Bill Gurley

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.

So this definitely landed on the larger side. But then they came out right after that, and there was a footnote about things that were exempted from the tariffs. Exemptions. exemptions, which included pharmaceuticals, and notably for you and I, semiconductors. Wow. Right? So Taiwan's got a 32% tariff, but semiconductors are exempted.

So this definitely landed on the larger side. But then they came out right after that, and there was a footnote about things that were exempted from the tariffs. Exemptions. exemptions, which included pharmaceuticals, and notably for you and I, semiconductors. Wow. Right? So Taiwan's got a 32% tariff, but semiconductors are exempted.

So this definitely landed on the larger side. But then they came out right after that, and there was a footnote about things that were exempted from the tariffs. Exemptions. exemptions, which included pharmaceuticals, and notably for you and I, semiconductors. Wow. Right? So Taiwan's got a 32% tariff, but semiconductors are exempted.

And so we're going through the value of those exemptions right now. My hunch is that this is going to land right around $600 billion. But Bill, I have to ask you, you know, Here we are, you and I, we're trying to make our way through this, make sense out of it. I don't think there are many CEOs we know who support this or like this.

And so we're going through the value of those exemptions right now. My hunch is that this is going to land right around $600 billion. But Bill, I have to ask you, you know, Here we are, you and I, we're trying to make our way through this, make sense out of it. I don't think there are many CEOs we know who support this or like this.

And so we're going through the value of those exemptions right now. My hunch is that this is going to land right around $600 billion. But Bill, I have to ask you, you know, Here we are, you and I, we're trying to make our way through this, make sense out of it. I don't think there are many CEOs we know who support this or like this.