President Biden Has Doubled Down On Trump's Idiotic Trade War

Ring of Fire's Farron Cousins responds to the following question from one of our YouTube Community members: "I wanna start off by thanking you for the great work. Since I started watching your channel I stopped watching corporate news. My question is, what can the Biden administration do to undo some of the damages from the trade war with china? Also what can the United States do to not depend so much on China for a lot of goods and manufacturing jobs?"

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

A question from Armando DVR says, hello, Ferran. I wanna start off by thanking you for the great work. Since I started watching your channel, I stopped watching corporate news. Well, thank you. That's, that's good to hear as well. My question is, what can the Biden administration do to undo some of the damages from the trade war with China? Also, what can the United States do to not depend so much on China for a lot of goods and manufacturing jobs? Armando DVR has just won the award for question of the frigging year. Thank you. I don't know how many of y'all, uh, watch the Ring of Fire YouTube channel every day, but I mention once a week, once every other week at least, that we're still in a trade war with China, started by Donald Trump, and nobody seems to freaking care. Like everybody was so mad about it when Trump did it, and then we all just kind of forgot about it. And then Covid, of course, right? I mean that, you know, kind of did take precedent. We had farmers going into bankruptcy at record rates here in the United States from the trade war. We're paying more for goods here in the United States because of the trade war.

And Biden hasn't put an end to it. In fact, in doing more research on it, just a day or two ago, turns out he's doubled down on it. He d he's he's, he's talked about it, right? They've had discussions in the White House about the trade war and they've agreed they're not gonna do anything about it. And part of the reason, of course, is cuz they don't know what to do. Just like Donald Trump didn't know what to do. He started it. He had no exit strategy, got us in a quagmire. But the Biden administration has now said it's turned into more of a cold war, which is a scary thought. So what do we do to fix it, right? That's your question. What do we do to fix it? Well, that's a tough one. Nobody has a clear answer to that. But I think the biggest problem is you've gotta reign in the corporations here in the United States.

They're the ones who kind of started all of this, right? They're the ones who ship good American jobs overseas. They're the ones who are importing all these goods from China because they can get it cheaper there. We have to make that more expensive for them. But you have to do that in a way that one doesn't cause China to escalate and retaliate. And two, you have to do it in a way that doesn't squeeze American workers here at home and consumers. So how do you do it? You threaten the tax breaks, you threaten the subsidies, you threaten the special treatment that corporations have been given by our government, state and federal. You say you send your jobs over there, that's your business. You can do that. We are going to strip you of all your subsidies. You will be paying a 40% income tax on every single dollar that comes into your company and that's what's gonna happen to you.

So you're free to ship those jobs overseas if you want, but you're gonna lose so much money by doing that, that any savings you may have had will be completely wiped out. You're an American corporation by God, you're gonna act like it if you think corporate pressure like that doesn't work. This week Moderna announced that they're not gonna go through with their 400% price hike on the Covid vaccine. Do you know why they did that? Because Bernie Sanders threatened to haul their c e o in front of the Senate and make him explain the 400% price hike to the world. And they backed off. They said, okay, you know what? We're not gonna do that. So the pressure works, it can work very well.