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00:00Inflation, though, has started to fall. That was a big issue.
00:04The latest reading from the Consumer Price Index shows it's cooling to about 2.4% in March from 2.8%.
00:12So that's a good sign?
00:15Yes, but that inherently can't last if we have the tariffs.
00:20A tariff is essentially a protectionist measure that operates like a sales tax, a national retail sales tax.
00:28And the estimates are that new car prices will go up about $6,000 a car.
00:34And many other products, because of the flat 10% rates, are going to go up.
00:38So I think you're going to see inflation rise going forward.
00:41And by the way, the big Wall Street firms are all saying there's a very high chance of a recession going forward.
00:48The academic economists are saying similar things.
00:51So I think there's fairly broad agreement that Trump's approach in terms of the economy is not working.
00:59And in terms of geopolitical strategy, it's not working.
01:02The