Ontario Premier Doug Ford on Tariffs & AI Squawk Anchors 4/2/25
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Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, it's tea day. President Trump's tariffs possibly taking effect this afternoon. As we've been saying for days now, the detail is all quite unclear. What is clear? Uncertainty for automakers, grocers and consumers. And for Ontario Premier Doug Ford, frustration. He calls it Liberation Day. I call it Termination Day because people are going to be losing their jobs across the U.S.,

Plus, TikTok buyers are lining up and OpenAI has made its very first cybersecurity investment. When I was sitting with you and all of a sudden you broke out your phone and said, hey, do you want to hear yourself? I was sort of in shock. These AI voice impersonations could threaten your family's peace of mind. CEO of Adaptive Security Brian Long, he says the risk is growing.

When I started talking to customers about this a little over a year ago, I would have about 5% of executives that hadn't experienced an attack at their company. Now it's probably about 30, 40%. It's Wednesday, April 2nd, 2025. Squawk Pod begins right now. Stand back, keep by in 3, 2, 1, cue, please.

Good morning, everybody. Welcome to Squawk Box right here on CNBC. We're live from the Nasdaq market site in Times Square. I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin. Tariffs, tariffs, tariffs set to be announced this afternoon. It's going to happen in the Rose Garden at a ceremony there at 4 p.m. The White House saying the tariffs will take effect right after they're unveiled. So it's not like there's a couple of days a week, a month or anything else.

to take place in between. But as we've been saying for days now, the details all quite unclear. The president and maybe his closest advisers

are believed to know, believed. I'm not sure they all know, but we'll see. In the past week, Trump has considered blanket tariffs on everything from the U.S. imports and reciprocal tariffs that vary based on country. Yesterday, the Journal reporting that Trump's advisers were trying to formulate a new potential strategy, a less intense across-the-board tariff on a subset of countries. So maybe this is all still a moving target. Unclear. Meanwhile, Treasury Secretary Scott Besson telling lawmakers that today's tariffs will represent a, quote, cap tariff.

and that countries will be able to take steps to alleviate them. That's according to the Oklahoma GOP representative, Kevin Hearn, who spoke with CNBC's Emily Wilkins. So there's going to be a lot of horse trading and negotiating after this, I imagine. We're going to be speaking with the premier of Canada's province of Ontario, who has tangled with the Trump administration on this very topic.

topic in a very vocal way. We're going to see him this morning. Well, he may be able to tell us if there's any progress on USMCA because we still don't know whether those goods are not going to be

I don't think he's going to know whether there's progress. He was going to talk about it with, you know, about maybe, and I don't know if he'd be... That's been part of the problem is that the other nations involved in this really haven't gotten much signaling either because I'm sure we would hear more leaks if that were the case. But at this point, it's been pretty tightly cut into the grass. I don't think there's any negotiation. I think this is the negotiation. This is the first step of a long negotiation. This starts and then we see how people respond. ♪

Meantime, President Trump expected to meet with Vice President J.D. Vance and other advisors today to consider an offer for TikTok as that deadline nears to a deadline.

to a date deadline here. Try to keep the social media app running in the US. At least that's the goal. Reports characterizing this is the final proposal ahead of April 5th when TikTok could face a US ban. Potential suitors for the short form video app now include former Los Angeles Dodgers owner Frank McCourt, who's been on our broadcast to talk about it. Reddit co-founder

Alexis Ohanian is in the list. Wyoming entrepreneur Reid Reisner. And companies include Blackstone, Oracle, and Jason Horowitz have all been flagged as potentially being involved in one way or the other. President Trump saying over the weekend that a deal with China's ByteDance to sell TikTok would be struck by this coming Saturday. But Trump has also said he could extend that deadline.

And given the tariff situation and the negotiation with China over tariffs, the question is how does this become or does this become another chess piece in that? These are some serious people that are involved at this point, it looks like. In the past, we've had, I don't know...

It's going to go. We're going to go. Oh, I would go the opposite way. No, they were going to go in front of Shark Tank and Kevin O'Leary. And he was they were going to have tick tock, you know, with that. Oh, I was going to say it was serious when Microsoft and Walmart and Oracle were. But this group to me, I mean, they're all interesting people. You're talking Frank McCourt and the rest. Yeah. I don't know whether any of that really. The Oracle piece is a very interesting.

part of that but i guess the question becomes even if a deal was struck if china's government would go along with it and how that rolls up do you ever think that o'leary's consortium was really going to buy tick tock mr wonderful i i was not sure and i don't know if frank mccourt's uh buys tick tock either yesterday was a tuesday so uh it's not always elections but we've been

closely awaiting some of these. There are three of them, really. NBC News is now projecting that in Wisconsin, Supreme Court judge candidate backed by Democrats has won that contentious race. Susan Crawford's win allows liberals to maintain a narrow majority in the highest court in the Badger State, G State. Technically, the race was nonpartisan, but it drew outside attention as the first major battleground of state election of President Trump's second term.

There's a lot of money on both sides. A lot of money because they're going to redraw some of the districts, which could change the makeup of the House in the next midterms. So what do you think this makes? What do you make of Elon Musk's influence? I think it was a long shot, kind of a fool's error. And he didn't, you know, to him, a couple of million dollars. I don't know how much he poured in. I think it was 20 million. Yeah, but...

I think that judge who won raised twice as much as the judge who lost. It was backed by Elon Musk. And there was money that came in from Soros and some other Democrats as well. It may be more interesting or more important

And I don't know how you read it, but down in Florida, NBC News projects Republican candidates have won in a pair of special elections, which will give the GOP a bit more breathing room in Washington. Jimmy Patronis has been on the show a few times. Florida's chief financial officer won in the race to replace Matt Gaetz, the former Republican congressman. And Florida Republican Senator Randy Fine won the to replace Gaetz.

U.S. Representative Mike Waltz, who's now obviously National Security Advisor. Both of those were big Trump wins, 33 points in the one where Randy Fine won for Trump. He won by 14.

And then in the first 17, I got 14. Was it 17? I heard somewhere. There's another one. What would you have for the other one? I got 15 for the other one versus a 32 point. This was the one that people were watching closely because that was the one that even McCarthy yesterday said it was six or seven point. And so was it outperformance then or was it underperformance from Trump? But not as bad as what people thought. Right, right.

I guess that's how you read it. I mean, those are comfortable margins in both places, but not nearly what Trump won, obviously. But I think that after that state Senate race in Pennsylvania, I think people were wondering whether you could actually lose

That was brought up as a huge issue. Again, there was a lot of money that flooded into these two races as well. Right, much more than... From national places that would come in. Right. And by the way, that's where dark money can usually make a difference. What was it in Wisconsin? Was it 100 they said? What did McCarthy say yesterday? 100? Well, he...

The reason why I was so focused on it was he was focused on Wisconsin. No, I know. He thought that Wisconsin was more important than Florida. The implications for the. Yeah, for that. But no one thought I was going to. No one thought really deep down. I mean, I think that most of the news stories did. And I think that Elon Musk went there to go do. Right. No, they were trying. But Wisconsin is I mean, Trump won by less than nine tenths of a percentage point in Wisconsin.

I wasn't, I didn't think that was going to happen. What happened was, it was status quo was preserved in all three of these races. Right. Basically is what happened. Right. Yeah, it would have been, I still thought it was, I think that's why he was so interested in it and said things like the end of Western civilization. I don't think it was ever likely really to flip. And it didn't.

Coming up next on Squawk Pod, the premier of Ontario, Doug Ford, a vocal critic of today's looming tariffs. He says it'll be a rude awakening for many American workers, but he's still willing to negotiate with President Trump. He knows and Secretary Lepnick knows that we're willing to take these tariffs off like in the next minute if he said he's taking their tariffs off.

Under Biden, Americans' cost of living skyrocketed. Food, housing, auto insurance. Lawsuit abuse is a big reason everything's more expensive today. Frivolous lawsuits cost working Americans over $4,000 a year in hidden taxes. President Trump understands the problem. That's why he supports loser pays legislation to stop lawsuit abuse and put thousands back in the pockets of hardworking Americans.

It's time to make America affordable again. It's time to support the President's plan.

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Yes, it is. Tea day. The built-up, awaited day for the Trump administration's rollout of expected tariff policy. Hours before the president's planned Rose Garden remarks, our Squawk Box anchors spoke to Ontario Premier Doug Ford. The Conservative Party politician has become a surprising antagonist to the White House, calling for retaliatory tariffs against the United States. Ontario is a close neighbor with an economy heavily dependent on the U.S. auto industry.

Here's Andrew. Ontario Premier Doug Ford, we very much appreciate you joining us this morning. I imagine you're going to be watching and listening to the president later today. But even before we get there, have you had any meaningful conversations with this administration about what these tariffs could look like? I have, Andrew. And first of all, thanks for having me on. And I always start every interview. Canadians love Americans. I love America.

and they're just an incredible neighbor. And saying all that, I had a conversation last week with Secretary Letnick

and just told them how we feel. It's going to hurt Americans. It's going to hurt American jobs. It's going to hurt investments. We've seen the market tumble. I'm sure it's going to start tumbling again today because people don't want uncertainty. Markets don't want uncertainty. And I've never seen anything like it. Attacking your number one customer, President Trump is, not the American people.

uh president trump's uh attacking uh their number one ally their number one customer and uh it's just it's gonna be unfortunate he calls it liberation day i call termination day because people are going to be losing their jobs across the u.s you can't just all of a sudden put tariffs on every every part and uh every widget that comes across the border

Ontario alone employs over 9 million people. They wake up every single morning to produce products for Ontario. That's Ontario alone, not mentioning the entire country. Do you expect this to be a negotiation, meaning there has been a...

sense implied or otherwise that we're gonna hear a number where there's 20% or something else as a sort of top And that if folks like yourself come forward and say, you know what? We're gonna take some tariffs off of this and we're gonna do this perhaps that those Tariff numbers come down. Well, let's hope so Let's sit down and discuss this because it's just gonna hurt American jobs. I can't stress it enough. I

And, you know, again, he believes he's supporting Americans. He said he was going to create jobs, create wealth, reduce inflation. It's worked the total opposite. Inflation is happening. But do you think it's fair that you have tariffs on a whole number of products? That's right. And we'd be willing to take those off tomorrow if he took all the tariffs off. We are not the problem, Andrew. Do you know what the problem is? China is the problem.

And he's taking a blind eye to China as they continue to build their critical mineral mass. We have all the critical minerals that our great neighbors need. We have the energy that our great neighbors need. I just want to go back for a moment. If, in fact, you're prepared to take your tariffs off, why wouldn't you have that negotiation and that conversation now before any tariffs get put in place? Well, we've had this conversation for over the last month. We don't want tariffs.

We have another $65 billion worth of tariffs to launch today. That's the last thing we want to do because it's just, again, it's going to hurt both countries. It's going to hurt American workers. That's the last thing I want. Andrew, take the other ones off, not the ones you're launching today, the ones that you already got. You're saying you take all your tariffs off. That's right.

Then why is that not? I guess my question is, why has all of that not already happened? And does and does President Trump know that you'd be prepared to do that?

He knows. And Secretary Lepnick knows that we're willing to take these tariffs off like in the next minute if he said he's taking their tariffs off. Let's look at the auto sector. So how much of this then is a is some kind of theatrical dance between both yourself, frankly, and the administration? I mean, it sounds to me like if you're prepared to take yours off right now, he should be prepared to take ours.

whatever we would implement and we wouldn't have this conversation. What I can't figure out is whether both of you are waiting so that you can say that you've both won in some way.

Andrew, let me be very clear. We didn't start this tariff war. You know, a tariff on Canada is a tax on Americans. Simple as that. But you've already got tariffs, Mr. Premier. You say you didn't start it. You already have all these existing tariffs that you're willing now to take off. We don't. We're putting them on today. Right. Joe, Joe, you've had these tariffs. I mean, we're getting tariffed on, you know, the auto parts, for example, is a big part of our economy here.

And right away, I had a conversation with the Prime Minister this morning, and I can tell you one thing. If he dropped all the tariffs, we'd have zero tariffs. We'd grow the, as I say, you can't unscramble the egg, you have to make a larger omelette.

And I believe in the Amcan fortress. Premier, the idea that you're prepared to get rid of all of your tariffs is exactly what President Trump wants. And by the way, he would take that as a win. I mean, I think he'd take this interview as a win if in fact you're saying, OK, we'll do no tariffs because then he should do no tariffs. That's right. But right now he's doing tariffs on the vehicles.

Right. So we're proposing the tariff, I should say. So it's just this tariff war between the two greatest countries is ridiculous. Again, we didn't start this. We want to build the relationship that we've had for 200 years. I thought you were going to come down and have some conversations about the USMCA and, you know, some of that stuff.

Maybe that wouldn't be, you did have that. Was there progress? I had a conversation. Is it possible to talk about that? I thought it was a great conversation. We're dealing with very bright business people, there's no doubt. Secretary Lutnick is bright, so is the President. I'm not too sure if they understand the supply chain system between Canada and the U.S. It's so integrated. It's been that way in the auto sector since 1965, and it's worked well.

And we buy as many cars as we sell down there. And the ones we sell down there, 50% of them are made from American parts. Compared to Mexico, we buy 400% more cars than Mexico, 200% more than anyone in the world. Let's get back to growing our economy and strengthening our borders from China. As we're sitting here, China's building up their critical minerals and cutting the U.S. off. We have those critical minerals and

There's no one else I want to share them with than our greatest friend and ally. Peter Welch, a senator from Vermont, he pointed out that he's been talking to small and medium and large business owners in Vermont. China tariffs are one thing. They've been ripping us off for decades. And the president is standing up to them. I support that. But Canada and Mexico, where we have this USMCA agreement that he negotiated, by the way, and has been beneficial all around,

Why unravel that? The Canadian tariffs are particularly troubling for me in Vermont. That's our biggest trading partner, but it's the biggest trading partner for 34 states.

It is obviously the largest trading partner, Canada, for Vermont. He pointed out how crazy it could get if USMCA wasn't followed under some of these issues. Like if you have timber that is sent from Vermont up to Canada to be milled and cut and then sent back and it gets tariffed on either side of that. You could be talking about some pretty substantial changes. Are these conversations you have had with members of the Trump administration?

I had the conversation with the Secretary Lutnick. He knows what's at stake. We're the number one customer to the U.S., number one trading partner to 28 states. Again, Ontario alone, just Ontario would be your third largest trading partner in the world, over $500 billion of two-way trade. This is the most ridiculous thing I've ever seen. I just want to build our relationship, strengthen our relationship.

you know, trade and keep an eye on the people that don't like us. And there's one country that doesn't like us, and that's China. What what what has the administration's response been? Do you feel like you have an understanding of whether there's going to be room to negotiate? Or do you feel like you're just waiting to see what happens at four o'clock and then see any conversations that take place after that?

Well, I'm hoping there's room to negotiate because if we don't sit across the table, this just escalates. We need to bring the heat down right now and, you know, come with common sense solutions. And I'd be down there tomorrow to talk to Secretary Lutnick. I talked to him the other night. I asked him, you know, what are we expecting April 2nd? And he said he wasn't sure. Now, I don't know if he was blowing smoke or he really didn't know what to expect.

Maybe it's the latter. But I have a great deal of respect for Secretary Lutnick. He's a smart person, smart business person. We need to get rid of these tariffs and focus on our real enemies around the world. Doug, I was looking for an article I saw recently that said Canada, one thing they can do to just reset their entire economy is just to embrace the energy that you're able to provide in such an energy resource. Do you think Mark Carney...

Do you support him? Is he the right guy to be leading Canada at this point with his? I don't know. He talked about climate justice and climate, this climate that I don't know. He definitely is a zealot. Is that the guy that you would prefer to be running the country when you need you need fossil fuels and exporting fossil fuel?

Yeah, and I'm not going to jump in the middle of that. Oh, please do. No, no, no. Just hear me out for a minute. I'm not jumping into the federal election, but I will tell you,

I believe he believes in building pipelines all the way east, all the way west, another one south and another one north. I believe in the critical minerals. He believes in one window permits so we can get that critical minerals shipped down to our closest friend and allies. We have more critical minerals than anywhere in the entire world. And there's one place I want to ship them. And that's down to the U.S.,

And we have 33 of the most critical minerals right on your doorstep. 50% of the high-grade nickel that the U.S. uses for their military, for their aerospace and manufacturing comes from Ontario. Let's ship you more. Let's ship you more. I guess getting back to our original point that Andrew was making, you're talking about

The retaliatory tariffs that Trump's putting on, and you kind of keep dodging the point about the original tariffs that were already existing that Canada had. And why not get rid of those and then maybe there wouldn't even be retaliatory tariffs? Why not do that first?

Well, I think he has to look at, you know, the tariffs that he's put on Canada. I think we need to sit down and let's get back to a USCA deal instead of USMCA deal, because Mexico is bringing in cheap parts from China, slapping on a made in Mexico sticker and costing American Canadian jobs.

So let's clear the slate and let's move forward. We got to go, unfortunately, up against a hard break. I want to thank you for joining us. I hope you'll come on back. And I hope this does get resolved one way or the other as soon as possible, given just all the uncertainty that hangs over all of this. So good luck with that. Thank you, folks. God bless America. God bless Canada. Let's get this done.

Coming up, AI Joe, Becky and Andrew. We're going to talk deep fakes and protecting against them with the CEO of a company that just got an investment from OpenAI. Tips to minimize your risk, like deleting your voicemail and artificial intelligence TV anchors. Do people actually fall for this stuff? Yes. Yes, they do. AI Joe.

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Restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank and a member FDIC. This is Squawk Pod. Up on Becky. Q. You're watching Squawk Box right here on CNBC. I'm Becky Quick, along with Joe Kernan and Andrew Ross Sorkin. OpenAI making its first cybersecurity investment. It's a big one. It's in a company called Adaptive Security, which simulates AI-powered cyber attacks and

and provides risk assessments. Today, the company announcing it raised $43 million in its latest funding round, which also includes and was led by Andreessen Horowitz, OpenAI's startup fund as well. And I should say, we met and he played this, it was almost like a party trick at a lunch on me where all of a sudden I started to hear my voice off of his phone. The Squawk Box team gave you some information

Well, the show gives you it. So take a look at or listen at how this all works. This is a sample of our own AI generated voices and you can start to think about how scary this can really be.

Let's talk about the tech. Are deepfakes really that big of a threat to companies right now? This is Becky. Just to make sure I understand, you're saying this kind of attack is already happening in real scenarios? Hi there, this is Joe Kernan. Someone gets a recording of my voice from, what, Squawk Box clips online, and then they can just call up our finance team pretending to be me. Do people actually fall for this stuff? I mean, wouldn't someone notice it's not really me on the other end of the line?

So join us right now. First on CNBC is Brian Long is the co-founder of and CEO of Adaptive Security. I did say, I mean, it was a little bit different and maybe it's because, you know, we know what's going on. You can hear in the voice. But like when I'm looking, we're looking when I was sitting with you and all of a sudden you broke out your phone and said, hey, do you want to hear yourself? I was sort of in shock. And the idea that somebody could call somebody I know and say, hey, this is Andrew.

and ask somebody to move money on my behalf is sort of a shocking and scary thing. - Yeah, it's pretty wild and the technology is getting better and better every day. So I think it's about 85% the way there today, but I think in the next year you're gonna see it hit the mid 90s.

beyond just hearing the voice and likeness of the individual, and this is really important, it's not just voice and likeness, it's trained in all the open source information out there about you. So clips about you, information about you, et cetera. - With no secret things. - Well, the other thing that came out of our little lunch together was, I now have a password for our family.

because you and I discussed this idea that somebody could call you, you could think it's your son or your wife or your daughter or whatever, and know enough about you based on what's on the internet to maybe have like a genuine conversation. But if they don't know this one little thing, maybe that's going to... So in the business context, is everybody going to have to have a password? If you're the CEO of a company who has to interact with a CFO, for example, because you don't want the CEO...

the fake CEO calling the CFO saying, "Hey, you gotta move X amount of money to transfer money to so and so." - Yeah, so two things there, two tips. I think number one, you do want to make sure you have some sort of passcode, particularly for things with family members or something in your company that's a really important transaction. And then number two, I would definitely delete your audio voicemail on your phone. So when someone calls you, if it's your voice today,

change that to the robot. You do not want your voice out there, especially if you're not a public person. It doesn't matter for us. You're going to be out there. But really what we're going to see happen at a lot of companies on these attacks in the next couple of years, they're not going to target the CEO or the CEO executive. They're going to target the controller. They're going to target the people in middle management where they can get your voice in just three seconds from a voicemail and then become them. Or they can call you at home and you answer the

phone. Yeah, I mean, look, you can find anyone's phone number, almost over 90 percent of people's phone numbers we can find in seconds online. But how worried are you that in this this goes back to the larger question, maybe a social media in a universe where everybody is sharing, potentially oversharing. And there's video of I mean, you know, we're obviously on TV every day. But I would say a good portion of America is

in some way or another, is actually talking on either video or audio on things all the time now. It is, it is. And look, the number of these attacks are up by a tremendous amount. They're up by 17x last year. There are over 100,000 deepfake attacks in the U.S. alone. And we're going to continue to see that exponential growth. What's the worst or most clever attack you've heard of so far?

You know, there was an attack that got a little bit of the news at the end of last year in which someone did a deepfake impersonating the foreign minister from Ukraine and actually had a deepfake phone call with the chairman of the US Senate Foreign Relations Committee and was able to like, you know, gather information. There's a lot more of these attacks happening every day. When I started talking to customers about this a little over a year ago, I would have about 5% of executives that hadn't experienced an attack at their company.

Now it's probably about 30, 40%. And it's kind of your classic, when you see a mouse, there's 20 more in the wall situation. What does your product do exactly? Yeah, so what our company does is we help prevent these type of AI-powered cyber attacks. And we do it with two things. Number one, we simulate AI-powered attacks so we can figure out what those attacks might look like at your company. And then number two, when someone fails one of those simulations, we then train them on what not to do next time. So we try to bring that risk down. If I have a cold...

Am I not going to be able to get through the security as myself because I don't sound like myself? I think you're still going to be able to get through it as yourself. And frankly, being able to detect whether it's you or a deep fake in the next couple of years is going to be nearly impossible, right? Because it's just going to get harder and harder to tell the difference. I think what companies are going to have to have are just better controls. Well, how are you, how does your company, if in the next few years, it's impossible to tell the difference between a deep fake and a real thing, how does your company have a

future? Yeah, so we simulate those attacks at businesses in order to figure out where a company's controls would fall apart. And then we train those individuals on how to follow those controls. So there are companies, for example, that work with, there are security companies that work with big corporations, for example, to perform phishing attacks on

on employees just to see who's vulnerable, who's not. Is that what we're talking about, but in an AI context? That's exactly what we're talking about. But in the AI context, those attacks are not just happening on email, where predominantly these attacks historically, you know, you've probably gotten emails about it. Where they're happening now are over the phone. So real-time voice phone calls, SMS-based messages, even over video chat and Zoom, where we don't have the protections that may exist in email. Two pieces of news you can use I'm curious about.

You can actually spoof your own phone number now or attackers can spoof a phone number so that it would show that Andrew Sorkin is calling somebody else. How does that work? Just so we understand it. And what are we supposed to do about that?

Yeah, so look, I think when you're getting a phone call, you really need to not trust who the person is on the other end. There are ways for individuals to make it seem like they're calling from someone else. And the scam's getting bigger and bigger. I had one of these voice attacks actually call me yesterday. So again, you know, you need to be careful. You need to really be thoughtful when you're hearing someone ask for things, particularly when there's a lot of urgency around the request. How did they, how did you know it was a scam? They asked you for money right away?

Yeah, yeah. They were trying to get into a cryptocurrency account and they were, you know, saying they were calling from that account and they had my information. And then if you combine this deepfake with Oz Perlman and he's there. Oh, the

The magician. And then they say, you know, remember the go-kart thing he came up with? They know all your secrets. He knows all your secrets. So any passwords or what's your favorite winter sport? He knows. So you can't stop him. I think the thing... You couldn't stop him. Just give up. O's is amazing and it's also hard to compete with Donate. But look, I think that beyond that, the thing to remember here is that instead of it just being an individual on the other end of the scam or on the other end of the attack, it's AI. So...

So it can operate at unlimited scale. It can call every single person at the company, and it only needs one of them to work. Where historically, they would have to go through the list, and they'd only get through a few people. That's terrifying. Now they can call all 50,000 people at a company and get through it. That's terrifying. Brian, thanks for scaring us this morning. Congratulations on the new funding round. We appreciate you coming in this morning. Thanks for having me. Thanks.

And that is SquawkPod for today. Go change your outgoing voicemail message. Probably too late for me. I already voiced this podcast. SquawkBox is hosted by Joe Kernan, Becky Quick, and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6 Eastern or get the best of our TV show right into your ears when you follow SquawkPod. Follow this podcast wherever you listen. Have a great day. We'll meet you right back here tomorrow. We are clear. Thanks, guys.

Under Biden, Americans' costs of living skyrocketed. Food, housing, auto insurance. Lawsuit abuse is a big reason everything's more expensive today. Frivolous lawsuits cost working Americans over $4,000 a year in hidden taxes. President Trump understands the problem. That's why he supports loser pays legislation to stop lawsuit abuse and put thousands back in the pockets of hardworking Americans.

It's time to make America affordable again. It's time to support the President's plan.