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In fact, the last time the u.s. was in the middle of a significant economic downturn back in 2008 when president george w. bush was in office, that recession worked against the republican presidential candidate, senator john mccain. joining me now is someone who is right in the middle of that campaign, mark zammi. he is the chief economist for moodies. i'm also joined by jennifer rubenstein and john harwood, host of the cnbc digital series "speakeasy with john harwood." make sense of what is going on today. not the president's tweet, but about what happened that has caused the biggest percenta...

Brooke? >> pretty telling, looking at those tweets. the white house is trying to have it both ways, right? tariffs are great, and delaying tariffs, also great. >> look, any economist will tell you that the american corn assu consumer is paying for this tariff war. of late, two people involved closely in his trade policy have essentially acknowledged that, let's play that sound first. >> okay. >> we heard two things from the businesses that are going to be impacted by this, first of all, for the holidays, they had already bought the stuff, they had dollar denominated contracts, there was no way...

Them and then get your reaction. and consumers and that will be a problem. >> sure. >> mark, hearing you say the >> it's probably happening with words fodder for recession from hong kong, because when you look at what's going on, they've had the chief economist at moody's, riots for a long period of time and i don't know what china's attitude is. that's going to scare a lot of somebody said that at some point people at home. they're going to want to stop what about the strong spending that. but that's between hong kong and numbers that continue and the wage growth above 3%? that's between chin...

Now? you know his statement this morning from the campaign, same radical message. can they bet donald trump in a earlier? >> i think -- you know, donald trump is such, i view, a failure as a president. we had to address russia, but not with a tariff war. that was so crazy. so i think he's beatable by anybody. >> you mean china? >> i'm sorry, china. >> that's okay. >> but i think it's the sleep deprivation we all have this morning. >> i get it. >> i think they would have a harder time beating him than someone like myself. >> can they beat him? >> yeah, they can beat him. >> okay. let's talk fin...

Electorate for the most part is far more ginned up about other issues than they are about trade. that will trade once we get to the general. it's not true for everybody in the democratic party. but no, it's not -- >> i think trump is stealing that trade issue from them what do blue collar workers care about? trade. they're marginally in favor of tariffs. so i think he's sort of taken that. i will say one other thing. there's no one wall street. when i say i spoke to wall street, i spoke with my sources. they have different opinions. you get a decent trade deal, you get low interest rates or st...