00:00Agita, I don't know whether you caught Prime Minister Carney's speech yesterday in Davos.
00:04He basically declared independence from the American-dominated past.
00:10I want to ask you the question about dealing with tariffs in that context.
00:16I saw some of his, you know, what he said.
00:20It was pretty powerful.
00:22Indeed, it was a statement about the current global economic order
00:25and how that has basically ended and that we have to, you know, form new alliances.
00:32I think there was a big call to that.
00:34First of all, I don't think the movie is over, right?
00:37I mean, one of the reasons that the tariffs that have been announced so far from the U.S.
00:42has not been hugely consequential on the world is because the actual level of tariffs,
00:48and I did some research on this with the co-author last year,
00:50is the actual level of tariffs is a fraction of what the headline numbers and announcements are, right?
00:58So the statutory rate is about 24%.
01:01The actual rate is about 14%, right?
01:04Because there are so many exemptions and so many carve-outs.
01:07So every time I hear a number, I'm like, I want to wait and see exactly where something sticks.
01:13So that's been my first piece, is that we just don't know where all of this is headed.
01:18Okay?
01:18Okay.
01:18Okay.
01:18Okay.
01:19Okay.
01:20Okay.
01:22Okay.
01:32All right.
01:34Okay.
01:34Okay.
01:35Well, thanks.
01:36Okay.
01:36aging when Slime.
01:37Okay.
01:38All right.
01:39Okay.
01:39Okay.
01:39All right.
01:40Okay.
01:41Okay.
01:41Okay.
01:42All right.
01:42Okay.
01:43There we go.
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