Gavin Bade

And then there's a number of lingering trade disputes from this U.S.-Mexico-Canada agreement that he signed, right?

The new NAFTA, yes. So Trump signed this in 2020. He said it was the best deal ever and now is contravening it by putting tariffs into place, right? So he would say, although they made the automotive rules much tougher there, it's still a concern of his that there is still automotive manufacturing in Mexico and Canada. He would rather see that come over the border and be back in the United States.

The new NAFTA, yes. So Trump signed this in 2020. He said it was the best deal ever and now is contravening it by putting tariffs into place, right? So he would say, although they made the automotive rules much tougher there, it's still a concern of his that there is still automotive manufacturing in Mexico and Canada. He would rather see that come over the border and be back in the United States.

The new NAFTA, yes. So Trump signed this in 2020. He said it was the best deal ever and now is contravening it by putting tariffs into place, right? So he would say, although they made the automotive rules much tougher there, it's still a concern of his that there is still automotive manufacturing in Mexico and Canada. He would rather see that come over the border and be back in the United States.

Canada and Mexico have basically said, tell us what you want us to do on this and we will do it, right? They've set up new fentanyl and migration working groups. And, you know, the administration all throughout last week was pretty publicly optimistic, right? You heard Caroline Leavitt, the press secretary, say, you know, Mexico's making some great progress on migration.

Canada and Mexico have basically said, tell us what you want us to do on this and we will do it, right? They've set up new fentanyl and migration working groups. And, you know, the administration all throughout last week was pretty publicly optimistic, right? You heard Caroline Leavitt, the press secretary, say, you know, Mexico's making some great progress on migration.

Canada and Mexico have basically said, tell us what you want us to do on this and we will do it, right? They've set up new fentanyl and migration working groups. And, you know, the administration all throughout last week was pretty publicly optimistic, right? You heard Caroline Leavitt, the press secretary, say, you know, Mexico's making some great progress on migration.

And, you know, we're having good talks with Canada as well.

And, you know, we're having good talks with Canada as well.

And, you know, we're having good talks with Canada as well.

There were a lot of U.S. industries, especially like the automotive industry, which does a ton of trade with Canada and Mexico, who had been begging him to put an exemptions process into this, basically a process to get a carve out from the tariffs.

There were a lot of U.S. industries, especially like the automotive industry, which does a ton of trade with Canada and Mexico, who had been begging him to put an exemptions process into this, basically a process to get a carve out from the tariffs.

There were a lot of U.S. industries, especially like the automotive industry, which does a ton of trade with Canada and Mexico, who had been begging him to put an exemptions process into this, basically a process to get a carve out from the tariffs.

They were saying, look, we have continental supply chains that we have put in place because of the trade deal that you negotiated with Canada and Mexico in your first term, the so-called U.S.-Mexico-Canada agreement that replaced NAFTA. We made our supply chain, said the automotive industry, according to that deal that you negotiated and signed.

They were saying, look, we have continental supply chains that we have put in place because of the trade deal that you negotiated with Canada and Mexico in your first term, the so-called U.S.-Mexico-Canada agreement that replaced NAFTA. We made our supply chain, said the automotive industry, according to that deal that you negotiated and signed.

They were saying, look, we have continental supply chains that we have put in place because of the trade deal that you negotiated with Canada and Mexico in your first term, the so-called U.S.-Mexico-Canada agreement that replaced NAFTA. We made our supply chain, said the automotive industry, according to that deal that you negotiated and signed.

So at least the cars that we make that are compliant with that deal, please make them exempt from these tariffs. Trump said, no, thanks. I would rather hit all of the automotive consumers with tariffs, all the automotive companies with tariffs.

So at least the cars that we make that are compliant with that deal, please make them exempt from these tariffs. Trump said, no, thanks. I would rather hit all of the automotive consumers with tariffs, all the automotive companies with tariffs.

So at least the cars that we make that are compliant with that deal, please make them exempt from these tariffs. Trump said, no, thanks. I would rather hit all of the automotive consumers with tariffs, all the automotive companies with tariffs.

We have not heard as much from the Chinese government yet. I think they are playing their cards very, very close to the chest. By contrast, Canada and Mexico have had a much more forceful response.