00:00Last week, I had the Treasury econ team go through and what could this cause that these tariffs add to
00:11inflation in the U.S.
00:13If there is 100 percent pass through, which there never is.
00:18Point zero two.
00:21So not even a rounding error.
00:23There is no inflationary pass through. And so the pain to the U.S., there is none.
00:31And, you know, as a matter of fact, we just saw over the weekend Sapporo Brewing, the Japanese brewer said
00:37that they are moving because of all the trade uncertainty, they are moving their production to the U.S.
00:46And if I were the Canadians, I'd be careful because they wanted the benefits of being a state without being
00:53a state.
00:54And now that the now that the arrangements may be splintering, everyone's going to come to our side.
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