Hello, everybody. I'm John Fawcett with this Great America Show Midday Update for Thursday, January 16th.

President Trump's cabinet nominees back in the Senate today for their respective hearings.

On today's slate was Doug Bergram, who's his nominee for the Interior,

Scott Turner for Housing and Urban Development, Lee Zeldin over at the EPA,

Pam Bondi, rather, was back in for day two

with the Senate Judiciary Committee, and Scott Bessent for the Treasury Department,

which brings us to our person of the day with Scott Bessent, taking Senator Ron Wyden

a task that marks his damn from Oregon Oregon doesn't really know much about anything,

let alone tariffs. Take a listen to this exchange between Scott Besant and Ron Wyden on the issue

of Trump's tariffs. I believe these tariffs, you can call it whatever you want in terms of trying

to gussy it up. They're going to be paid for by our workers and small businesses.

All through the campaign, we heard they weren't,

that foreign countries were going to pay it.

I think that's baloney.

It's going to be paid for by workers and small businesses.

So your response.

Yes, Senator, I would respectfully disagree.

And the history of tariffs and tariff theory, optimal tariff theory, does not support what you're saying.

Traditionally, we see that the current, if we were to say use a number that has been thrown around in the press of 10%.

Then traditionally, the currency appreciates by 4%.

So the 10% is not passed through.

Then we have various elasticity, consumer preferences may change.

...