Andrew Ross Sorkin

It's a country of concern. So I ultimately think that we're going to need to learn from this experience and very rapidly make some major corrections here.

It's a country of concern. So I ultimately think that we're going to need to learn from this experience and very rapidly make some major corrections here.

Well, look, I think there's a fundamental question here about whether you think there's a problem with the status quo or not. Ken Griffin is one of the biggest winners in our economy under the current status quo, and I don't think he sees a big problem that needs to get fixed. But I think like we just talked about, I think there are some big problems.

Well, look, I think there's a fundamental question here about whether you think there's a problem with the status quo or not. Ken Griffin is one of the biggest winners in our economy under the current status quo, and I don't think he sees a big problem that needs to get fixed. But I think like we just talked about, I think there are some big problems.

I mean, Freiburg just laid out the way in which trade with China is non-reciprocal. Like our companies cannot participate in their markets the same way that they can participate in ours. But it's worse than that. Like I talked about, these WTO rules gave China the opportunity to strategically annihilate our core industries that are critical in the supply chain.

I mean, Freiburg just laid out the way in which trade with China is non-reciprocal. Like our companies cannot participate in their markets the same way that they can participate in ours. But it's worse than that. Like I talked about, these WTO rules gave China the opportunity to strategically annihilate our core industries that are critical in the supply chain.

And there's one other piece of this, which I think is really important, which is the race to the bottom. I mean, if you're an American company, And you are still producing in America and your competitor is able to go to China and undercut you. Obviously, you have to do the same thing because, I mean, those are just the rules of the game.

And there's one other piece of this, which I think is really important, which is the race to the bottom. I mean, if you're an American company, And you are still producing in America and your competitor is able to go to China and undercut you. Obviously, you have to do the same thing because, I mean, those are just the rules of the game.

And so we've had this race to the bottom where if you're an American company operating under these rules, you have no choice. It's worse. But to export your manufacturing, your supply chains. So we've had these rules that, again, under the status quo, I would say they're not free trade. It's unfair trade. It has all these perverse consequences.

And so we've had this race to the bottom where if you're an American company operating under these rules, you have no choice. It's worse. But to export your manufacturing, your supply chains. So we've had these rules that, again, under the status quo, I would say they're not free trade. It's unfair trade. It has all these perverse consequences.

It's bad for middle America and this manufacturing belt of the country. And it's created massive strategic dependencies on an American adversary.

It's bad for middle America and this manufacturing belt of the country. And it's created massive strategic dependencies on an American adversary.

But this is what I think is so interesting, Andrew, is the way that Trump has already shifted the conversation. Because the truth of the matter is that before Liberation Day on April 2nd, which was three weeks ago, no one was talking about the unfair trade practices. No one was talking about the dependencies on rare earths. No one was talking about the race to the bottom.

But this is what I think is so interesting, Andrew, is the way that Trump has already shifted the conversation. Because the truth of the matter is that before Liberation Day on April 2nd, which was three weeks ago, no one was talking about the unfair trade practices. No one was talking about the dependencies on rare earths. No one was talking about the race to the bottom.

And Trump has shifted the conversation. 100%. When Jared Kushner was on the show, he talked about how the Trumpian approach is controversy elevates message. And we said at the beginning that by having this Liberation Day, by planting this flag in the ground, Trump was creating... leverage to then have these negotiations, and he completely shifted the conversation.

And Trump has shifted the conversation. 100%. When Jared Kushner was on the show, he talked about how the Trumpian approach is controversy elevates message. And we said at the beginning that by having this Liberation Day, by planting this flag in the ground, Trump was creating... leverage to then have these negotiations, and he completely shifted the conversation.

Now, where I will agree with you is that the administration has to stick the landing here, right? Besson, and it's not just Besson, also Lutnik, these are all smart, talented people. They do have to then negotiate these deals, and we have to basically stick the landing. But

Now, where I will agree with you is that the administration has to stick the landing here, right? Besson, and it's not just Besson, also Lutnik, these are all smart, talented people. They do have to then negotiate these deals, and we have to basically stick the landing. But

I think the fact that you're saying that you don't disagree with where Trump is trying to get to, but it's mostly just tactical, is a huge shift in the conversation.

I think the fact that you're saying that you don't disagree with where Trump is trying to get to, but it's mostly just tactical, is a huge shift in the conversation.