Joe Biden

I mean, there's an extraordinary amount of uncertainty, obviously. I mean, look, I guess the market presumes that there is not going to be 145% tariffs on iPhones. That seems like, OK, it's not going to be that big, which maybe some people thought that was going to be. And, you know, that would just be an eye-popping, a staggering number. But the important thing is that...

I mean, there's an extraordinary amount of uncertainty, obviously. I mean, look, I guess the market presumes that there is not going to be 145% tariffs on iPhones. That seems like, OK, it's not going to be that big, which maybe some people thought that was going to be. And, you know, that would just be an eye-popping, a staggering number. But the important thing is that...

A lot of the action, if you look in the market, really took place before April 2nd, before so-called Liberation Day. And so, you know, it's like, you know, Apple is a $202 stock. This is the time we're talking about this. You know, it had been over $240 in late February.

A lot of the action, if you look in the market, really took place before April 2nd, before so-called Liberation Day. And so, you know, it's like, you know, Apple is a $202 stock. This is the time we're talking about this. You know, it had been over $240 in late February.

So already a lot of the anxiety from this trade war was getting baked into the market even before we, you know, the actual formal numbers, which still seem very uncertain, were revealed.

So already a lot of the anxiety from this trade war was getting baked into the market even before we, you know, the actual formal numbers, which still seem very uncertain, were revealed.

You know what? I'm really glad you asked that question because I would just say I will do a plug for my own podcast, Odd Lots, which we have an episode that will come out Tuesday morning. I'm not sure when this will come out. We're actually on this question exactly. So here's the good news. Here's the good news. It's not that big of a deal. It turns out they're not that rare.

You know what? I'm really glad you asked that question because I would just say I will do a plug for my own podcast, Odd Lots, which we have an episode that will come out Tuesday morning. I'm not sure when this will come out. We're actually on this question exactly. So here's the good news. Here's the good news. It's not that big of a deal. It turns out they're not that rare.

They're not that much. It turns out, and I didn't know this up until we talked to our own colleague who really knows this stuff, the number one use of so-called rare earth metals is actually in vacuum cleaners. In the worst comes... Yeah, I know, this... It sounds really scary where your earth metals or China has control over them. It turns out this is not that.

They're not that much. It turns out, and I didn't know this up until we talked to our own colleague who really knows this stuff, the number one use of so-called rare earth metals is actually in vacuum cleaners. In the worst comes... Yeah, I know, this... It sounds really scary where your earth metals or China has control over them. It turns out this is not that.

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.