Joe Biden

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.

We experienced it during COVID with all the anxiety around, you know,

We experienced it during COVID with all the anxiety around, you know,

pp equip you know personal protection equipment and stuff like that it's not a new thing but i think there's this clear anxiety about the fact that you know the entire world really is so dependent on one country that's emerging as a manufacturing powerhouse in almost every category that you can think of what's your best guess on what's going on with the bond markets and the weakening dollar

pp equip you know personal protection equipment and stuff like that it's not a new thing but i think there's this clear anxiety about the fact that you know the entire world really is so dependent on one country that's emerging as a manufacturing powerhouse in almost every category that you can think of what's your best guess on what's going on with the bond markets and the weakening dollar

I think there's two things. It's a really good question. My co-host of the podcast, Tracy Alloway, has written a lot about this. I wouldn't say there's two things going on right now. It does feel like, to some extent, there is this general flight out of US assets. And so we have this sort of trifecta of the stock market going down, the dollar going down, the Treasury market going down.

I think there's two things. It's a really good question. My co-host of the podcast, Tracy Alloway, has written a lot about this. I wouldn't say there's two things going on right now. It does feel like, to some extent, there is this general flight out of US assets. And so we have this sort of trifecta of the stock market going down, the dollar going down, the Treasury market going down.

And so people look at the US, and they start to question, is the US a place where I want to park my marginal dollar? And it seems like, at least at the margins, more people are answering no. The other thing with the bond market specifically is that we've had a few bouts of really intense selling.

And so people look at the US, and they start to question, is the US a place where I want to park my marginal dollar? And it seems like, at least at the margins, more people are answering no. The other thing with the bond market specifically is that we've had a few bouts of really intense selling.

And then intense selling – and it's happened a couple of times at night, you know, like during the overnight futures, et cetera. There's not a lot of liquidity in the market. And when people are panicking, they want dollars. You know, they want to pay the bills. I always joke, you know, it's like – You have to pay your rent. You have to pay your cell phone bill.

And then intense selling – and it's happened a couple of times at night, you know, like during the overnight futures, et cetera. There's not a lot of liquidity in the market. And when people are panicking, they want dollars. You know, they want to pay the bills. I always joke, you know, it's like – You have to pay your rent. You have to pay your cell phone bill.