During a press briefing on Wednesday, Gov. Gavin Newsom (D-CA) discussed his administration's lawsuit against President Trump's tariffs.
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00:00Thanks, Rob. Thank you, Mr. Attorney General. And most importantly, thank you, Christine, for having us and hosting us.
00:07And thank you, Chris, for your stewardship and leadership and willingness to be here and step up at this critical moment.
00:16Look, I think the Attorney General did an exceptional job in laying out the framework of this lawsuit and the why as it relates to the particular issues under the IEPA.
00:27And notably, issues that have been brought to the fore as it relates to the major questions doctrine recently by the Supreme Court.
00:34I would just highlight just two of the specific examples the Supreme Court used as it relates to the major questions doctrine on the issue of student loans under the Biden administration, on the Clean Power Plan under the Obama administration.
00:47If they are consistent, then this lawsuit is a lock in terms of what the Attorney General has laid out and what this state is asserting.
00:57But I want to tell you what our state of mind is as it relates to the issues that impact the state of California, obviously the state of our union and the state of the economy more globally.
01:08We talk often about California being the fifth largest economy in the world. That is correct.
01:14We're also the largest manufacturing state in the United States of America, $412 billion output.
01:20And I want to put that in perspective. Texas is 41% smaller. It's a 41% larger share of manufacturing output just here in the great state of California.
01:34It puts in perspective something that often isn't communicated, I think, as effectively as it should be.
01:39By the way, the United States is the second largest manufacturer in the world, which is also something that I think is important to highlight.
01:46So the manufacturing footprint in this state is disproportionately impacted by the tariffs, disproportionate to any other state in the nation.
01:55Of course, we talk about the fifth largest economy in the world. Let's put that in perspective.
02:00We're 14% of the U.S. GDP. That is 50% higher than the next state.
02:07No other state will be more impacted by the impacts of this, as Christine said, uncertainty that is best described as toxic uncertainty because of these tariffs.
02:22Let me underscore that with more consideration and context to where we are.
02:27We are also the largest hunting, fishing, agriculture, and forestry strait in this nation, 150% larger than the next state, Texas.
02:39Folks, talk to us about the impacts, regional impacts of rural economies.
02:44You're talking about California. You're not just talking about the Midwest and places like Texas.
02:49You're talking about our state, the state of California.
02:52Almonds, almonds you see around us, export dependent. Pistachios, export dependent.
03:00Dairy, export dependent. In fact, 43% of almonds and pistachios and dairy are export dependent in the state of California.
03:09Few industries will be hammered more than the toxic uncertainty of these Trump tariffs.
03:16The impacts, what more evidence do you need?
03:19Check your 401k. Check your portfolio.
03:25If it includes NVIDIA, you should check it right now.
03:29NVIDIA, the great California company, one highlighted by this same Trump administration over the course of the last 24 to 48 hours,
03:37just got hit today with a $5.5 billion charge.
03:41Great California company got hit with a $5.5 billion charge, sending the markets to tumble yet again today.
03:51NASDAQ down over 2% as I speak.
03:55The uncertainty is pronounced and it is profound in the state of California.
04:02I'm going to explain to you.
04:07I'm going to pay for other countries.
04:08Let me know.
04:11If the question rings for you in the
04:29рут region,