Steven

It has the potential to be the biggest economic story of our lives. It doesn't have to be. One thing that's very interesting about the tariff story is that if you compare it to 9-11 or COVID or 2008, the banking crisis, the tariff... issue that we're going through right now can be ended in one minute. There's a button on the president's desk that says, end it right now.

It has the potential to be the biggest economic story of our lives. It doesn't have to be. One thing that's very interesting about the tariff story is that if you compare it to 9-11 or COVID or 2008, the banking crisis, the tariff... issue that we're going through right now can be ended in one minute. There's a button on the president's desk that says, end it right now.

And even if that did happen, there would still be some lingering damage in terms of trust and reputation. But there was no button on the president's desk for COVID that said, end this all right now. It didn't exist. And 9-11 and Lehman Brothers in 2008, once those risks hit, we just had to deal with them through their finish. This is different because it can and is changing by the day.

And even if that did happen, there would still be some lingering damage in terms of trust and reputation. But there was no button on the president's desk for COVID that said, end this all right now. It didn't exist. And 9-11 and Lehman Brothers in 2008, once those risks hit, we just had to deal with them through their finish. This is different because it can and is changing by the day.

So when people have a take on what's going on right now, that take might be stale an hour from now. But it's absolutely true that the global economy, to an extent that I think people don't appreciate enough, is a very complicated, intricate machine. And most economic problems come when people like try to fiddle with that machine a little bit.

So when people have a take on what's going on right now, that take might be stale an hour from now. But it's absolutely true that the global economy, to an extent that I think people don't appreciate enough, is a very complicated, intricate machine. And most economic problems come when people like try to fiddle with that machine a little bit.

They're like, oh, let's turn this dial by one degree and see what happens. And then like, oh, it blows up. Oh, I shouldn't have done that. Tariffs is like, let's hit it with a baseball bat a couple times. Let's hit it with like a crowbar and see what happens. Like the global economy is so interconnected.

They're like, oh, let's turn this dial by one degree and see what happens. And then like, oh, it blows up. Oh, I shouldn't have done that. Tariffs is like, let's hit it with a baseball bat a couple times. Let's hit it with like a crowbar and see what happens. Like the global economy is so interconnected.

And if you go to your local grocery store, Target, Walmart, whatever it might be, and go around and look at where that stuff was made. I mean, and it's all over the world. It's everywhere. And once you shut that down and put barriers on that, it can become a big problem very quickly.

And if you go to your local grocery store, Target, Walmart, whatever it might be, and go around and look at where that stuff was made. I mean, and it's all over the world. It's everywhere. And once you shut that down and put barriers on that, it can become a big problem very quickly.

One thing I've noticed in the last couple of weeks that I think is very interesting are the number of educated and smart friends that I have who send me a text or a call or an email and say, hey, Can you explain what a tariff is? I see this word, but I don't really know what it is.

One thing I've noticed in the last couple of weeks that I think is very interesting are the number of educated and smart friends that I have who send me a text or a call or an email and say, hey, Can you explain what a tariff is? I see this word, but I don't really know what it is.

And I think that's important because I don't think the average person understands what can happen to the economy if this persists for a long period of time.

And I think that's important because I don't think the average person understands what can happen to the economy if this persists for a long period of time.

First, I would say is tariffs have been used for hundreds of years. And there is, there can be a very good, useful purpose for them in the economy. I think as they're structured right now in the United States, it's a huge mistake. It has a potential to be a catastrophe. But they can be a useful thing in the economy. This is not a black and white thing.

First, I would say is tariffs have been used for hundreds of years. And there is, there can be a very good, useful purpose for them in the economy. I think as they're structured right now in the United States, it's a huge mistake. It has a potential to be a catastrophe. But they can be a useful thing in the economy. This is not a black and white thing.

What a tariff is, is, let's keep this very simple. The United States buys a bunch of computers that are made in China, a bunch of iPhones that are made in China. They're on a container ship. They ship them to the United States. When they get to the port in the United States, the importer, which is Apple, bringing the iPhones in that are made in China. An American company.

What a tariff is, is, let's keep this very simple. The United States buys a bunch of computers that are made in China, a bunch of iPhones that are made in China. They're on a container ship. They ship them to the United States. When they get to the port in the United States, the importer, which is Apple, bringing the iPhones in that are made in China. An American company.

Has to pay the tariff that's put on it. And a lot of people, and it's very understandable why they would think this, would say, well, no, in that situation, China pays the tariff. And there could be a situation where China starts discounting the iPhones. The company that's making the iPhones would discount it. There can be some offset. But the person who's paying that tax is the importer.

Has to pay the tariff that's put on it. And a lot of people, and it's very understandable why they would think this, would say, well, no, in that situation, China pays the tariff. And there could be a situation where China starts discounting the iPhones. The company that's making the iPhones would discount it. There can be some offset. But the person who's paying that tax is the importer.