Scott Bessent

It's based on a five-year plan.

And I think everyone neglected the idea that despite the tariffs, the Chinese were going to keep producing.

It's one of these, they may lose a dollar on every product, but they make up for it in volume.

Well, I think the revenues are a combination of revenues.

So the ultimate goal of tariffs, the revenue collection, I think, in a way, is a payback for...

the imbalances that have gone on over the years.

But over time, the real idea is to balance trade and reshore manufacturing and bring our economy into balance with our trading partners.

So what should happen is over time,

Tariff income will come down and U.S.

tax receipts will come up, whether it's from factory jobs or more manufacturing and through higher payroll taxes.

So we will start off at this very high level.

Then we will rebalance and come up.

So I think it's difficult to know the timing.

We know the direction, we know the destination, but the timing's difficult on tariffs versus increased domestic tax revenues.

What I can say is when I got into the investment business in the 1980s, there was always a focus on trade and how much were we making in the US.

And again,

that everything made outside of the US is a decrease in US GDP.

So as we bring it back, I think we're gonna start looking more at the content of trade versus domestic manufacturing as a component of GDP acceleration.

Well, I don't think it's against the administration.

I actually think it's against the American people.