E.J. Antoni

Not all of it, but a lot of it. So that's really good. It's a very welcome development to have Trump and Besant really taking the lead in terms of negotiations. So less so Greer, Navarro, Lutnik. In terms of the de-escalation, I think what we're looking for there is essentially agreements one by one just getting hammered out and eventually signed.

It looks like trade deals reducing tariff and non-tariff barriers, which is very, very important, that we include the non-tariff part of this as well. Oftentimes it's worse than the tariffs themselves. And so as those deals get done, as the details get ironed out, we can look for more free trade, not less. We can look for fairer trade. In other words...

It looks like trade deals reducing tariff and non-tariff barriers, which is very, very important, that we include the non-tariff part of this as well. Oftentimes it's worse than the tariffs themselves. And so as those deals get done, as the details get ironed out, we can look for more free trade, not less. We can look for fairer trade. In other words...

Not only are American consumer markets still open to foreign producers, but finally, foreign consumer markets will be open to our domestic producers.

Not only are American consumer markets still open to foreign producers, but finally, foreign consumer markets will be open to our domestic producers.

Again, we're seeing this movement to where other countries are willing to start knocking down some of their tariff rates and also their non-tariff barriers. That includes things like quotas, but also includes tariffs. Some more abstract things that you might not think they would affect international trade like currency manipulation.

Again, we're seeing this movement to where other countries are willing to start knocking down some of their tariff rates and also their non-tariff barriers. That includes things like quotas, but also includes tariffs. Some more abstract things that you might not think they would affect international trade like currency manipulation.

But that's been a big way that a lot of these nations have effectively worked around American tariffs and also given their exports an artificial advantage in American markets.

But that's been a big way that a lot of these nations have effectively worked around American tariffs and also given their exports an artificial advantage in American markets.

So by cracking down on these different trade abuses, also abuses of things like country of origin laws, that's been a big one with China and Canada, where China sends stuff, they dump product in Canada, it gets repackaged, relabeled, and reshipped into the United States. Those kinds of abuses, as they get cracked down on, I think we're going to see, again, more free trade, not less.

So by cracking down on these different trade abuses, also abuses of things like country of origin laws, that's been a big one with China and Canada, where China sends stuff, they dump product in Canada, it gets repackaged, relabeled, and reshipped into the United States. Those kinds of abuses, as they get cracked down on, I think we're going to see, again, more free trade, not less.

And you're going to see a ratcheting down of not just the rhetoric, but the reality around tariffs.

And you're going to see a ratcheting down of not just the rhetoric, but the reality around tariffs.

Well, we're still seeing a lot of carve-outs, frankly, which is going to also help blunt the effect of these tariffs initially. I think, look, you're walking a tightrope here. On the one hand, if you really want to bring the pain to Beijing...

Well, we're still seeing a lot of carve-outs, frankly, which is going to also help blunt the effect of these tariffs initially. I think, look, you're walking a tightrope here. On the one hand, if you really want to bring the pain to Beijing...

then you don't have any exemptions you have even higher tariff rates we're talking 400 on anything and everything coming in from china you know that's a double-edged sword the flip side there to that coin is that you're also going to bring a lot of pain to the american consumer because not all of that not all of that tariff is going to be paid for by the chinese producer some of it is going to fall on american consumers not all but some of it will

then you don't have any exemptions you have even higher tariff rates we're talking 400 on anything and everything coming in from china you know that's a double-edged sword the flip side there to that coin is that you're also going to bring a lot of pain to the american consumer because not all of that not all of that tariff is going to be paid for by the chinese producer some of it is going to fall on american consumers not all but some of it will

And so since we're already in a cost of living crisis, courtesy of what the Biden administration left us, we want to minimize the pain on the American consumer while maximizing the pain on the Chinese Communist Party. And so, you know, right now we do have a very high tariff rate, well over 100 percent on Chinese goods.

And so since we're already in a cost of living crisis, courtesy of what the Biden administration left us, we want to minimize the pain on the American consumer while maximizing the pain on the Chinese Communist Party. And so, you know, right now we do have a very high tariff rate, well over 100 percent on Chinese goods.

But again, we have a lot of carve outs on it regarding semiconductors, regarding different electronic components. So it remains to be seen what that's going to look like in the coming days.