JD Vance on tariffs and taxes

YEAH, SOMETIMES THAT MEANS IF YOU'RE SHIPPING JOBS OVERSEAS YOU'RE GOING TO BE PENALIZED. >> WHAT ARE THE LIES THEY'RE TELLING ABOUT YOU YOU DON'T AGREE WITH >> ONE OF THE THINGS, FOR EXAMPLE, DONALD TRUMP'S ECONOMIC POLICIES, THAT SOMEHOW THEY'RE GOING TO JACK UP INFLATION, WHICH IS RICH COMING FROM KAMALA HARRIS WHOSE ECONOMIC POLICIES DIRECTLY -- >> TARIFFS ARE INFLATIONARY? >> NOT ALWAYS. RIGHT? >> THEY'RE INFLATIONARY OR PEOPLE AREN'T BUYING THE PRODUCTS ANYMORE. >> A CLASSIC EXAMPLE ECONOMISTS USE, SOME ECONOMISTS, SHOULD SAY, USE TO ATTACK DONALD TRUMP'S ECONOMIC POLICIES IS THE TARIFFS IMPOSED ON WASHING MACHINES AND OTHER, DISHWASHERS. SORRY. ON DISHWASHERS THEY SHOW A CHART, LOOK A FEW MONTH AFTER THE TARIFF PRICE OF D DISHWASHERS WENT UP. OVER TWO YEARS ACTUALLY THE PRICE OF THOSE WENT DOWN INDUCED A LOT OF AMERICAN FACTORIES TO INVEST IN AMERICAN WORKERS AND AMERICAN-MADE PRODUCTS THE PRICE OF DISHWASHERS LAGGED BEHIND PRICE OF A LOT OF OTHER HOME APPLIANCES. SOMETIMES INDUCING INVESTMENT IN CAPITAL FORMATION IN THE UNITED STATES OF AMERICA IT DOES LOWER PRICES ON AMERICAN WORKERS AND, AGAIN, THE EXPERIENCE OF DONALD TRUMP'S PRESIDENCY, HE WAS PRESIDENT FOR FOUR YEARS HE DID IMPOSE TARIFFS SOMETIMES TO INDUCE MORE INVESTMENT IN AMERICAN WORKERS AND WHAT HAPPENED 1.5% INFLATION RISING TAKE-HOME FPAY AND THE BEST ECONOMIC IN -- >> DIFFER THAN AN ACROSS THE BOARD TAX. >> DONALD TRUMP WAS ALWAYS LEADER OF THE AMERICAN ECONOMY FOUR YEARS WE HAD RISING PROSPERITY, BROAD-BASED MIDDLE CLASS -- THAT'S A RECORD I WANT TO GET BACK TO. >> A QUESTION ON THE TARIFFS WHERE JOE WAS GOING. BECAUSE THEY'RE ACROSS THE BOARD AND NOT AS TARGETED IT'S UNCLEAR. CERTAIN INDUSTRIES WE DON'T HAVE WOULDN'T IT BE GREAT IF OUR COUNTRY INVESTED IN SOME OF THESE INDUSTRIES WE'RE MISSING ON THE MANUFACTURING SIDE? BUT THE AMOUNT OF TIME MAY TAKE TO INDUCE, QUOTE/UNQUOTE, EVERY INDUSTRY TO INVEST HERE TO MANUFACTURE, THAT'S THE COMPLICATION WITH THE PLAN WHEN YOU SEE, FOR EXAMPLE, A GOLDMAN SACHS REPORT COME OUT SUGGESTING THAT THIS ACTUALLY BECOMES NOT JUST A MASSIVE TAX BUT A MASSIVE DRAIN ON THE ECONOMY, WHAT DO YOU THINK A RELATED QUESTION BECAUSE A LOT OF PEOPLE HAVE SAID THIS. DO YOU BELIEVE THAT THE ENTIRE ACROSS THE BOARD TARIFF WOULD GO INTO EFFECT? OR IS IT A, SHOULD WE THINK OF IT AS SOME KIND OF NEGOTIATING CUDGEL WITH CHINA FOR OTHER THINGS >> I DO THINK IT'S NEGOTIATION, FIRST OF ALL DONALD TRUMP IS A NEGOTIATOR BELIEVES IN USING TARIFFS FOR NEGOTIATION BUT ALSO BELIEVES IN USING TARIFFS TO INDUCE MORE MANUFACTURING, MORE CAPITAL FORMATION IN OUR COUNTRY ANDREW, THE PROBLEM WITH THE ARGUMENT HERE IS WHEN PEOPLE SAY THESE TARIFFS ARE GOING TO HAVE AN EFFECT, DONALD TRUMP ALREADY IMPOSED SPECIFIC TARIFFS ON SPECIFIC INDUSTRIES. YOU DIDN'T SEE THE NEGATIVE CONSEQUENCES COME TO LIGHT IN FACT, YOU SAW RISING WAGES AND RISING TAKE-HOME PAY WHEN PEOPLE SAY YOU CAN'T DO THIS IN A NARROW WAY, CAN'T DO IT IN A BROAD-BASED WAY, THAT DOESN'T FIT WITH REALITY THERE'S A DEEPER ARGUMENT HERE I THINK DONALD TRUMP REALLY, AGAIN, UNDERSTANDS AND UNDERSTOOD BETTER THAN A LOT OF PEOPLE WHO SAID THAT SOMEHOW AMERICAN PROSPERITY WAS GOING TO COME BY SHIPPING OUR STEEL SDRAND OUR PHARMACEUTICAL INDUSTRY OVERSEAS. THEY WERE WRONG AND HE WAS RIGHT. MAYBE HE'S RIGHT ABOUT HIS POLICIES AND THE EFFECT THEY'RE GOING TO HAVE ON THE FUTURE, TOO. ONE OF THE CRITICAL CONCEITS THAT OUR BIPARTISAN CONSENSUS MADE OVER THE LAST 40 YEARS, YOU CAN SEPARATE MANUFACTURE OF THINGS FROM DESIGN OF THINGS OPEN AN iPHONE I THINK IT SAYS DESIGN IN CUPERTINO, CALIFORNIA. IMPLICATION, MANUFACTURED IN SHENGEN, CHINA WE'RE FINDING THE PEOPLE MANUFACTURING THINGS INNOVATE, BECOME MORE PRODUCTIVE DELV DEVELOP CRITICAL STINGAL THINGS. WE'LL LOSE OUR TECH EDGE AND BE IN A WORLD OF HURT THE. >> THE FLIP SIDE CREATES AN EXPORT PROBLEM RETRIBUTION. EMAILS IN THE PAST WEEK VIEWERS OF "SQUAWK" WHO ARE FARMERS IN THE MIDWEST WORRIED, DEEPLY WORRIED, DEPENDING HOW THESE TARIFFS PLAY OUT, IT'S ACTUALLY GOING TO AFFECT THEM ON THE OPPOSITE END. >> WELL, ANDREW, THIS ACTUALLY HIGHLIGHTS, AGAIN, WE HAVE TO LOOK AT EXPERIENCE VERSUS SOME OF THESE RIDICULOUS PREDICTIONS FROM PEOPLE WHO HAVE AN AX TO GRIND AGAINST DONALD TRUMP NOT SAYING FARMERS FALL IN THAT CATEGORY WHEN DID AMERICA, FIRST TIME IN OUR HISTORY BECOME A NET IT FOOD IMPORTER NEED TO TAKE IN MORE FOOD THAN WE EXPORT OURSELVES. WHEN DONALD TRUMP WAS PRESIDENT DOING ALL OF THESE THINGS CERTAINLY PUNDITS SAY LEADS TO WILD TARIFFS, WE WERE AN EXPORTER GREW MORE FOOD THAN WE NEEDED AN IMPORTANT THING A CRITICAL MISTAKE WE MADE, BECAME DEPENDENT ON FOREIGN NATIONS. NOW BECOMING DENDINDEPENDENT FOH FOOD OUR CHILDREN NEED TO EAT. THIS IS INSANITY EVERY BUSINESS, EVERY FOREIGN COUNTRY, EVERY COMPETITOR WHAWANTS ACCESS TO AMERICAN MARKETS CAN'T USE CHINESE SLAV