Nilay Patel

I have watched a lot of companies say a lot of things about investing in manufacturing in the United States.

I'm from Racine, Wisconsin.

I watched Foxconn insist that it was going to build an LCD factory in Racine, Wisconsin, and then simply not do that.

And I've watched Tim Cook reopen a factory that was already making Macs, so Donald Trump, in his first term, could say that Apple was opening a factory.

There is a lot of theater about manufacturing in the United States.

And then there is the reality of investing for the long term

When presidents come and go, how are you balancing that?

Is it theater?

Is it real investments?

What is the split?

Do you think that's because people assume that there will be a snapback to normal trade relations in the world, or do you think it's just slow?

Look, I have a rudimentary understanding of economics.

I studied this in undergraduate at the University of Chicago 20 years ago.

My understanding of all this is this is how you equalize labor rates.

You say, OK, you can make the products cheaper overseas.

We'll just put a tariff on top of it.

Now the product is as expensive.

You made it in the United States.

You might as well make it here.

And that is bluntly what the Trump administration is doing.