'League of its own': Nicolle Wallace pinpoints Trump comment showing he's way out of touch

MSNBC host Nicolle Wallace began her Friday episode of "Deadline White House" discussing President Donald Trump's latest tease on tariffs from China.

"There are twists and turns today in the melodrama that is Donald Trump's handling of the U.S. economy," she said.

Trump has imposed a tariff on China at 145%, but on Friday, he suggested around 80% "seems right," as Reuters reported.

U.S. Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet with Chinese Vice Premier He Lifeng in Geneva for the negotiations on Saturday, Wallace noted.

"All of that — layoffs, bankruptcy, the prospect of empty shelves — that is what people here in the real world are worried about," Wallace continued, citing economists who spoke to the New York Times.

"While it differs from company to company, some executives have said that tariffs above 50 percent are generally enough to freeze exports to the United States," the report said. "Companies that are not able to find an alternative source of supply for their products outside China are facing the prospect of bankruptcy and layoffs as the summer grinds on and even 25 percent tariffs can be crippling."

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Wallace mentioned that larger retailers might be able to absorb the costs, while small businesses may not be able to. However, NPR financial correspondent Maria Aspan chimed in, saying it isn't only small businesses anymore.

"We are also seeing some of the biggest businesses in the country pulling or cutting their financial guidance. Including, for instance, Barbie maker Mattel saying, 'We are going to pass on — or we will have to pass on these costs to consumers,'" Aspan said.

"And about that, Donald Trump says no one needs 30 dolls," Wallace quipped. "You can do with two. No one buys 30 dolls."

She said that the ordeal feels like politics has been "turned upside down," because in a normal world it would be seen as a huge gaffe.

"This is sort of the political tone deafness that, you know, George H.W. Bush was damaged irreparably for not, you know, recognizing, sort of, the scanner at the grocery store," Wallace recalled, harkening back to the 1992 political gaffe in which Bush was described as "amazed" by a barcode scanner. As the Associated Press reported, the reality is that he was impressed that the scanner could also now weigh fruit and vegetables.

Still, the supermarket scanner myth grew to represent a politician out of touch with everyday American life. Wallace said that Trump's "they don't need to have 30 dolls" comment is in that same vein.

"I mean, there are in the course of the history of presidential politics and the coverage of presidential politics, this is along the lines of tone deafness and a league of its own.

Rev. Al Sharpton said that it isn't only being tone deaf.

"The implicit statement that you get from him saying no one needs 30 dolls is he's, again, implying working-class people just splurge and spend money irresponsibly," Sharpton said.

See the clip below or at the link here.