Frank Gaffney

and lied about it and there were consequences of that. But I think we're dealing with a more aggressive China now than even during Trump's first term. So to me, the dominant variable is Xi.

Trump definitely turned the temperature up and there aren't really any rules about how do you sort of reset the world in a post-globalization era where the World Trade Organization ain't working and you can't fix it.

Trump definitely turned the temperature up and there aren't really any rules about how do you sort of reset the world in a post-globalization era where the World Trade Organization ain't working and you can't fix it.

Trump definitely turned the temperature up and there aren't really any rules about how do you sort of reset the world in a post-globalization era where the World Trade Organization ain't working and you can't fix it.

uh yeah they've been eating our lunch from a technology perspective uh because they've been stealing everything yeah um subsidies yeah all kinds of stuff that you know the the past form of negotiation wasn't going to solve uh and it was getting to a point where i think it really was critical we had to change what we're doing.

uh yeah they've been eating our lunch from a technology perspective uh because they've been stealing everything yeah um subsidies yeah all kinds of stuff that you know the the past form of negotiation wasn't going to solve uh and it was getting to a point where i think it really was critical we had to change what we're doing.

uh yeah they've been eating our lunch from a technology perspective uh because they've been stealing everything yeah um subsidies yeah all kinds of stuff that you know the the past form of negotiation wasn't going to solve uh and it was getting to a point where i think it really was critical we had to change what we're doing.

I think the COVID was a wake up on supply chains in a number of different areas. And so just the accumulation kind of demanded a big hit of the reset button. But again, there just isn't much by way of a roadmap for what you fall back into.

I think the COVID was a wake up on supply chains in a number of different areas. And so just the accumulation kind of demanded a big hit of the reset button. But again, there just isn't much by way of a roadmap for what you fall back into.

I think the COVID was a wake up on supply chains in a number of different areas. And so just the accumulation kind of demanded a big hit of the reset button. But again, there just isn't much by way of a roadmap for what you fall back into.

And because we made these across the board tariffs to get others to make better deals and rebalance there too, there's a lot of confusion out there that's got to get settled. But the prize is trying to reset this relationship with China and lessen our dependency and make sure that the neighbors and others are part of the program with us.

And because we made these across the board tariffs to get others to make better deals and rebalance there too, there's a lot of confusion out there that's got to get settled. But the prize is trying to reset this relationship with China and lessen our dependency and make sure that the neighbors and others are part of the program with us.

And because we made these across the board tariffs to get others to make better deals and rebalance there too, there's a lot of confusion out there that's got to get settled. But the prize is trying to reset this relationship with China and lessen our dependency and make sure that the neighbors and others are part of the program with us.

Well, primarily it's that. There are going to be friction points, transition costs. There are existing supply chains that need to move that can't move quite yet. There are inputs that we need to make sure that we secure how to get them, how to process them, how to get them into our supply chains.

Well, primarily it's that. There are going to be friction points, transition costs. There are existing supply chains that need to move that can't move quite yet. There are inputs that we need to make sure that we secure how to get them, how to process them, how to get them into our supply chains.

Well, primarily it's that. There are going to be friction points, transition costs. There are existing supply chains that need to move that can't move quite yet. There are inputs that we need to make sure that we secure how to get them, how to process them, how to get them into our supply chains.

We need to work with allies that are important in these supply chains, too, to make sure they're doing the same kind of thing. I think that the Chinese... have been so undiplomatic about things of recent times that a lot of our allies and partners are reluctantly moving in this direction anyway. It's just that everyone's trying to figure out, how do we do it? It was at such scale that we allowed

We need to work with allies that are important in these supply chains, too, to make sure they're doing the same kind of thing. I think that the Chinese... have been so undiplomatic about things of recent times that a lot of our allies and partners are reluctantly moving in this direction anyway. It's just that everyone's trying to figure out, how do we do it? It was at such scale that we allowed

We need to work with allies that are important in these supply chains, too, to make sure they're doing the same kind of thing. I think that the Chinese... have been so undiplomatic about things of recent times that a lot of our allies and partners are reluctantly moving in this direction anyway. It's just that everyone's trying to figure out, how do we do it? It was at such scale that we allowed

the whole world to make China our manufacturing platform, that that level of dependency is just going to come with a lot of transition costs. So, we have to deal with the emotional and balance sheet freak out. Is that a technical economic term, a balance sheet freak out?