Peter St. Onge

So those are a big deal.

However, it takes a long time to build a factory.

So Taiwan Semiconductors is a huge factory in Arizona, $100 billion, four years from planning to actually hiring people.

So in other words, that's not hitting manufacturing yet, and it won't for a long time.

Even like a shoe factory, something simple is going to take 12, 18 months.

So we haven't seen the jobs yet.

What we're seeing right now is the factory building and the investment coming in.

Yeah, there's always gonna be some of that.

China, for example, made big promises in Trump's first term and they didn't live up to it.

You know, he's rung like 500 or a trillion dollars out of Korea, Japan.

A lot of that is dragging their feet.

At the same time, a lot of it is genuinely moving.

You've got the Taiwan semiconductor.

I think every single German car company is already building production in the US.

And fundamentally, it's about business risk for them.

So, yes, they're going to say big numbers in the beginning to try to get Trump off their back or to get their own government off their back because their own government is trying to look for some bargaining chip to try to get rates down.

So, yes, they're going to be doing that early on.

But the question at that point is, is it genuinely more productive to produce in the U.S.?

And there you've got two parts of it.

One of them is the tax rates.