00:00These tariffs, we have no idea if they'll still be on by the time we finish this conversation,
00:05let alone 5, 10 years.
00:07So we're not going to give industry the right incentives to change their investment patterns.
00:12The only thing we are giving industry an incentive to do is wait, hold back, delay investments,
00:18which we're already seeing out there in the investment community.
00:22So by any metric, revenue generation, leverage, or industrial policy, this really doesn't
00:29check any boxes.
00:3025% tariffs on Canada and Mexico, our second and third largest trading partners, are going
00:37to increase costs for everyday Americans by an enormous amount.
00:42Estimates suggest that this is going to increase the cost of living to Americans by about $1,500
00:49per household.
00:50The authorities under which they've been imposed is a national security tariff to combat legal
00:57fentanyl.
00:58That has really no basis in reality for Canada.
01:01There's an incredibly small amount of fentanyl that goes over the border.
01:07It doesn't really make any sense.
01:10If these tariffs stay on, everyday Americans will start feeling the pain.
01:15And then the question will be, will they continue down this course, which I certainly hope they
01:19won't, or do we course correct?
01:21It's going to go up in price, groceries, gas prices, the price of your car, the prices
01:28of sugar and furniture and things like that.
01:32So in those of us who have less money to spend, those of us who spend a larger share of their
01:39income on those everyday necessities are going to pay a larger share of this tax.
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