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00:00 I've gotten a lot of questions about the tariffs, so let me say a few things about them.
00:05 The tariffs are being put into place as a symptom of things that are changing that will be there
00:14 anyway. If they're done well and in reasonable size, that can work well. I think that there's
00:22 a direction in place and a thinking that the United States will derive tax revenue from those
00:31 tariffs. So that would be beneficial. And that it would develop manufacturing, which the United
00:39 States needs both for employment reasons and also for security reasons, to build that manufacturing
00:48 in the United States. But it reflects a changing world situation in which we're going from a world
00:57 in which everybody would produce what they're most efficient at producing and exchange that and
01:05 capital would be free flowing and goods and services would be free flowing and that that would create
01:12 a globalized world that is a more efficient world. And so when we are going from that kind of a world
01:20 to a less efficient world, a more controlled world in which there is not the production by those who
01:30 are the most efficient and it's regulated and controlled in a very complex way. So that creates
01:37 less efficiency in both the goods markets, the goods and services markets, but also creates less
01:44 efficiency in the capital markets. And with that less efficiency globally, it produces the problems of
01:53 higher inflation and slower growth, more stagflation. It also is a theoretical question.
02:00 The changes I just described on the pros of being able to develop manufacturing in the United States
02:09 is still a question mark.