00:00Tariffs are a terrible thing for you in economics. They just don't work. I'm an economist. I've never believed in
00:05tariffs. I think they slow down economic growth. They increase inequality because it's a terribly regressive tax and they basically
00:12throw sand in the gears of the economy. But one of the things I think it does is it will
00:17put downward pressure on the dollar in the long run because it's going to slow the US economy down. And
00:22that's very important from an investment perspective because one of the reasons investors worldwide have done so well in the
00:27US relative to the rest of the world has been a rising dollar for many decades.
00:30Last year came down. This year it's pretty flat but it looks like it's still falling. I think it will
00:35fall some more because I think these tariffs are just sapping confidence in the US economy. They're tending to push
00:43investment elsewhere. And if it brings the dollar down it should help international investments from a US perspective relative to
00:50US investment.
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