Joe Biden

will have to the rest of the world that, you know, to some extent had just been taken for granted, for better or worse. over the last, you know, several decades may not be the same again.

will have to the rest of the world that, you know, to some extent had just been taken for granted, for better or worse. over the last, you know, several decades may not be the same again.

And I don't think that's really sunk in yet. Yeah, yeah, it's definitely... Look, you know, Trump really... Maybe the word is credit, but you know, it was his administration in 2016 that sort of heightened this anxiety about China in general. And then there was a lot of carry-through to the Biden administration.

And I don't think that's really sunk in yet. Yeah, yeah, it's definitely... Look, you know, Trump really... Maybe the word is credit, but you know, it was his administration in 2016 that sort of heightened this anxiety about China in general. And then there was a lot of carry-through to the Biden administration.

I remember like in the 2020 primaries, like wondering with candidates, are you going to keep the then existing China tariffs? And there was a remarkable amount of continuity. In fact, I would say like...

I remember like in the 2020 primaries, like wondering with candidates, are you going to keep the then existing China tariffs? And there was a remarkable amount of continuity. In fact, I would say like...

It was probably like the most bipartisan consensus of any topic I could think of is this view that we have to change our relationship with China, that China is some sort of existential threat, whether it's economically or perhaps military, etc. Probably one of the most bipartisan views that there is. And, you know, I don't think I think by and large, like Democrats probably agree.

It was probably like the most bipartisan consensus of any topic I could think of is this view that we have to change our relationship with China, that China is some sort of existential threat, whether it's economically or perhaps military, etc. Probably one of the most bipartisan views that there is. And, you know, I don't think I think by and large, like Democrats probably agree.

at this point would say, no, let's like roll back the tariffs. But in general, right? But I do think like the relationship with China is probably on some level never going to go back to even the sort of 2020, you know, even the Biden era environment.

at this point would say, no, let's like roll back the tariffs. But in general, right? But I do think like the relationship with China is probably on some level never going to go back to even the sort of 2020, you know, even the Biden era environment.

Yeah, it does feel like that.

Yeah, it does feel like that.

Yeah, and maybe, you know, the thing I keep thinking about, you know, and people talk about these deals and the White House, these countries have lined up, and you hear Wall Street people, it's like, make a deal, make a deal, announce a deal, and so forth.

Yeah, and maybe, you know, the thing I keep thinking about, you know, and people talk about these deals and the White House, these countries have lined up, and you hear Wall Street people, it's like, make a deal, make a deal, announce a deal, and so forth.

And the thing that I keep wondering about, which I've never seen, is like, what does this supposed deal even look like with any of these countries? Because the truth of the matter is, you know, that chart that they came up with on, like, April 2nd, Liberation Day, was essentially, like, this made-up formula. Like, that was not a real measure of existing trade barriers.

And the thing that I keep wondering about, which I've never seen, is like, what does this supposed deal even look like with any of these countries? Because the truth of the matter is, you know, that chart that they came up with on, like, April 2nd, Liberation Day, was essentially, like, this made-up formula. Like, that was not a real measure of existing trade barriers.

And in a lot of cases, you know, they're like, oh, it's not just tariffs, but it's non-trade barriers. I think by and large, that's perceived to be nonsense. It's not obvious that many of these countries have a lot to like, a lot to give us. You know, like I imagine, sure, you might be able to like sell some of these countries more soybeans or something like that.

And in a lot of cases, you know, they're like, oh, it's not just tariffs, but it's non-trade barriers. I think by and large, that's perceived to be nonsense. It's not obvious that many of these countries have a lot to like, a lot to give us. You know, like I imagine, sure, you might be able to like sell some of these countries more soybeans or something like that.

And that's usually, you know, one of the things, oh yeah, we're gonna like, we're gonna buy some more natural gas from you. I could totally see that in some cases, but there's not like a ton, obviously, that any of these countries can give. And sure, every country has some tariffs because every country has its own internal politics. You know, it's like, why does the U.S.

And that's usually, you know, one of the things, oh yeah, we're gonna like, we're gonna buy some more natural gas from you. I could totally see that in some cases, but there's not like a ton, obviously, that any of these countries can give. And sure, every country has some tariffs because every country has its own internal politics. You know, it's like, why does the U.S.