The Fox News Rundown Business Rundown: The President's "Economic Miracle": Was Trump Right About Tariffs?
Feb 2, 2026
Mike Murphy, founder and managing partner at Rosecliff and a private-equity investor, discusses markets, tariffs, and where smart capital flows. He talks about the market’s early tumble and rebound, how tariffs shape private investment, U.S. moves on rare earths, tax-driven business migration, AI talent geography, and bold private bets like Polymarket and Ramp.
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Tariffs Didn’t Trigger The Doom Scenario
- Mike Murphy says initial market panic from tariffs reversed and markets reached all-time highs within months.
- He argues inflation fell and corporate investment rose, supporting the claim tariffs didn't trigger a meltdown.
Tariffs Created Strategic Certainty
- Murphy says tariffs created policy-driven certainty that spurred $1 trillion in U.S. investment and reshored manufacturing like chips.
- He frames reduced dependence on foreign adversaries as a strategic win beyond short-term costs.
Fund Domestic Rare Earth Supply Chains
- Murphy urges investing in domestic rare earth and critical-mineral supply chains to reduce reliance on China.
- He supports rapid public-private action to build manufacturing capacity for AI and defense needs.