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we want to get an analysis not only what's happening with Apple but on what's happening with the markets and the economy with billionaire investor Ken Fischer who I am very proud to say has been a longtime friend of mine uh and Ken it's great to see you thank you for hanging in sorry there's going to have to we we a lot it all this time for you now we only have four minutes but I I want to ask you first of all about the general economy because a lot of people are concerned about what's happening with the trade discussions uh I know you're a free Trader as well as I am but but but we do we don't like it when we're taken advantage of are what we have seen so far uh in terms of the threats and the actual tariffs uh that we have implemented in the counter tariffs are they a threat to our economy or our markets the tariffs are actually super bullish in a way that nobody seems to understand I got two secret weapons on this one of them is fourth grade arithmetic and the other one's heroin illegal heroin you got to understand both of those first you take all the tariffs anybody's ever talked about the ones we've imposed and the retaliatory you add them up and they come to a total of tarable items of 640 billion that's all the ones they've talked about not fully imposed yet if that maximum tariff rate was 25% that would be $160 billion tax increase Tor critics correctly point out that a tariff is always a tax but stop David for a minute and think about this 160 billion dollar potential tax increase in an80 trillion world that's growing GDP this year in nominal terms at maybe 5% with 3% reel and a couple of percent inflation that's $4 trillion approximately of nominal GDP growth so that 160 is 4% of one years growth rate this is mincu small when people make a big fear over a little bad it's very bullish fear of a false factor is always bullish but big fear of a little Factor now it's going to be smaller than that cuz it's not going to get a 25% tax tariff rate it's going to be more like 16 which would take you down to two and a half% of one-ear GDP growth globally and then it's going to be less than that because in many of these products and almost all the Commodities you sell them off to some other country where there isn't a tariff and a broker turns around and sells them into the Tariff country through Black Market or otherwise and those who believe the WTO can stop that don't believe that there 50 billion we just have a minute5 I I have to stop you but I want to ask you specifically about President Trump's goal of getting tariffs I mean all of this has has a purpose at the end his he says his purpose is to get us down to zero tariffs going and coming uh do you think that's possible or is that just Pie in the Sky quickly trying to figure out what president Trump's going to do is always tricky because he's always distracting over here while he's doing something else over there and I I don't try to predict that I don't think you need to what I said on this show uh last spring early last spring was that uh Chinese tariffs were about getting North Korea to talk on denuclearization every time Trump does this he's trying to do some other thing and predicting that's tough to do that's absolutely true but is it conceivable that we could end up after all this stuff with zero tariffs at least on cars sure it's absolutely conceivable will it happen I don't have a clue yeah yeah but you think that it's it's bullish I I love your perspective it's bullish because it's bullish because it's huge fear of a tiny little thing right when everybody's ecstatic over everything going great that's when the fear should be real correct quickly yep all right indeed in fact right now we're still looking for Fears we're still looking for problems that's bullish this bull Market's rolling on this guy is not aana he knows when to be positive and he's positive right now Ken fiser wonderful to see you thank you so much for being here I hope to see you soon
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