00:00But just looking at whether or not this policy of tariffs is having the desired effect or not,
00:05I mean, the latest figures I've seen show that the U.S. trade deficit has just hit a fresh high,
00:11about 1.2 trillion U.S. dollars. I mean, do you think that would have been worse without the
00:17tariffs? Or do you think some element of this policy is working? How do you see it?
00:22I mean, I think traditionally they do work. You know, having been a trade lawyer for over a couple
00:29of decades, when the U.S. government, when any country imposes tariffs on imports to correct
00:35distortions on the market, underpricing, dumping, things like that, the domestic industry does get
00:40healthier. It's just a matter of it's not going to happen overnight. And so if the president is
00:46looking at imposing these tariffs to get domestic manufacturing for the items that we need that
00:51are critical to national security up and running, and then generally slow imports, increase American
00:56wages so American wage earners can actually compete, make enough money to sort of provide for their
01:02household those items, well, those changes, as we all know, isn't going to be overnight. It takes
01:06some time. So I think the president knows that. His team knows that. They're planning on sort of
01:11staying the course, moving forward with these new tariff authorities, continuing to impose tariffs,
01:17so that over the next few years, we kind of get some more corrections in the market,
01:21move some, you know, we all know we're not going to, any country cannot absorb all manufacturing
01:27domestically, but at least at a minimum, move those critical manufacturing capabilities
01:31within America's own borders. So we're not vulnerable like we are right now with the
01:36supply chain constraints from China.
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