E.J. Antoni

counter the tariff and non-tariff barriers to trade that other nations have imposed. We need to not only offset things like the value added taxes abroad and the currency manipulation abroad, but you also need to reform our tax code and our regulatory state. You need to not just reduce marginal tax rates, but you also need to change the fact that our tax code

provides an incentive to move a factory out of San Antonio, Texas, across the border into Mexico, produce stuff there, and then ship it back here to the United States. We literally give a tax incentive for that. So get rid of that, replace it with something like a border adjustment tax where we only tax imports and not exports. Right. Right.

provides an incentive to move a factory out of San Antonio, Texas, across the border into Mexico, produce stuff there, and then ship it back here to the United States. We literally give a tax incentive for that. So get rid of that, replace it with something like a border adjustment tax where we only tax imports and not exports. Right. Right.

A $50,000 employee costs $100,000 once you factor in the regulatory costs. That all needs to be reformed. A lot of our wounds are self-inflicted. So we need to not only address the problems that are imposed by foreign producers and foreign governments, we also have to address the problems that have been imposed by our own government here at home.

A $50,000 employee costs $100,000 once you factor in the regulatory costs. That all needs to be reformed. A lot of our wounds are self-inflicted. So we need to not only address the problems that are imposed by foreign producers and foreign governments, we also have to address the problems that have been imposed by our own government here at home.

Well, a couple of things. One is, I think, a resolution to a lot of that mixed messaging that you mentioned, right? I mean, it was frankly chaos to start. A lot of that is getting resolved, 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, Lutnick.

Well, a couple of things. One is, I think, a resolution to a lot of that mixed messaging that you mentioned, right? I mean, it was frankly chaos to start. A lot of that is getting resolved, 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, Lutnick.

That's all a really welcome development again. 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's all a really welcome development again. 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.

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.

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.

Well, at the end of the day, markets really hate uncertainty, full stop. Even if you're going to get bad news, if it's at least certain. You can prepare, you can plan, whether on the consumer side or the firm side. It doesn't matter. So the real problem has been the uncertainty. The market doesn't really like Jerome Powell, but the idea of removing him creates a tremendous amount of uncertainty.

Well, at the end of the day, markets really hate uncertainty, full stop. Even if you're going to get bad news, if it's at least certain. You can prepare, you can plan, whether on the consumer side or the firm side. It doesn't matter. So the real problem has been the uncertainty. The market doesn't really like Jerome Powell, but the idea of removing him creates a tremendous amount of uncertainty.

And that's the last thing markets need right now on top of the uncertainty they already have. And so once Trump dropped the rhetoric about removing Powell, the Dow rallied.

And that's the last thing markets need right now on top of the uncertainty they already have. And so once Trump dropped the rhetoric about removing Powell, the Dow rallied.

Well, unfortunately, the Fed really has just been putting politics before policy. They talk about how they're data dependent. As far as I can tell, the only data they're really paying attention to is whether the president is a Republican or a Democrat.

Well, unfortunately, the Fed really has just been putting politics before policy. They talk about how they're data dependent. As far as I can tell, the only data they're really paying attention to is whether the president is a Republican or a Democrat.

When the Fed cut interest rates last year, again, right around the election, we saw 100 basis points of cuts, and then the yield on treasuries moved exactly the opposite direction. It went up 100 basis points. So as markets increasingly don't believe the Fed... whether that's looking at inflation predictions or employment predictions, what the Fed does is mattering less and less.

When the Fed cut interest rates last year, again, right around the election, we saw 100 basis points of cuts, and then the yield on treasuries moved exactly the opposite direction. It went up 100 basis points. So as markets increasingly don't believe the Fed... whether that's looking at inflation predictions or employment predictions, what the Fed does is mattering less and less.

And so markets, I think, are much more today focused on what's happening with tariffs, what's happening with the tax cut package. Is that actually going to get across the finish line? Because don't forget, that's 10 times the size of the tariffs if we're looking at impact on the consumer. So there's a whole lot up in the air right now.