The Complexity Behind Trump’s Tariffs

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00:00There was already this 90-day pause that we saw on tariffs which gave everyone a little bit of a reprieve

00:05just to try and recalculate what was going on because it was all a little bit confusing.

00:11And now a further extension has happened that we've heard about to the 1st of August, not tomorrow.

00:19And it seems like things are probably a little bit more difficult behind the scenes that we're given credit for.

00:25I think we may be underestimating the complexities involved in reaching one of these trade agreements.

00:30And for any trade agreement with any two parties, the normal procedure would be by an envoy being sent from one country to another

00:36to reach that trade agreement, to hammer out the finer details.

00:40And it's a process that does not take one telephone call much akin to what we saw Keir Starmer and Donald Trump have a couple of months ago.

00:46It's not quite that easy.

00:48There's many, many back-end legislations that need to be worked through as well.

00:52And I think the complexities of those may have been a slight oversight on the part of the administration,

00:56of the Trump administration, and certainly on the part of countries who are keen to make a deal as well.

01:01It's going to require a lot of work.

01:02It's top on the list of priorities.

01:04But there's been, as we've spoken about, a lot of other big issues as well.

01:08So I think that reprieve of the next 30 or 20 days extra is there to try and assist.

01:14I wouldn't be surprised if we see a slight extension on that for certain big markets that he needs to find a deal with,

01:19for the benefit of both, a mutually beneficial deal.