Seth takes a closer look at Trump’s trade war causing financial markets to fall dramatically as consumer prices continue to rise while he also faces backlash for firing thousands of veterans.
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Trump Caves on Tariffs as Markets Drop, Faces Backlash for Firing Veterans: A Closer Look - Late Night with Seth Meyers
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Trump Caves on Tariffs as Markets Drop, Faces Backlash for Firing Veterans: A Closer Look - Late Night with Seth Meyers
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Late Night with Seth Meyers
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NewsTranscript
00:00The drama and confusion over Donald Trump's trade war
00:03have caused financial markets to fall dramatically
00:06as consumer prices continue to rise.
00:08Meanwhile, Trump is facing backlash
00:10for firing thousands of veterans.
00:11For more on this, it's time for a Closer Look.
00:14♪♪♪♪
00:17You guys, Donald Trump is very sad.
00:20You see, he's been working so hard,
00:22and he's doing all kinds of awesome stuff, and yet...
00:26And yet...
00:29Those stubborn, withholding Democrats,
00:33a few of whom I risk maybe here tonight,
00:37still, still won't give him a pat on the back.
00:40I look at the Democrats in front of me,
00:43and I realize there is absolutely nothing
00:45I can say to make them happy
00:48or to make them stand or smile or applaud.
00:51Nothing I can do.
00:53I could find a cure to the most devastating disease,
00:57a disease that would wipe out entire nations
01:01or announce the answers to the greatest economy in history
01:06or the stoppage of crime to the lowest levels ever recorded,
01:10and these people sitting right here will not clap,
01:14will not stand, and certainly will not cheer
01:17for these astronomical achievements.
01:20They won't do it, no matter what.
01:21Is this a presidential address or a voicemail from my mother?
01:26Hello? Yes, it's me, the mother who birthed you,
01:30raised you, fed you, and clothed you
01:32for the first 18 years of your life.
01:34And, you know, I'm not asking you for applause,
01:38but could you maybe call me back?
01:40You want them to smile, so now the Democrats
01:43are getting cat-called by the president.
01:45Hey, oh, Democrats, you got a pretty face.
01:47How about you give us a smile, baby?
01:50Also, the small problem with your hypothetical,
01:52you didn't do any of those things.
01:55Disease, crime, and the economy,
01:57you fully had a chance to cure a devastating disease
01:59and instead said stuff like maybe drink bleach
02:02and I think it's going to end tomorrow.
02:04You're also gutting health agencies
02:06and slashing funding for the medical research
02:08that would lead to cures for diseases.
02:10And on top of that, there was huge spikes
02:13in violent crime during your first term.
02:14But, hey, it's not fair to cherry-pick
02:15two of the three examples he gave.
02:17How is the economy looking?
02:19President Trump's trade war triggering
02:20another sell-off on Wall Street yesterday.
02:22The Dow shed more than 1,300 points so far this week
02:25after yesterday's drop.
02:26And looking at the S&P, it's now at its lowest level
02:28since November the 4th.
02:30In terms of what we see in the markets,
02:33let's go back again to the boards
02:35and just show that we have lost all of the gains
02:38in the stock market that we made
02:40since the November 5th election.
02:42Oh, my God, everything since the election
02:44has been wiped out.
02:45Do you know what this means?
02:46We have to go back.
02:47Back to the election!
02:49The election!
02:51-♪♪
02:53-♪♪
02:55Didn't work.
02:56I thought it would work. It didn't work.
02:59Didn't get the DeLorean fast enough.
03:00So, the stock market is falling, but I'm not worried.
03:04I'm not worried about the stock market
03:05because instead of buying up stocks,
03:07I've been using all my money over the past four months
03:09to buy eggs so I can sell them at a giant markup.
03:12That's the only merch I have in the NBC store.
03:14You can buy Tonight Show T-shirts,
03:16SNL sweatshirts, or a Seth Meyers egg for 50 bucks.
03:19And to be clear, it's a normal chicken egg
03:22sold by Seth Meyers.
03:23A little Seth Meyers does not hatch out of the egg,
03:26even though I do think that would be cool,
03:29and I did try to make it happen.
03:30I called the NBC store and I said,
03:32could we sell a Seth Meyers egg?
03:33And they said, what?
03:34And I said, could we sell an egg
03:35that has a little Seth Meyers inside of it?
03:37And they said, what are you asking us?
03:39And I said, what are you not getting?
03:41It is an egg.
03:42And when you crack it open, a little Seth Meyers pops out
03:44and says, welcome to egg night.
03:45I'm Seth Reiers.
03:46And then, and then I got a call from the NBC nurse
03:50telling me to take my pills.
03:53So I did, but not before I asked my graphics department
03:57to mock up a prototype.
03:59Welcome to egg night.
04:00I'm Seth Reiers.
04:01Ah!
04:10Hey, you guys, but no need to worry about eggs anymore,
04:12because according to Fox News and Trump's secretary
04:14of agriculture, and this is a real thing,
04:15they said, you don't need, you guys,
04:17you don't need to buy eggs,
04:18because you can just get some chickens for your backyard.
04:21Well, I have chickens in my backyard.
04:23They just started laying, and yesterday I got five eggs.
04:27I guess my question, if you could make it just really quick,
04:29because I'm out of time,
04:30is part of the solution more small farms?
04:32Because when avian flu hits
04:34and you have these giant industrial farms
04:37and these chickens,
04:38which I don't think the eggs are as good anyway,
04:40is part of it just investing in smaller farms,
04:42encouraging that?
04:45I think the silver lining in all of this
04:46is how do we, in our backyards,
04:48we've got chickens too in our backyard,
04:50how do we solve for something like this?
04:51And people are sort of looking around thinking,
04:53wow, well, maybe I could get a chicken in my backyard,
04:56and it's awesome.
04:57I agree with you.
04:58Yeah, I think everyone who isn't a farmer right now
05:00wants to be.
05:01I'm sorry, that's the silver lining?
05:05I need to take care of chickens now?
05:07First of all, I don't have a backyard.
05:08I live in an apartment in New York City.
05:09I can't even put out a doormat
05:12without 15 emails to the co-op board
05:14about the approved colors and dimensions.
05:16I haven't asked her yet,
05:17but I'm almost certain Carol in 9C
05:19isn't cool with the chickens.
05:22Basing that on the fact that the last time
05:24she saw my eight-year-old son,
05:25she said, if you leave your scooter in the stairwell again,
05:28I'll see you in hell.
05:30That was too much, Carol!
05:33Also, can we go back to this?
05:35Yeah, I think everyone who isn't a farmer right now
05:37wants to be.
05:38I don't want to be a f****** farmer.
05:41I mean, look at me.
05:48The only thing I have in common with a farmer
05:50is that we both overdo the plaid.
05:54By the way, like...
05:58That's how bad the plaid is.
05:59We did a picture even though I'm wearing it now.
06:04This is how bad Trump's first two months have been.
06:06We went from prices will come down on day one
06:08to everyone wants to be a farmer now.
06:10Also, it's not a good time to be a farmer.
06:11Trump keeps threatening and implementing
06:13and then temporarily pausing tariffs
06:15that are causing confusion and making farmers' lives worse.
06:18American food exports will suffer dramatically as a result.
06:21Or, as Trump put it...
06:23Our new trade policy will also be great
06:25for the American farmer.
06:27I love the farmer.
06:31Who will now be selling into our home market, the USA,
06:36because nobody is going to be able to compete with you.
06:40The tariffs will go on agricultural product
06:43coming into America.
06:44And our farmers, starting on April 2nd,
06:48it may be a little bit of an adjustment period.
06:50Our farmers are going to have a field day right now.
06:53So to our farmers, have a lot of fun.
06:57I love you, too.
06:58There is no clear sign that someone is a psychopath
07:02than saying, I love you, too, when nobody said I love you.
07:07If your grandpa did that,
07:08you'd sign him into Golden Acres tonight.
07:10Yeah, he just keeps saying that a farmer loves him,
07:13but we don't know any farmers.
07:18Trump thinks American farmers will make more money
07:20selling to American consumers
07:21rather than exporting their products,
07:22but American farmers already produce more food
07:25than the entirety of America can eat.
07:27That's why farmers have been hit so hard
07:29by the dismantling of USAID,
07:30which purchases approximately $2 billion in food aid
07:33from American farmers to send abroad.
07:35And now those products may go to waste.
07:36It makes no sense, and food prices
07:38aren't the only thing going up,
07:40thanks to the back-and-forth over Trump's tariffs.
07:41Even trucks are becoming more expensive.
07:44The auto industry expects to feel the impact
07:46of President Trump's tariffs.
07:47Fox Business' Jeff Flock is in Glen Mills, Pennsylvania,
07:50this morning, with a firsthand look.
07:52Maria, this Dodge Ram truck, $80,000,
07:57instantly became $100,000.
07:59$100,000? That's like six eggs.
08:04So, farmers won't even be able to afford trucks anymore.
08:06You think they're going to have fun
08:07loading up a Prius hatchback with corn?
08:10Trump is hurting his own voters.
08:11I have to assume most Dodge Ram drivers are Republicans.
08:13You don't see many trucks with bumper stickers that say,
08:15come and take it with a picture of an everything bagel.
08:20Now, Trump paused those auto tariffs,
08:22which caused even more confusion in the market.
08:23If you're keeping track, he announced tariffs
08:26on Canada and Mexico months ago,
08:27then paused them at the beginning of February,
08:29then announced them again in March,
08:31then paused them again today,
08:33but also announced more tariffs for April.
08:35He has no clue what he's doing.
08:36I think he honestly just likes saying the word tariff.
08:40I always say tariffs is the most beautiful word
08:42to me in the dictionary.
08:44Then I was reprimanded by the fake news.
08:46They said, what about love, religion, and God?
08:50I said, I agree.
08:51Let's put God number one.
08:53Let's put religion number two.
08:58Love, I don't know.
08:59We got to put that number three, I guess, right?
09:02And then it's tariff.
09:05You guys, he really wanted to put tariff ahead of love.
09:10That was really, really hard for him.
09:16I think you're growing as a person.
09:20You know, they say love is love is love,
09:22and to that I say tariff is tariff is tariff.
09:24We love the word tariff.
09:25You know why?
09:26Because T stands for Trump, A is the grade I give myself,
09:29and I love to riff.
09:31I love to riff.
09:32My favorite riff, Arnold Palmer's got a big old wang.
09:37That's my favorite.
09:38Of all my riffs, that's my favorite.
09:40For me, it's God.
09:44My Arnold Palmer story.
09:48Love.
09:51It's almost as if Trump is trying
09:54to plunge the economy into a recession.
09:56I mean, if you were trying to crash the economy,
09:59I don't know what you'd do differently,
10:00because while he's jacking up prices,
10:01he and his doge, Hatchet Man,
10:03are also slashing away tens of thousands of jobs.
10:05They want to eliminate the Department of Education,
10:07which they can't do, destroy Social Security,
10:09privatize Amtrak and the Postal Service.
10:11They plan to cut the Department of Veterans Affairs,
10:13and they've already fired thousands of veterans.
10:15Arguably, one of the most politically toxic things
10:18you can do, and when asked,
10:19Trump's team basically shrugged and said, too bad.
10:22Is the president starting to think about
10:24maybe some of those veterans who worked
10:26for the federal government,
10:27and maybe what the administration can do
10:28to at least help salvage their lives?
10:31Well, as you know, we care about veterans tremendously.
10:33I mean, that's something the president
10:34has always cared about.
10:35Anybody in blue, anybody that serves this country.
10:38But at the same time, we have taxpayer dollars,
10:41we have a fiscal responsibility to use taxpayer dollars
10:43to pay people that actually work.
10:45That doesn't mean that we forget our veterans by any means.
10:47We are going to care for them in the right way,
10:49but perhaps they're not fit to have a job at this moment
10:51or not willing to come to work.
10:53They're not fit to have a job right now
10:54and not willing to come to work?
10:56They served in the military in war zones.
10:57The guy you work for spends most of his time
11:00haunting golf courses like the ghost of a guy
11:02who got eaten by a crocodile in the 12th hole.
11:06Yep, the legend of Slow Donald.
11:08He was reaching down to wipe a blade of grass
11:11off his top flight and the gator swallowed him whole.
11:16I say, if you're on the course at night,
11:18you can still hear him screaming, Mulligan!
11:23Also, can you imagine the five-alarm nuclear meltdown
11:26Fox News would have if a Democrat said
11:28veterans were not fit to have a job?
11:29Sean Hannity would be screaming so loud,
11:31his head would crack open like a Seth egg.
11:34Welcome to Egg Night, I'm Seth Friars.
11:36Come talk!
11:37That's right, that's awesome.
11:39Why aren't they doing it?
11:42Trump is dismantling the government,
11:43firing thousands of people while prices continue to rise,
11:46thanks in part to his on-again, off-again trade war.
11:48No one knows what Trump is doing,
11:50and that seems to include Trump.
11:51To put it politely, Donald Trump is just...
11:53Not fit to have a job at this moment.
11:56This has been A Closer Look.
12:04Hey, guys.