00:00Mark, we know that President Trump loves tariffs. He reaffirmed that in a speech that he gave to
00:04the Economic Club of Detroit just a few days ago. It's his favorite word.
00:09We have a favorite word. Seen him impose those tariffs for a variety of reasons,
00:14and a big one has been to encourage a kind of manufacturing renaissance in the U.S.
00:18How's that working out? It's not. And part of the problem is it might be just too early
00:25because these kind of reshoring actions that Trump is looking for and increase in manufacturing
00:33production are, in some cases, years-long investments and commitments by companies,
00:40and they've been unwilling in a lot of cases to make these kind of commitments because,
00:47you know, the tariff rates keep changing and they don't know where the trade policy is ultimately
00:51going to land. So the intent clearly is to, as Trump says when he talks about tariffs,
00:57is that if you make your goods or your products in the U.S., you don't have to pay the tariff.
01:03That's the whole intent behind it. But it's just not that simple because, in a lot of cases,
01:09companies need inputs that they can't make in the U.S. for their production in the U.S.
01:17And as those inputs now, the prices are higher because of the tariffs. So I think the big picture
01:25is, you know, we have yet to see sort of significant reshoring activity because of the tariffs,
01:32you know, that might still be calming. But in the meantime, you know, we're seeing manufacturers
01:37in particular struggle because of the high costs, like I said, of the inputs and the uncertainty
01:43that's affected, I think, you know, manufacturing production. And we've certainly seen a decrease
01:48in manufacturing employment.
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