E.J. Antoni

These numbers clearly did not come from tariff and non-tariff barriers. That's when futures started to tumble. And then we've had now three days, basically, where the markets have really taken it on the chin. Again, this all has to do with uncertainty. People don't know where we're going to go from here. And that's a problem.

Well, I think one of the key things is going to be during these negotiating processes with different countries will be to come up with actual average effective tariff rates. So you look at a nation like Canada, look at all of their tariffs, but also their non-tariff barriers, their quotas, for example, that they put on things like American dairy products.

Well, I think one of the key things is going to be during these negotiating processes with different countries will be to come up with actual average effective tariff rates. So you look at a nation like Canada, look at all of their tariffs, but also their non-tariff barriers, their quotas, for example, that they put on things like American dairy products.

You know, that really hurts our dairy farmers. So figure out, okay, what is the mathematical equivalent in terms of an overall tariff in And so say to Canada, look, if you are willing to get rid of X, Y, and Z tariffs or non-tariff barriers that you currently have in place, we will reduce this tariff rate by a certain amount, okay? And that's your negotiating tool.

You know, that really hurts our dairy farmers. So figure out, okay, what is the mathematical equivalent in terms of an overall tariff in And so say to Canada, look, if you are willing to get rid of X, Y, and Z tariffs or non-tariff barriers that you currently have in place, we will reduce this tariff rate by a certain amount, okay? And that's your negotiating tool.

But the problem with, again, with the current tariff schedule, when there is no real relationship between those trade barriers and the rates, Some of these nations are coming to the negotiating table with their arms up in the air saying, we have no idea what we're supposed to do here. We have no idea how we can actually get these tariff rates down.

But the problem with, again, with the current tariff schedule, when there is no real relationship between those trade barriers and the rates, Some of these nations are coming to the negotiating table with their arms up in the air saying, we have no idea what we're supposed to do here. We have no idea how we can actually get these tariff rates down.

So I think some further explanation from the White House and some further clarification on what the actual rates should look like would go a long way. The other really big thing. is that it seems like we've kind of put the cart before the horse in a certain sense. You know, what this economy really needs is supply side policies.

So I think some further explanation from the White House and some further clarification on what the actual rates should look like would go a long way. The other really big thing. is that it seems like we've kind of put the cart before the horse in a certain sense. You know, what this economy really needs is supply side policies.

We need drastic, I mean, drastic cuts to government spending, to taxes, to regulation. We need an energy production boom in this country. And so by getting tariffs first without all of those other things, The American middle class who has been drowning, it's like we just threw them an anchor without first building them a boat.

We need drastic, I mean, drastic cuts to government spending, to taxes, to regulation. We need an energy production boom in this country. And so by getting tariffs first without all of those other things, The American middle class who has been drowning, it's like we just threw them an anchor without first building them a boat.

And so it is imperative that we get things like the tax cut across the finish line. And also what I would really like to see from Congress, this isn't just the administration's fault. Congress has been painfully slow to act on this. So I would love to see Congress in the reconciliation process where we get the tax bill through

And so it is imperative that we get things like the tax cut across the finish line. And also what I would really like to see from Congress, this isn't just the administration's fault. Congress has been painfully slow to act on this. So I would love to see Congress in the reconciliation process where we get the tax bill through

to include in that process this 10% kind of baseline tariff that the president has put in place, put that into statute, but do it as a border adjustment tax. And that has a lot of different advantages. First, it gives a huge benefit to our exporters, which encourages production here, encourages manufacturing, and encourages American jobs, which is tremendous.

to include in that process this 10% kind of baseline tariff that the president has put in place, put that into statute, but do it as a border adjustment tax. And that has a lot of different advantages. First, it gives a huge benefit to our exporters, which encourages production here, encourages manufacturing, and encourages American jobs, which is tremendous.

But it also puts the tariff only on imports. So you're not going to have Things like the car industry, where a car part may cross the border between the U.S., Mexico, and Canada half a dozen times before it goes into the final car assembly. You don't want that to get hit with a tax every single time. So a border adjustment tax solves a lot of those problems.

But it also puts the tariff only on imports. So you're not going to have Things like the car industry, where a car part may cross the border between the U.S., Mexico, and Canada half a dozen times before it goes into the final car assembly. You don't want that to get hit with a tax every single time. So a border adjustment tax solves a lot of those problems.

And the other great thing, by putting it in statute, is the fact that now you can include that in the calculation of the reconciliation process so that all the revenues can be used to reduce income taxes.

And the other great thing, by putting it in statute, is the fact that now you can include that in the calculation of the reconciliation process so that all the revenues can be used to reduce income taxes.

Well, thank you, Andrew. these different tariffs, which are going to generate revenue. These tariffs are being put in place by the executive and not put in statute by the legislature. They can't be counted in the reconciliation process in terms of revenue that's going to come into the treasury.