Michelle Fleury

I've got to say, I don't like it when you put me on the spot like this because I feel like it's every time you and Raul look at me before we start recording.

Yeah, I mean, if you think back, 2017, that's when Donald Trump was doing that sort of hyper grand state visit.

In between, Joe Biden, he never went.

Barack Obama went about three times trying to figure out the relationship between these two superpowers.

And you're sort of wondering what's going to happen.

Are we going to see sort of some groundbreaking diplomatic shifts like we saw when Richard Nixon visited Chairman Mao or during the Carter years?

Or, you know, is this going to be a bit more of a damp squib?

I think I know where you're going.

Yeah, I had a feeling you'd be going for T for tariffs.

We've come a long way, both from the first term when Donald Trump was focused on tariffs on China.

Then his second term, he sort of globalized it and put on tariffs on pretty much every country around the world.

Where we are right now is...

Tariffs are at around 23%, which may sound bad.

But then just remember last year, we were pretty much at an economic freeze between these two.

And so what's happened is that the Supreme Court slapped Trump's wrist back in February.

Then the White House dug up another rule.

They kind of threw on a 10% surcharge.

Last week, the lower court threw that out as well.

But in a twist, which I think you'll appreciate, Raoul, because I know you like cinema, cinematic timing, the appeals court saved it just as Trump's plane was essentially fueling up for Beijing.

And so the tax is active and we carry on until July 24th when legally they expire.