Tariffs Announcement - The US will impose a 100% tariff on branded or patented pharmaceutical products starting October 1st, with exemptions for companies building drug manufacturing plants in the US or those with ongoing construction projects [1][2] - A 25% tariff on imported heavy trucks will also take effect on October 1st [2] - A 50% tariff will be applied to kitchen cabinets, bathroom vanities, and associated products, while a 30% tariff will be imposed on upholstered furniture, both starting on October 1st [3] National Security Justification - The president cited national security as a reason for the new tariffs on kitchen supplies and furniture, indicating a broader interpretation of national security that includes economic productive capacity [3][17] - Section 232 investigations into imports of robotics, industrial machinery, and medical devices may lead to additional tariffs, suggesting a strategic approach to tariff implementation [3][16] Impact on Agriculture - The trade war has negatively affected American farmers, particularly in soybean exports to China, prompting the president to develop a mechanism to transfer tariff revenues to support farmers [4] Trade Agreements and Exemptions - Questions arise regarding how these new tariffs will interact with existing trade agreements with countries like Japan, Korea, and Europe, particularly for products already covered under those deals [5][6] - The potential for exemptions from tariffs has raised concerns about crony capitalism and favoritism towards large businesses, as highlighted by industry leaders [8][9] Future Political Landscape - Speculation exists that even if a Democratic administration were to take power, the current tariffs may not be fully rolled back due to the political implications of harming American workers [20][21] - The ongoing use of tariffs as a tool for political leverage may complicate future trade negotiations and exemptions [22]

Core Viewpoint - Ken Griffin, CEO of Citadel LLC, has publicly criticized President Trump's tariff policy, labeling it as "anti-American" and favoring "the big and the connected" [1][2]. Group 1: Criticism of Tariff Policy - Griffin expressed that the line of businesses seeking tariff exemptions is "nauseating," highlighting concerns over crony capitalism and fairness in economic policies [2]. - He warned that government intervention in selecting economic winners and losers ultimately leads to negative outcomes for all [3]. - Griffin cautioned companies against relying on favors from the current administration, suggesting that this could backfire with a change in leadership [3]. Group 2: Economic Impact of Tariffs - Senator Elizabeth Warren and economists have attributed rising goods prices in the U.S. to Trump's trade and tariff policies, with 72% of CPI components exceeding the Federal Reserve's inflation target [6]. - Despite the criticism, Trump's tariffs have generated nearly $350 billion in revenue, raising significant discussions about their impact on the U.S. economy and trade policy [6]. Group 3: Historical Context of Griffin's Criticism - This is not the first instance of Griffin criticizing Trump's economic policies; he has previously expressed concerns about Trump's influence on the Federal Reserve and the potential risks involved [4]. - Earlier in the year, Griffin also warned that the administration's tax cuts and focus on low-wage manufacturing could lead to stagflation [5].

Joining us now to talk about the proposed US government stake in Intel and the future of industrial policy. Uh if that's what this is, CNBC contributor Walter Isacson. He's a professor at Tulain uh University and a Pella Weinberg advisory partner.Historically, um Walter and welcome. If if you look up public private partnerships, it's there's a long history of things like that. most of which the it's either Latin America, China or somewhere else where it's been done and and usually not very successfully.Ther ...