Scott Bessent

That's their business model. It's not going to stop. Now, what could happen, if you were to say, Scott, What's the dream scenario? That somehow there could be a deal where the US and China We want more manufacturing, which would mean a smaller part of the economy's consumption.

That's their business model. It's not going to stop. Now, what could happen, if you were to say, Scott, What's the dream scenario? That somehow there could be a deal where the US and China We want more manufacturing, which would mean a smaller part of the economy's consumption.

That's their business model. It's not going to stop. Now, what could happen, if you were to say, Scott, What's the dream scenario? That somehow there could be a deal where the US and China We want more manufacturing, which would mean a smaller part of the economy's consumption.

The Chinese have this imbalanced economy with too much manufacturing, and actually the Chinese consumers really get the short end of the stick. So Chinese households, they're caught in what's called the middle-income trap.

The Chinese have this imbalanced economy with too much manufacturing, and actually the Chinese consumers really get the short end of the stick. So Chinese households, they're caught in what's called the middle-income trap.

The Chinese have this imbalanced economy with too much manufacturing, and actually the Chinese consumers really get the short end of the stick. So Chinese households, they're caught in what's called the middle-income trap.

that could we do something together to say, okay, you rebalance, you consume more, manufacture less, we are going to consume less and manufacture more, and we'll be military rivals, There'll still be an economic rivalry, but we're going to level the playing field by a lot. Now, that's not going to happen tomorrow. That's not going to happen in a month.

that could we do something together to say, okay, you rebalance, you consume more, manufacture less, we are going to consume less and manufacture more, and we'll be military rivals, There'll still be an economic rivalry, but we're going to level the playing field by a lot. Now, that's not going to happen tomorrow. That's not going to happen in a month.

that could we do something together to say, okay, you rebalance, you consume more, manufacture less, we are going to consume less and manufacture more, and we'll be military rivals, There'll still be an economic rivalry, but we're going to level the playing field by a lot. Now, that's not going to happen tomorrow. That's not going to happen in a month.

But over the next few years, they may have to come around because I think their business model is broken. I think President Trump's broken their business model with these tariffs.

But over the next few years, they may have to come around because I think their business model is broken. I think President Trump's broken their business model with these tariffs.

But over the next few years, they may have to come around because I think their business model is broken. I think President Trump's broken their business model with these tariffs.

Exactly.

Exactly.

Exactly.

They can't survive without them.

They can't survive without them.

They can't survive without them.

Well, I think what gives me a lot of confidence is the relationship between President Trump and Chairman Xi. Yes. That when you have a direct line of communication at the very top, then I think it's very difficult for things to go haywire. Interesting. What about the rest of the world? What about Europe?

Well, I think what gives me a lot of confidence is the relationship between President Trump and Chairman Xi. Yes. That when you have a direct line of communication at the very top, then I think it's very difficult for things to go haywire. Interesting. What about the rest of the world? What about Europe?