00:00And I'm curious, I want to get your reaction to this because we saw this a lot in President
00:05Trump's tariff policy that he threatens a major tariff move and then he rolls it back. He gets
00:11the country, whoever it is, the negotiating table or on a phone call. And then he says,
00:15you know what, I'm going to pause this. We saw that most recently with the EU and Wall Street
00:19analysts reportedly call his on again and off again moves taco trade. Trump always chickens
00:25out. So I'm curious, is that how companies, is that how supply chains are viewing him? And
00:31do they implement that into their strategy of, hey, President Trump might chicken out on this,
00:36that might not be the number and we should plan accordingly?
00:40I think that, you know, what we've, what we've learned over the last eight to 12 weeks has been
00:46that, you know, change is always a constant. And so, you know, to my earlier point,
00:53making strategic decisions, making strategic bets based on any one news article or any one tweet
01:00just doesn't seem like a really good idea right now. I read the situation as it is open to daily
01:10disruption. It is open to daily change. And therefore, that is how you have to absorb it.
01:17And that's how you have to accommodate it. You can complain about it, but it's the,
01:20that is our new norm. So embrace it and figure out a way to make your supply chains more resilient
01:27and more adaptable, knowing that this is going to continue for some period of time.
01:32And I guess my question to you then is, I mean, if I'm a business owner, if I am in charge of a
01:37company, I'm ripping my hair out thinking that this is how I have to go day by day. A tweet can
01:42totally upend my business or upend how I need to look at a certain sector of my business.
01:48So I was speaking with the Secretary General of the ICC last week, and he said that, you know,
01:54a lot of this tariff policy is written in pencil now, not pen. So until all of these negotiations
02:00are written in pen and not pencil, until the tariff policies really are nailed down, I mean,
02:05what should businesses be doing?
02:07They should be hurry up, they should be applying the logic of hurry up and wait, because they can't
02:15do anything else. So make the most of what you possibly can, you know, even for the bigger
02:20manufacturers right now, you know, as the initial tariffs happened with China, the first thing they
02:27did was not to panic and move production. They had already created some level of decentralization
02:34production from the very first wave of tariffs back in 2018. So what they did in the short term
02:39was they ramped up production in those other factories, which could have been in the Philippines
02:44or Malaysia or Thailand, they actually opportunity to say, we create a level of resilience, let's
02:51double down on that in the short term, while we figure out what's going to happen next. And so from a
02:57small business perspective, it's the same thing. It's what are your strategies that are working? What are
03:02your strategies that are helping you right now? Those are the ones that you double down on while
03:07you wait for the next iteration of the tariff discussion and the global trade discussion.
03:13Because the one thing that we know for sure is that it's going to change. We just don't know where
03:19it's going to end up just yet.
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