00:00We also had President Trump meet with President Xi Jinping of China over in South Korea.
00:06And there were a lot of things announced.
00:07President Trump said on a scale of 1 to 10, it was a 12.
00:10Not sure how that works exactly.
00:12But there seemed to be a consensus that what we've done is basically just go back to where we were before.
00:16And this is going to be an ongoing period of negotiation.
00:19How significant, in terms of the economy, is what happened over in South Korea?
00:25Look, I think the most important thing is what didn't happen.
00:30This situation didn't spiral out of control into massive confrontation and economic conflict.
00:38And it was managed in a way that avoided what potentially could have been very unfortunate and destabilizing outcomes.
00:49And that's the good news.
00:50And I think it genuinely is good news.
00:54When one judges the prosperity of the United States in this period or the wisdom of economic policy in this period, it is not going to be about the level of soybean sales to China.
01:08I think there's a good chance that we elicited some real cooperation on fentanyl.
01:15We're managing the situation towards the avoidance of what could otherwise be very substantial turbulence.
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