00:00Let's talk about the data. How much pressure is on this administration to do something about these
00:04numbers? Well, I think a lot more. And I'm certainly if you're the White House or you're
00:12the Treasury Secretary who just had a meeting yesterday with the Chinese ahead of the summit
00:18tomorrow between President Trump and Xi Jinping, this PPI data certainly is going to catch your
00:25eye, especially when it comes to the fact that this administration in some recent polls has really
00:30been underwater when it comes to the handling of the economy and prices are just inching up and
00:36becoming almost unaffordable for some Americans. When it comes to oil prices, especially, there is
00:43something this administration could ask China to do at the table. One, potentially put some pressure
00:49on the Iranian regime to open up at the Strait of Hormuz. But also, China has 1.4 billion barrels
00:56of crude in stockpiles. For some contacts, that's more than the United States and eight of the other
01:02major players when it comes to stockpiling of crude combined. They can maybe ask the Chinese to
01:08release some of those barrels into the market to ease some of these pressures. But certainly,
01:13Jonathan, the domestic pressure just got a whole lot bigger for this president as he steps down in
01:18Beijing.
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