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there’s all these arguments over tariffs Mark Cuban no it’s a horrible it’s a worst thing you should never do it Trump my favorite word in a dictionary is tariffs everybody talking about trade deficits Trade Surplus how the hell does this thing work out I’m going to explain to you tariffs in a way that you can explain to anybody moving forward you ready let’s just say I am an accountant and I need referrals I want you to give me clients cuz I need to grow my business let’s say you sell auto insurance and we meet each other we’re friends we’re networking at a local Chamber of Commerce event we say hey man you give me one referral I’ll give you a referral you want to kind of share some clients together let’s do it no problem so all of a sudden a month later I’ve given you five referrals you’ve given me zero I have a referral deficit of minus5 you have a referral surplus of plus five trade deficit Trade Surplus you get the idea now think about it if a year later 5 years later you and I are giving referrals to each other I sit down and I look at the numbers and I said wait a minute Johnny I’ve given you 1,00 more referrals than you’ve given to me do I look like a dummy to you why do I keep giving you referrals and you give me nothing in return you’re like well I take care of your clients when he send them my way what’s wrong with that I show like I want to make some commission I’m not making any money on this deal it doesn’t matter I’m taking care of your clients that’s exactly the relationship between us and China so you may be saying Pat why 1100 referrals what’s the big deal here’s what the trade deficit of us with all the other countries worldwide is if each referral equal a billion our trade deficit is 1.1 1 trillion against the rest of the world we’ve given the rest of the world $1.1 trillion of business more than they’ve given us what the hell are we doing in America is this what it is are we just give everybody business and by the way guess what country in the world has the highest Trade Surplus who has taken more referrals than anybody else in the world what country do you think that is it’s China do you know how much more 823 billion more than they’ve given to everybody else you know what China is saying hey don’t tell anybody man we just k keep sending us business and we don’t need to send they’re not saying to us keep taking the money keep taking the money and boom Oh this guy got elected his name is Trump this guy’s problematic he doesn’t like this stuff what do we do release a virus do this what do we do with all this stuff let’s shut down the entire world so this guy doesn’t get reelected oh my God thank God all these other guys show up what do we do with these guys now that’s the whole concept of tariffs Trade Surplus trade deficit and why it’s becoming a topic of discussion where Mark Cuban is reacting to it Trump is reacting to it and everybody else in business wants to really get to the bottom of it if you get value out of this video give it a thumbs up and subscribe to the channel let’s take a look at the countries in the world that are leading in trade surplus and trade deficit let’s first look at trade deficit to see who’s doing a good job and who’s not if you look at deficit I already told you who’s at the top which is us but then look who’s next after us you’ll see next is UK with 270 billion they give referrals out more than they receive then it’s India at 240 then it’s France turkey Hong Kong Japan Philippino Spain Egypt Greece all of these guys are not having anybody buy more from them they’re buying more from from others than they’re selling themselves look at the ones that have the leaders in trade surplus if you notice this China’s obviously at the top who’s second Germany 225 quietly they’re selling 225 more no one’s talking about Germany 225 Russia 120 Saudi Arabia 111 Netherlands Brazil Australia Norway Taiwan Qatar you see the rest of the names there so imagine you to seal this company called United States of America and somebody is getting more referrals and more business from you than you’re giving to them you think that’s okay should you not go renegotiate old contracts like a lot of companies when you go to a company like who negotiated these contracts tariffs and sanctions are all about negotiations and if you don’t have any leverage you cannot negotiate if you got any questions you want to ask me on negotiations we created the app man so you can have access to someone like me and ask me any question you want that is the only place where I give back to people 100% of the time in audio recording download the app ask me any questions you may have and we’ll go from there I have a list of every single one of the deals that we’ve ever negotiated and who was the president when we negotiated because gets up there and says who the hell negotiated all this stuff either these guys were dumb he calls them stupid or they got paid or something happened to them why would you negotiate all these deals that hurts America and hurts everybody else good question to be asking now however I’m going to throw you a curveball you may say Pat where you going with this this guy who wrote this book called Wealth of Nations his name is Adam Smith one of the greatest economists of all time was not a fan of tariffs he said why would you put tariffs best part is free trade let everybody compete because back in the days tariffs are not a new thing they’ve been around for a long time tariffs were used during the Roman Empire a form of taxes on imported goods that were using during that time and then later on in 16 18th century that we use as mercantilism which was tariffs being used as a prominent role in global economy during that era European powers like Britain France Spain impos tariffs and trade restrictions to protect their domestic economies and accumulate wealth mean hey you’re not buying from us tariffs you’re not buying from tariffs wait a minute what’s wrong if I’m not buying from you I’m I’m selling you all this stuff I know but I want my businesses in my country to be selling stuff to you so guess what if I buy from you a billion dollars you buy from me a billion dollar but that’s not how it works it’s how it should work why can’t we do that Germany $220 billion we buy you Mercedes BMW all this stuff yes how about you buy some cars of Ford how about you buy some cars of Chevrolet how about you buy some cars that we have here no no no no no we’re okay with our cars why are we buying your cars I’m sorry why are we sending all this business to you buy some other products from us to mash to 220 billion no no how that’s not how this works we’re giving you the money guess what you don’t want to do that here’s tariffs that’s The Leverage a president has however when Adam Smith came out and he said in order to have free trade tariffs disrupts it let everybody go compete because it causes the price of goods to go lower which he’s not wrong like when Toyota came in here in 1958 sold the first Toyota and in 1972 Toyota sold a million Toyotas in a year I like oh my God we have to find a way to lower the prices for we can’t compete with these cars they’re cheaper they’re this they’re giving more miles per gallon we got to make our cars better so all these major companies in America that were like able to make all this money oh man this isn’t a good thing what do we why do we let Toyota come into America free trade free trade free trade however even Adam Smith says on two occasions we should use tariffs do you know what Adam Smith with the two occasions to use tariffs here’s what he said one defense of domestic Industries essential to National Security and two counteracting tariffs imposed by other nations creating a Level Playing Field which means what you put tariffs on us we put it on you so why is this important because hey some of that is happening right now with China look what America do so me if I’m a president if you’re president shouldn’t she uses as a way to find out defense against domestic Industries essential to National Security China hurt us during Co did they not should we just sit around and keep letting them have a 823 billion National Surplus you know when it comes on to trade surplus when it comes on to all the money they’re making and we’re at 1.1 trillion by the way as a president as anybody in business you have to know what areas you have leverage in when you’re negotiating the tools of sanctions that Trump use against Iran or the tool of tariffs that Trump use against China that is a weapon in Your Arsenal if their weapon is stealing IP from us everything America build they stole everything that you use in America they stole and did it there this is documented all over the place so you want me to keep letting them do that and pass us up and America becomes number two country in the world why should we stop competing should that be okay by the way so you have tariffs you have sanctions shouldn’t the president of America be able to threaten some of their enemies that are bullying you and I and you lose the jobs and not say if you don’t do this I’m going to put tariffs on you 100% 200% 500% what if he just has the power to put that threat out there what is the purpose of the button not to use it is to threat right what is the purpose of a strong military not to use it but to scare the crap out of you so you don’t attack what is the purpose of a tariff and a sanction to say if you f with us I’m going to use this tariff and sanction you best not f with us and bring those jobs back to America are you willing to do that then let’s talk if not we don’t by the way hey steel industry in the 40s and 50s we were the ones running the world steel industry employees left and right work in the steel industry 700,000 people in America were working in the steel industry in the 50s you know what that number is today it’s number 140 how the hell do we go from 700,000 people that take care of their wives and their kids to 140,000 you you may say I don’t work in a steel industry who gives a go to Pittsburgh and see what they’re doing hence Pittsburgh Steelers whatever industry you’re in if it directly impacted you would you not be upset about it imagine how upset they are by the way if I ask you right now of the top 15 steel industry companies in the world how many companies of ours are in the top 15 what would you say five would you say 10 eight what do you think we’re ranked you think one of our steel companies in the top three we’re probably number one right take a look at this list here’s as of 2022 top 15 cruel steel producers worldwide number one guess where it’s at China number two Luxembourg number three China number four Japan number five China number six China number seven South Korea number eight China number nine China number 10 India number 11 China number 12 China number 13 China number 14 Japan number 15 India and guess who’s number 16 us we used to rule the world and steal what happened oh we gave the business out cuz it was cheaper and we went from 700,000 hardworking American Support BR their wives and their kids to 140,000 go explain that to 560,000 people that were working that industry and I those jobs are in China you know how many the companies out of top 50 in our China let’s count 1 2 3 4 5 6 7 8 9 out of 15 are you competitive do you like to lose I don’t like to lose are you an American do you want your country to win or do you want China to and when it comes on to this why what happened to Andrew Carnegie steel what happened to us rocking it with this industry B polici is negotiated by weak negotiators helped China be nine out of 15 worldwide you want to know all the different negotiations happened and who the president was when this took place I’ll read them to you and you get go go judge them because it’s not only one side it’s both sides ready the usmca United States Mexico Canada agreement happened in ’94 you know who the president was Bill Clinton you know who went back and renegotiated a guy named Donald J Trump next one the United States Korea Free Trade Agreement you know who negotiated in 2012 bar Obama okay you know who renegotiated that a guy named Donald J Trump the Central American Dominican Republic Free Trade Agreement you know who negotiated that bush you know if there’s been any negotiations no this was 2006 2009 Australia us Free Trade Agreement 2005 no renegotiations this was under Bush us trade agreement with Bahrain 2006 under George W bush no renegotiations Chile us under President Bush 2004 no new negot renegotiation Columbia us 2012 Barack Obama no new renegotiation Israel us Free Trade Agreement under Reagan 1985 no new renegotiation Jordan Us free trade 2001 Bill Clinton no new renegotiations Morocco Us free trade 2006 guess who was the President George Bush no new renegotiations Oman us Free Trade Agreement 2009 Bush no new renegotiations Panama us 2012 Obama no new renegotiations Peru are you getting bored already Peru us 2009 George W bush no new renegotiation Singapore us all4 bush what do you think no new renegotiations you think maybe there’s an opportunity for a new person to get hired and said hey this is such and such Colony on behalf of us and the president of the United States I’m flying out to you guys next week we are no longer going this deal that we have or else we’re going to put a tariff on you if we I have the breakdown here out of all the companies that we countries that we have Surplus in not deficit you know how many countries it is Argentina 5 billion barely any Chile 6 billion Brazil couple Colombia couple now Nigeria 1 Egypt 3 and a few others Mexico negative Surplus Canada Ireland China India you know Taiwan Japan I’m calling every one of these guys and I’m going on the road to say we are renegotiating these deals that everybody else did you’re not going to like it if you don’t want to renegotiate these deals and you buy stuff from us American you in America building this stuff there’s a tariff being put on you this can either be a very easy conversation with you it can be a very tough conversation with you what would you like to do I would like to come to your place we have a great conversation I’d like to try your food I’d like to learn more about your culture I like to walk away saying you’re a country that we’re going to do business with for decades to come but if you think for a second we’re going to continue this things are going to be very rough for you and your economy the next four years how would you like to approach this no problem we’re on our way my team will call your team let’s book lunch and dinner I need a full day with all your decision makers we’ll see you guys soon that’s tariffs that’s Trade Surplus that’s trade deficit the next time somebody starts screaming off of the top of their lungs oh my God this isn’t what we should be doing even Ray do you said in his books as a society in the country gets bigger you start hiring people on the outside and that’s what happens because you have all this money you don’t want to pay to interally over because people are worth too much money you can’t afford it yeah okay that sounds all good but guess what we got to kind of bring you back over here if we go the way we’re going right now we’re paying all these guys and the jobs are being taken away from you your family your loved ones your friends do you want that if you don’t go share the hell out of this video with other people so they can understand the concept of tariffs trade deficits and trade surplus and if you got any questions comment below if you got value out of this video give it a thumbs up subscribe to the channel and if you like the video I got two other videos for you to watch on this topic okay if you’re one of the crazy people that wants to actually understand this so you can have a educated conversation I did a video on the Mexico tariff conversation with hauan that they’re moving their plan from China to you got to watch this one it’s over here and I did a video 7 years ago us China trade War if you’ve never seen it click here to watch it take care everybody bye bye bye-bye [Music]
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