Joe Biden

Of all the big deals that are out there in the world, and there are many, this is one that like people can probably chill out about. In the worst case scenario, they say like, oh yeah, this is used in like missile tech or whatever. In the worst case scenario, maybe people will come around and ask to like buy your vacuum cleaner, your Dyson vacuum cleaner from you so that they can extract the metal.

Of all the big deals that are out there in the world, and there are many, this is one that like people can probably chill out about. In the worst case scenario, they say like, oh yeah, this is used in like missile tech or whatever. In the worst case scenario, maybe people will come around and ask to like buy your vacuum cleaner, your Dyson vacuum cleaner from you so that they can extract the metal.

But this is probably one thing that'll be okay.

But this is probably one thing that'll be okay.

Yeah, I mean, like, you know, there's a huge share of goods consumption that comes from China. So there's the goods consumption, obviously, which ranges from all kinds of things, from like high-end items like smartphones to like small plastic things that you would get at a dollar store, like refillable water balloons and so forth. There are a lot of small businesses.

Yeah, I mean, like, you know, there's a huge share of goods consumption that comes from China. So there's the goods consumption, obviously, which ranges from all kinds of things, from like high-end items like smartphones to like small plastic things that you would get at a dollar store, like refillable water balloons and so forth. There are a lot of small businesses.

I mean, one of the reasons that this is perceived by some as perverse is that you have a lot of small businesses Small manufacturing companies, in instances, who might buy some sort of intermediate good or they buy some piece from China that they reassemble and make into something more expensive in the U.S. So it's hard to imagine that it wouldn't be massively expensive.

I mean, one of the reasons that this is perceived by some as perverse is that you have a lot of small businesses Small manufacturing companies, in instances, who might buy some sort of intermediate good or they buy some piece from China that they reassemble and make into something more expensive in the U.S. So it's hard to imagine that it wouldn't be massively expensive.

disruptive, that there wouldn't be companies that face some sort of existential threat to their ongoing viability from what are truly like staggeringly high tariffs between the number one and the number two economy in the entire world. And in a short period of time, you know, countries undergo trading relationships and they rebuild their manufacturing sectors.

disruptive, that there wouldn't be companies that face some sort of existential threat to their ongoing viability from what are truly like staggeringly high tariffs between the number one and the number two economy in the entire world. And in a short period of time, you know, countries undergo trading relationships and they rebuild their manufacturing sectors.

And this is the thing that happens from time to time in history. or there's like export subsidies and stuff. There's not, you know, there's not obviously some sort of, you know, social insurance to spread the pain from these, particularly to small businesses who buy things from China and so forth. So this is massively disruptive in a short period of time.

And this is the thing that happens from time to time in history. or there's like export subsidies and stuff. There's not, you know, there's not obviously some sort of, you know, social insurance to spread the pain from these, particularly to small businesses who buy things from China and so forth. So this is massively disruptive in a short period of time.

You know, they have revealed many different arguments for the tariffs, right? So one is it's, oh, it's about fighting the budget deficit. Some is it's about we need to rebuild a manufacturing base. My guess is that there's various versions of it. Some of it is just that Now, all of these countries have ripped us off for a long time through unfair trading practices.

You know, they have revealed many different arguments for the tariffs, right? So one is it's, oh, it's about fighting the budget deficit. Some is it's about we need to rebuild a manufacturing base. My guess is that there's various versions of it. Some of it is just that Now, all of these countries have ripped us off for a long time through unfair trading practices.

And therefore, this is like the right way to redress years of wrong. I think the main theory of the case, though, is that this belief that the U.S. is an incredibly rich economy, which it is, with a very strong consumer sector.

And therefore, this is like the right way to redress years of wrong. I think the main theory of the case, though, is that this belief that the U.S. is an incredibly rich economy, which it is, with a very strong consumer sector.

And it's so strong and it's so central to the global economy that other countries and companies in other countries should essentially pay for the right to sell into the economy. And if their economics don't work such that paying for the right to sell into the economy no longer is viable for them, then they should set up a manufacturing base. And I think there's probably this sort of

And it's so strong and it's so central to the global economy that other countries and companies in other countries should essentially pay for the right to sell into the economy. And if their economics don't work such that paying for the right to sell into the economy no longer is viable for them, then they should set up a manufacturing base. And I think there's probably this sort of

part economical and part cultural impulse of like why manufacturing is per se important. And I think it's important to also address that this is obviously not just a Trump thing that a lot of politicians on both sides of the aisle, we saw this under Biden, obviously this sort of deep anxiety about manufacturing or the lack of manufacturing, particularly in advanced goods.

part economical and part cultural impulse of like why manufacturing is per se important. And I think it's important to also address that this is obviously not just a Trump thing that a lot of politicians on both sides of the aisle, we saw this under Biden, obviously this sort of deep anxiety about manufacturing or the lack of manufacturing, particularly in advanced goods.