This is CBS.

I on the world.

I'm John Batchel, joined by my good friend and colleague, Gordon Chang at Gordon G.

Gordon G. Chang, looking at the People's Republic of China, its aspirations,

looking at the United States of America and its trading partners, its details.

And this trade war that is said repeatedly by the newspapers to be underway,

a trade war was going to result, if I remember the incomplete list,

inflation, layoffs, despair, recession, and likely an inability of anyone to ever look forward again to trade with other nations.

In other words, mercantilism extreme with poverty attached. That was the worst case scenario.

I welcome Alan Tonelson, our guide in manufacturing and trade these many years.

He blogs at Reality Check to comment on what actually we see here at the end of the second quarter of 2025,

which was to be the year of the crater of the American economy.

The profits would be down at all major corporations, especially Silicon Valley.

And the layoffs would be tumbling around us because of Donald Trump.

Alan, a very good day to you.

I read nowhere headlines supporting the generalities I just gave out.

I don't think I was being inconsistent with the gloom that was to have settled on us by June 30th.

Right now, Alan, what is the facts on the ground of American manufacturing

and American trade? Is it in decline? Is it holding firm? Is it unknown? Good evening to you,

Alan. Hi, John. And hi, Gordon. I'd have to say that at this point, U.S. manufacturing, just like the rest of the

U.S. economy, it's basically grinding along.

It's seen much better days.

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