The MeidasTouch Podcast - Trump TANKS US AUTO with Plan as SHARES PLUMMET

Episode Date: November 28, 2024

MeidasTouch host Ben Meiselas reports on Donald Trump crashing American auto companies with tarries and other plans. Prizepicks: Download the PrizePicks app today https://prizepicks.onelink.me/LME0/ME... and use code MEIDAS and get $50 instantly when you play $5! Visit https://meidastouch.com for more! Remember to subscribe to ALL the MeidasTouch Network Podcasts: MeidasTouch: https://www.meidastouch.com/tag/meidastouch-podcast Legal AF: https://www.meidastouch.com/tag/legal-af MissTrial: https://meidasnews.com/tag/miss-trial The PoliticsGirl Podcast: https://www.meidastouch.com/tag/the-politicsgirl-podcast The Influence Continuum: https://www.meidastouch.com/tag/the-influence-continuum-with-dr-steven-hassan Mea Culpa with Michael Cohen: https://www.meidastouch.com/tag/mea-culpa-with-michael-cohen The Weekend Show: https://www.meidastouch.com/tag/the-weekend-show Burn the Boats: https://www.meidastouch.com/tag/burn-the-boats Majority 54: https://www.meidastouch.com/tag/majority-54 Political Beatdown: https://www.meidastouch.com/tag/political-beatdown On Democracy with FP Wellman: https://www.meidastouch.com/tag/on-democracy-with-fpwellman Uncovered: https://www.meidastouch.com/tag/maga-uncovered Coalition of the Sane: https://meidasnews.com Learn more about your ad choices. Visit megaphone.fm/adchoices

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says will be imposed on day one. This post stood out to me. So here's the sequence of events, I guess, of the white auto worker Trump voter. Be a white autoworker, have Democrats help secure historic contracts for you, have Trump say your job could be done by children and that you're picketing for the wrong reasons. You vote for Trump, you get promised Trump tariffs, which he lies to you and claim is a tax on the foreign country, which it's not. You lose your job and historic pension benefits. The headline there was General Motors shares extend their decline to about 7.9%. And so Donald Trump threatened tariffs.

And then Claudia Scheinbaum, the president of Mexico, threatened retaliatory tariffs. And in her letter to Donald Trump, she pointed out that General Motors and other major U.S. auto manufacturers have major factories in Mexico. And so you're only going to be screwing your own companies. We'll get to more of that in a moment. We also have a bunch of things happening right now. So number one, it's the Trump tariffs and retaliatory tariffs threatened by Mexico and potentially Canada and China as well. You also have, and we reported on this earlier as well,

the oil tycoons who supported Donald Trump when they were saying drill, baby, drill, well, they've now confessed that actually the supply of oil actually exceeds the demand. And as we had previously reported under the Biden administration, there was more oil production than ever in the history of the United States. and we were energy independent. And also from a geological perspective, we pretty much have searched most of the areas where you can drill baby drills. So all of this claim, there are going to be millions of more barrels that are going to be extracted each day, was always a lie. But here's now what the oil companies want to do. They want to make sure that Donald Trump kills the electric vehicle industry, kill

all EVs, kill any kind of tax rebate programs, just kill EVs. Why? Because you can then artificially, in their view, inflate the demand for oil to match the supply and they can make record profits if you take away future uh the future of automobiles which is EV and so many of the um the new manufacturing plants that we've seen pop up in Michigan Ohio Wisconsin elsewhere have been based on the growth of EV in America leading the world in that. So you see General Motors shares down as well. You see Stellantis shares down as well. So I just referenced over here, Trump throwing American autoworkers under the bus already and why.

Harold Hamm, an oil billionaire, has been discussing the 7,500 credit with Trump transition team. The growth of electric vehicles poses a threat to the oil and gas industry. And even though there's been more, again, oil drilling under Biden than in the history of the United States,

and far more than under the first Trump administration, they want Congress to repeal the 7,500 electric vehicle tax credit. Here, Steve Ratner reports, researchers estimate that if Trump succeeds in repealing the electric vehicle tax credits, e-vehicle sales could drop 27%, a major disruption to the American auto industry which has invested heavily in the switch to electric which so meant more jobs america was leading the world in that there's another article right here three auto stocks sliding on trump tariff concerns shares of ford

general motors and stalantis are all moving lower today. So all of those kind of Trump autoworkers, and I know a lot of people were wearing like the fake autoworker shirts, but a lot of autoworkers voted for Donald Trump against their interests, against their union, against their own contracts. You're likely going to be laid off, a higher probability of being laid off. And also any idea that you're going to get protection from the National Labor Relations Board, the NLRB. Look, Elon Musk two weeks ago was arguing with Jeff Bezos in front of the Supreme Court, rather in front of the Fifth Circuit. Eventually,

they're going to take it to the Supreme Court, that the National Labor Relations Board doesn't even have authority to adjudicate cases, that it really shouldn't even exist. So what do you think the Trump policy is going to be on the National Labor Relations Board, where it was created by FDR, was a forum for your grievances? Just going back to this article, the auto sector is taking a hit today after Donald Trump announced his legislative tariff plans, which include the 25% tariff on goods from Mexico and Canada, higher than the proposed blanket tariff of up to 20% in all imports. Investors are considering the interdependence of the auto industry throughout North America, particularly the sale of auto parts through complex supply chains. Today, we're taking a look at how the Detroit big three are faring after the news, and they are down

significant percentages. Also, European automakers also have big presences in United States, in various states. They're suffering as well, and they may have to shut down their factories. Also, what isn't talked about a lot but should because this is all interrelated because if the auto parts get more expensive, guess what also has to rise? Auto insurance because the insurance claims will be more expensive. So auto insurance goes up up which means your rates go up so I did a previous video about how mortgage rates are now going up because of the Trump tariffs but auto insurance is going to go up as well this is from Bloomberg Business auto insurance is poised to become even more expensive under Donald Trump's plan to impose new tariffs on top U.S. trading partners. Here's the story.

About 60% of replacement parts to fix cars in the U.S. are imported. So that will be impacted by the tariffs. Trump announced more tariffs on U.S. trading partners this week. Auto insurance is poised to become even more expensive under President-elect Donald Trump's plan to impose new tariffs on the top U.S. trading partners. That's the think-do. on the top U.S. trading partners. That's the thing, dude. These are our partners. These are our allies.

So Trump's day one move is let's screw Canada and Mexico, our top trading partners. Goes on to say about 60% of replacement parts used to repair cars in the U.S. are imported mainly from Mexico, China, and Canada, said Bob Passmore, a vice president for the American Property Casualty Insurance Association. New tariffs would increase the cost of parts, which account for about 40% of the average total repair bills borne by insurers, and would prompt them to eventually increase rates, he said. A broad tariff on auto parts would create a problem.

It would definitely have an impact, Passmore said in an interview. Ultimately, the cost of claims is the primary driver of what we pay for insurance. In 2023, the average premium jumped about 20% on average, according to the Insurance Information Institute. We've dealt with inflation and auto parts and skilled labor since the supply chain tightening during COVID,

which Donald Trump was responsible for. Jerry Thudor, Director of Finance Insurance Trade Policy of R Street said, those subcomponents of inflation have abated only recently, but we can expect now that the ripple effects from potential tariffs could weigh even more on the budgets of car owners as long repair times may force them to rent vehicles. Sometimes a lot of people don't carry rental reimbursement coverage and so they pay for those out of their own pocket. So expect the rates to go up there as well. PrizePix is the best way to get action

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for every tariff, there will be a response in kind until we put at risk our shared enterprise. You see what she's saying there? That's the threat. For every tariff, there will be a response in Mexico 80 years ago. Why impose a tariff that would jeopardize them? Such a measure would be unacceptable and would lead to inflation and job losses in both the United States and Mexico. Here's this guy right here who you've seen the MAGA host on MSNBC here. One of the things, his name is Joe Kiernan. One of the things that he's saying too now, he's like, don't a lot of things have to now fall into place the right way if we don't want to get inflation to go back up right now? I mean, this was Donald Trump's biggest champion. Listen to what he's saying here. Here, play this clip. You think that with all these different cross

currents that were, you know, tariffs were announced or the on day one he's gonna try and do some of these things yeah but did you read what he announced and why I think this is very important yeah with the immigration and sent no immigration if I got it so what are you saying it's almost all he said I'm just wondering what in with you know it's Scott Besson said he's gonna get the tax cuts extended and do the no tax on tips do all this don't a lot of things have to go right for us not to reignite inflation and scare the bond market and wouldn't you i'm surprised the bond market keeps it's very strange a 10-year yield keeps going down because it's supposed to be at five percent by now from fear of trump no think of this one of the things we've also seen uh

throughout the past four years or even before but but it's just the lies that are used. Let me just show you the anatomy here of some of the ways that the MAGA Republicans used to attack EVs. But you're ultimately attacking America's because you're attacking workers at EV plants by lying. So this is just a total lie, this post by Michael Rulley, because these lies just spread like wildfire on Twitter. Pete Buttigieg will leave his post as transportation secretary, having spent $7.5 billion to build eight EV charging stations. So then Don Jr. goes, does not seem like a great return on investment, but hey, checked a woke box. So it's totally worth it. So now that spreads like

wildfire, right? Like that's everywhere. That becomes the story. So Pete Buttigieg has to respond, Secretary of Transportation. Okay, that tweet is false. That's just a lie. So then Elon Musk chimes in and goes, well, please post the rebuttal. then community notes will take care of the rest in other words once the lie spreads then you disprove the lie and then we'll put a community note once all right wing media has memed it and fox has talked about it and everyone's talking about it so pete buddha judge responds he goes to start with 7.5 billion has not been spent nor anything like that. That's the entire program budget for the NEVI program, which is to help build out the national charging network by 2030. Secondly, there are chargers now operational in nine states, which does not mean nine chargers, to be clear. These are only the first handful, though.

Most are to be built in the second half of the decade because it's a plan through 2030. Third, in this program, the charges are built by the states, not the federal government. And while it takes time to get a novel multi-billion dollar program growing across 50 states, the states are on track. For anyone interested in this program

and where the charges are going, here is further data and a map. And then Elon Musk responds, oh, this is helpful to understand. But meanwhile, there was just a total attack on the EV industry. Let me leave you with some of these images right here. This is what President Biden posted back on November 13th of 2023. Instead of lower wages, the United Auto Workers won record gains. Instead of fewer jobs, the United Auto Workers won a commitment for 1,000 more jobs. Instead of less involvement and investment, the United Auto Workers encouraged American automakers to invest $40 billion in the American auto industry.

It is a big deal. Biden walked on the picket lines and contrast Donald Trump paid $20,000 to a non-union shop and pretended it was a union shop and had people who weren't even auto workers wear shirts that say auto workers for Trump. But nonetheless, it worked. There was a lot of auto workers who voted for Trump against their own interests and we're seeing that now. But I'll leave you with this.

Sean Fain, the president of the United Auto Workers Union, and here's what he has to say. He says, Donald Trump is a scab and doesn't know shit about the auto industry. Listen to what President Sean Fain had to say. Play this clip. That's right. You know, every time Donald Trump gets a chance, he trashes our union and he trashes the working class. He comes to Michigan. He talks about he's going to bring back the auto industry. Let me tell you something. Donald Trump doesn't know shit about the auto industry.

You know, so I leave you with that. It's wild to me that people would literally vote against their jobs. But, you know, we're seeing it now. I don't take pride in that. I don't want to gloat. Just the reality. Anyway, thanks for watching. Hit subscribe. Let's get to 4 million

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