Ryan Petersen

Two is we have a major fiscal problem in this country. $2 trillion deficit, no end in sight. You got to do something to generate more revenue. So tariffs are one way to do that. Not 145%, probably net lowers the amount of trade and the amount of duties collected, but some amount of duties maybe is a reasonable place to, you got to get the revenue somehow for the government. So that's fine.

Two is we have a major fiscal problem in this country. $2 trillion deficit, no end in sight. You got to do something to generate more revenue. So tariffs are one way to do that. Not 145%, probably net lowers the amount of trade and the amount of duties collected, but some amount of duties maybe is a reasonable place to, you got to get the revenue somehow for the government. So that's fine.

Two is we have a major fiscal problem in this country. $2 trillion deficit, no end in sight. You got to do something to generate more revenue. So tariffs are one way to do that. Not 145%, probably net lowers the amount of trade and the amount of duties collected, but some amount of duties maybe is a reasonable place to, you got to get the revenue somehow for the government. So that's fine.

That's reasonable. Third is it is a valid point around US not having manufacturing capacity in a national security time of war. Like you're, Your car factories become your tank factories. This is why auto is such an important strategic sector, for example.

That's reasonable. Third is it is a valid point around US not having manufacturing capacity in a national security time of war. Like you're, Your car factories become your tank factories. This is why auto is such an important strategic sector, for example.

That's reasonable. Third is it is a valid point around US not having manufacturing capacity in a national security time of war. Like you're, Your car factories become your tank factories. This is why auto is such an important strategic sector, for example.

And then fourth, and I think really what we'll see them hammer, I think they have a valid point, is on the industrial policies of these countries, both currency. Look at Vietnam. Vietnamese dong has gone down in valuation the last three years. Maybe not the last three weeks, but the last few years.

And then fourth, and I think really what we'll see them hammer, I think they have a valid point, is on the industrial policies of these countries, both currency. Look at Vietnam. Vietnamese dong has gone down in valuation the last three years. Maybe not the last three weeks, but the last few years.

And then fourth, and I think really what we'll see them hammer, I think they have a valid point, is on the industrial policies of these countries, both currency. Look at Vietnam. Vietnamese dong has gone down in valuation the last three years. Maybe not the last three weeks, but the last few years.

At the moment that their manufacturing sector is absolutely booming, and if this was a normal market, their currency would appreciate as so many more dollars flowed in. So there's some probably terms for a deal around currency, setting the reserve currency, setting the U.S. currency exchange rates at a level that we think is healthier.

At the moment that their manufacturing sector is absolutely booming, and if this was a normal market, their currency would appreciate as so many more dollars flowed in. So there's some probably terms for a deal around currency, setting the reserve currency, setting the U.S. currency exchange rates at a level that we think is healthier.

At the moment that their manufacturing sector is absolutely booming, and if this was a normal market, their currency would appreciate as so many more dollars flowed in. So there's some probably terms for a deal around currency, setting the reserve currency, setting the U.S. currency exchange rates at a level that we think is healthier.

Subsidies, these countries provide a lot of subsidies for manufacturing, free land, free buildings, cheap credit. There's all kinds of things that they do smartly from their own perspective, I think, but that don't make the level playing field. Environmental regulations that we have that are way higher than theirs. Organized labor repression.

Subsidies, these countries provide a lot of subsidies for manufacturing, free land, free buildings, cheap credit. There's all kinds of things that they do smartly from their own perspective, I think, but that don't make the level playing field. Environmental regulations that we have that are way higher than theirs. Organized labor repression.

Subsidies, these countries provide a lot of subsidies for manufacturing, free land, free buildings, cheap credit. There's all kinds of things that they do smartly from their own perspective, I think, but that don't make the level playing field. Environmental regulations that we have that are way higher than theirs. Organized labor repression.

I mean, Korea for many, many years had like a mandatory six-day work week rule. You know, I mean, that would never fly here. China has a six-day work week. I don't think it's mandatory. It's just, like, culturally, they just work harder than us. I don't know if there's something... But these are all, like, fair grounds for going, hey, like... you know, it's not a balanced playing field for us.

I mean, Korea for many, many years had like a mandatory six-day work week rule. You know, I mean, that would never fly here. China has a six-day work week. I don't think it's mandatory. It's just, like, culturally, they just work harder than us. I don't know if there's something... But these are all, like, fair grounds for going, hey, like... you know, it's not a balanced playing field for us.

I mean, Korea for many, many years had like a mandatory six-day work week rule. You know, I mean, that would never fly here. China has a six-day work week. I don't think it's mandatory. It's just, like, culturally, they just work harder than us. I don't know if there's something... But these are all, like, fair grounds for going, hey, like... you know, it's not a balanced playing field for us.

And so maybe there's some deal on one or more of those grounds to get them to change some policy or something. But the duty rates itself is one small piece of it, like how much they charge us in duty versus what we charge them. And they've been pretty clear about this, that the administration cares much more about these non-tariff barriers, they would call them.

And so maybe there's some deal on one or more of those grounds to get them to change some policy or something. But the duty rates itself is one small piece of it, like how much they charge us in duty versus what we charge them. And they've been pretty clear about this, that the administration cares much more about these non-tariff barriers, they would call them.