Doug Burgum

So not only are we trying to make the U.S.

the best destination regulatory-wise, we're also making it tax-wise.

So you can immediately write off all the equipment.

For the next five years, you're going to be able to write off the factory structure.

And I saw Secretary Bergman-Wright

and we're going to have cheap energy, which seems like a pretty good combination.

Sorry?

Well, I think if you look, the Fed publishes something called the Summary of Economic Projections, and it's pretty politically biased.

But we're seeing that we can see one, two rate cuts this year.

And I think that once we see over the next one, two months that the tariffs haven't been inflationary.

And I have breakfast with Chair Powell almost every week.

And I just keep saying that a one-time price level increase is very different than the notion of a persistent inflationary spiral.

I think that we used to say TDS was Trump derangement syndrome.

I now say TDS is tariff derangement syndrome.

And when you think about it, the market crashed.

Then it had the fastest recovery in history

Over a 54-day period, we're back at a new high.

So I think the market is looking through all this to next year with the productivity boom.

And to the question, I think minimum on a forward 12-month basis, we're going to take in at least $300 billion in tariff income.

No, I think that they're just stuck in an old way of thinking.