Marco Rubio Asked Point Blank About Crashing Markets Around The World

yesterday

At a press briefing at NATO Headquarters in Brussels, Belgium, Secretary of State Marco Rubio was asked about crashing markets.

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Transcript

00:00The markets are crashing around the world for the second day in a row.

00:04The consensus is that the President's tariffs were much higher than expected,

00:09and based on economic formulas that people do not understand.

00:14What is your reaction, and what is the impact on Europeans?

00:18You want them to spend more on defense, which they are agreeing to finally,

00:22but how can they do that when their economies are crashing and they are now afraid to do it?

00:27No, their economies are not crashing.

00:29The markets are reacting. No, their economies are not crashing.

00:32Their markets are reacting to a dramatic change in the global order in terms of trade.

00:37And so what happens is pretty straightforward.

00:39If you're a company and you make a bunch of your products in China,

00:42and all of a sudden shareholders or people that play the stock market realize

00:47that it's going to cost a lot more to produce in China, your stock is going to go down.

00:51But ultimately, the markets, as long as they know the rules are going to be moving forward

00:55and as long as that's set and you can sustain where you're going to be, the markets will adjust.

01:00Businesses around the world, including in trade and global trade,

01:03they just need to know what the rules are.

01:05Once they know what the rules are, they will adjust to those rules.

01:08So I don't think it's fair to say economies are crashing.

01:10Markets are crashing because markets are based on the stock value of companies

01:14who today are embedded in modes of production that are bad for the United States.

01:18We have to be a country that thinks we're the largest consumer market in the world,

01:21and yet the only thing we export is services, and we need to stop that.

01:24We need to get back to a time where we're a country that can make things,

01:27and to do that we have to reset the global order of trade.

01:30The other part of my question.

01:32Well, the worst thing is to leave it the way it is forever.

01:34I mean, this just can't continue.

01:36We can't continue to be a country that doesn't make things.

01:38We have to be able to make things to provide jobs for Americans.

01:41That's it. It's that simple.

01:43China is an example. I mean, it's outrageous.

01:45I mean, they don't consume anything.

01:47All they do is export and flood and distort markets

01:50in addition to all the tariffs and barriers they put in place.

01:53So the president rightly has concluded that the current status of global trade

01:58is bad for America and good for a bunch of other people,

02:00and he's going to reset it, and he's absolutely right to do it.

Marco Rubio Asked Point Blank About Crashing Markets Around The World

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