00:00You've been watching the markets this morning, they're up about 5%.
00:03What on earth do you think Donald Trump is up to over in America?
00:10So normally, when you get a big stock market fall, you get a corresponding rise in the bond market.
00:15So, say you're a pension fund investor, you might lose money on behalf of your people on the equities,
00:20but you make a bit of it back on the bonds.
00:22And every time we have a stock market crash, that pattern repeats.
00:25This time it was different.
00:26This time, we saw stock markets going down and bond prices falling as well,
00:32which led to real panic amongst the investment community.
00:36And by the way, the same thing happened here.
00:38You know, 10-year interest rates yesterday in Britain traded over 5%.
00:41And the reason for this is the size of American national debt, the size of British national debt.
00:47And I think, frankly, what happened is some of Donald Trump's biggest supporters said,
00:51you please, please got to take your foot off the brake.
00:55Otherwise, we're going to be in big trouble.
00:56So it was definitely a move caused by the markets, but equally caused by some of those who put a lot of money into Donald Trump's campaign.
01:07And we've lost our Brexit benefit, haven't we, Nigel?
01:10I mean, everybody's got these 10% tariffs now.
01:15Yeah, that's right.
01:16However, we're in a much better place to negotiate than the European Union is.
01:20Donald Trump actually likes us.
01:22Our trade with America is roughly even, as opposed to the European Union, who he dislikes intensely,
01:29and who, of course, on cars have a massive surplus.
01:31So we are in a much better position than our neighbours in Europe to negotiate a tariff-free package.
01:37I absolutely believe that that is achievable over the course of the next month or two.
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