Howard Lutnick

Why would we have that?

Let's double click into a couple of these deals because some of the terms you got, it would be just great if you could walk us through how you convince them.

So let's look at Japan.

So the Japan trade deal, you walked out with, I think it was $550 billion of commitment.

And terms, I mean, I mentioned them as a pot.

I've never seen terms like this before, which you can explain, which is basically, you know, Japan gets your money back, then you get 90% of the profits.

But can you just walk us through, when you go into the room with the Japanese government, just get us to the outcome.

How do you negotiate that deal with them?

Let me ask you just a question before you go back to this.

Was it surprising to you that not just Japan, but I'm sure you encountered it everywhere, all these other governments would be willing to shape and subsidize their own domestic productivity, whereas Americans were a little bit more on their own?

that everybody else does for their own domestic internal economy.

Right.

Do you think that this mercantilism, was it a purposeful strategy to weaken America?

Or do you think it was just a byproduct of capitalism?

And leverage, right.

And so then the tariffs now then basically slow that leverage down because it takes that economic incentive off the table.

Do you need to follow up with some other set of structural changes, though, to right the ship in the long term?

We have to domesticate production.

What are the things that we need to do

so that in eight years or 12 years, if the tariffs were to change, if a different administration takes a different point of view, what is structurally going to be left behind that prevents this from happening again?