Trump’s Tariff Plans, Chips, & Lidia Bastianich on Cricket Pesto 11/26/24
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Hi, i'm cnbc producer katy cramer today on squad pot, twenty five percent terrace on goods from canada and mexico. The day one transition promises rattling, economists are Megane cassella with the latest reporting.

This is trump vowing to follow through on the threats that he made on the campaign trail.

the binding administrations last minute bet on U. S. Chips before a regime change. Chip war author r. Chris Miller.

if you're sitting in the U. S. Government, you rather make a portfolio of bats and see which company is succeed in the marketplace, rather than just trying to pick a single winner and put all of your age in a single basket.

Plus countdown a turkey day pbs lidia oi on its with Price contrast thanksgiving tips for any table.

You buy the breast on the bone, not on the bone, and you rose step with vegetables, or even cheaper, on the darker meat, the legs, the wings and all of that, that you have to cook a long time. I was praised to get that done and .

a threat to walmart making the retailer scale back diversity, equity and inclusion programs.

IT also remanded chief diversity officer role to chief belong officer.

It's tuesday, november twenty six.

Now thanks. Giving is very late this year.

Square begins right now.

Stand back ky by in three, two, one cureless.

So arguing about how late does that could be? Thirty a week last between.

I guess could be I guess I could be at thirty first.

Nobody there is no thirty years of november didn't have this is IT. This is the latest to goes.

Could not .

be thirty eight half.

No latest week, the latest week. That's a we decided .

it's a real time scats getting ready. I'm getting ready for thanksgiving right now, but trying to get ready for Christmas at the same time. It's stressful.

You do the whole deal.

I have some help.

You do the butterball is IT a butter ball? No, we get one that sort of prepared .

from like i'm in friday from bao, a turkey .

from bao. So glad to help.

Good morning, everybody. Welcome to square box right here on cnbc. We're live from the aspect market site in times square.

I'm Becky ake along with joe kernan and Andrew a sorkin. We are getting ready for the things giving holiday this week. Markets are pretty relaxed about things right now, but this comes after some big gains.

Yesterday, the down, the sp climbed a new records. Yesterday, the day was up by four hundred and forty points. And believe IT or not, that's only one percent.

The S M, P, in the as jack gained three tens of one percent. Just the huge moves we've seen over the last couple of years. Four hundred hundred and forty points used to really mean something. Now it's one percent. Andrew.

Thanks, specular. Get to the big news of the morning, or at least the past twenty four hours at least president elect trump now outlining his plan to raise terabits on mexico and canada and china as well, making cassella you wants us with more on the latest and where it's all .

headed hey anjo, good morning. So that three trump value last night to impose terrify on all goods coming in from those three countries, the three largest U. S. Trading partners in response to what you call a surge in undocumented immigrants and a flood of illicit drugs, especially final crossing the U. S.

Border so in one post on social media, thumps said he would sign the documents necessary to impose twenty five percent tariff s on canada and mexico on his first day in office and in a second post, trump said china will face an additional ten percent tariff because of drugs is sending in through mexico. So guys, this is trump vowing to follow through on the threats that he made on the campaign trail, threats that have at times been dismissed as sort of bluster or a negotiating tactic. But trump and his team, I can tell you, based on reporting, have been focused for months on finding legal ways to impose her of both broadly and quickly.

The most likely path forward is for him to declare economic emergency. And he could sort of be laying the groundwork here for the legal argument that he'll make eventually for why terrace s are needed and why that emergency status is needed. This would definitely be chAllenged in court, and trump could always back off if you get something in exchange. We saw a lot of that in the first term, but it's also very possible guides that that we see terrorists take effect in a matter of months. Andrew.

make, lets talk about the economic effects of this and then also just try to walk through industries, american companies that are going to be impacted. Obviously, there's a huge number of vulnerability makers that make autos in mexico. Ve got a lot of other companies that oil businesses in canada.

There was some notes last night that I was looking at. Bill has been a big supporter of a president trump. H owns the railroads there. The what what do what do you see as the economic impact of all of this, at least in the short term, if in fact, this is not just a negotiating tool, even if IT is a negotiating tool, but takes months, if not a year or longer, a to shift, if you will.

right? I think that's the first point to make. Is that even the threat of this brings some instability, brings some uncertainty and brings an economic impact.

We're likely to see markets move on this a little bit. We're already seeing the canadian dollar and the mexican peso fall against the U. S. Dollar this morning. China is say that nobody will win a trade world.

We also have to remember the retaliation almost certain to come and can come right away from any of those countries saying, you know, if you are going to hit us with terrace or we have ways to respond that something in the first term we saw really hit U. S. Agriculture and a agriculture heavy states across the midwest in particular.

But IT wasn't restricted to that. And then ask for major industries. I actually just pulled up the biggest markets between the two countries from canada.

It's, you know, fuels and oils, but also cars, as you mention, machineries and plastics, perils and wood. We can't forget about software number, a big trade going back and forth, their joy. I think you track the lumber trade a little bit recently.

And then on the mexican side, it's again in cars, electric equipment, machinery, some furniture and beverages as well. So it's really IT spends the game IT. And then when you add the retaliation into that, it's really something that can impact across .

the board you make. If we were talking this morning, though, there's zero reaction from the futures this morning on this, there's zero reaction even after most many of these major averages of city at new highs. Um you're right that this could be pretty impacted in terms of what you see I was thinking last night of a place like a home debo lose with the the number cost what they deal with these .

things um but we were also ying point out IT rolled in he was elected on yet we knew about terrace an immigration and IT rolls those together and IT roles the immigration issue cern about and look his people say.

oh don't know, it's going to be a negotiation tactic. This sounds like a negotiation tactic. What if IT actually has an impact? Works at the border .

on some of the U. S. M, C. A. Is in dough.

now. I can be in twenty .

six and six anyway, but I was one point eight trillion dollars worth of trade. But he wants to redo that, uh, anyway. And but you're right. I mean, what is that mark was up four hundred yesterday and it's unchanged 么？

That the shocking the part zero reaction and maybe the part of that is we've spoken with CEO, including brian cornell of target. He says they've been working on issues like this.

And the home depot o was on with this the last week or two said the same thing theyve been they have teams that have been working on terabits and dealing with ways of getting around some of these things and how they handle IT is IT going to be a change to business? Yes, because importers have to pay that tax as IT comes in. That in almost certainly will get passed on to the the consumer.

But the way that happened last time, this is Jennifer was talking about IT. The way that happened last time was there were factories in china that absorbed those higher costs, and I didn't get passed onto consumers because they were so desperate to keep the business is a little more complicated if you're talking about higher terror everywhere because you can't jump from country to country and play them off for each other. But this is still on negotiation.

And what he's asking for, maybe, maybe it's impossible to completely stop the flow of fit all in different things. But if you're going not only after the the northern south borders where it's coming across, but also going after china, to say if you don't stop in and do something about IT will see IT just sounds like it's absolutely and negotiation not just flat on terrify against everybody because they exist. This is an negotiation that's right.

And I think trump's best asset, or one of them here, is that he is so serious about this that people, other countries, will take the threat seriously. He and baby hazer have both written and spoken pensively about this, that no one gives up something for nothing, that you have to have something on the table. Trump is willing to go far enough to actually impose those terms.

We saw that with china. We saw I was still in the lumen in the first term, but he's also willing to back off when you get something in exchange. There is one parallel that I think is interesting to think about here.

There was one week in june twenty nineteen, which trim got really angry at mexico for immigration and started value to oppose the on emergency, to put blanket tariff s on everything. And those tabs obviously never went into effect. That might must be, I would say, why we're not seeing more of a reaction from markets right now.

One, because they feel like they're more prepared, they know what might be coming. But two, because of in a waiting sea mode, I thought the language that trump used here was really interesting. He said he would sign the documents necessary to impose the terrace on day one, meaning he would sign those documents on day one. Not that they would take effect rate away. There could be enough grey area even there, that there are still a long way.

Here is the question I would ask in terms of just what is plausibly between what can do what mexico can do as IT relate to the immigration crisis in the united states, where, I should say, the illegal immigration crisis in the united states, meaning, what steps would they actually have to take, how quickly could they take them, how much would have cost those governments to actually do what they would need to do to satisfy, effectively preventing these terrorists from coming on.

One thing I think we don't know is just how much exactly trump wants to see this is getting out your question from those countries in order to back off terriers. We know, as they just mentioned with mexico, mexico agreed to ramp up some immigration enforcement, and then the terrace never took effect. Could they make that same promise again and avoid terrible again five years later? Trump might say, you made this promise five years.

I need to see more than it's more of a cost to mexico, more border enforcement, more of a crackdown. We don't know exactly what IT is. And same with china, they signed that face one trade deal in january twenty twenty.

China made a whole bunch of promises that you know sort of pauses things where they were prevented. A further escalation of that trade were at that point again four years later now. And most of the analysis I see is that china really hasn't held up its end of the bargain, hasn't started increasing agricultural purchases, at least enough to stick with the guidelines of that also.

So again, we have to see more IT might be buying more U S. goods. IT might be reducing some types on there and cracking down on some of this border enforcement too. But there's a lot of great area. We haven't heard specifics from trump p yet maybe because we're still waiting to see his full trade team on what exactly have to be to to .

avoid those terrifying because a thanks this morning appreciate i'm sure will be talking you a lot .

more about all if they need to build a wall .

and pay for an interesting story to tell you about this morning. Walmart now saying, uh, that IT is ending some of its diversity initiatives. It's removing some L G B T related merchandizes from its website and winding down and not for profit that funded programs for minorities and how the company moving away from using the term quote diverse to the equity and inclusion in company documents as well.

It's also renamed chief diversity officer role to chief belonging officer walmart joints. A growing list now of companies that have rolled back D, E, I measures is after feeling the heat from conservative activists, uh, other companies that have gone this raw tractor supply, those ford and mulls and cores are the activists behind. This is a gun, robbie starbuck, who has spearheaded anti anti D E, I campaigns, uh, against consumer phasing companies.

He done this across the country now, said he warned wallman t. Executive last week that he would be doing a story on, quote, woke ness at walmart. Walmart, uh, said that IT is change making these changes and they've been in the works they're saying for a few years and were not the result, they say, of the conversation with starbuck. I don't .

know that him. I love the man, but I love demand. But that's the dude bean.

I love the man bond. I love that guy. That's the dude.

Uh, that's unbelievable. So he's doing. And I D E, I I would this with the member of cool. yeah. And Andrew, you think IT about .

IT and by thinking about the man bunn, or by thinking about these D.

I posses the man bunn. I'm not gna get all serious on you. We're not going to discuss D E. I obviously we'd like everything to be the yeah. But I understand if you .

look at the comments that come from doug with million on this, the C E O, walmart just saying that they want to change. They basically want to be a reflection and what amErica is really looking forward. Some of these things, they're been big push back against IT. They just said no reality of company wants a story about the ahead of us, from us, ahead of black friday. This is what the starbucks is saying on those things.

And mann people with man bunn should be included as well. I don't think they should be. I don't think you should do anything against, right? They should not be.

I imagine you in a man .

but me or I had a muller. I mean, obviously in the seventies nobody didn't .

have .

not the fish parting the back. And andre, i'm thinking you would look, see, I can do IT now I can do IT. But, you know, just think about bandbox.

You think, think that I don't know.

you know what cool. And I didn't know what I was, but i've seen people like the gyms of the warrior. You know what the warrior is?

The warrior haircut is really cool. You try to grow long and then you put, you have like one only tail down, but the rest of IT is down. You kind of look like, who's one I just .

want to have? What did mr. Tea have?

Oh yeah, the more .

he had a mohock, yeah, I think but more .

hack trying to think of the guy you're thinking .

of the what's the guy like Chris pigs? I got his pigs that the hands were of the hands words.

Cheese will be next coming up .

on spot the chips war and who's fighting what in the new year, the U. S. Government has reduced its funding to tell. But Chris Miller, who wrote the book on the global semiconductor chip battle, says intel's biggest problem isn't money. It's beating out the competition .

for customers. Cost will fall, ea system affects emerge, and you begin to get some economies of scale. Right now, there's a pretty substantial cost differential, especially for leading edge ships between taiwan or korea and the united states.

That's going to fall.

Enjoy the power of C, N, B C Price best deal of the year. Track your portfolio from every angle on one optimistic atom friday terms .

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square box right here on C. N, B. C. I'm Becky quick, along with j. Andrew.

Come is no longer interested as interested in taking over, uh, intel as IT once was and this is a bloomberg report with cited sources saying that the complexities of such a deal admitted are less attractive.

Now to call combat in september reports that qualcomm had made a preliminary approach the email about a possible deal and intel in the miss of one of its a biggest of restructing thousands of jobs are being cut as the company struggles through market chair losses and what so far has been an inability to crack the A I. Market in any meaningful way. Weird is complicated, but it's a hell of a lot cheaper than I would have been back then. So IT must must be a tip. Yeah you wonder IT .

comes on the same day that we hear about the funding that's coming out. It's going to be less than IT was originally under the chips act and the targets have to be met before they get paid out on some those issues too. Um but yeah maybe just a complicated .

that it's IT from ninety to back to where IT is anyway a little bit.

The commerce department this morning finalizing a roughly seven point nine billion dollar manufacturing award to by administration, appearing to be moving to get money out the door before present like down trump takes off as during us right now on the state of the U. S. Manufacturing chip business, if you will, in all the global competition.

Chris Miller, a professor at the flesh school at touch university, the author of chip war. Uh, this does seem to be a lot of sort of last minute fena ging. Uh, before the by administration, a turns IT over to the trumpet administration. I wonder what you think of what they're doing here.

Think the industry has been pushing to get these grants wrapped up as soon as possible. Companies want the money that they need to build their factory. We've been pushing the government to, uh, hurry up and get the ground over the line. And I think we ve seen with T S M C A couple days ago and with intel today, some of the big grounds being wrapped up.

No, I totally understand that. But part of the question is that they trying to get this money out the door. So the trumpet administration can't, I imagine, try to call back, which I imagine they might otherwise want to do.

No, I think there has been a lot of focus on on this question. But use you out. The chips act was first brought up in congress under the truck ministration T S.

M C. First investment in arizona was announced during the true administration. And there has been actually hold I continuity between what the first from administration put in place and what the by administrations the executing.

And so I would downplay, I think, the significance of campaign trail retorted, the reality is that this legislation supported by both parties in both house of the congress, I don't think the new administration going to dramatically change IT. uh. And so the grants that are being finalized right now, there are like that to be supported .

by the next definition ration to given the chAllenges that intel is clearly having. When you look at the the grant program, if you will, do you think that a decade from now, we're going to look back and say, this was great. We did IT perfectly or not in perfectly. We did this is, well, we're happy we did this. Or do you think we're going to a look back like I think a lot of people look now at even some of the E V efforts or E V charging efforts, they didn't appear to work the way they were supposed to.

You don't think perfect is a pretty high bar. I think if the question is, will the chips act have spurred a major investment boom in chip manufacturing in the united states? The answers is already pretty clear.

It's yes, there's been something like A N X increase over the past couple of years and investment and chip fabs relative to the trend over the prior decade. T. S, M, C, for example, already has a plant up and running in arizona with the capturing quality, the company says, matching what I can do in taiwan.

And we've got big projects under way with other companies as well. I think you can see with the Crystal ball any specific companies plan. And that's why the governments making a broad ray of bats, got a portfolio of uh two dozen uh different grounds in different types of the technology spectrum. So IT knows is is not going to predict perfectly, but I think the brand portfolio is already having a major impact done. Investment manufacturing.

where do you think the success? So if you were to identify what you would look at as a success in all of this beyond the sort of broad macro of what you just suggested, are there are there any specific examples you go that to win, that to win, that to win? I think if you .

look at T S M C investment arizona, which is a plant that, as I mentioned, is already up and running, that's a plant that would not be here at IT, not been for the U. S. Government wishing for IT and incentivising IT.

And if you rely in the clock to a year ago, all of the discussion was about how T S M secret do IT, how the labor shortages were too intense, how construction was taking too long and yet here IT is it's up and running uh, posters still bit higher than in taiwan. No doubt about that ah but there is real diversification coming from that and not just the first of three plants that P S N cy says IT plans to build. If there hadn't been a ship act, there wouldn't beat up facility.

Look at five years from now, do you see the possibility of competitive chip manufacturing in the U S. And competitive is important because because it's if it's more expensive than elsewhere, that unto itself as a complication for sure.

I think there is no doubt that as there's more chip manufacturing happening, costs will fall as ecosystem affects emerge and you begin to get some economies of scale. Right now, there's a pretty substantial cost differential, especially for leading edges ships between taiwan and korea and the united states is going to fall is going to go to zero over five years. I'm not sure about that.

But is he going to decline enough that companies are willing to pay a little bit more to have more versified manufacturing base? I think that's clausius. And the fact that companies like P S M C are willing to make the bet on not just one facility but multiple facilities over a decade in the U. S. Say just that they they buy the business rational even if costs aren't exactly the same, they think they can make the case work.

Ah so I understand the tmc piece of this giving their expertise and their success. I'm more questioning the little piece of this, but which is to say that business has been chAllenged, chAllenged for a long time and they have not seemingly got into the same point. Is T T S, M C do you see them get into that point? And how much more money you think the us. Government may have to give them?

I think that the key chAllenge until faces is not money persae. No doubt they they're happy to get their chips acted grant the key chAllenge a faces winning customers for their business and not alone is going to determine uh, this success in their effort to build out their manufacturing business in the U. S.

At work. I don't have a Christal ball. I think it's got A A shot, which is why the companies continuing uh, their investment.

But IT is a tough market in T, S, M, S, pretty tough competitor. And so it's far from guaranteed. But if you're sitting in the U. S. Government, you rather make a portfolio that and see which companies succeed in the marketplace, rather than just trying to pick a single winner and put all of your age in a single basket.

Do you think we have enough competition, chip, competition in the U. S? No, there's been talk about potentially tie up between like an intel and an ARM, for example.

Why would say loser? Two companies that Operate in really different segments of the chip business. Intel's focused on chip manufacturing and designing specific types of x eighty six chips.

Arms is in A A completely different segment selling intellectual property uh and licenses. And so yeah there in the same industry, but they're got entirely different product sets. And so if you're looking at any issue, you've got a segment beyond just the chip industry.

I think there are segments where one might be worried about a can dynamics. That's where you got only a single player in a single, uh, segment. Then if you look at in to an arm's to examples there, they are really an entirely difference.

Swim lanes first. Want to thank you.

Appreciate you.

Next on squared cook, book all their chef and italy partner, lidia osi, on IT, how she's cooking thanksgiving and where foods go from here.

We need to return to natural things. We need to read the label and make sure, and we need to support the farmers, the local farmers, so that we have fresh, seasonal things.

How natural are we getting? What about cricket? Peston.

ladies tried IT. There was a little, yeah.

we'll be right that our .

goal is to .

empower you to be a Better invest. New James teachings, I was able to learn and become financially .

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You're listening to school pod from cnbc. Here's joe turne .

stand by joe is my q or next guess .

in studio is a legend in the food in media industries. As people prepare to gather for thanksgiving this week, she's going to share her unique insight on high food Prices and the consumer. Let's walk in movida boston on IT restaurant to our best selling author and ami award winning public T V host. Uh, her latest P B S special premiers tonight at eleven nine P M eastern SHE celebrates amErica change makers I, letting stories of chefs, farmers and entrepreneurs who are changing how we think about food and shedding fing a cricket for for thanksgiving. Not quite, not.

not quite different. But we will talk .

about crickets a little later. Becky, you love cricket. crickets. Cricket post fans.

sorry.

might be the future, you know.

eating bugs. I heard we're gona have to do that. Let's talk just about some of the the recent articles and publications and news reports that thanksgiving going to be cheap, ed, this year for you to put the foot or on the table. And I I don't I think people wish IT was is of Prices come down at all for for what were put.

I think that you know the food stores and suppliers have realized that there's a difficulty out there that people money is scared ce, and so they have some specials to lure people in. And I think turkey is one of those special because certainly there's abundance of turkey's turkeys keep well frozen and so on. But uh uh so so it's is IT gonna be uh cheaper? I don't think so.

But you can still have a great uh, turkey and thanksgiving. Just be careful on shopping you know a certainly a hold turkey the size of matters you know we all buy these turkeys and we have so much leftover. Ver, yeah, you couldn't make stuck the next thing whatever.

But by a sort of a measurable turkey that you can finish or if that not is not if you're not at four, six in the whole turkey, too much parts of turkey. You know, you buy the breast on the bone, not let on the bone, and you rose step with vegetables, or even cheaper, are the dark of the darker meat, the legs, the wings and all of that, and that you have to cook a long time. I was brace IT to get that done. So, so and as far as the visual stay, seasonal and local, you know, root vegetables, the whole cabbage families in its its abundant is not expensive and IT goes a long way.

And because if if foods up twenty percent, IT goes down a half a percent, that that doesn't count a from year of the year.

I know the messages out there as a consumer, as a spectator, as a viewer, as that we have to be selective, we listen to all and then make our own selection sort of reasonable, a uh a sort of approach to spending and cooking.

But the tough as part for me is trying to get everything on the table at the right time. Just if you if you have A A bunch of people who are over going to have not just the turkey, the ham, all the sides that come with IT and getting everything out of the event. So it's all warm at the same time. Just tRicky.

IT is really playing a game, but the event is the way to go. You cook most of IT in the event, whether is the vegetables, you're not like A A roast that mix root vegetables, you put the turn NIPS and carrots and uh unions and all squash cut in pieces， season IT, but the same pieces that they can cook and then you have your big tray and those you cover and you keep warm. You know when you but you are just we are .

just sucking off the air .

you bought warm.

This is two I K exactly.

Um we we said we might talk about some of the trends in food and in addition of what you're talking about sustainability with with crickets at other and then ark junior thinks we're all totally unhealthy, that so what we consume and how we consume IT, there is kind of a sea change occurring for the external internal pressures.

Yes, absolutely. You big industry, we have to sort of be careful. You know there are big industry that they are to make many quantity and all that. But so he's not wrong all the way we need to return to a natural things. We need to read the labor and make sure, and we need to support the farmers, the local farmers and whatever, so that we have fresh seasonal things. Let's not go to another.

But the natural doesn't mean buggs and cricket.

Okay, i'm sorry to tell you this.

But does the natural I know they are, that just mean, I got to eat. If miki likes IT over here, if mike he likes that, I I will try what there's cricket poster or you put the crickets in with the post.

which is, listen, a crickets or insects have been on the table for big cultures. You go to china, you know, at in the march.

I see the crazy box. I don't .

ico again. Xi o has. I'm talking about eating bugs. It's the bug.

You think what? You think what? Taste the best.

the cricket and nice toast that they're like nuts you know, I went out there.

but let me think your nuts .

was so lonely gone to get there because that's the future, joe. You know, okay, you know we environ.

we tried all the different bugs to see which ones might taste the best.

Mexico in mexican cuisine and in the special I I cook with the mexican chef. They do that. They use a warmth they use and they yah and the worms, they sort of eat fruit and whatever. So you know they are they're not a tasty, they're tasty, but but insects .

not coming worms.

I make them nice and country and season them, you know, ms.

me warm.

me warm or going to catch .

some crickets, say them up and .

using these insects are already, they're currency. They're almost like nuts. So I went to visit this Young couple in minnesota, and they're thinking about the future.

You know, he is an environment, the list, a attorney, and his consciousness is, where is the world going? Uh, insects are pure proteins, no fact, they, to sort of reproduce. They don't take my child of the environment. And do you know that .

not expensive, they can stuck .

in your teeth and still get all of those things.

You and I can find the dehydrate ones under the same. You don't have the dehydrate.

I went there. I went to this is got there yet.

They're juicy. I think they .

are much bigger. So let let's get serious.

Think so. I am serious. I'm seriously .

and I went to visit to Young this couple and what they they grew over these crickets and then they the hydro in them and they meet a flower. And we may pass from IT, so we may pass. And so now the question was, what are you gonna ask IT with? So I made pasta, yeah, stead of the that pilots, I put the crickets in there and he was good.

And you know what? What did you that I taste them? really? No, but the nourishment was there, and there was a little nudity.

Ss, to a dinesh, yeah, yeah. I used to .

keep live cricket because .

I I smell that.

H, so you just .

the process is not.

no. yeah. wow. You know, but we have to begin to think alternative sort of we didn't .

want to get bogged our bugged down all that I I think it's interesting to talk about in addition, everything else. But thank you, and good luck and happy thanksgiving.

Thank you. Thank you. And to the special, you can see how I know the pistol with the crickets there. nine. O, P, M, on B, B, S.

thank you.

Thank you for having me merry, Chris. Happy.

happy, happy. Chy y, thanksgiving. Very thankful.

yes. The way. throw.

Thank you.

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