economists think is fallacious, that he belief, i think most economists thir raise fallacious, thats thir rai there are so manyie tariffs. there are so many reasons, _ tariffs. there are so many reasons, domestic and in terms america's partnerships, and of america's partnerships, and note, _ of america's partnerships, and note, many these tariffs are note, many of these tariffs are - used _ note, many of these tariffs are used against of being used against many of america's very closest partners america'svery closestattnelt i allies, which america'svery closest partners allies, which is and allies, which is very to and allies, which is very. - to - least and allies, which is very- - to i least. but unusual, to say the least. but whether— unusual, to say the least. but whether he is using them to whether he is usin- the u - whether he is usin themjo fig bargain or not is oartl’g ”firms” but even if e bargain or not is oartl’g ”firms” but even if unknown, but even if he is, it is - hot— unknown, but even if he is, it is - hot- that- is just not clear that this wiii— is just not clear t

are about the impact on broadly. most economists are and out the impact on broadly. most economists areay inflation and growth. that may not be — inflation and growth. that may not be insignificant in the 7-e7 7 united states. it is a large continental economy. but most studies would suggest that these _ studies would suggest that these things bound up with studies would suggest that ti whole ings bound up with studies would suggest that ti whole load bound up with studies would suggest that ti whole load of bound up with studies would suggest that ti whole load of other d up with studies would suggest that ti whole load of other economic a whole load of other economic variables — a whole load of other economic variables. there will some a whole load of other economic variables. negative some a whole load of other economic variables. negative somjust immediate negative impact. at immediate negative impact. - at _ for i looking at countries, for example, china, and say they are going say theyare going to canada say they are going to retaliate. about other retatiategwhet about other like

you know what the economist described, you know what the economist described your relationship with russia as a faustian pact between mr modi and president putin. i believe president putin is invited to come to delhi very soon, isn't he? well, i think the quad leaders will be coming here very soon. and let me also tell you... i'm talking about russia. from the invasion of ukraine by putin's forces in february of 2022. i guess these are connected, aren't they? hop, step and jump. we were told to buy russian oil because if we hadn't bought russian oil and we had started buying our quantities of 5 million barrels a day, which we were buying, bought from the middle east. you've made the point. no. the price would have gone up to $200 a barrel. i'm now into geopolitics. it's interesting. indian foreign service. you understand the way geopolitics works. is it wise, do you believe, for india to have forged majority vote. russia violated ukraine's sovereignty in this invasion, the place it is now in? as i said, a limited understanding of the situation, india is in a comfortable position all over.

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i ::::si comes at a time when lots of polii economists i could if comes at a time when lots of poliie when lots of po inflation. ists i could push comes at a time when lots of po inflation. ists i cou beiush [ma mm donald taiwan tariffs have huge around the world. repercussions around the world. they adding rocket fuel to they are adding rocket'fuel to plans around in treasuries the plans around in treasuries around the world.— the plans around in treasuries around the world. bond markets have been _ around the world. bond markets have been having _ around the world. bond markets have been having an _ around the world. bond markets have been having an interesting| have been having an interesting time. to see how government inflationary some government policies will be. tariffs are the ones that are —:: —:7 7 w 7 at? ”wriitiwill looking at. whether it will to higher prices. they need to higher prices. they at policies in totality. look at policies in totality. tariffs, ' fiscal ' regulation, fiscal policy, based on that they react based on that they will react they need to. that feeds

many economists say that the measures will increase inflation in the us. for example, the average american car price could increased by around $3000.00 to move good costs, the average american household up to $1200.00 in annual purchasing power up. they're also phase, the tenants could throw canada and mexico into recession. with some experts say that trump's sweeping tariff threatened to fracture the global trading system of the world economic order. but that could end up in beijing say about felipe. the ground is a political economist and cindy, a visiting fellow at the london school of economics, european institution, he joins us now from london. good senior philip. so who blinked 1st. canada and mexico or the us was the threat. genuine was the whole thing. po, theater. that's a good question and i think we've obviously the 1st act of what's going to be alone, unavailable play. i mean, clearly kind of the mexico initial type of advantage to give trump enough for him to retract his tar so you can say that a trumpeting fast. but i think the trump is going

wr—wss importers will then pass the ont economists think his importers will then pass the ont economistsers will then pass the will, and omists think that importers will then pass the will, and in “lists think that importers will then pass the will, and in past think that? importers will then pass the will, and in past trade that?— they will, and in past trade have that as was you have seen that as it's you bring the interesting you bring up the word there, trade �*do . do you idoyou-it . do you - it will likely do you think it will be we do see tit—for—tat likely do you think it will be we do retaliatoryt—for—tat measures, retaliatory tariffs? course, i it depends the 7 77country, and on the individual country, and of their strategy, or gigourse theirstrategy; or think there is the you think there is the that potential here that donald trump uses this as trump uses this'ssrs" r tactic and is able extra ct extract concessions? extrct concessions to extract concessions? well, all of the _ to extract concessions? well, all of the countries, - to extract concessions? well, all of the countr

as trump argues, today we're talking with economists. joseph canyon senior fellow at the peterson institute for international economics and former official app and u. s. federal reserve board. joseph, thank you so much for joining us today. let me just start. i want to play a clip for you off present. donald trump, addison argue ration, and some thoughts that he had on chatsworth listen. instead of taxing our citizens to enrich other countries. we will tariff and tax foreign countries to enrich our citizens. for this purpose, we are establishing the external revenue service to collect all terrace duties and revenues that will be massive amounts of money pouring into our treasury. a joseph is a lot to one pack. they are the external revenue service, a new agency of government, as he's getting rid of other agencies. and i think the biggest thing in terms of the way he talks about terror thing, other countries are turning tariffs into a verb. but how is going to yield so much revenue for americans from these other countries? can you unpack

you know, it's a famous thing that economists disagree about. just about everything, just about all economists agree that raising tariffs to the highest level they've been at for the united states on an across the board basis since just after the second world war, that that's a mistake as a proposition that, i guess 95% of economists agree with. and it takes a lot to unite the economics profession. >> and we can tell everyone. now, just while you were talking there, trump has announced those new tariffs are in place. so this has happened again, 25% on mexico and canada, 10% tariff, 10% additional tariff on china. they say for illegal fentanyl, they have sourced and allowed to distribute into our country, which has killed tens of millions of americans. um, larry, help us understand. there's now not only the threat of rising prices for americans, but in terms of global. a trade war. is this kind of the starting shot? where what does that look like to you it's before you get to what anybody else does. >> there's higher prices for american consumers

the other thing that economists have been telling us is that the mexican will probably follow a legal path because as we know, there is a trade agreement in place us m. c, a, between mexico, the us and canada. and these general terms that donald trump has said he will impose our a breach of an international treaty essentially. and while it may not make any difference in terms of the immediate impact of these terrace. uh, you know, economists say it is important for mexico to leave a legal precedent that you know, it's essentially illegal to do this to one of your main trading partners. bring yourself today from michigan city. that's julia gaudy. ah, no, thank you as well. in china, business owners are pricing for the impacts of 10 percent types and goods exposure to the u. s. president donald trump says he's trying to pressure beijing, is it helping fight america's opioid crisis and boost its domestic manufacturing? just as jessica washington reports fundraising afternoon in beaching, tourists from around china has come to see the historical moods surrounding the imperial palace compl

mark zandi is chief economist at moody's analytics and joins us now.for being with us. let's just begin with your reaction to today's announcement from president trump, the scope of what he's announcing and also the way in which the president is proposing a new regime of reciprocal tariffs here. >> yes, i am worried about this, very disconcerting. feels like the president's moving to broad-based tariffs, if not so-called universal tariffs on every country and every product, something closer to that. and i think that's a problem. it means higher inflation for u.s. consumers. it's a tax on american consumers. and just to give you a sense of the magnitude of that, just the tariffs on chinese imports in the u.s., the 10% tariff that president trump just imposed, if sustained, that will reduce the real purchasing power of the typical american family by between $200 and $250 a year. so just do the arithmetic. you can -- the impacts will be very serious. and then it's going to cost jobs, because it's unimaginable that the rest of the world is just going to st

cheryl: our economists between us here mr. john lonski. john: nice seek you.ng about jobs' report. john: i am feeling a little bit upbeat we've got a lot of positive soundings on jobs, from -- ism, pmi adp i wouldn't be surprised if the increase in payroll beats that 170,000 consensus estimate i don't think jobs' report is weak enough to increase the likelihood of a fed rate hike, prior to the month of june. cheryl: are a okay charles. >> ultimate coin flip the game, so ridiculous considering the -- the extent of revisions, you know two things bother me with this number, is that, the fed is date dependent decisions made on faulty date wall street, no matter what number is there is a possibility could be an extreme revision down the line, i am not sure i am not as sanguine as john is i don't think a firing crisis i think having a hiring citations going to push u3 number higher the u3 number has, et cetera, faults in the sense if one drops out of labor force not koutd millions unemployed in this economy wall street going to say things are great that is what they

. >>> economists are anticipating the january jobs report out later today. donuts new leisurewear is for sale. carissa lawson has that and more in your "moneywatch." >>> mixed movements thursday as investors wait for the latest jobs report due out later this morning. the dow jumped 129 points, the nasdaq gained 99, and the s&p 500 picked up 22. >>> when the bureau of labor statistics releases its january jobs report this morning economists expect it to show that hiring slowed down but the unemployment rate held steady to start 2025. the current rate is 4.1%. amidst the tariff jitters economists think the report will send a signal of a healthy economy so far this year. >>> lg is recalling 500,000 electric ranges after some caused dozens of fires that have burned people, pets, and poperty. the recall involves slide in and freestanding ranges with front mounted knobs that could be turned on accidently. instead of refunds, lg is sending customers warning labels with instructions for the knobs. >>> time to get game ready and suited up for the new dun kings meal d

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it's interesting. of the economist magazine. relationship and president putin.elieve president putin is invited to come to delhi very soon, isn't he? we buy $20 billion of energy from the united states. i'm talking about russia. india has refused to condemn that invasion. hop, step and jump. you've made the point. no. the price would have gone up to $200 a barrel. and who would have? than you currently have. i'm now into geopolitics. it's interesting. you're a former very senior diplomat in the indian foreign service. is it wise, do you believe, for india to have russia violated ukraine's sovereignty in this invasion, something which india will not say and will not recognise. is it wise for india to have got itself into my prime minister has had a discussion but you believe european. you believe in international law, don't you? i've written a book on the use of force, and i think western europe is hardly in a position to tell let me tell you, we have condemned the use of violence. my prime minister has been on record from day one to say this is not the time of w

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i don't think any economist is going to change his mind.en this. you know, i remember very painfully when president trump imposed tariffs on steel and aluminum imports during his first term. those imports resulted in higher prices for steel and aluminum, which i think was the intent. that's exactly what happened. that was good for a handful of steel companies, and it was terrible for the thousands and thousands of companies that use steel and aluminum to produce some finished product. we lost far more jobs than were saved in the steel and aluminum industry. and the most generous counting of the numbers of jobs saved, it still ended up costing american consumers something on the order of $900,000 per steel. job saved while we lost more jobs downstream. this isn't just an economic theory. >> while you were on one side of pennsylvania avenue during that first term, i was covering the white house. and the thing i remember about those steel and aluminum tariffs, 1.0, was that they were actually even more targeted than the kind of blanket tariffs

we are joined by janet henry, global chief economist at hsbc.basis point cut i assume is what you were expecting today. how with the market react if we had a debit surprise, say catherine mann voting for a cut or another does voting for a 50 basis point move? >> absolutely that is the risk. i do not think anyone is expecting in -- anything other than a 25 basis when cut. catherine mann, it would be interesting if it was complete consensus if she voted for a cut, because she has someone that is indicated eventually a time may come for more aggressive cuts to occur. there is a risk of one person voting for a 50 basis point cut, so we have seen some shift in market expectations pricing in more foreign 2025 -- more for 2025 in terms of red cuts. that is where the balance of rest are tilted despite inflation moving on the wrong direction in their projections for the near term. lizzy: you hint at that rapid deterioration in the labor market. i wonder how much chance you see of a march cut. >> at the moment we think that is quite low. it seems to be th

nearly all economists we have talked to believe there will be a cut in interest rates e the lowest point to the lowest point for the uk over 18 months. they 9:3 11” 3—5! “3“ 1° "mm" “3 ~ ~ borrowing 1113 11" 3-151 “3“ 1° nmn�*h' “3 ~ ~ borrowing will 111311” 3n:1 33“ 1° nmn�*h' “3 ~ ~ borrowing will be sggbogowino 53313 31111 133 by sggbggowing 53313 31111 133 by 0.25%, is 551.1 115111131135 53515 31111 133 by 0.25%, is the feq’jolgle eh? production. this would be the third cut in interest rates thin! 331m in13r351r5135~ 1 3 1 the thin! 331m in13r3511r513511 1 11 1 the peak of 5.25% in since the peak of 5.25% in august 2023 and at a august 2023 and it comes at a difficult time for the uk economy. it is facing 3oonomyit'i3f33ing " when the economy is stagflation when the economy is stagnant, hardly any great, but the same time inflation is at the same time inflation is stubborn, presenting a real challenge for the monetary policymakers. inflation is going on the right direction for now, it fell to 2.5% the , to , ' todecemberflm ' ' to decemberrand ' 7 to decemberrand 7 is the bank of enla

trail in what he hopes to this — but achieve through this — but”, ,, also the risks being from economistsare we mind, what reaction are we to this? �* , seeing to thie?r~ , , , from canada, mexico saying fétél'ét'f�*fi “e�*h�* eéfiéfi'éi�*é�*éfl'fi saying they will and china, saying they will with tariffs themselves — and this is something we saw in his first demonstration. remember, this demonstratioir. remember,—this not new to the trump btaybeeb—t— this is somethr�*g done — for example, he's done before — for example, canada has said they will put on tariffs american on tariffs on to american goods — and been specific — for — and been very specific — for example, saying things like 'uice florida orange juice or kentucky butter, florida orangejuice or kentucky butter, or kentucky peanut butter, or particularly alcohols imported kentucky peanut butter, or parti america. >hols imported kentucky peanut butter, or parti america. the; imported kentucky peanut butter, or parti america. the hopes rted kentucky peanut butter, or parti america. the hopes of d kentucky peanut butter, or parti america.

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mark zandi is chief economist at moody's analytics. thank you for being with us.ction to data days announcement from president trump. the scope of what he is announcing in the way in which he is proposing a new regime of reciprocal tariffs. mark: yeah. i am worried about this. it is very disconcerting. it feels like the president is moving to broad-based tariffs, tariffs on every country and every product. that is a problem. it means higher inflation for u.s. consumers. just to give you a sense of the magnitude of that. just the tariffs on chinese imports in the u.s., the 10% tariff president trump just imposed, that will reduce the real purchasing power of a typical american family between $200 and $250 a year. just do the math on that. the impact will be very serious. can it will cost jobs. it is unimaginable the rest of the world will just stand still. they are going to respond. that is going to cost american jobs. at the end of the day it is going to raise the cost of living and reduce jobs. it is lose lose for everybody on earth. amna: the president said thes

as part of a crank download on documented work has some economists say the disruption to the labor force will have serious consequences for all americans rentals reports from taxed in california. a seer stalks the orange groves of california is central valley residents, social media, postings, show reset rates and highway stops white immigration agents. scores of on documented people have been detained. people are disappearing. terrified. that's not something that was happening. you know, 3 or 4 or 5 months ago, this is something that is happening at a intensified rate right now. that the only thing larry immigrants rights advocates have formed a crisis response team with members getting hundreds of calls from anxious migrant farm workers every day in life on the handout cards printed in english and spanish, detailing people's constitutional rights not to open their doors. the agents without a warrant and not to speak without an attorney. many undocumented farm workers are not showing up for work. see left but it's on us. but yes, people literally prefer to stay at home. they have to sto

economists typically consider trade wars a lose lose. so both parties end up losing.ne of the important features of trade is that because of different comparative advantages, countries might be able to do one thing better than another country if they engage in trade, that's actually a win win. so whenever you reverse that, it's actually incomes are lower, prices are potentially higher. people are getting less of the goods that they want that aren't easily made in a particular country. so trade wars generally should be avoided because we know it has these negative effects for everybody involved. >> all right. i want to talk about the stock market, which of course all the indices fell today, and global markets as well. for the average investor, building a nest egg for retirement, what should they do? a lot of people are panic like should they sell. should they invest overseas. what do you suggest? >> yeah. so one do not sell. generally this is a long term proposition. and the stock market you know as we saw today went down. and then it came back up. so you really should

why the non in economist and former jordanian foreign minister and in washington dc is matthew josh, the executive vice president at the center of international policy and a specialist on us and literally 6 years a very well and welcome to all of you. not to let me start with you in washington dc. why does donald trump want the us to take over casa? and how serious do you think he is? i mean, that's always the question of how serious he is. sometimes he has these flights of fancy, he picks up ideas from various sources. i think this particular idea of the us moving the palestinians out expelling them. let's use that term. that's in fact what it is and re developing gaza, apparently originated with jared cushion or his son in law. almost a year ago at a speaker series at harvard university, which was reported at the time seen as outland extends. but unfortunately, very much in keeping with the way that donald trump sees pretty much everything as a money making opportunity. but having said that, we absolutely should not down player dismissed the gravity of what trump propose yesterday

and the other thing that mexican economists have told us is, and that, that is important to remember that mexico will have legal resources to go after the us for breaking the straight agreement. because applying blanket, general tire of stew, old mexican products goes directly against the free trade agreement with agreement was by the way, it was negotiated by the trump administration in 2020. and which at the time he said we is a very good agreement. so yeah, to summit up everything i've just said, essentially we're waiting to see what the mexican reaction will be. but we know from what we have been told already that it will be also uh, tire of imposed on us products. me talking to is from mexico city. that's julia. it's all you all know julia, thanks for bringing this up to date. and i thank you as well in china business owners on pricing for the impact of 10 percent out of some goods exported to the us president. donald trump says he's trying to pressure basing into helping fight america's opi or crisis and boost it's domestic manufacturing. obviously it is jessica washington repo

broadly, most economists are concerned about the impact on inflation and growth.y not be insignificant in the united states. it is a large continental economy. but most studies would suggest that these things are bound up with a whole load of other economic variables. there will be some immediate negative impact. just looking at countries, for example, china, mexico and canada say they are going to retaliate. what about other countries like the uk and others watching around the world? what is the potential impact elsewhere? virtually everyone has been put on notice. president trump said last week that the is giving them till april to look at economic relationships and trade relationships. i don't think any country can be complacent about this. some countries, like the uk has balanced trade with you united states. australia has a trading deficit with the united states. that means we are perhaps well—placed. but i don't think anyone could be complacent. there's also the knock—on effects, if we get into a return of the trade war, that clearly has impacts on local gro

is that how economists. that's how trump is saying it. is that how economists see this. how does the fed see this? >> um, no. in fact, it's diametrically opposite to what an economist would say. economists would say that tariffs are going to be inflationary. again, you can you can argue for them. there are some reasons why you might want tariffs, but they are going to be inflationary in the short term very likely. and so that means that the fed would be looking to keep rates where they are, not to add more fuel to the economy by lowering them. now, the president would like them to be lowered because he wants to offset any kind of inflationary impact from those tariffs. so he can say to the american people, look, there's not going to be pain here for you. we'll keep the easy money going. we'll keep loans low and everything is going to be fine. but ultimately that's that's not how the fed works. they're going to be looking at data and, you know, barring barring anything dramatic. i do not think that jerome powell is going to change directions here. >> so national economic

as a result it's possible, it's possible it may, i know there are a lot of economists trying to crunch the numbers. and a lot of this is just, you know, we've never had to think about where the goods come from. as i said so much with them across the board are several times over. so, you know, it's, it's requiring every company from the small, you know, business to the very large one, have to do a full inventory on what crosses the border. and again, we're not custom to that, it really is a very difficult time, and i hate to bring this up, but it does feel like this is not about fentanyl. and it's more than just industrial policy. but, you know, his constant talking about the annexation of canada is really getting to canadians . i mean, there's nothing more nationalistic than trying to suggest that somehow the 2 of us should merge. that's not the canadian culture, it's not the canadian interest. and frankly, he's making a lot of enemies out of average canadians by keep talking about that. talk a trump on his supports us. i might say look, this is what he promised to. now he's simply del

and former white house economist for the national economic council and what's the name of your current bank? >> snbc bank and ecosecurities. larry: there we go. went right by me on the prompt terrific and had to ask for help. >> this is all star cast. larry: unbelievable. >> doesn't get any better than this. larry: john carney, i think mr. trump was absolutely serious and ready to pull the trigger boom boom boom. no question about that. but one of the implications to me is going back to one of the original thoughts which is, okay, we'll tax you because you're taxing us, but we're going to take that money and give it back to corporations, small business, families in the form of tax cuts. i'm just saying let's not forget the tax cut lesson that's a part of the tariff lesson. donald trump showing he's not bluffing and this was not a bluff and this was donald trump saying that the tariffs are coming on mexico stepping up and giving us time and working this out and trump said going to make it going to be happy with it. haven't heard about canada and may get a demonstration that donald trump

the economist albert herschman and i'll read the beginning.vity always comes as a surprise to us. therefore we can never count on it and we dare not believe in it until it has happened." explain why you picked that quote, why that's important to you in your process. >> is anyone who has read any albert herschman knows he's one of the great figures of the 20th century. he's just a brilliant economist. he was deeply attracted to the mystery of the creative process. and the idea that if we try to explain and predict our own behavior we will invariably be wrong. and i love that. i love the acknowledgment that when i started out on a project i have no idea where i'm going to end up and that's why i start out on the project, that's the fun. >> john: if you know where you're going, you're off-base. >> also it's boring. >> john: malcolm gladwell, always a pleasure. thank you. there's more to come on "cbs evening news plus" including this story. >> this is kind of the final frontier for autonomous ride hailing service waymo. i'm talking about the freew

i'm an economist and most economists believe in the benefits of trade.benefit when they freely trade with each other. stick around. we will see how this turns out. right now i think it is a shot across the bow. sumi: if he goes forward with such tariffs, last term there were carveouts for trading partners like canada and mexico. would there be the appetite for that kind of exception this time around? steve: i do because the country we are most concerned about in the u.s. is china. china is an adversary, an enemy, a dangerous country. we view china as a real threat, not just a prosperity, but world peace. i think it makes a lot of sense and trump would generally agree we treat china in a different category from a country like canada or mexico. it is important that mexico remains as prosperous as possible and canada as well. we do have a special trading relationship with canada, mexico through our north american free-trade agreement. sumi: some critics would say trump has spent more time talking about trade imbalances with canada and mexico than china. ste

a move that economists warn will raise prices for americans.sident trump throwing the first punch in a fight with america's largest trading partners. imports from canada and mexico will be hit with a tariff of 25%. imports from china 10%. the president says the tariffs are a reaction to illegal migration, illicit fentanyl, and trade deficits. >> number one is the people that are pouring into our country so horribly and so much. number two are the drugs, fentanyl and everything else. >> reporter: government data shows over 21,000 pounds of illicit fentanyl was seized at the u.s. southern border during fiscal year 2024. but only 43 pounds of the drug was seizes at the canadian border. canadian prime minister justin trudeau said the country is at a critical moment. >> we're ready with a response. a purposeful, forceful, but reasonable, immediate response. >> reporter: nearly 30% of all imports to the u.s. come from canada and mexico. experts say prepare for sticker shock on everything from mexican tequila and aftervocados to cann lumber. >> it's a

moody's economist mark zandi, he told me he said soak it in. this is a brief, shining moment where the labor market is exactly where you want it to be. boris. >> matt, to your point about wage growth helping to alleviate some of the concern caused by inflation, there's this new survey from michigan university, from the university of michigan. i should say, that shows that americans are a lot more concerned about inflation going into 2025. >> that's right. and there's a number of reasons why that could be. what's interesting is the university of michigan really pins this on one thing and that is tariffs and concerns that tariffs are going to increase prices. so the big number from this report is 4.3%. that's how much consumers on average expect the prices will increase over the next 12 months. that is a very big increase from what people were expecting just a month ago. in fact, the university of michigan said that this is one of the biggest increases month to month that they've ever seen for this metric. and they said that a lot of consumers ar

we turn to nobel prize winning economist paul krugman.ack newsletter paul krugman, and is known for much of his economic work and writing over the last several decades. he's also, we should mention, written textbooks about international trade, international trade theory, and policy. with all due respect, professor, we don't see that cover on the news every night, but it's certainly in the news. welcome back. >> hi, there. >> hi. explain to us why this is happening, why these tariffs as a proposal seem to have run into a lot of headwinds. was that obvious? was that going to be understandable? and where do we go from here? >> well, it was. >> obviously going. >> to. go run into a lot. >> of problems. i mean, first thing to say. >> is, i mean, i'm not a lawyer. but the tariffs look. >> illegal to me. >> i mean, they. they trump. >> invoked a emergency economic powers. and you know, we don't have an economic emergency. we have low. unemployment and low inflation. >> what what's. >> what's this about. and it's. >> also supposed. >> to be used

the economy. >> but you're an economist.>> consumers see prices rise. >> my expectation is that prices will fluctuate. and that when economists study the fluctuations of the prices that they'll wonder what the causes were. and there will be many and so am i confident that there won't be strong evidence of a price effect of tariffs? yes, i am confident. >> but there's also a cbs news poll that shows a majority, 66% who say the president, not biden, but trump isn't doing enough to lower prices. so what do you say to them, given this landscape of more tariffs likely coming? >> well, i'm always very respectful of what people say. and the fact is that we just found out last week, for example, that the biden jobs record was a million jobs, fewer than we thought. and we found out yesterday that the last print of inflation that was during president biden's administration was way higher than the fed or anyone expected. and so inflation got out of control. stagflation emerged in the previous administration, and we're fixing it with an

. >> economists broadly agree these tariffs could mean higher prices for americans on everyday items,e the ones you see here clothing, food, alcohol, sneakers, toys and those higher prices could add up to more than $2,600 a year, according to some economists. president trump himself, acknowledging that economic reality for the first time, writing on truth, social quote will there be some pain? yes, maybe. and maybe not. but we will make america great again and it will all be worth the price that must be paid. cnn's alayna treene joining us now with more details. elena. the president full speed ahead on one of his biggest campaign promises, which was to use tariffs. >> that's exactly right. and we are expecting these to go into effect on tuesday morning. specifically. 12:01 a.m. now, there's a couple things i want to point out here. one is what you mentioned, jessica, which is of course, we are hearing the president directly acknowledging what many economists, lawmakers on capitol hill, even some of donald trump's own advisors. i would note in a previous life not currently acknowledgin

we are joined by a labor economist and columnist for bloomberg opinion.on the topic this week. musk has tweeted about social security fraud several times, at least six times and eight when he for our spam. president trump has made clear that social security will not be touched. that creates an awkward situation. >> it does create an awkward situation for someone who claims federal employees are inefficient and tweets 60 times in 24 hours. it is neither here or there. scarlet: does that take for forming social security off the table? the program is something that you say in your column is in need of reforming. >> it is important to rumor that elon musk does not have support, factual evidence or otherwise, find the things he is saying about social security fraud. it is very well studied. most victims of social security fraud are elderly americans whose identity is stolen, often by some type of scammer, i a family member who is opportunistic. they have zero tolerance for fraud. i do not know what he is trying to claim. i do wonder what he is looking at, and

there's a reason they call economists lake mice supply side economists. we want to expand the productive capacity of the united states so we produce more goods and services and it is simple. if the economy produces more apples they go down. they fall so we want to produce more output to cause prices to fall, not rise. that is the key to what we are doing here. what that means is by deregulating the economy which trump wants to do that is don't nation narrow. previewing more oil, gas and coal will be deflags narrow and practiceses come down. by cutting the fat in the budget that is deflationary. now i -- by the way the tax cut is deflationary because it will increase production. we believe that is the best way to solve the inflation problem but the fed -- i think this idea of cutting interest rates and i disagree president trump on it i don't see how we can cut rates when the late rts report came out two days ago shows the last three months we were in a 35% inflation trap. that is three months joe biden evans president. host: to john republican. caller: ni