Robert Rubin

I'm not saying that's the case now.

These markets may go on forever.

Maybe we finally found Nirvana.

But I'll tell you, my view of whatever it's worth, I think one has to think very carefully about what you think the risks are, what you think the rewards are, and try to make reasonable judgments.

And I'm not predicting in any way what the markets are going to do.

I'm just going to say that I think that the risks are enormous.

And I think, I guess I do think, I do think, that's not I guess, I do think that the markets don't properly weight those.

It wasn't my view, but go ahead.

Yeah, people, let me, Lisa, they may keep, I think the tariffs are extremely unwise.

I think open trade has served our country extremely well over many, many, many, many decades.

I do think there's some caveats to that.

I do think you need to protect supply chains when they have national security or economic security dimensions through subsidies or trade restrictions.

But having said that,

Beyond that, I think open trade has served us extremely well.

I think tariffs will hurt us in terms of growth, and I think it's a one-time increase in cost.

In that sense, it's not inflation, but it is a one-time increase in cost.

Cost to our producers will go up.

That decreases their efficiency and competitiveness.

It could lead, I've never forgotten something Paul Volcker said to me.

He said that inflation could take on a life of its own, and of course that was a reference to inflationary expectations.