00:00I think it's early days. I mean, the announcement's a couple of days old on IAEPA.
00:03If you look at the market reaction, it's been pretty subdued, as we've all been talking about
00:07this morning. I think part of that is because some of the outcome that we saw over the last
00:12few days was probably priced into bond markets, so we haven't seen much of a reaction there.
00:16And if you talk to most of the corporates that we're dealing with, the reality is over the
00:20course of the last year or so, the instability and the volatility that's been brought by various
00:24decisions over the course of the last year on tariffs have become a little bit more normal
00:29course. So in the meantime, they've rebuilt supply chains or organized themselves in different
00:34ways to have resiliency and how they think about dealing to surprise or maybe not such a surprise
00:40as the case may be, depending on the audience. So in the meantime, more stable than you might think.
00:45How much do you hear also a discussion around domestic production and expediting some of the
00:50licensing around getting, say, for example, the copper mod in Arizona up and running at a time
00:56when there is this priority on metals of all sorts?
00:59Yeah, that's a live conversation. I mean, I think it's and I think it's a very important one,
01:03because if you think about the confluence of two forces, we've got the demand being driven by the
01:08AI power up. So the newest industries are literally dependent on the oldest industries. In addition to
01:14the global order reorganizing at the same time, there's a massive demand push here. And the response to
01:20that at the end of the day is going to hit a bottleneck on the supply side. So the needed
01:26reorganization of permitting, of getting to market faster, of regulatory reform is a really active
01:32conversation. And I think, as you know, we're seeing some positive developments on that, particularly
01:36here in the United States.
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