Emma Tucker

exceeding 38 trillion.

And off the back of that, there's some evidence of a sort of sell America trade going on.

So my question to you is, do you think we're witnessing the early stages of a genuine challenge to dollar primacy?

So what do you think the administration needs to do to sort of make sure that that supremacy is maintained?

Is it on the right fiscal track to do that?

And how, I mean, politically, though, it's a difficult needle to thread that one.

How would you, if you had the presidency, what would you say to him?

What should he do to bring that deficit down?

So another area of pain, certainly one that you've highlighted a lot, is that of tariffs, which for the last year has been this sort of flip-flopping story.

One minute they're up, one minute they're down, one country's is up, right?

whatever, only yesterday we learned that tariffs on India are going to be cut to 18%.

How difficult is it to sort of come up with an investment strategy thesis when this backdrop keeps changing all the time?

I wanted to ask you about sort of the dangers of crony capitalism.

You are a big free market champion, you always have been, but there is, there has been sort of, you know, you were very clear that you didn't like the regulation, regulatory burden of the previous administration, very outspoken on that, but now you've got a situation where, you know, the government is taking stakes in companies,

You've got sort of talk about a credit card, a cap on interest on credit cards.

You've got all the interference with tariffs and the attempt to reshore manufacturing.

Do you think there's a role for that sort of interference given that America has to sort of take a stand against the biggest crony capitalist of all, China, or does that sort of behavior make you shudder?

So these are all great points.

And we live in a world in a country where people really look up to corporate leaders.

Why is it so difficult for the corporate world to voice publicly the sort of thing you're saying now?