0:00 Payrolls just fell by 23,000 jobs.0:01 That wasn't supposed to happen.0:03 In fact, every economist on the street was betting on growth.0:07 Last week, we talked about global realignments.0:09 Now, you’re seeing the domestic price tag.0:12 This jobs number is the first real crack in the foundation, and it complicates EVERYTHING for the Federal Reserve.0:18 Here's what else is moving.0:20 The administration is building a tariff wall, brick by brick.0:23 First, a new fifty percent tariff on many Canadian products, effective in thirty days.0:28 Then, twenty-five percent on key goods from Brazil.0:31 Canadian Prime Minister Mark Carney says he's looking at "all options." At the same time, the domestic labor supply is shrinking.0:39 Work permits for over 350,000 people under Temporary Protected Status just expired.0:43 Many are Haitian immigrants in New York City, working in jobs that are critical for the care sector.0:49 This isn't a future problem.0:51 This is a looming crisis for elder care, right now.0:54 And while all this is happening, the national debt hit a new record: 39.84 trillion dollars.0:59 It's growing by 12.6 billion dollars a DAY.1:02 We will cross 40 trillion before the fiscal year is even over.1:05 The debt has roughly doubled since President Trump's first term began.1:09 To manage the fallout, the U.S.1:11 just teamed up with Japan to intervene in currency markets.1:14 Treasury Secretary Scott Bessent said the yen was "very undervalued" and spent up to ten billion dollars to prop it up.1:21 It’s the first coordinated intervention in over a decade.1:24 And two final headlines.1:26 President Trump is publicly blasting Exxon and Chevron, saying they're "making too much money" as oil prices climb.1:32 And new rules are tightening the screws on defense contractors, forcing them to purge Chinese materials from their supply chains.1:40 Okay.1:40 Let's go back to the tariffs.1:42 Because this isn't just a collection of random taxes.1:45 This is a STRATEGY.1:46 After the Supreme Court struck down earlier levies, the administration is now systematically trying to rebuild what it calls a "global tariff wall." It started with solar.1:56 A new tariff of at least fifteen percent on imported polysilicon, plus a minimum price floor.2:01 The goal is simple: force companies to build solar panels here, not in China.2:05 Diversify the supply chain by force.2:07 Then came the big ones.2:09 That fifty percent duty on Canadian goods and twenty-five percent on Brazilian imports.2:14 These are not small adjustments.2:16 This is economic shock therapy aimed at neighbors and key trading partners.2:20 And the most aggressive move of all: a one-hundred percent tariff on imported generic drugs, starting in 2028.2:26 It goes to TWO-hundred percent the year after.2:29 This is a direct, unambiguous attempt to force ALL generic drug manufacturing back onto U.S.2:34 soil.2:34 Here's the turn.2:35 You can't declare a trade war and an immigration war at the SAME time without breaking something.2:41 While the White House is trying to force manufacturing back onshore, it's also deporting the very workers you need to run the factories and care for the country.2:50 Those 350,000 expiring work permits?2:52 They belong to people who are overwhelmingly in the care sector.2:56 According to KPMG's chief economist Diane Swonk, twenty-eight percent of direct care workers are immigrants.3:02 These are the people looking after your parents and grandparents.3:06 When they're gone, who fills the gap?3:08 Economists are already warning this is backfiring on American workers, creating shortages that hurt everyone.3:14 The administration wants a fortress America.3:17 High tariff walls to keep foreign goods out.3:19 Strict immigration enforcement to control who comes in.3:22 But you can't build a fortress and a factory on the same piece of land, with the same people, at the same time.3:29 One policy is choking off the supply of goods.3:31 The other is choking off the supply of labor.3:34 The result isn't strength.3:36 It's suffocation.
