Josh Barro

But you also see that in the bond market because what you're seeing in the bond market and in exchange rates is people are not feeling enthusiastic about investing in the US relative to other countries. The one thing you can do to get away from the uncertainty of Trump's tariff policy is to do something that's completely unrelated to the United States.

But you also see that in the bond market because what you're seeing in the bond market and in exchange rates is people are not feeling enthusiastic about investing in the US relative to other countries. The one thing you can do to get away from the uncertainty of Trump's tariff policy is to do something that's completely unrelated to the United States.

But you also see that in the bond market because what you're seeing in the bond market and in exchange rates is people are not feeling enthusiastic about investing in the US relative to other countries. The one thing you can do to get away from the uncertainty of Trump's tariff policy is to do something that's completely unrelated to the United States.

Say, I'm going to build a factory in Germany and export from Germany to France or to the Mideast or wherever. And so I always know that the Trump tariff on that activity is going to be zero. That stuff looks a lot more attractive than stuff that involves U.S. trade right now.

Say, I'm going to build a factory in Germany and export from Germany to France or to the Mideast or wherever. And so I always know that the Trump tariff on that activity is going to be zero. That stuff looks a lot more attractive than stuff that involves U.S. trade right now.

Say, I'm going to build a factory in Germany and export from Germany to France or to the Mideast or wherever. And so I always know that the Trump tariff on that activity is going to be zero. That stuff looks a lot more attractive than stuff that involves U.S. trade right now.

Yeah, I'm worried about it in part because of the long time horizons that these things involve. I mean, for example, the weakening of the security partnerships is pushing Europe to spend more on defense, which is something that I have wanted. So I don't think the goal of getting Europe to rearm is actually a bad one.

Yeah, I'm worried about it in part because of the long time horizons that these things involve. I mean, for example, the weakening of the security partnerships is pushing Europe to spend more on defense, which is something that I have wanted. So I don't think the goal of getting Europe to rearm is actually a bad one.

Yeah, I'm worried about it in part because of the long time horizons that these things involve. I mean, for example, the weakening of the security partnerships is pushing Europe to spend more on defense, which is something that I have wanted. So I don't think the goal of getting Europe to rearm is actually a bad one.

The problem is that when you push them into that, at the same time that you're showing unreliability in all these other dimensions, with Ukraine, for example, and these questions of the usefulness of U.S. weapons systems in Ukraine if the U.S. government decides they don't want Ukraine to be using them anymore?

The problem is that when you push them into that, at the same time that you're showing unreliability in all these other dimensions, with Ukraine, for example, and these questions of the usefulness of U.S. weapons systems in Ukraine if the U.S. government decides they don't want Ukraine to be using them anymore?

The problem is that when you push them into that, at the same time that you're showing unreliability in all these other dimensions, with Ukraine, for example, and these questions of the usefulness of U.S. weapons systems in Ukraine if the U.S. government decides they don't want Ukraine to be using them anymore?

So what does that mean if you're Germany or you're France or you're Denmark and you need to buy fighter planes or you need to buy other defense systems? Do you really want to buy them from Boeing and Lockheed Martin? and other U.S. companies where you're concerned that the U.S.

So what does that mean if you're Germany or you're France or you're Denmark and you need to buy fighter planes or you need to buy other defense systems? Do you really want to buy them from Boeing and Lockheed Martin? and other U.S. companies where you're concerned that the U.S.

So what does that mean if you're Germany or you're France or you're Denmark and you need to buy fighter planes or you need to buy other defense systems? Do you really want to buy them from Boeing and Lockheed Martin? and other U.S. companies where you're concerned that the U.S.

government might have some ongoing control over technology or parts or other things that you would need to maintain the usefulness of those defense systems. I mean, that should have been a boon to the U.S. economy. We are a leader in military technology, and U.S. defense contractors ought to make a lot of money if Europe decides it's going to buy a lot more military equipment.

government might have some ongoing control over technology or parts or other things that you would need to maintain the usefulness of those defense systems. I mean, that should have been a boon to the U.S. economy. We are a leader in military technology, and U.S. defense contractors ought to make a lot of money if Europe decides it's going to buy a lot more military equipment.

government might have some ongoing control over technology or parts or other things that you would need to maintain the usefulness of those defense systems. I mean, that should have been a boon to the U.S. economy. We are a leader in military technology, and U.S. defense contractors ought to make a lot of money if Europe decides it's going to buy a lot more military equipment.

But instead, what we're seeing is huge gains in European defense stocks Because you have these European countries saying, not only do I need a stronger military and more equipment for that, but I would really like to find a way to buy it from a non-American manufacturer. I mean, that's a terrible thing for one industry in our economy.

But instead, what we're seeing is huge gains in European defense stocks Because you have these European countries saying, not only do I need a stronger military and more equipment for that, but I would really like to find a way to buy it from a non-American manufacturer. I mean, that's a terrible thing for one industry in our economy.