00:00Mark, we know that President Trump loves tariffs.
00:02He reaffirmed that in a speech that he gave to the
00:05Economic Club of Detroit just a few days ago.
00:07It's his favorite word.
00:09Um...
00:10We have a favorite word.
00:12Seen him impose those tariffs for a variety of reasons,
00:14and a big one has been...
00:15to encourage a kind of manufacturing renaissance in the U.S.
00:19How's that working out?
00:20It's not.
00:21And part of the problem is it might be just too early.
00:25Um...
00:25Because, um...
00:27These kind of reshoring, uh, actions...
00:30that Trump is looking for
00:32and increase in manufacturing production.
00:35Um...
00:35Are, in some cases, years-long investments
00:37and commitments by companies.
00:40Um...
00:40And they've been unwilling, in a lot of cases,
00:43to make these kind of, uh...
00:45commitments because, you know,
00:47the tariff rates keep changing
00:48and they don't know where...
00:50the trade policy is ultimately going to land.
00:51So the intent, clearly, is to, um...
00:55As Trump says when he talks about tariffs,
00:57is that if you make your goods...
01:00or your products in the U.S.,
01:02you don't have to pay the tariff.
01:03That's the whole intent.
01:05But it's just not that simple
01:07because, uh, in a lot of cases,
01:10um, you know, companies need inputs
01:12that they can't make in, uh, the...
01:15U.S. for their production in the U.S.
01:18Um...
01:18And that's...
01:18Those inputs now...
01:20Uh, uh, the prices are higher
01:21because of the, the, the tariffs.
01:23Um...
01:24So, I think...
01:25The big picture is, you know,
01:26we have yet to see, um,
01:28sort of significant reshaping
01:30reshoring activity
01:30because of the tariffs.
01:32You know, that might still be calming.
01:34But in the mean...
01:35In the meantime, you know,
01:35we're seeing manufacturers
01:37in particular struggle
01:38because of the...
01:40high costs, like I said,
01:40of the, of the inputs
01:41and the, the uncertainty,
01:44that's a...
01:45affected, I think, you know,
01:46manufacturing production.
01:47And we've certainly seen
01:48a decrease in manufacturing.
01:50Employment.
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