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Trump Adviser Unloads Steel Stocks Days Before Tariff - YouTube
Channel: The Young Turks
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DONALD TRUMP ANNOUNCED HIS
NEW ROUND OF STEEL AND ALUMINUM
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TARIFFS, WE KNOW ECONOMIC
IMPACTS, THE STOCKS OF A LOT OF
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COMPANIES DEPENDENT ON THOSE
MATERIALS DROPPED, THOSE
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COMPANIES WILL NOW HAVE THE
CHARGE HIGHER PRICES, PEOPLE
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WORRY ABOUT THAT SO THE STOCKS
GO DOWN.
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WHICH MEANS IF YOU
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INVESTED IN THOSE COMPANIES YOU
MIGHT HAVE LOST A LOT OF MONEY.
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WE ARE TALKING ABOUT A LOT OF
COMPANIES, A LOT OF
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SHAREHOLDERS, IT'S REALLY
COMPLICATED, SO TO SIMPLIFY IT
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LET'S TALK ABOUT ONE INDIVIDUAL
AND ONE COMPANY, WHO DIDN'T LOSE
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A LOT OF MONEY.
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THE COMPANY IS
MANITOWOC, AND THE INDIVIDUAL IS
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CARL ICAHN, WHO YOU MAY HAVE
HEARD OF BEFORE, BECAUSE HE WAS
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A FORMER ADVISOR TO DONALD TRUMP
WHO ENDED UP LEAVING THE
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ADMINISTRATION BECAUSE OF
CONCERNS OVER CONFLICT OF
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INTEREST, WHICH WE WILL RETURN
TO --
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WHICH
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MEANS THAT JUST TO DO TO
DUMB LUCK, SINCE HE SOLD THE
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STOCKS LAST WEEK HE SOLD HIMSELF
$6 MILLION.
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CARL ICAHN, FORMER
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ADVISOR AND CLOSE FRIEND OF THE
PRESIDENT, THE MEN WHO
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UNILATERALLY DECIDED
TO DO THESE TARIFFS.
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ISN'T THAT INTERESTING HOW THAT
WORKS IN GOVERNMENT THESE DAYS?
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TWO MORE PIECES OF CONTEXT ON
CARL ICAHN.
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TO GIVE A HUGE LOAN
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TO DONALD TRUMP EARLIER IN
TRUMP'S CAREER AND SAVED HIS
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SKIN.
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THE OTHER GUY WHO DID THAT
WAS WILBUR ROSS WHO IS NOW THE
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COMMERCE SECRETARY WHO BY THE
WAY ALSO PUSHED FOR THESE
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TARIFFS, IN FACT WAS THE LEADING
PERSON INSIDE OF THE TRUMP
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CABINET PUSHING FOR THESE
TARIFFS.
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I DON'T KNOW WHAT
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WILBUR ROSS'S ECONOMIC GAIN IN
THIS IS OR NOT, WE DO KNOW CARL
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ICAHN'S GAIN, BUT THEY ARE BOTH
CLOSE ALLIES OF THE PRESIDENT
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AND THE PRESIDENT SAID I TRUST
CARL ICAHN.
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AND THE SECOND PIECE
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OF CONTEXT IS HE TALKS TO THESE
FRIENDS AND ALLIES ALL THE TIME,
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IN FACT IT GREATLY FRUSTRATES
THE WHITE HOUSE STAFF AND
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ESPECIALLY CHIEF OF STAFF THAT
THEY WILL SET POSITIONS AND THEN
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AT NIGHT TRUMP WILL CALL HIS
BUDDIES AND SAY WHAT DO YOU
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THINK?
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IN FACT ONE OF THE
HILARIOUS REVELATIONS OF THE
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TRUMP WHITE HOUSE WAS WHEN THEY
KEPT SEARCHING FOR WHO THE
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LEADER WAS, IT TURNED OUT IT WAS
TRUMP BECAUSE HE WAS CALLING HIS
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FRIENDS AND BLABBING AND THEN
THE FRIENDS WERE LEAKING TO THE
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PRESS.
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SO IS IT POSSIBLE THAT
CARL ICAHN GOT A CALL FROM
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DONALD TRUMP BEFORE HE MADE THIS
DECISION?
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AND PERHAPS NOT EVEN
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IN A NEFARIOUS WAY FROM TRUMP,
BUT JUST LIKE BETTY, YOU WILL
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NEVER BELIEVE WHAT I'M GONNA DO,
I'M GOING TO DO A 25% TARIFF ON
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STEEL.
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AND CARL IS LIKE THANK
YOU, GOOD TO KNOW, I'VE GOT TO
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GO.
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AND AS HE'S TALKING TO TRUMP,
TRUMP CAN HEAR KEYBOARD KEYS
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CLICKING.
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AND THERE ARE LAWS ABOUT
THIS, AT LEAST IN CONGRESS YOU
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AREN'T ALLOWED TO SAY OUTSIDE
INFORMATION ABOUT POLICIES THAT
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COULD AFFECT STOCK PRICES, THIS
IS INSIDER TRADING, ALTHOUGH
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MAYBE NOT THE EXACT DEFINITION.
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ALSO ICAHN IS ANOTHER NEW YORK
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BILLIONAIRE WHO TRUMP IS FRIENDS
WITH AND ALSO HAS SHADY TIES
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WITH AS WELL, SO HE STILL
REMAINING WITHIN HIS OWN NEW
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YORK BUBBLE WHEN HE WAS ON THE
APPRENTICE AND JUST SHUFFLING
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THOSE PEOPLE IN AND OUT OF THE
WHITE HOUSE WITH HIS INFLUENCE.
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INSIDER TRADING, IT'S FUNNY,
EMMA IS MAKING AN INTERESTING
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POINT BECAUSE INSIDER TRADING IS
TYPICALLY THOUGHT OF AS COMING
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FROM INSIDE A COMPANY AND THEN
YOU ARE SHARING PROPRIETARY
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INFORMATION TO THOSE WHO ARE NOT
INSIDE THE COMPANY.
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IN THIS CASE
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YOU ARE SHARING PUBLIC POLICY,
OR WHAT WILL BECOME PUBLIC
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POLICY, WITH SOMEONE WHO HAS A
VESTED INTEREST IN THAT POLICY.
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IT DOES HAPPEN ON CAPITOL HILL,
THERE IS NO LAW FORCING
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DIVESTITURE AND A LOT OF THESE
DIFFERENT HOLDINGS THAT SENATORS
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AND CONGRESSMEN HAVE, AND THEY
HAVE COMMITTEES THAT ARE
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ACTUALLY IN CHARGE OF MANY OF
THE CORPORATIONS AND CORPORATE
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INTERESTS THEY STILL MAINTAIN,
FINANCIAL INTERESTS.
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PRICE GOT IN TROUBLE FOR
THAT.
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EXACTLY.
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LET ME BE CLEAR, THERE IS NO
LAW SAYING HOW TO GET RID OF ALL
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YOUR STOCKS YOU MIGHT WEIGH IN
ON, WHAT TO EMMA'S POINT, A
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NUMBER OF YEARS AGO THEY PASSED
A LAW SAYING YES, BUT WHAT YOU
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CAN'T DO -- BECAUSE THEY WERE
DOING IT RAMPANT OF COURSE, I
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KNOW YOU'LL BE SHOCKED TO FIND
OUT CONGRESSMEN MIGHT BE
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CORRUPT, BUT BEFORE THEIR VOTES
IN COMMITTEE, ETC., THEY WOULD
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THEN DO TRADES, EITHER BUY OR
SELL SOMETHING, BECAUSE THEY
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KNEW IT WOULD HAVE AN EFFECT ON
THE ECONOMY.
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GOT SO BAD THAT
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FINALLY THERE WAS A LOT OF
PUBLIC PRESSURE AND THEY PASSED
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A LAW SAYING YOU AREN'T ALLOWED
TO TRADE ON INFORMATION YOU KNOW
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AND COULD AFFECT THE MARKETS.
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THAT APPLIES TO PEOPLE IN
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CONGRESS, WHETHER DONALD TRUMP
AS PRESIDENT IS ALLOWED TO DO
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THAT FOR A FRIEND IS A DIFFERENT
QUESTION.
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WE ALL KNOW ETHICALLY
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THAT'S A TERRIBLE THING AND YOU
SHOULDN'T DO THAT AND THAT GIVES
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YOUR FRIENDS, WHO ARE
BILLIONAIRES AND PROBABLY ALSO
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DONORS AND GIVE YOU MONEY
EARLIER IN YOUR CAREER, AN
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UNBELIEVABLE ADVANTAGE, MILLIONS
OF DOLLARS IN ADVANTAGE OVER
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EVERYONE ELSE, BUT IT WOULD BE
INTERESTING TO SEE IF IT'S
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SOMETHING THEY COULD INVESTIGATE
TO SEE IF TRUMP BROKE ANY RULES
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OF THE WHITE HOUSE, OR LAWS, IN
TERMS OF GIVING THAT INFORMATION
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TO CARL ICAHN, WHETHER HE
REALIZED HE WAS GIVING IT AWAY
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OR NOT.
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THAT'S WHY SAY IT'S
INTERESTING, IT MIGHT NOT PASS
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THE LITMUS TEST FOR WHAT IS
PURELY INSIDER-TRADING AS WE
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THINK ABOUT IT.
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IT TOES THE LINE BUT IT IS
CERTAINLY UNETHICAL AS YOU SAID,
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WE HAVE NEVER SEEN A PRESIDENT
SO BRAZEN AS TO DO
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SOMETHING RIGHT THIS SO I DOUBT
THERE'S A LOT IN PLACE.
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IF I'M THE PRESIDENT AND MARK
IS MY FRIEND AND HE RUNS AN OIL
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COMPANY AND I'M GOING TO START A
WAR IN THE MIDDLE EAST THAT IS
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GOING TO DRIVE OIL PRICES UP,
AND I GIVE MARK A CALL BEFORE
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HAND AND I SAY MARK, I MIGHT OR
MIGHT NOT START DROPPING BOMBS
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IN IRAQ IF YOU KNOW WHAT I MEAN,
AND HE SELLS OR INCREASES HIS
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SHARES, COME ON, THAT'S
OBVIOUSLY WRONG, HE HAS
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INFORMATION OTHER PEOPLE DON'T,
AND THAT'S THE WHOLE POINT OF
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INSIDER TRADING IS A CONCEPT.
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THAT'S WHAT TRUMP IS DOING HERE.
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BY THE WAY ONE LAST THING, I
MIGHT BE BEING TOO KIND TO
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DONALD TRUMP IN SAYING HE MIGHT
NOT KNOW THAT HE'S GIVING CARL
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ICAHN THIS INFORMATION THAT
WOULD BE REALLY VALUABLE, I SAY
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THAT PARTLY BECAUSE I'M NOT
BEING GENEROUS TO HIM, HE'S NOT
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VERY BRIGHT, SO HE MIGHT NOT
REALIZE IT -- BUT CARL ICAHN IS
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BRIGHT.
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HE MIGHT NOT ONLY
RECEIVE THAT INFORMATION AND
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KNOW WHAT TO DO WITH IT, WHICH
HE ALMOST CERTAINLY DID, HE
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MIGHT PLANT THAT INFORMATION IN
TRUMP'S HEAD.
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IN THIS CASE I
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DOUBT IT BECAUSE ICAHN WAS
HOLDING STOCKS IN COMPANIES THAT
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WOULD GO DOWN, BUT IF YOU WANTED
TO PUT STUFF IN TRUMP'S HEAD,
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THOSE LATE-NIGHT CALLS POWER BUT
A QUARTER POUNDER WITH CHEESE,
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DONALD, YOU ARE GOING TO LET
CHINA PUSH YOU AROUND?
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THEY ARE
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JUST A CUTE LITTLE COUNTRY, YOU
ARE NOT GOING TO LET THEM DO
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THAT, ARE YOU?
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AND THEN TRUMP
WROTE ON TWITTER, HOW HARD IS IT
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TO MANIPULATE THIS GUY, IF YOU
DON'T HAVE STEEL YOU DON'T HAVE
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A COUNTRY.
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ICAHN COULD JUST CALL HIM AND BE
LIKE, DONALD, YOU WANT A
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COUNTRY, DON'T YOU?
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REALLY FAST, I'VE ALSO HEARD
THAT THERE HAVE BEEN IN THE PAST
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WEEK OR TWO THERE HAVE BEEN ADS
ON SOME FOX PROGRAMS PUSHING FOR
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A CHANGE TO BENEFIT THE STEEL
INDUSTRY, KNOWING HE WOULD BE
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WATCHING.
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AND A LOT OF THE MORE RECENT
TRUMP BUILDING PROJECTS HAVE
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USED, AS WE PROBABLY DETAILED ON
THIS SHOW MANY TIMES,
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OVERWHELMINGLY IMPORTED STEEL.
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SO HIS BUILDINGS, HIS
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STRUCTURES, THOSE TRUMP
LANDMARKS, THAT IS IMPORTED
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STEEL YOU ARE LOOKING AT.
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