00:00Now, I want to quote you on something you said in the past, and you said this with regards to negotiating with the United States on matters of trade and China.
00:09And you said it should be done with a gun in your pocket. And I wondered what you meant by that.
00:14Well, what I mean by that is that, especially with Trump, but we've always had, you know, trade-free friends with the U.S. or with China for the last decade, and, unfortunately, even more with Mr. Trump, he negotiates with a gun on the table.
00:37Huh? He says, I want you to do that, and if you don't do that, that's tariffs.
00:45What I mean by what I said is that we may not need to have the gun on the table, but we need to have it in our pocket, and he needs to know it.
00:57Mr. Trump sometimes steps back. This has happened quite a number of times since he proclaimed the new structure of the so-called reciprocal tariffs in last April.
01:14In a number of areas or circumstances, he steps back. So, the issue for us now is we have to deploy enough of a counter threat so that he steps back.
01:30Now, we did not do that in this famous Turnberry deal where we accepted an asymmetric 15% on this side, zero on our side.
01:42And the reason why we didn't do that at the time was that we needed the U.S. in Ukraine, and we didn't want to antagonize them for the Europeans.
01:53Losing Ukraine is more important than losing 2% or 3% of U.S. market share.
01:59That's the previous episode.
02:01We now are in a new episode where the issue is Greenland, and our level of deterrence and of escalation and of counter threat has, in my view, to be much higher than in the previous episode, because the stakes for the European Union are higher this time.
02:22You're on a new episode where the issue of the European Union has been in law alone.
02:33VOLF is the best to Compared to the European Union.
02:39You mentioned that I read a Debbie T000 or three years in chief of!'
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