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They are at time.com/newsletters and are separate from a paid subscription. ## Video: From Trade Wars to Tech Titans: Let’s Break Down Everything You Need to Know This Week [Watch (HLS stream): From Trade Wars to Tech Titans: Let’s Break Down Everything You Need to Know This Week](https://cdn.jwplayer.com/manifests/UdOVmTmu.m3u8) (14:01)  _Published 2018-08-01. How Trump’s tariffs and trade wars hit your wallet, who’s going to lead the 2019-2021 NFL Hall of Fame ballots, Facebook’s recent stock dive, and the ongoing battle to stop 3D printed guns._ --- Jul 28, 2023 12:21 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [From Person of the Year to Big Tech: Let’s Break Down Everything You Need To Know This Week](/video/CTHhIi7Z/) ### From Person of the Year to Big Tech: Let’s Break Down Everything You Need To Know This Week [From Misinformation Wars to Wins at the U.S. Open: Let’s Break Down Everything You Need to Know This Week](/video/nRCpru5R/) ### From Misinformation Wars to Wins at the U.S. Open: Let’s Break Down Everything You Need to Know This Week [From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week](/video/UCjzyRoQ/) ### From Tariffs to Tech: Let’s Break Down Everything You Need to Know This Week --- ## Transcript [ MUSIC ] Welcome to The Breakdown, I'm your host [ UNKNOWN ] and we're here with the top stories of the week, from Money, Sports Illustrated, Fortune, and Time. Now this week, how Trump's tariff and trade wars hit your wallet, who's going to leave the 2019 to 2021 NFL Hall of Fame ballots? A look at Facebook's recent stock dive, and the ongoing battle to stop 3D printed guns. So lets dive in. [ NOISE ] [ MUSIC ] Tariffs are the talk of the town but politics aside how do they affect your wallet. For those of you who don't regularly find yourselves mulling over international trade, tariffs are essentially an additional tax on imported goods. They're applied when a government wants to encourage the growth of a certain industry domestically so they impose tariffs on imports of that product. This drives up the price of foreign goods and theoretically allows the domestic product a better chance to compete in the open market. That was Trump's thinking when he slapped tariffs on aluminum and steel from other countries in March. That it'll force companies to buy American. But tariffs often mean retaliation and a resulting trade war, and companies that are forced to pay the tariffs don't want to eat the cost themselves. They wanna pass it onto consumers. So, what affects your shopping list? The Wall Street Journal estimated that the average cost of washing machines have shot up 17 % over the past four months and the 25 % tariff on steel and 10 % on aluminum has far reaching effects. Everything from soup cans to cars use imported steel and will need to price hikes. Trump's tarriff on aluminum is also forcing soda manufacturers to like Coca- Cola to raise their prices. Additionally, Trump has said he might institute a separate tarriff as high as 25 % on foreign cars and car parts which could drive up the prices for the most popular cars in America by $ 1, 400 to $ 7, 000. The price for a Ford Escape made with 40 % of foreign parts will be 2, 274 dollars higher if buyers are to absorb that entire cost. Meanwhile a Mercedes Benz glc class which is a hundred percent foreign made would increase it's price from 36, 846 dollars to 45, 400 dollars if customers were to absorb a hundred percent of that Price hike. The latest round of threatened tariffs on $ 200 Billion dollars of Chinese goods could also up the price tag of your Apple Watch, Fitbit, Sony speakers, and other accessories assembled in the region. At this point the president has either threatened or planned tariffs on the vast majority of imported Chinese goods and Americans buy a lot of those. Eighty four billion dollars was spent on Chinese manufacturer cell phone just last year, as well as sixty seven billion dollars worth of computing equipment and twenty eight billion dollars worth of toys. The trade dispute between with Mexico, Canada, and China has left another industry vulnerable. Meet has piled up in U. S frozen storage resulting in oversupply and fallen prices for beef and pork. Trump think the US will come out on top in this trade war, but if countries continue to match the US tit for tat with their own tariffs, consequences could go even deeper in to American wallets. [ MUSIC ] On August 4th, Ray Lewis, Randy Moss, Brian Urlacher, Jerry Kramer, and four other football legends will receive one final not to their storied careers, entry into the NFL Hall of Fame. These All- Pros will gather at the birthplace of professional football, Canton, Ohio, to don a symbolic gold jacket and celebrate their gridiron immortality. the annual ceremony has been staple on the NFL calendar since the Canton Museum first opened in 1963. Each year legends are chosen by forty- eight member select action committee, and while there's no set number of inductees per year, the committee generally picks four to eight players for the honor. While every hall of fame class is strong, this year both a particularly high wattage group. Former Baltimore Ravens linebacker Ray Lewis is the most decorated of the class as a two- time defensive player of the year and Super Bowl MVP. Both Brian Urlacher and Randy Moss join him as first- time noms. Moss is third all- time in receiving yards and second in receiving touchdowns. He's regarded as one of the most dominant wide receivers ever. Many of the greatest players are picked in their first year of eligibility, like Joe Montana and Reggie White, but others have to wait a few cycles before getting the call. It took Terrell Owens three times to get his invitation this year, despite being second in all- time receiving yards. Owens, while grateful for the honor, decided to skip the official celebration and will deliver his induction speech at his alma mater. But no former player has waited longer for the Hall's call than Jerry Kramer, who played his last season with the Green Bay Packers in 1968. As of 2018, 318 individuals have been picked for NFL enshrinement, but since players are first up for induction of five years after retirement, we already know who'll be leading the ballot in the years ahead. Tony Gonzalez, Ed Reed, and Champ Bailey are bound for 2019's Hall call. For Bailey's status as the game's top shut down corner, to Gonzalez's receptions which are second only to Jerry Rice. It's no wonder these pros are first ballot favorites. In 2020 safety Troy Polamalu, wide receiver Reggie Wayne, and linebacker Patrick Willis are all serious contenders. Polamalu is a lock for first ballot but Wayne and Willis are tougher calls. They have the resume to get in eventually but they could have a slightly longer wait. And 2021 is looking like another high wattage year. Peyton Manning is up for induction, along side Charles Woodson, and Calvin Johnson. Manning is a no brainer, he's first on the All Time List with 71, 940 passing yards, and 539 passing touchdowns, in addition to being a two time Super Bowl Champion. And five- time NFL MVP. Johnson might not be as much of a guarantee since he did retire early, but he certainly left his mark on the game. For now, all eyes are on this year's inductees. Maybe we'll even be in for a repeat performance of Ray Lewis' squirrel dance. [ SOUND ] [ MUSIC ] Wall Street and Silicon Valley long stood as the perfect pair. But Facebook's recent tumble has investors pausing. On July 26th, shares of the social media giant fell 19 %, wiping out roughly $ 129 billion of shareholder wealth. That's the largest one day destruction of market value a company has ever suffered. The decline in Facebook's market value was so significant, it's roughly equivalent to the entire evaluation of some of America's best known companies as of June 2018 Like McDonald's and Nike. And the stocks continued to fall the following week before finally leveling out. What's surprising is that the post election scandal ridden tech giant seemed to weather the storms without impacting its valuation. In fact the company's stock was at an all- time high of 203 dollars and 23 cents per share in early July despite the Cambridge analytical scandal and Zuckerberg's poorly received testimony before congress about the incident. A Facebook second quarter earnings call had investors spooked after the company revealed it's shifting its focus from sales growth to a prioritization of security and privacy. Facebook's biggest problem right now actually I think is twofold, but on one hand, it's in a crisis of trust. People do not trust the company or believe Mark Zuckerberg has a plan to fix it. At the same time its business model is under threat. It's having a hard time. Its very lucrative advertising machine Slowing down and in the process of reconfiguring how to make that work. And Facebook isn't the only social media giant to take a tumble in the market. Twitter, which took a dive along with Facebook, even though it seems that Twitter is doing well. It's ad numbers are up, it's selling large product mixes solid. I think the market reacted because huge numbers dropped. However, that's a result of Twitter cleaning out a lot of the bots and fake customers that never existed in the first place. So I think that's actually healthy. The market might have overreacted, but the numbers they do have left are real customers who are consuming their ads. Put us in better shape on Facebook at the moment. But why are these market golden boys facing whiplash when they're making long- term investments to better their platform? So now that finally things are slowing down a little bit, investors are overreacting, and that's why you saw such deep, unpredictable drops. I think some of that's gonna be clocked back for the next year though. Facebook's grand stumble also cast a light onto tech's incredible concentration of power on the markets. 99 % of the year to dates S & P's gains can be credited to six tech giants Amazon, Netflix, Microsoft, Apple, Alphabet and Facebook. Facebook, Apple, Amazon, Netflix, Google. I always treat them as a bundle. However, they're going in very different paths right now especially as. Microsoft, Amazon and Google have a very good couple of quarters. Even if Facebook and Netflix are having bad quarters, investors are beginning to realize that all big tax dogs are the same. It's a pleasant surprise, almost, in how resilient the rest of the market is, even when a company as big and important as Facebook has a down quarter. As Facebook makes new investments, it will become even more attractive to investors. With some of it's moves ultimately increasing the profitability of Instagram, Whatsapp, and Messenger. But, there's still a long road ahead to monetize those updates Investors, at least, have short memories. I think if Facebook just finds its footing, can avoid a crisis for a quarter or two, and reach [ UNKNOWN ] advertising, I think Facebook is gonna be fine for the long term. [ BLANK_AUDIO ] Just hours before blueprints for 3D printed guns were set to be released online due to a settlement reached by the federal government, a judge in Seattle abruptly granted a temporary nationwide order to block the uploads. In a tweet, Trump appeared to oppose 3D guns, despite his administration's settlement ruling. Because designs for the guns were posted in advance of their original release date, more than 2500 people already downloaded plans to print an AR- 15 style semiautomatic assault rifle. But after the Seattle judge's ruling, download links have been removed from the website. This case began five years ago, when a man named Cody Wilson started to distribute 3D printed blueprints for a weapon called the liberator, only to have Obama- era state department shut him down for violating arms expert controls. Wilson complied, but then filed a counter suit that ended with a June 29th settlement, giving his nonprofit Defense Distributed reign to distribute 3D gun specs freely. Despite the government winning lower court rulings on this case, the Trump administration settled because new government regulations made the case moot. The Commerce Department took over the regulation of Certain firearms, from the State Department, to draw a distinct line between military and nonmilitary weapons. And the settlement had gun safety advocates worried. By printing a gun yourself, you can bypass all existing legal processes in place for gun ownership. These build your own firearms have no serial numbers and are untraceable. Traceable, earning them the nickname Ghost Guns. Because 3- D guns are made of ABS plastic, the same material Lego blocks are made from, the guns can also slip through metal detectors. The NRA even chimed in and said that plastic guns are illegal. Eight states filed suit in Seattle against the Trump Administration settlement arguing these weapons are a threat to public safety. Discussing the court's ruling, Washington Attorney General Bob Ferguson appeared on Anderson Cooper 360 and said this. This is a nationwide ban so it does, it takes us back To a period of time before the federal government flipped on their policy regarding these 3D ghost guns. Here to discuss the case and it's broader impact, is Times senior editor Alex FitzPatrick. All right, Alex, thanks so much for joining us. Now, publicly available weapons manuals do exist. We've all heard of the anarchist's cookbook. So what is the significance of an open- source blueprint for 3D guns? Well, we've never had a way for somebody to download a way to build a gun, and basically click a mouse button and have that gun built. That's a huge step forward in terms of technology. Now, the judge actually blocked blueprint downloads, but the Internet is so far- reaching. So are the laws equipped to handle open- sourced weaponry? No, they're really not. This is a very classic case of the law just not being updated enough to deal with technological advancement. Once something is on the Internet, it's pretty much always there, and copies of these manuals are already available on other websites. So some people argue that people are overreacting about 3- D guns. They say that they're clunky, they're expensive, they don't post the same threat like Real guns do. So do they have a point? And who's actually interested in these 3D models? To some extent that's true, but a rule of technology is that they get better and more efficient over time. Compare the iPhone you have now to the iPhone you had 10 years ago, and there's almost no comparison other than the way they look. The people who are interested in these weapons are mostly libertarians and Second Amendment supporters who don't believe in government oversight of guns and weapons. Now, of course, we'll see how the government continues to respond to all of this. Alex thank you so much for joining us. Sure. And that's The Breakdown for this week. Until next Wednesday I'm Neha Joy and thanks for joining our roundup of this weeks biggest stories. 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