The Daily Signal - Stocks Surge, Democrats & China are Mad, Tim Walz Gets Booed | April 10, 2025

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Starting point is 00:00:25 We'd love to talk. Business. The stock market surges in a record-breaking recovery after Donald Trump issues a tariff pause for almost everyone but China. Democrats respond by accusing Trump of market manipulation, and Tim Walls gets booed by veterans for his stolen valor. I'm Tony Kennett from the Daily Signals Tony Kenned cast, syndicated nationally at 7 p.m. Eastern. It is Thursday, April 10th, 2025. This is the Daily Signals' top news in 10. Yesterday began with Treasury Secretary Scott Bessent indicating that major trade deals and negotiations with nations surrounding China were in motion. You're starting to negotiate. How soon do you think we could see some deals be made?

Starting point is 00:01:12 Well, we, one of the Vietnamese officials coming in this week, the Japanese are very eager to get over. And I think you're going to see a couple of big trading partners do deals very quickly. Those comments weren't just relegated to a short jaunt into the office. they were also on major network TV. Our allies, Japan, South Korea, India, and I will note that they are all around China. We have Vietnam coming today. So everyone is coming to the table

Starting point is 00:01:46 and basically China surrounded. Then China announced that they were ready to ratchet up another 50% tariff on the United States. There was a lot of calamity, given the sinking condition of the market between the United States and China, as well as the secondary and tertiary trading partners of both nations. And then President Donald Trump posted on truth social, based on the lack of respect that China has shown to the world markets, I am hereby raising the tariff charged to China by the United States of America to

Starting point is 00:02:21 125% effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the United States of America and other countries is no longer sustainable or acceptable. Conversely, and based on the fact that more than 75 countries have called representatives of the United States, including the Departments of Commerce, Treasury, and the USTR, to negotiate a solution to the subjects being discussed relative to trade, trade barriers, tariffs, currency manipulation, and non-monetary tariffs, and that these countries have not, at my strong suggestion, retaliated in any way, shape or form against the United States, I have authorized a 90-day pause and a substantially

Starting point is 00:03:05 lowered reciprocal tariff during this period of 10% also effective immediately. Thank you for your attention to this matter. Approximately 90 seconds later, the Dow Jones Industrial Average, the S&P 500, and the NASDAQ, skyrocketed. By the end of the trading day, the Dow had risen to once again over 4,000, 40,000 points, a total gain of 7.8%. The NASDAQ gained 12.16%, one of the highest trading days in the NASDAQ composites history, and the S&P 500 gained 9.52%. One of the highest trading days in that composites history. The CBOE Volatility Index also dropped to 33.23.23. That's a drop of 36.5%.

Starting point is 00:03:57 Massive amounts of praise flooded in from those on the right side of the aisle as well as the international community, praising the president for outmaneuvering the rest of the global economy, possibly securing some trade deals in. Time will tell if those deals do indeed go into effect. However, when asked why he paused the tariffs, here's what the president of the United States had to say. Thinking about why you decided to put a 90-day pause. Well, I thought that people were jumping a little bit. out of line, they were getting yippy, you know. They were getting a little bit yippy, a little bit afraid,

Starting point is 00:04:33 unlike these champions, because we have a big job to do. No other president would have done what I did. No other president. I know the presidents. They wouldn't have done it. And it had to be done. What was happening to us on trade, not only with, you know, if you look at it, not only with China,

Starting point is 00:04:49 but China was by far the biggest abuser in history and others also. But somebody had to do it. stop because it was not sustainable. Last year China made one trillion dollars off trade with the United States. That's not right. And now I've reversed it. It's for a short period of time, but we made $2 billion. We're making now $2 billion a day. And somebody had to do it. Roger actually said it. Charles Schwab was here a little while ago, one of the great financial people and he said, he's been waiting for 40 years for somebody to do what I did over the last month. And if you didn't do it, you wouldn't have a country.

Starting point is 00:05:32 It wouldn't be sustainable. So I'm honored to have done it. And, you know, look, nothing's over yet, but we have a tremendous amount of spirit from other countries, including China. China wants to make a deal. They just don't know how quite to go about it. You know, it's one of those things that are not quite proud people. And President she's a proud man.

Starting point is 00:05:53 I know him very well. And they don't know quite how to go about it, but they'll figure it out in the process of figuring it. But they want to make a deal. And we have many other countries, as you know, many more than 75. And they all want to come and they want to come here or they'll go to commerce or they'll go to Treasury. We have our great senators here and congressmen.

Starting point is 00:06:16 They'll call John. They'll do somebody. They'll go through somebody. but they're all calling, how do we do this? They all want to make a deal. Somebody had to do what we did. And I did a 90-day pause for the people that didn't retaliate because they told them if you retaliate, we're going to double it.

Starting point is 00:06:31 And that's what I did with China, because they did retaliate. So we'll see how it all works out. I think it's going to work out. Amazing. I think that our country is going to be at the end of a year or shorter, but I think we're going to have something that nobody would have dreamt possible. On social media and in Congress, prominent Democrats and members of the political left began accusing the president of the United States of market manipulation. In one House committee meeting, Representative Stephen Horsford of Nevada took to yelling at a member of the Trump administration for several minutes, asking him to explain why Trump's announcement about the change in tariff policy wasn't the elite.

Starting point is 00:07:16 legal manipulation of the stock market. Is this market manipulation? No. Why not? If it was a plan, if it was always the plan, how is this not market manipulation? It's not market manipulation, sir. Well, then what is it? Because it sure is not a strategy.

Starting point is 00:07:34 We're trying to reset the global trade system. It's off-short all of our facts. And what is that done? How have you done? How have you achieved any of that? But to enact enormous harm, harm on the American people, which was our concern from the very beginning. Tariffs are a tool.

Starting point is 00:07:52 It can be used in the appropriate way to protect U.S. jobs and small businesses. But that's not what this does. So if it's not market manipulation, what is it? Who's benefiting? What billionaire just got richer? And all the while, there are not even any Republicans left in this hearing. They all left because they don't even want to defend. this. But meanwhile, the speaker is rushing to the floor to pass a budget reconciliation to

Starting point is 00:08:24 screw America by passing the biggest tax cut in history on the backs of the American people. WTF! Who's in charge? Because it sure doesn't look like it's the trade representative. You just got the rug pulled out from under you. Market manipulation, a charge usually levied at individuals who allow others a bit of secret insider trading style information in order to make a profit off of the rise or the fall of the market doesn't necessarily hold water, given that earlier in the day the president of the United States did post on Truth Social,

Starting point is 00:09:05 this is a great time to buy, DJT. Well, given that that was before he made the announcement about the rising stock market and the end of the tariffs, he wasn't wrong. It should be noted that this would be the first time, in U.S. history that a politician shared insider trading information with absolutely everyone, making it outsider trading information? And that brings us to Governor Tim Walls, the Democrat Governor of Minnesota, one of the current favorites, according to polling to lead the Democratic

Starting point is 00:09:38 ticket in 2028. Of course, he is not only the governor of Minnesota. He is also the failed vice presidential candidate next to Kamala Harris. He was doing a series of rallies over the last week, which culminated today in arguing that Elon Musk and those like him needed to be demonized by the Democratic Party. But I don't think we should be the party that demonizes someone because they're able to afford something or they're able to work hard and got something. What we should demonize is people like Elon Musk and those people that do that. And that's different. And in a particularly rough end to the day for Governor Tim Walls, at a rally in Minnesota with veterans, Governor Walls was openly booed. Over the acts of stolen valor, Tim Walls committed, in which he lied about the scope of his service, the scope of his promotions, the scope of his duties in more, including his claims to have carried weapons of war in combat, which is not the case where he served in Italy.

Starting point is 00:10:59 a series of issues that we have covered over at the Daily Signal extensively. And for a closer look at that, you should check the description below, not only to make sure that you're subscribed to many of our other shows, but to head over to the Daily Signal and check out some of those examples for yourself. And tune in this evening to the Tony Kennett cast at 7 p.m., where we'll take a bit of a closer look at the hectic action sure to take place later today in the stock market, as well as the other breaking news that seems to accompany the Trump administration. I'm Tony Kinnett, and this has been The Daily Signals, Top News in 10.

Starting point is 00:11:36 Take care.

The Daily Signal - Stocks Surge, Democrats & China are Mad, Tim Walz Gets Booed | April 10, 2025

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