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The 11th Hour with Stephanie Ruhle

'Basic crazypants analysis': Trump's back-and-forth tariff decisions tank markets

The 11th Hour with Stephanie Ruhle

NBC News

Politics, Washington, News, President, Policy, Government, Senate, Congress, Msnbc

4.53.6K Ratings

🗓️ 7 March 2025

⏱️ 42 minutes

🧾️ Download transcript

Summary

Transcript

Click on a timestamp to play from that location

0:00.0

Tonight, Wall Street tumbles as the president once again delays tariffs on some imports from Mexico and Canada, what all the uncertainty means for the economy.

0:11.0

Then Doge deletes more mistakes from its wall of receipts. We'll talk to a reporter who's been digging into all of it.

0:18.1

Plus, the president faces more legal obstacles. A federal judge extends a

0:22.6

block on his funding freeze as the 11th hour gets underway on this Thursday night.

0:34.4

Good evening. Once again, I am Stephanie Ruhl. It is day 46 of the second Trump administration,

0:40.5

and President Trump walked back his tariffs on Canada and Mexico. You know the tariffs that went

0:46.4

into effect two days ago? The exemptions will apply to goods that comply with the free trade agreement

0:52.3

from Donald Trump's first term, and I know I'm

0:54.8

hung up on this, but I want to remind you, he was the person who negotiated the last trade agreement

1:00.7

with Canada and Mexico. So the thing we're going back to is the thing he originally did.

1:05.0

Now, the White House says that is roughly 50% for Mexican imports and 38% for Canadian. Of course, those exemptions only last a month.

1:14.5

This whiplash triggered another sell-off on Wall Street. The Dow, NASDAQ, and S&P all took heavy losses.

1:20.7

Earlier, the president was asked if the market's response to his tariffs had anything to do with the sudden reversal.

1:26.8

Here's his answer.

1:32.9

Have you been influenced some of these exemptions that have been announced in some of these temporary delays, have you been influenced in those decisions because of the market reaction?

1:37.4

Well, there are no delays at all. No, nothing to do with the market. I'm not even looking at the

1:41.6

market because long term the United States will be very strong with what's happening here. He might not even looking at the market because long term, the United States will be very

1:44.7

strong with what's happening here. He might not be looking at the market, but here's a little

1:49.4

reporting. I happen to know many, many, many, many big, big, big investors have been calling

1:55.2

the White House, frantic, annoyed, furious, angry in the last three days. Another negative sign for

2:00.5

the economy. According to a new report, layoffs are in the last three days. Another negative sign for the economy, according to a

2:02.1

new report, layoffs are at the highest level we have seen since July 2020, which of course was

...

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