Bill Gurley

This, you know, in fact, he had 20 members of the UAW union. Worth noting. In the front row at the event, he invited, I think, the president of the UAW up on stage to make some comments. And he said, these people used to be Democrats. They're Republicans now. We're the only ones who fight for them. And by the way, this is really – he said, we won the state of Michigan because of this.

This, you know, in fact, he had 20 members of the UAW union. Worth noting. In the front row at the event, he invited, I think, the president of the UAW up on stage to make some comments. And he said, these people used to be Democrats. They're Republicans now. We're the only ones who fight for them. And by the way, this is really – he said, we won the state of Michigan because of this.

This is what I campaigned on. These are the promises we made, and we're delivering on the promises. It is striking to me that just politically, this is what Democrats were running on 20 years ago, and it just shows how much the political parties have changed. So this is a big tariff differential as it relates to autos.

This is what I campaigned on. These are the promises we made, and we're delivering on the promises. It is striking to me that just politically, this is what Democrats were running on 20 years ago, and it just shows how much the political parties have changed. So this is a big tariff differential as it relates to autos.

This is what I campaigned on. These are the promises we made, and we're delivering on the promises. It is striking to me that just politically, this is what Democrats were running on 20 years ago, and it just shows how much the political parties have changed. So this is a big tariff differential as it relates to autos.

Then he had the reciprocal tariffs, which are the ones that I outlined here, Bill. Remember, Trump is the negotiator-in-chief. This is the starting point. All these tariffs go into place, and we'll put these charts up on April 9th, country by country.

Then he had the reciprocal tariffs, which are the ones that I outlined here, Bill. Remember, Trump is the negotiator-in-chief. This is the starting point. All these tariffs go into place, and we'll put these charts up on April 9th, country by country.

Then he had the reciprocal tariffs, which are the ones that I outlined here, Bill. Remember, Trump is the negotiator-in-chief. This is the starting point. All these tariffs go into place, and we'll put these charts up on April 9th, country by country.

And so we're going to hear all these ad hoc negotiations going on, some of which I'm sure, like Vietnam, he'll declare victory on even before we get to April 9th, because they've already capitulated on a bunch of tariffs. He's also declared that there are $6 trillion of new investments that people have committed to in the United States.

And so we're going to hear all these ad hoc negotiations going on, some of which I'm sure, like Vietnam, he'll declare victory on even before we get to April 9th, because they've already capitulated on a bunch of tariffs. He's also declared that there are $6 trillion of new investments that people have committed to in the United States.

And so we're going to hear all these ad hoc negotiations going on, some of which I'm sure, like Vietnam, he'll declare victory on even before we get to April 9th, because they've already capitulated on a bunch of tariffs. He's also declared that there are $6 trillion of new investments that people have committed to in the United States.

He mentioned NVIDIA, Apple, TSMC, SoftBank, OpenAI in his remarks. In fact, I particularly noted when he talked about SoftBank and OpenAI, he said, great companies. So for the people who are watching the battle between OpenAI and X, that was notable. And then he said, we're going to have a minimum tariff of 10% on all countries.

He mentioned NVIDIA, Apple, TSMC, SoftBank, OpenAI in his remarks. In fact, I particularly noted when he talked about SoftBank and OpenAI, he said, great companies. So for the people who are watching the battle between OpenAI and X, that was notable. And then he said, we're going to have a minimum tariff of 10% on all countries.

He mentioned NVIDIA, Apple, TSMC, SoftBank, OpenAI in his remarks. In fact, I particularly noted when he talked about SoftBank and OpenAI, he said, great companies. So for the people who are watching the battle between OpenAI and X, that was notable. And then he said, we're going to have a minimum tariff of 10% on all countries.

So even if you're not on this list, we're going to have a minimum tariff of 10% on all countries. And then, of course, China is kind of in this bucket on its own, right? That's going to be a huge negotiation on its own. There are a lot of things that go into that negotiation, everything from the Panama Canal to the TikTok stuff. So set that aside, if you will, for a second.

So even if you're not on this list, we're going to have a minimum tariff of 10% on all countries. And then, of course, China is kind of in this bucket on its own, right? That's going to be a huge negotiation on its own. There are a lot of things that go into that negotiation, everything from the Panama Canal to the TikTok stuff. So set that aside, if you will, for a second.

So even if you're not on this list, we're going to have a minimum tariff of 10% on all countries. And then, of course, China is kind of in this bucket on its own, right? That's going to be a huge negotiation on its own. There are a lot of things that go into that negotiation, everything from the Panama Canal to the TikTok stuff. So set that aside, if you will, for a second.

There's no way that lands, I think, at 54%. That's the headline tariffs, okay? When we do the math and we add all of these up and say, what does this come up with, okay? The headline is we were at $77 billion last year, and we end up at about $750 billion. Remember, Peter Navarro, the hawk, the person who had been saying we're going to land big tariffs, he was estimating $600 billion.

There's no way that lands, I think, at 54%. That's the headline tariffs, okay? When we do the math and we add all of these up and say, what does this come up with, okay? The headline is we were at $77 billion last year, and we end up at about $750 billion. Remember, Peter Navarro, the hawk, the person who had been saying we're going to land big tariffs, he was estimating $600 billion.

There's no way that lands, I think, at 54%. That's the headline tariffs, okay? When we do the math and we add all of these up and say, what does this come up with, okay? The headline is we were at $77 billion last year, and we end up at about $750 billion. Remember, Peter Navarro, the hawk, the person who had been saying we're going to land big tariffs, he was estimating $600 billion.