manufacturing jobs leaving america for a long time and the second thing is how do you deal with the countries like china and that's the conversation. whether tariffs is the right answer, that's a different discussion, but in terms of the

actual debate he has kicked off an interesting debate on those issues. >> what's your take on all of this, and do you think democrats are capitalizing on this moment in an effective way. they're coming off of a fairly strong we winning that supreme court race in wisconsin with cory booker's floor speech. what you are you making of democrats? >> you saw in wisconsin moved the electorate for democrats and that was tuesday and that was when americans and the economy lost $6 trillion in two days, of course, the same amount during covid which was a natural event. no president, no president in my lifetime has taken economic actions that so forcefully ran our economy seemingly into an iceberg. you are seeing small businesses concerned, you're seeing farmers concerned, you're seeing average americans concerned and big business. talk aboutauto companies,

stellantis just announced 900 jobs, and i think you saw -- you've seen a lot of anger in the democratic party, mass rallies, but this is really a fundamental shock to the economy, and when the secretary of treasury says basically oh, the thing i'm most focused on is that the market stability held as stocks crashed 2,000 points, i think that's a really let them eat cake moment, actually. >> speaking of those rallies, let's remind people of what those rallies looked like. you had folks turning out in states all across this country, garrett, protesting the trump agenda, protesting, quite frankly, the cuts by elon musk. based on your conversations, do you think this is a moment where there is so much scrutiny on elon musk that he's becoming in this climate a liability for president trump in? well, look, i think he's clearly a liability for republicans on the ballot, but i don't think these protests are the kind of things that will change the opinion of elon musk within the

white house. there is a wide variety of opinion and he's still the world's richest man and deemly enmeshed in the president's agenda. he is carrying out the president's agenda and to borrow a rocketry phrase here, he serves as a bit of a heat shield for president trump. basically, he gets the blame for the unpopular stuff that the trump administration is doing. the other thing i am told is the bromance is real to a certain point, as long as they are close, the president values his personal relationships, as long as they're personally close that will sort of protect musk's role in the aga universe, and they have dramatic flame outs with other people that share power and you can't discount history when you look at how this all ends. >> we are seeing former president barack obama come off of the sidelines for the first time in a long time weighing in on this moment. i want to play that and get

everyone's reaction on the other side. >> it is up to all of us to fix this. it's not going to be because somebody comes and saves you. >> will that resonate and why now? >> think what's really remarkable is how early president obama is speaking out. as you know during the first term of donald trump he didn't speak out really until the elections and now i think it's because you are seeing democrats really scared and concerned, but also some of the institutions that were meant to guard like law firms and lawyers who are under attack and caving. so i think what's really interesting about what the president said is he said that just late in the week and then you see these rallies and these rallies are not just in new york. they're in asheville, they're in idaho, they're in utah, hundreds, tens, thousands of people and i'm just saying this is much bigger than the tea

party was way back. >> is that true, lahnee? >> politics abhors the vacuum, and when you have is on the democratic side a complete lack of leadership, arguably, over these last several months and so it's not surprising that president obama would try and pick up that mantle and it's not surprising that cory booker would have a 25-hour speech. they sense political opportunity one way or another, and more relevant for cory booker who might run for president and this vacuum is real and so democrats will start stepping in, in my view. >> yes. there is a political vacuum and the political fortunes can change immediately and we saw that last week between donald trump and republicans. democrats s are -- democrats ar now feeling a lite pep in their step with the cory booker thing, with the protests and these tariffs are really bad politically for the moment anyway. >> absolutely. >> so while there needs to be, democrats are searching for a leader, they are also aware that donald trump can give them momentum, too.

>> all right, guys. thank you. great panel. great discussion. thank you for being here. that is all for today. thank you very much for watching. we'll be back next week because if it's sunday, it's "meet the press."

morning. it is sunday, april 6th. wow. heavenly. as we look from our sutro tower camera, the sun rising over