Jon Stewart on Trump's Botched Tariff Rollout & Market Meltdown | Rahm Emanuel

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From the most trusted journalist at Comedy Central is America's.

Only sources for news. This is The Daily Too with your host John.

Do you.

Not sum don't test that? We got a good look boy at home. I'm sorry, I'm just, I'm just, I'm just I'll just put up.

No stop, don't says up? What about?

Can I tell you that?

And I mean this, sir is sincerely, ever since we started spraying the audience with cocaine before the show, why were the show a great show? For tonight? Ram Emmanuel will be joining me later to remind me. He'll be out of here reminding me just which one of the three brothers he is again, I don't know, see the one that owns UFC doesn't matter at this point, but that is later. First, as you know, our economy, our economy is in the midst of a beautiful metamorphosis, turning

One top banker told the paper that he feels liberated because now he can use offensive slurs like the R word and a P word without fear of getting canceled at work.

Hmm, the hard word and the pe word. Well, I can tell you today that that top banker is definitely using both of those words, perhaps even adding motherfucker. Right now, the market meltdown for the third straight day. The local markets are sinking.

Markets across Asia, Europe and Australia plunging.

At one point this morning, the now sinking almost sixteen hundred points.

The market's lost more than six and a half trillion dollars in value.

This is an economic army Gedton, where's a Hawaiian shirt to an economic armagada?

Hut? What are we doing here? But they pull you in from the pool either financial channel's Rodney danger failures out. I told my wife about the stock plunge. She said, Oh, I thought you guys would never go down there. No, I don't know, haven't done that one. This turmoil could have lasting effects on the global economy, on everyday Americans, and most worryingly, the stock portfolios of members of Congress. Mister President, now is the time to soothe a worried nation.

Don't be weak, don't be stupid, don't be a pannikin which he has termed a new party based on weak and stupid people.

Panican, the genius who gave us classics like Sleepy Joe and Crooked Hillary, just shit out. You're a Panican? How about hysterocrats? Repusicans? How about crientologists? Did the overseas factory you had been sourcing your nicknames from get shut down during the Tire War. So we're going to try this again, mister president, Can you ease the fears of this nation like a true leader?

President trumpolding firm posting on true social only the week will fail.

Your economic policy has the same tagline as season three of Squid Game. It supposed to make us feel better. Only the wheelshaw die in my economy. By the way, in case you didn't get the point that he doesn't give, he spent the weekend showing, not telling. He played not a round of golf this weekend. A tournament of golf, a three day tournament, eight one hundred and twelve holes

Did you hear?

I heard?

Here? Because I won? You heard I won?

You heard I won?

I won? You heard I won? I won?

Mom?

Mom, I won, Mom, I won the tournament.

Mom. I'm a good boy, good boy golf. I know the stock market is not the totality of the economy, but if I remember correctly, in the run up to the election, Trump seemed very concerned about the stock market.

If Harris wins this election, the result will be a Kamala economic crash.

A nineteen twenty nine style depression.

And anything she can do, I can do better.

I can do it on my own.

I want mom. Hey mom, Hey mom, look, hey mom. Look, no economy. Please loved me.

And it didn't have to happen like this. Trump had so many options to shape the world economy into the one he thought was fairer. He could have proposed some incentives to bring back manufacturing. He could have gone sector to sector nation and nation negotiate better trade reciprocal agreements. But he had to go to full Teresa not to be fair, to be fair, to be fair to the Trump administration, they did give it almost two months and no effort before they asked chat GPT what it thought

You know what, I don't really care about my four h one kakelaugh, love.

That's what I was saying. You know what I said, don't you.

We're on one case somewhere, and.

When did the right become so chill? Aren't you the bud lights turning? My kids trans folks. But economic meltdown and you're getting all philosophical. Losing money costs you nothing. This is just the reality of life. Like were you young, young and dumb.

How much money did you lose?

Everyone loses money. Everyone loses money.

It costs you nothing, and.

Accept money. Losing money costs you money, the definition of losing money. And I know you go, well, it's going to be worth it to get the character of the country that we want back again. But we have no freaking idea if that's actually what's going to happen. You're all acting like the tariffage is a tried and true remedy. Oh, of course, this is the medicine that's always prescribed, except the last time it was tried one hundred years ago, we had a great depression. So how does this work.

The President made it clear yesterday. This is not a negotiation.

Let me let me make this very clear. This is not a negotiation. This is not that. This is a national emergency. Okay, it's a national emergency. It's not a negotiation. Well, I don't agree, but at least I have some clarity. Now.

The tariffs give us great power to negotiate.

I always have.

So much rat poison. So is this a negotiation or is this permanent? It could be It can both be true.

There can be permanent tarffs and they can also be negotiations.

How much white lotus? Did you people? Watch? What is eminence in this negotiated life we live? Have a pinatilada? Forget about if they're permanent or not permanent? What are we doing? How will this bring jobs back? What are these jobs? Commerce Secretary Lutnik? Trillions of dollars of factories are going to be built in America. The army of millions and millions of human beings screwing in little screws to make iPhones. That kind of thing is going to

The robots do the screwing, and.

We're just there to make sure the robots are loomed.

And ready to screw.

That is the American renaissance. We are robot fluffers, we are we are waiting picking all. So, if I'm an American manufacturer, how long do these onerous tariffs have to say in place to convince me to build my army of automated screw and robot mechanics. They are definitely going to stay in place for days and weeks. John Stewart from Popular Robot Mechanics. I've never built a fully automated robot factory before, but these days and weeks, enough time

One thing that I can tell you as the 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 blink twice if you want to be saved. I was very impressed that any market crash, the building is still standing, you know, the captain of the I was very impressed by the way that the Titanic just slid into the water, almost like it was taking a bath, just just dipping a toe. Those drownings should take great comfort in the lack of backsplash. But their best argument so far for any of this is the same one that we got about tinker Bell being able to fly.

I am grateful for a commander in chief that has a business document.

Luckily, we have a businessman in the White House right now. The president did write the book The Art of the Deal. If Trump is a master I am negotiator, and he does know the Art of the Deal, We're supposed to trust this guy because he wrote the Art of the Deal. You ever say I got the book. I got the book Art of the Deal. Yeah, that's why we're supposed to trust him. You ever look at chapter nine and the Art of the Deal. It's about how smart Trump is about his casino in Atlantic City.

Oh oh yeah, Chapter nine.

I built the casino in Atlantic City.

I'm a business genius.

Whatever happened to the casino?

Donald?

Trust me. Look, you make a big announcement, but you're reciprocal taraf formula was just the trade deficit divided by imports equation. And when you got busted on that, you threw out this ridiculous, incalculous problem that's just shapes.

That.

It boils down to the trade deficit divided by imports, which is the formula that got the rich country of Lisutu hit with fifty percent tariffs. Lsutu, No, your free rides over Udna making fat cats. But we continue to blame everybody else in the world that we designed and police after World War Two. We're the richest country in the world. Ever, we're not the world's victims. If we have inequalities in this country, that's on us. It's not a supply problem, it's not unfair trade for the most part,

Some of the biggest stock market declines since the Great Depression, the worst three consecutive sessions since nineteen eighty seven.

Even worse than it was during the two thousand and eight financial crisis, their worst.

Day since June twenty twenty during the COVID pandemic. Financial destruction not seen since the pandemic. And this time there's no controversy over how it all started. There's no wet market. You Trump released the contagion. It's your lap leak, and it's right out in the open. This is like if the researchers at the Wuhan Institute of Virology walked down out to the Great Lawn with a tupperware and when we have an exciting announcement, when we come back.

Rama man, you will join us.

That's all why about tells him. I up tonight, former two term mayor of Chicago uh He has worked for three Democratic presidents, served as US Ambassador to Japan under Joseph Biden's working in the program, Rama manure seven.

The time.

You were you were, you were in Japan, Yes, as the ambassador, and.

It's still an ally all. Until a week ago, I was gonna.

Say, check your phone. Uh, then you come back and you recently just took a new job. What did you what's your new job?

Well, I'm doing daily show writing.

What's your job?

Yeah, I'm worried of a center of you and I do right for the Washington Posts and I'm on Cenna.

I thought you worked at an investment bank.

Yeah, center of you?

Oh, center of you? How's that going? I'm out there that tank. When did you join?

About a month ago?

And when you got there? Let me ask a question, when you got there? How is it going?

Well, there's a six letter word that a lot of people are saying lately, terriffs.

Was this a completely unexpected I mean he's been talking about taris forever. It seems like did your bank set aside anything for it? Did they know this was coming? Do they put is there a basement where they keep things see for the Yeah? Yeah, yeah, I mean here is.

I'm gonna breathe calmly, eleven.

Panic because everything's gonna be fine.

Yeah. Eleven weeks and eleven trillion dollars out the window, Ariva derci, Yeah, bone look at you. Yeah, and we only have two hundred more weeks to go, right, Yeah, I think a trillion week, as my father would say, So what could go wrong?

It takes it very easy. Is this the colonic that we need in your mind? Yeah?

Let me let me try to help you, John please?

Yeah.

So I mean I'm scary.

I have a.

A Lann Musk measure.

What does that mean? Well, how many kids you have? What does that mean?

This is supposed to be a manufacturing renaissance. A manufacturer is going to come back to good screws next to Apple phone. Since you said no, no, no, no, we're right. Robots a lot of Musk has a twenty thousand person factory in Shanghai, a twelve thousand person factory in Berlin. When those get repurposed back in the United States, this is an incredible success. Until that time, it's an absolute failure. And what is really I mean, on a serious note,

Doesn't every but he trade with everybody.

They were, but they were actually number one foreign investor in the United States Japan. A million Americans work for them. One of the biggest manufacturing countries that support manufacturing in the United States. Japan. It's the most reckless thing done by a president. I mean, there is natural disasters, human disasters. There's lightning creates a fire, there's arson that creates a fire. This is arsonist, right.

Don't you think this is his m You know, I'm going to tell you a story. This is really the wrong direction to go, and but I'm gonna do it anyway. You look like you're taking I'm thinking, how I can do I was gonna bring some for you, et cetera. What is this the forties? Give you an E and a pall mall, you'll be fine. Let's say I can give you something. McKinley used, here we go, don't do that.

I'm worried where this is going.

He comes back into the house, everything's fine. And in the middle of the night he would wake up and he would vomit on the bed. I would turn the light on and I already looked, try and go get stuff to clean it. Then he would eat the vomit and then look at me and go, I did good. Right, do you see what I'm saying?

Isn't that what this is?

He's Trump. I guarantee, here's what's going to happen. Trump is going to announce He's going to eat the vomit and look at the country and go.

He gave He's giving China a get out of jail cart. They were in the doghouse with everybody. They were is saying. They were destroying steel plants and chili. They were destroying steel plants in Southwide.

If they had Belton Road, they were making tons of relationships.

But they were also exporting all their economic problems domestic all over the world. And they and they had manufacturing Malaysia the world. Yes, and they were isolated and they were becoming a problem for everybody. We're going to be the safe haven. We've now become the problem. We've given them a get out of jail card. This is Listen the way I look at it. March madness used to be about basketball, right now it's about the Trump administration. Right. You used to do brackets, Now you do four to

Much better than I feel like mine was very I'm thinking about and everything else.

I'm telling you, I'm I'm I've literally he's gonna announce it. I'm the only thing that I could say good about this. Yeah, you could, you know. You see all these CEOs on the shows that are all now like, this is crazy, This is insane. I'm gonna I'm gonna say, schmuck, what took.

You so long?

I mean, I cannot believe all these guys running around. Oh, it's the largest tax increase in American history. Thank God for the American people. They think this is horrible, He says, I'm gonna.

Come, don't you listen to his people? Hose people.

I'm talking about the American not his people. Totally different.

No no, no, no, no, no, no, no, god no, this is the wrong way to look at this.

Now, this is his people are literally they're grasping the English languages down to four words.

Yes, sir, mister President, here's people, the majority of the voters in this country.

I used to I worked for three presidents. I used to be six two. I'm not only five eight. John used to vote in the Oval office and tell them you're out of your mind. These guys, Yes, they go off and they repeat all this crap on TV. You know, lot like the Secretary of Commerce. He makes a used car salesman look like a decent guy. I've never seen anything like this.

Let me tell you this and that from your whole rant. There no way you're five eight.

No way, no way, there's no way I am.

I'm five to seven and.

I could dunk on you.

Come on, let's go.

Yeah, I'm taller, right, I got no no, not a chance. So listen to this Jewish basketball. Jewish basketball. That's will change.

Uh.

The Trump is going to say what he's gonna do is go, I just made a deal. He did the same thing the last time. China just said they're gonna buy all our pork and all our soybeans. It's the best deal anybody's ever made. Ever. They don't actually ever do it. Nobody ever checks on it. But why even if you wanted to renegotiate our trade agreements or create a paricism, or whatever it is you gonna do, why would you do it in such a reckless fashion.

I want to go out to your first point. Please he in your book here the art of the deal. He is the worst negotiator. China never bought anything. They took him the cleaner. North Korea never agreed to anything. He negotiated a trade deal with Canada, Mexico, and then he just blew blew it up.

He's blowing up his own deal.

He is not a good negotiator. The only person when you clean, you're a good negotiator. It's becover up the fact that you're a horrible negotiator. You could have done this seven different ways. He picked the eighth way right, and it's the problem is not just and you are right. He's going to say after Japan or after israel I got this deal, and then he's going to try to calm the markets down. But the fact is the damage

That was my point. That was the point of the old story. But I would you miss the point of the whole story. Want that was my point.

I wanted to say it my way. And I feel better for being here, Thank you, John.

Did you do you think I just brought that up randomly? No? That was Now he's to the other side of the coin.

Okay.

Democratic policy has led us in some measure to.

This moment, no doubt about it. Here's it. Here, we got to own this. Here's the fact, which is we disappointed the country. Now they will stab you in the back. We will disappoint you. And now that's just down where it is.

And you get to pick as America now and we got it.

And here's the deal.

Here's what we didn't you want to be the DNC chair. That is a terrible That is a terrible bumper, STU ask me, no, But you know how, we got to be honest. When you make a mistake, you gotta own it. And that's the only way to be And here and here, no, here's and here's what it is. We were just talking earlier.

Yes, the Stewart kids and the Amilion kids, they're gonna be good, loving home, good education, and the American dream. They're gonna get a shot at it, which is a deal. But in fact, out of Washington, the American people haven't gotten the shot. They've gotten the shaft. And what happened is trying to own home, trying to basically say for your retirement, save your kids, education and healthcare so you're

Not saying for that. Then can't you understand why a percentage of the population would be like burn it down. No, I don't care.

Here's my thing, here's my thing more than that, because of what happened both in Iraq War, what happened in the financial meltdown, the American people lost their lives, their livelihood, and the elite let them down. There is no doubt that their right to be angry. I have no problem with some of the people that make up the mega They have a right to be angry because they've lost

But that's not the democratic failure. That's again placing it too. So let's know the Democrats.

The Democrats have a responsibilit they have for what they have done with losing faith. You can't let Peoria Youngstown, you can't let parts of Wisconsin lacrosse. But we do know we did, and that's why the first thing, sorry we.

Owe you know what we do.

You got you have to get clean with people, own what we did wrong, and worst case scenario, we then get sidetracked into side issues rather than the main cause, which is the American Democrats. The American dream is unaffordable, it's inaccessible, and that should be unacceptable to us. And then number two, what you have to do is right now, is to deal with the fundamentals. Okay, no part of

And we did not do that.

We basically let Americans and let the needs to eat their lunch.

But that even when they did it, I'm going to tell I was talking going to Ezra Kline. We were talking about rural broadband. Billions of dollars invested in rural broadband. There was a fourteen point plan to get companies to the starting line to go to build out. Of all the companies that jumped in there, everybody dropped out but three nobody got to the starting line by the time their administration was over. They invested in green technology, They

Yeah, you pointed out, and I have no I agree with you one hundred percent of what we literally we did all the passing the legislation should be hard, not actually getting the resource up. On the other hand, let

You go, I'm not saying, look, but let's talk about two thousand and eight for a second. We did bail out corporations, yes, but people homeowners they went under, they lost everything. So you're looking at you're looking at the guy.

You're looking at the guy A hundred.

It's hard for me to go like I'm good g when all the guys that work.

At GM lost their you're looking at the guy, Well that's actually that's cheap. That's not actually true. GM jobs got saved rather than go. Some people were about, yeah, well that's yes, but you're not totally accurate. This maybe the last time I'm asked on the show. But on the second thing, here's the thing we did do, and

No, wait, that's what you argue in the Oval office. No, they're all like, what should we do about the thing? They're beat them.

Actually a fairness, It wasn't the Oval, It wasn't the Oval officer in the Roosevelt grom. Yeah, they should be beaten up because they're sitting there asking for their bonuses, as if they earned a bonus when people lost their homes, their lifelhood and their life savings. That's right, and that is where we lost faith in the Iraq War, which is built on deception, the Liar's loan that lost people

Watch what this president is doing and think because you did stop, You're you're in the oval, You're you're watching him do all these different things. Do you ever think because President Obama, and this is what he used to yell at me about, I used to have I don't know if you were there when I used to have to go down there and he would yell at me. For a while, I was the one that called you okay.

So when he was with you, I would got free time and I actually got there.

So do you watch what this president does in terms of at least the boldness of it, not what he's doing, and think why didn't we push the edge and get the things that we thought rather than getting if we ran on the audacity of hope, why did we govern on the possible? That is that something?

The answer is in the Talmudic way, yes and no, okay, And I'll tell you why. No, Yes, I was like, no, no, I feel I feel like I don't never say that again. Okay, I'll have to give you I understand this hand I understand. I understand uh, or the fact might know. I know. Here's the thing I like sometimes I look around. I literally I set up a blind trust. You look at these people, they are literally trading, They're setting up bit climbs. And I was like, well, we were schmucks. We were

Yes?

But leaving here literally walking around saying there will be a recession? What do you need four one K for no?

And then I don't mean I mean to push things in a way that didn't follow so.

Well, somebody who pushed a number of people know for that.

That's why I'm I'm asking you this question.

There are things there's no doubt, like what they're about to do. Let's take this on the budget and say, well, five trillion dollars in the textas doesn't cost anything. Well, I'm sorry, any kid in third grade math, even post COVID notes what five trillion dollars does call this? Okay, I mean give me a break. So when they sit there and do us.

They got it. You didn't get it, I mean I got it. I'm just adding up how many Americans you've called stupid tonight. Now I'm just going through the list. I start off with the I want the bankers beaten, I want the dumb children removed. Now, wait say it.

I think the American people agree with me about bankers getting beaten.

No, I'm not vigilant. No, it's a cheap high.

I for twenty minutes. So it feels here's what we need. Okay, But here's the note. The thing is, do I feel like I could back to your original question, do I feel like we should have done certain things like this?

Yeah?

But that for a guy I believe in the end of the day, following the rules, playing by the rules is better for the country than ultimately not just ultimately. Also at the time, there are definitely frustrating things. There are things that I look. What I will say this is you look at like what they did on the courts and how they stacked him versus we kind of the way we did it in the sense of the process,

And so if you were gonna we'll leave it at this final advice. You're a guy that's been in the oval. Obvious a few times. The Democrats are in the wilderness. I'm assuming that whoever is going to be the next leader of the Democrat Party is going to come from the wilderness like it usually does. Clinton came out of nowhere. Obama came out of nowhere. Generally, the successful ones, even Jimmy Cark, come out of nowhere. Who's the next? Who's the next? And what would you want them to be?

Not? No, Here's what I would say on a serious note, I do want them. I want them not part of Washington. I want them to have governed. I want them to be a true change agent. And I want them to understand one thing, keep weird. The biggest thing we have to do is restore the credibility and trust with the American competence. It's more than competence. Competence counts, but that's not it's not what keeps you up. The fair deal, the new Deal, the New Frontier was not about competence.

And that give me three people that you would call on to write that vision, to have that vision, to help you with that vision, to be that vision.

Three three, Okay, I got six for you. Okay, Okay, here, hold on, let me give you got it. You want this one, it's better, it's a little little better on that one. Yeah, okay, okay, Hey John, your your dog was playing with that.

All right?

Okay, six, Okay, governor in Pennsylvania, Shapiro, you're just talking.

About the can you asked me who who? But these are the usual Okay, So you're saying it's gonna come from the sheer. Look.

So one constant in American history is governors have been the most likely to make it. To watch them because they bring change both parties. Ronald Reagan, George Bush, Jimmy Carter, Bill Clinton, you go to Wildrow Wilson, Franklin, Delo Roosevelt, governors are your most likely change.

Would you give a Mark Cuban a shot somebody like that totally out of the box.

No, No, I wouldn't because I think that you actually have to have you know, the currency you work on in politics is politics, and if you don't have experience in it, no, And I do think governors bring change. People that have understand But the most important thing to me is can you articulate that vision that takes America out of this wilders to a better place to do a better thing, Because when you're done, when you're done with this, it's going to be a lot of carnage.

Young man, We'll I'm a man, I'm gonna take a break taking right back after this. Do you see though the people are doing for a break. I thought's up for tonight, but before we go, we're gonna take it with your hearts for the rest of the week.

Doesn't he eye to doesn't.

Go down this week?

Oh?

Big science news, Jean.

Just this week, researchers using fossilized DNA have brought back dire wolves from extinction.

Very exciting?

Aren't those? The Game of Thrones wolves, the dire That does sound a little risky. Oh, it doesn't sound a little risky. Oh.

I don't want giant dire wolves or a t Rex with guns for arms.

Only the week will fail, John.

I don't. I'm not ref at all. I actually I don't want a t Rex with guns for arms. I don't want that.

Wow, you're being a real p word, John, the panic Han, You're being two p words.

John?

Does he like it? Everybody here?

It is?

You know what is that?

The Dodger's face down adversity. You entered the playoffs battered and bruised, but not broken.

When you ran out the healthy arms you ran out of really healthy, they had great arms, but they rent out. It's called sports.

It's called baseball in particular.

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