00:00I'm just wondering, why do you see this as potentially being another Liberation Day?
00:05Well, I was kind of hopeful that it wouldn't be, right?
00:07We got the ruling, markets actually responded well, then we saw 10%, and then we saw 15%.
00:12So far, you've gone on the show without mentioning the word embargo.
00:15I have the strange feeling that's going to come up.
00:17So I think we're going to see pressure on the markets.
00:18I think markets would have been relieved to get past the tariff issue,
00:21and it seems like it's going to be front and center again.
00:23How much is this going to essentially crimp affordability in terms of the debate,
00:28certainly in Washington, D.C., in terms of consumer spending,
00:31if tariffs are sort of going up and down and they don't get the refund,
00:34versus the opposite, versus actually being a reprieve?
00:36I was looking at, for example, the Yale Budget Lab,
00:40and they were talking about how tariffs went down from 16% to 9% immediately after the IEPA ruling.
00:47Yeah, and now they're back up.
00:48I think there's just going to be confusion.
00:49I'm not sure how it's going to directly translate into the affordability issue.
00:54A lot of products have already been ordered.
00:55Some have been paid for.
00:57I think this just has confusion.
00:58I think we're going to see what happens with Iran in terms of oil prices.
01:01That could be an issue.
01:03Again, I felt we were, in general, in a good direction where we are headed in inflation and affordability.
01:08Friday's, you know, PCE numbers did not support that.
01:12But I am comfortable that inflation is kind of, you know,
01:15the last story that we need to be focusing on.
01:17We need to be focusing on jobs and economic growth.
01:19Well, Peter, when it comes to the tariff policy,
01:22I'm thinking of China because immediately the 10% fentanyl tariff gets wiped off.
01:27Does this mean that China is a better position as Trump prepares to go there in early April?
01:32I think there's a long time between now and April, right?
01:35Again, the ruling did seem to suggest that he could use embargo.
01:38He has not yet said he would do an embargo.
01:40Given that he likes maximum pressure,
01:42I expect a lot more noise as he tries to put the clamp back down on China.
01:46So that's why I'm a little bit nervous about markets, right?
01:48This 10% or 15%, it's not done.
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