1 00:00:00,200 --> 00:00:03,480 Speaker 1: They say tariffs are the worst economic policies ever, and 2 00:00:03,680 --> 00:00:06,960 Speaker 1: for lots of reasons. But what if that's the biggest 3 00:00:07,000 --> 00:00:10,480 Speaker 1: lie in modern economics. They told you tariffs are just 4 00:00:10,520 --> 00:00:13,360 Speaker 1: a tax on you. They say they start trade wars. 5 00:00:13,600 --> 00:00:16,120 Speaker 1: They say that making stuff in America means that you're 6 00:00:16,160 --> 00:00:17,480 Speaker 1: going to pay ten times more. 7 00:00:17,520 --> 00:00:19,639 Speaker 2: But what if none of that's true. 8 00:00:19,880 --> 00:00:23,200 Speaker 1: Because if they're wrong, we've built our economy on a myth. 9 00:00:23,440 --> 00:00:26,640 Speaker 1: We've handled our power to countries that don't play fair. Now, 10 00:00:26,680 --> 00:00:29,160 Speaker 1: I've spent years studying this and talking about this and 11 00:00:29,200 --> 00:00:33,320 Speaker 1: speaking around the world about history cycles and what actually works. 12 00:00:33,479 --> 00:00:36,600 Speaker 1: And in this video, I'm going myth by myth to 13 00:00:36,680 --> 00:00:39,199 Speaker 1: show you what they don't want you to see. So 14 00:00:39,320 --> 00:00:42,879 Speaker 1: let's go, all right, We're going to jump right through this, 15 00:00:43,000 --> 00:00:45,200 Speaker 1: go through the biggest myths that you've heard. 16 00:00:45,240 --> 00:00:47,720 Speaker 2: Now, why are they myths and why are they not real? 17 00:00:47,840 --> 00:00:50,320 Speaker 1: Well, the main reason why is these myths are being 18 00:00:50,360 --> 00:00:54,840 Speaker 1: pushed by academics. They're being pushed by theories that sound 19 00:00:54,880 --> 00:00:58,000 Speaker 1: really good on paper, but they're not in the real world. Now, 20 00:00:58,080 --> 00:01:01,720 Speaker 1: somebody who's built multiple businesses and had multiple exits, I've 21 00:01:01,800 --> 00:01:03,600 Speaker 1: learned the real world and when I break these down 22 00:01:03,600 --> 00:01:03,720 Speaker 1: to you. 23 00:01:03,800 --> 00:01:05,240 Speaker 2: It's going to make perfect sense. 24 00:01:05,600 --> 00:01:07,279 Speaker 1: And I just want to let you know that again, 25 00:01:07,440 --> 00:01:10,000 Speaker 1: in theory, it sounds good, but the real world is 26 00:01:10,240 --> 00:01:13,839 Speaker 1: much more complex. Anyway, Let's jump right in the consumer 27 00:01:13,920 --> 00:01:16,960 Speaker 1: price myth. So you've been told mainstream media is telling 28 00:01:17,000 --> 00:01:20,680 Speaker 1: you that if tariffs, if the US puts tariffs in place, 29 00:01:20,959 --> 00:01:23,360 Speaker 1: then you, the consumer will pay more, and they say 30 00:01:23,400 --> 00:01:26,960 Speaker 1: it's basically a hidden tax. It's like increasing taxes. So 31 00:01:26,959 --> 00:01:29,480 Speaker 1: Trump says he's going to lower taxes, but tariffs, now 32 00:01:29,480 --> 00:01:30,520 Speaker 1: that's a hidden tax. 33 00:01:30,600 --> 00:01:30,880 Speaker 2: Okay. 34 00:01:31,000 --> 00:01:33,680 Speaker 1: Number one. Again, the consumer is the one that's gonna 35 00:01:33,680 --> 00:01:36,000 Speaker 1: pay this. They're going to pay more. And they tell 36 00:01:36,080 --> 00:01:38,319 Speaker 1: us that because you're going to have to pay more 37 00:01:38,360 --> 00:01:41,640 Speaker 1: for prices for goods and services, then that's also going 38 00:01:41,680 --> 00:01:42,480 Speaker 1: to cause inflation. 39 00:01:42,680 --> 00:01:43,840 Speaker 2: Prices will be going up. 40 00:01:44,200 --> 00:01:46,640 Speaker 1: I listened to Scott Pssent, the Treasury Secretary, on an 41 00:01:46,640 --> 00:01:48,800 Speaker 1: interview I believe with Tucker Carlson, and he said that 42 00:01:49,240 --> 00:01:52,800 Speaker 1: if the consumer is going to pay the increase, then 43 00:01:52,880 --> 00:01:57,720 Speaker 1: why are other nations so worried about it? Interesting perspective 44 00:01:57,760 --> 00:01:59,640 Speaker 1: again from somebody who knows how to make money. Let's 45 00:01:59,640 --> 00:02:03,040 Speaker 1: break this down how this really works in the real world. So, 46 00:02:03,440 --> 00:02:07,240 Speaker 1: first of all, when we talk about tariffs, there's three 47 00:02:07,280 --> 00:02:12,160 Speaker 1: parties involved. First, you have the exporter. Okay, so this 48 00:02:12,200 --> 00:02:15,200 Speaker 1: is the exporter, maybe the producer, if you will. So 49 00:02:15,280 --> 00:02:17,880 Speaker 1: goods are being made in another country in China, and 50 00:02:17,919 --> 00:02:21,799 Speaker 1: they're exporting them. They're exporting them over to America. Let's 51 00:02:21,800 --> 00:02:24,640 Speaker 1: say they're going to increase tariffs. But really the importer 52 00:02:26,200 --> 00:02:31,240 Speaker 1: or retailer would be Walmart, right, So China exports to Walmart. 53 00:02:31,320 --> 00:02:34,480 Speaker 1: And then the third party in this is this is you, 54 00:02:35,080 --> 00:02:38,840 Speaker 1: the consumer. So there's three people in this chain. So 55 00:02:40,200 --> 00:02:42,680 Speaker 1: the United States, one of the new Trump policies, we're 56 00:02:42,680 --> 00:02:45,960 Speaker 1: going to add tariffs. We're going to add ten percent 57 00:02:46,160 --> 00:02:47,960 Speaker 1: on China, now whatever one hundred and twenty five percent. 58 00:02:48,080 --> 00:02:51,000 Speaker 1: We're going to increase tariffs. First of all, where does 59 00:02:51,000 --> 00:02:53,920 Speaker 1: that get paid? Who pays it? Well, the person that 60 00:02:53,919 --> 00:02:57,640 Speaker 1: pays it is the importer. So Walmart or whoever imports 61 00:02:57,639 --> 00:03:00,640 Speaker 1: this is going to have to pay that new percentage 62 00:03:00,639 --> 00:03:03,840 Speaker 1: of imports to the US, not the exporter, not China, 63 00:03:04,560 --> 00:03:05,519 Speaker 1: not you the consumer. 64 00:03:05,760 --> 00:03:06,600 Speaker 2: They have to pay it. 65 00:03:06,960 --> 00:03:11,240 Speaker 1: However, this is where free markets and capitalism and business 66 00:03:11,240 --> 00:03:13,520 Speaker 1: one oh one gets a little bit into the details. 67 00:03:13,560 --> 00:03:15,760 Speaker 2: So Walmart has to pay the United States. 68 00:03:15,440 --> 00:03:18,720 Speaker 1: But they can't afford to pay an extra twenty percent 69 00:03:18,840 --> 00:03:20,120 Speaker 1: or forty percent. 70 00:03:20,120 --> 00:03:20,680 Speaker 2: They can't do that. 71 00:03:21,120 --> 00:03:23,000 Speaker 1: So who's gonna pay it? Well, it's going to be 72 00:03:23,080 --> 00:03:27,320 Speaker 1: split between these three parties. So what mainstream media wants 73 00:03:27,320 --> 00:03:29,760 Speaker 1: to fearmonger you and say that you are going to 74 00:03:29,840 --> 00:03:32,440 Speaker 1: pay all of that increase, that's not the case. As 75 00:03:32,480 --> 00:03:34,280 Speaker 1: a matter of fact, you're probably not gonna pay any 76 00:03:34,280 --> 00:03:36,880 Speaker 1: of it. So this difference, the ten twenty whatever the 77 00:03:36,880 --> 00:03:38,960 Speaker 1: tariffs are gonna be, are gonna be split here. So 78 00:03:39,000 --> 00:03:40,960 Speaker 1: what Walmart's gonna do is they're going to push this 79 00:03:41,200 --> 00:03:44,040 Speaker 1: back back to the exporting country. This is why the 80 00:03:44,080 --> 00:03:46,400 Speaker 1: countries don't want it. So Walmart says like, hey, I 81 00:03:46,440 --> 00:03:48,880 Speaker 1: don't have that in my margin. I don't have that 82 00:03:48,920 --> 00:03:52,400 Speaker 1: amount of money. So you, the producer exporter, are going 83 00:03:52,440 --> 00:03:54,840 Speaker 1: to have to lower your prices. You're gonna have to 84 00:03:54,880 --> 00:03:58,080 Speaker 1: lower your prices down to offset that, and then the 85 00:03:58,120 --> 00:04:01,320 Speaker 1: producer is going to push that down the supply chain. 86 00:04:01,480 --> 00:04:04,360 Speaker 1: So all the way down from the raw materials to 87 00:04:04,400 --> 00:04:08,840 Speaker 1: the commodities to the labor, everybody gets squeezed to change 88 00:04:08,840 --> 00:04:12,120 Speaker 1: this amount here. Now they're going to eat some of it, 89 00:04:12,680 --> 00:04:14,360 Speaker 1: push it all the way back backwards. 90 00:04:15,640 --> 00:04:17,120 Speaker 2: They're gonna eat some of. 91 00:04:17,080 --> 00:04:19,880 Speaker 1: It, but the consumer is most likely not gonna eat 92 00:04:19,920 --> 00:04:22,599 Speaker 1: any of it. Why is that, Well, if Walmart could 93 00:04:22,640 --> 00:04:25,480 Speaker 1: just raise its prices by ten or twenty or fifty percent, 94 00:04:25,880 --> 00:04:29,760 Speaker 1: they would, but they can't. Obviously, you I, the consumer, 95 00:04:29,839 --> 00:04:31,720 Speaker 1: we can't afford to pay that increase. They would have 96 00:04:31,760 --> 00:04:34,640 Speaker 1: already done that. The consumer, especially today, it's already stressed 97 00:04:34,680 --> 00:04:37,800 Speaker 1: for really thin and so the price here, if any 98 00:04:37,839 --> 00:04:40,840 Speaker 1: increase that all will be very minimal. Only what could 99 00:04:40,839 --> 00:04:44,400 Speaker 1: be managed and afforded. All of the rest is going 100 00:04:44,480 --> 00:04:47,440 Speaker 1: to be pushed back down, which is why China doesn't 101 00:04:47,440 --> 00:04:49,760 Speaker 1: want it. So it's not an increase on you the consumer. 102 00:04:50,480 --> 00:04:53,000 Speaker 1: It's not going to cause inflation like they say it is. 103 00:04:53,320 --> 00:04:56,279 Speaker 1: What it is is going to affect the manufacturing nations, 104 00:04:56,480 --> 00:04:58,000 Speaker 1: which is why they don't want it. All Right, The 105 00:04:58,000 --> 00:05:00,719 Speaker 1: next one we're going to talk about is the retaliate myth. 106 00:05:00,960 --> 00:05:02,680 Speaker 1: Now real quickly, I do want to just say, you know, 107 00:05:02,720 --> 00:05:07,200 Speaker 1: one thing that's not being tariff technology Right. Technology moves 108 00:05:07,240 --> 00:05:10,640 Speaker 1: around the world, and we are witnessing the largest explosion 109 00:05:10,680 --> 00:05:13,040 Speaker 1: of technology in the world the world's ever seen. Is 110 00:05:13,040 --> 00:05:15,279 Speaker 1: a fifty year cycles happening for the six time in 111 00:05:15,320 --> 00:05:17,159 Speaker 1: three hundred years, and it gives us a blueprint to 112 00:05:17,200 --> 00:05:21,200 Speaker 1: invest into the convergence of AI, robotics, autonomous vehicles, Bitcoin, 113 00:05:21,520 --> 00:05:22,920 Speaker 1: and so much more. I'm going to do a whole 114 00:05:22,960 --> 00:05:25,279 Speaker 1: workshop on this and show you this exact blueprint and 115 00:05:25,279 --> 00:05:27,599 Speaker 1: what I'm buying so we can all make money. 116 00:05:27,800 --> 00:05:29,760 Speaker 2: There's a link down below. It's all free coming out. 117 00:05:29,800 --> 00:05:31,960 Speaker 1: We'll go through all the charts, I'll answer all your 118 00:05:32,000 --> 00:05:34,000 Speaker 1: questions lives so you can apply it to your own portfolio. 119 00:05:34,200 --> 00:05:35,760 Speaker 2: It's all free. Like I said, there's a link down below. 120 00:05:35,839 --> 00:05:39,559 Speaker 1: But let's figure out why retaliation is really a myth. 121 00:05:39,920 --> 00:05:43,080 Speaker 1: And so this is like, why would you antagonize China? 122 00:05:43,320 --> 00:05:45,840 Speaker 1: Don't you know that they could start war with us 123 00:05:45,839 --> 00:05:47,360 Speaker 1: and we can't go to war, or they may invade 124 00:05:47,400 --> 00:05:50,560 Speaker 1: Taiwan or all these different things, So why would we retaliate? 125 00:05:50,720 --> 00:05:52,960 Speaker 1: And so that's a big myth that China is going 126 00:05:52,960 --> 00:05:54,960 Speaker 1: to retaliate and that we're going to take this from 127 00:05:55,040 --> 00:05:59,160 Speaker 1: this trade war and potentially turn it into a real war, 128 00:05:59,600 --> 00:06:00,200 Speaker 1: a cold. 129 00:06:00,080 --> 00:06:01,599 Speaker 2: War to a hot war, if you will. 130 00:06:01,800 --> 00:06:07,840 Speaker 1: However, in the real world where real economic decisions matter, well, 131 00:06:08,120 --> 00:06:12,000 Speaker 1: what you'll find out is that strategic thinking are much 132 00:06:12,040 --> 00:06:17,839 Speaker 1: more powerful and more important than emotional You see in theory, 133 00:06:18,040 --> 00:06:20,400 Speaker 1: I guess that makes sense. But in the real world, 134 00:06:20,560 --> 00:06:23,719 Speaker 1: if I act emotionally, I put people at risk, I 135 00:06:23,720 --> 00:06:25,719 Speaker 1: put my country at risk, I put my legacy at risk. 136 00:06:25,880 --> 00:06:28,800 Speaker 1: And so what I find is that cooler heads prevail 137 00:06:28,960 --> 00:06:31,800 Speaker 1: and we think through strategy over emotion. Let me give 138 00:06:31,800 --> 00:06:34,280 Speaker 1: you an example of what I'm talking about. So let's 139 00:06:34,320 --> 00:06:37,280 Speaker 1: say that here we have the two nations battling out 140 00:06:37,360 --> 00:06:41,200 Speaker 1: right now, China and America. Right here now, America wants 141 00:06:41,240 --> 00:06:45,240 Speaker 1: to impose terrafts on China. Well, China and America both 142 00:06:45,320 --> 00:06:48,000 Speaker 1: have strategic things they can do. Sure, they could just 143 00:06:48,040 --> 00:06:50,719 Speaker 1: retaliate and start war. Why would they do that? So 144 00:06:50,800 --> 00:06:53,200 Speaker 1: they have levers, like, well, they could impose tariffs back 145 00:06:53,360 --> 00:06:54,040 Speaker 1: China's done that. 146 00:06:54,320 --> 00:06:55,840 Speaker 2: They could manipulate. 147 00:06:55,360 --> 00:07:00,039 Speaker 1: Their currency, lower their currency to offset those tariffs, which. 148 00:06:59,880 --> 00:07:00,799 Speaker 2: Is what the US wants. 149 00:07:01,000 --> 00:07:04,520 Speaker 1: They could use things like rare earth elements, things the 150 00:07:04,640 --> 00:07:08,520 Speaker 1: US really needs, but China produces as leverage to offset that, 151 00:07:08,839 --> 00:07:12,000 Speaker 1: they can use diplomacy, they could try and come and 152 00:07:12,040 --> 00:07:14,760 Speaker 1: talk about this. The US also has levers, so that's 153 00:07:14,800 --> 00:07:17,080 Speaker 1: the tariffs that have already been put on. The US 154 00:07:17,120 --> 00:07:20,320 Speaker 1: can do sanctions because it controls the global monetary system. 155 00:07:20,360 --> 00:07:21,280 Speaker 2: They can do sanctions. 156 00:07:21,840 --> 00:07:24,679 Speaker 1: They can restrict technologies what the US has been doing, 157 00:07:24,880 --> 00:07:27,520 Speaker 1: restrict how much advanced chips that China can have, things 158 00:07:27,560 --> 00:07:29,760 Speaker 1: like that, and then they can restrict exports back the 159 00:07:29,760 --> 00:07:32,200 Speaker 1: other way. So there's lots of levers that can be 160 00:07:32,280 --> 00:07:35,080 Speaker 1: done without going to war. And if you think about it, 161 00:07:35,120 --> 00:07:37,040 Speaker 1: here's what would happen. So when you have to make 162 00:07:37,080 --> 00:07:40,280 Speaker 1: a decision, you know that in the real world there's 163 00:07:40,280 --> 00:07:41,400 Speaker 1: no black and white. 164 00:07:41,680 --> 00:07:42,760 Speaker 2: We have trade offs. 165 00:07:42,760 --> 00:07:44,400 Speaker 1: So what we typically want to do is you'd see 166 00:07:44,400 --> 00:07:45,640 Speaker 1: like a decision tree. 167 00:07:45,960 --> 00:07:48,560 Speaker 2: So the US imposes. 168 00:07:48,080 --> 00:07:51,480 Speaker 1: Tariffs on China, what's China going to do? Well, they 169 00:07:51,480 --> 00:07:57,560 Speaker 1: have two options. Number one, they could retaliate. Option two 170 00:07:58,680 --> 00:08:02,440 Speaker 1: they could adapt. And the way these options, should we 171 00:08:02,520 --> 00:08:05,040 Speaker 1: retaliate and start war or should we just adapt and 172 00:08:05,080 --> 00:08:08,200 Speaker 1: pivot to these So would retaliate be well, if we retaliate, 173 00:08:08,600 --> 00:08:11,000 Speaker 1: we're going to hurt ourselves even worse. I mean people 174 00:08:11,000 --> 00:08:12,560 Speaker 1: could die, We're going to spend a lot of money, 175 00:08:12,880 --> 00:08:16,080 Speaker 1: but we also hurt our own exports. That means not 176 00:08:16,120 --> 00:08:18,200 Speaker 1: only are we hurting our people in our military, but 177 00:08:18,240 --> 00:08:20,760 Speaker 1: we're crushing our economy. At the same time, we risk 178 00:08:21,040 --> 00:08:23,200 Speaker 1: consumer prices going up. So there's a lot of risk 179 00:08:23,240 --> 00:08:24,840 Speaker 1: if we retaliate. Do we really want to do that? 180 00:08:25,080 --> 00:08:28,280 Speaker 1: Why don't we think about what about adapting? Well, we 181 00:08:28,320 --> 00:08:31,960 Speaker 1: could just subsidize our exports, which is what China has 182 00:08:31,960 --> 00:08:35,800 Speaker 1: been doing for a long time. We could find alternative buyers. 183 00:08:36,080 --> 00:08:38,200 Speaker 1: And as a matter of fact, this is basically what 184 00:08:38,320 --> 00:08:40,840 Speaker 1: happens in the first round of Trump tariffs back in 185 00:08:40,840 --> 00:08:46,040 Speaker 1: twenty eighteen. China said, fine, we're going to retaliate, and 186 00:08:46,120 --> 00:08:47,920 Speaker 1: so what we're going to do is we're not going 187 00:08:48,000 --> 00:08:49,880 Speaker 1: to buy American soybeans anymore. 188 00:08:51,160 --> 00:08:53,120 Speaker 2: Big deal. Now, it was a big deal in the beginning. 189 00:08:53,160 --> 00:08:55,360 Speaker 1: The US suffered, right, I mean, we had farmers that 190 00:08:55,400 --> 00:08:57,440 Speaker 1: need to sell the soybeans. But the US could have 191 00:08:57,520 --> 00:09:01,040 Speaker 1: retaliated back, but instead that you went down the adapt 192 00:09:01,120 --> 00:09:03,960 Speaker 1: route and they found European. 193 00:09:03,400 --> 00:09:04,880 Speaker 2: Buyers to buy the soybeans. 194 00:09:05,160 --> 00:09:07,959 Speaker 1: So today the soybeans from America are still being sold, 195 00:09:08,040 --> 00:09:10,720 Speaker 1: just to a different buyer. China instead of buying from 196 00:09:10,720 --> 00:09:12,680 Speaker 1: the US, went I think to Brazil to buy them, 197 00:09:13,000 --> 00:09:16,040 Speaker 1: and so things adapt. This is a moving market. The 198 00:09:16,080 --> 00:09:19,520 Speaker 1: world changes and adapts and people sure certainly could go 199 00:09:19,559 --> 00:09:22,480 Speaker 1: to war over it, but cooler heads typically would prevail 200 00:09:22,520 --> 00:09:27,480 Speaker 1: and strategically, we just adapt instead of retaliated and going 201 00:09:27,520 --> 00:09:30,400 Speaker 1: to war. If China wants to go get Taiwan over this, 202 00:09:30,720 --> 00:09:33,800 Speaker 1: it's not about a ten or twenty percent tariff. They 203 00:09:33,840 --> 00:09:36,520 Speaker 1: want Taiwan, right, it's a bigger deal, all right, Okay, 204 00:09:36,640 --> 00:09:39,400 Speaker 1: myth number three is the comparative myth. 205 00:09:39,640 --> 00:09:39,920 Speaker 2: All right. 206 00:09:39,960 --> 00:09:43,880 Speaker 1: Now, this one again is really baked in school room theory. 207 00:09:44,200 --> 00:09:48,320 Speaker 1: And so in economics one o one they're telling you 208 00:09:48,760 --> 00:09:52,640 Speaker 1: that each country should specialize. And this is sort of 209 00:09:52,640 --> 00:09:54,400 Speaker 1: like capitalism. So instead of to be growing my own 210 00:09:54,440 --> 00:09:56,320 Speaker 1: food and building my house and making my own clothes, 211 00:09:56,520 --> 00:09:58,280 Speaker 1: let me just build the house, you grow the food, 212 00:09:58,280 --> 00:10:01,440 Speaker 1: and you make the clothes specially, and that's great, and 213 00:10:01,440 --> 00:10:04,920 Speaker 1: that's what free markets are built around. However, in economics 214 00:10:04,960 --> 00:10:09,000 Speaker 1: one to one they say that globalism should expand into 215 00:10:09,040 --> 00:10:14,439 Speaker 1: that wherein each country specializes. A small business owner, are 216 00:10:14,480 --> 00:10:17,280 Speaker 1: you buried in all types of work keeping you from 217 00:10:17,400 --> 00:10:19,959 Speaker 1: the real thing that makes you money. Well that's where 218 00:10:20,080 --> 00:10:22,160 Speaker 1: just Works comes in. They're the all in one platform 219 00:10:22,200 --> 00:10:23,920 Speaker 1: that supports small business growth. 220 00:10:24,120 --> 00:10:25,240 Speaker 2: You can get all. 221 00:10:25,120 --> 00:10:28,320 Speaker 1: Their tools that help with benefits like payroll and HR 222 00:10:28,440 --> 00:10:32,440 Speaker 1: and compliance with transparent pricing. Now they help you hire 223 00:10:32,520 --> 00:10:37,200 Speaker 1: top talent internationally, internew markets, quickly scale international operations without 224 00:10:37,200 --> 00:10:39,480 Speaker 1: the workload and forevery how. 225 00:10:39,280 --> 00:10:40,280 Speaker 2: Do I do it? Question? 226 00:10:40,440 --> 00:10:42,800 Speaker 3: You can reach out to their expert staff from sole 227 00:10:42,880 --> 00:10:46,720 Speaker 3: proprietor or a team of twenty. Just Works empowers all 228 00:10:46,840 --> 00:10:50,600 Speaker 3: kinds of small businesses with real human support. 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Again that's Just Works dot com slash podcast. 232 00:11:04,679 --> 00:11:07,600 Speaker 1: So this country's really good at growing wheat, this country's 233 00:11:07,600 --> 00:11:10,200 Speaker 1: really good at growing mangoes, this country's really good at 234 00:11:10,280 --> 00:11:11,960 Speaker 1: pulling you know, minerals out of the ground. 235 00:11:12,200 --> 00:11:14,280 Speaker 2: And this country's really good at making weapons. 236 00:11:15,200 --> 00:11:18,440 Speaker 1: Right, and so in that free trade would always win. 237 00:11:18,559 --> 00:11:22,920 Speaker 1: But again that's baked in theory and ultimately false assumptions. 238 00:11:22,960 --> 00:11:24,000 Speaker 2: Let me break that down for you. 239 00:11:24,160 --> 00:11:29,240 Speaker 1: Okay, So in a classic free trade frame, what you 240 00:11:29,240 --> 00:11:31,880 Speaker 1: would have is one country there's really good at raising 241 00:11:31,960 --> 00:11:35,360 Speaker 1: sheep and they make a lot of wool. Then we 242 00:11:35,400 --> 00:11:38,600 Speaker 1: have country too, they're really good at growing grapes, and 243 00:11:38,600 --> 00:11:41,560 Speaker 1: making wine, so country too, you just make the wine, 244 00:11:41,760 --> 00:11:44,160 Speaker 1: and country one you just make the wool, and we'll 245 00:11:44,200 --> 00:11:48,520 Speaker 1: just trade wool for wine. Well that's a classic frame, 246 00:11:48,600 --> 00:11:50,840 Speaker 1: and that is again baked in theory. But in the 247 00:11:50,880 --> 00:11:53,600 Speaker 1: real world it's a little bit different. So let me 248 00:11:53,640 --> 00:11:55,760 Speaker 1: tell you. So the real world we saw like in 249 00:11:55,840 --> 00:12:01,400 Speaker 1: nineteen ninety Taiwan had some computers. Now and now today 250 00:12:01,600 --> 00:12:04,880 Speaker 1: Taiwan has microchips some of the best in the world, right, 251 00:12:04,920 --> 00:12:06,840 Speaker 1: and so they've changed. So what are we talking about. 252 00:12:06,840 --> 00:12:10,800 Speaker 1: We're talking about the difference of a comparative advantage somebody 253 00:12:10,800 --> 00:12:15,640 Speaker 1: makes wool, somebody makes wine, versus a strategic advantage. 254 00:12:15,720 --> 00:12:16,760 Speaker 2: So what are you talking about. 255 00:12:16,760 --> 00:12:18,679 Speaker 1: A comparative advantage would be just do what you're good at, 256 00:12:18,880 --> 00:12:21,640 Speaker 1: make the wool, make the wine. A strategic advantage is 257 00:12:21,679 --> 00:12:24,679 Speaker 1: build what you need to be good at, not what 258 00:12:24,720 --> 00:12:27,240 Speaker 1: you're good at, what you need to be good at. 259 00:12:27,280 --> 00:12:29,160 Speaker 1: So I might be really good at wool, but we 260 00:12:29,240 --> 00:12:32,360 Speaker 1: might also need weapons. I might really be good at wine, 261 00:12:32,360 --> 00:12:36,080 Speaker 1: but we probably need some manufacturing or industrial base as well. 262 00:12:37,240 --> 00:12:39,880 Speaker 1: In a comparative advantage, it thinks about things statically, like 263 00:12:39,960 --> 00:12:42,480 Speaker 1: economies just stay the same forever, like just make the 264 00:12:42,480 --> 00:12:45,680 Speaker 1: wool for all of eternity will always be necessary versus. 265 00:12:45,679 --> 00:12:48,920 Speaker 1: A strategic advantage understands that we're in a dynamic economy 266 00:12:48,920 --> 00:12:52,000 Speaker 1: and things change and technology change and people change. But 267 00:12:52,040 --> 00:12:55,000 Speaker 1: also what happens is economies changed. So when you start 268 00:12:55,040 --> 00:12:57,160 Speaker 1: at the bottom, So some of the Asian countries that 269 00:12:57,200 --> 00:12:59,680 Speaker 1: are just now getting manufacturing at the bottom, some people 270 00:12:59,720 --> 00:13:02,679 Speaker 1: might say, oh, that slave labor. Well yeah, I mean 271 00:13:02,880 --> 00:13:05,640 Speaker 1: it's like bottom level labor, and economies have to grow 272 00:13:05,679 --> 00:13:07,199 Speaker 1: their way out of it. One hundred years ago, the 273 00:13:07,320 --> 00:13:09,440 Speaker 1: US basically had that same slave labor as. 274 00:13:09,360 --> 00:13:11,679 Speaker 2: Well, making the clothes, making the textiles. 275 00:13:11,840 --> 00:13:14,640 Speaker 1: Now it's over in Asia, but each country grows out 276 00:13:14,679 --> 00:13:17,120 Speaker 1: of it, sort of like what happened with Taiwan. They 277 00:13:17,160 --> 00:13:20,000 Speaker 1: grew out of it. So it's not a static economist. 278 00:13:20,000 --> 00:13:23,640 Speaker 1: The dynamic coming number two or three. Comparative advantages based 279 00:13:23,640 --> 00:13:25,040 Speaker 1: on past efficiencies. 280 00:13:25,080 --> 00:13:26,200 Speaker 2: I used to be. 281 00:13:26,080 --> 00:13:29,720 Speaker 1: Really good at wool or wine or growing wheat. But 282 00:13:30,120 --> 00:13:33,439 Speaker 1: a strategic advantage is based on future potential. I see 283 00:13:33,480 --> 00:13:36,760 Speaker 1: the world is changing this way, we should be really 284 00:13:36,800 --> 00:13:40,599 Speaker 1: good at that. I see that potentially our security is 285 00:13:40,640 --> 00:13:42,440 Speaker 1: going to be threatened. We should think about building up 286 00:13:42,480 --> 00:13:45,320 Speaker 1: our military or in the case of Taiwan, we see 287 00:13:45,440 --> 00:13:47,960 Speaker 1: technology growing, maybe we should get really good at microchips. 288 00:13:48,000 --> 00:13:49,800 Speaker 1: As a matter of fact, that's the story of Taiwan. 289 00:13:50,040 --> 00:13:54,720 Speaker 1: Taiwan wasn't good at making microchips, but they decided that 290 00:13:54,800 --> 00:13:57,880 Speaker 1: they should get good at making microchips. They decided to 291 00:13:58,120 --> 00:14:00,559 Speaker 1: build plants to do that when they had no experience 292 00:14:00,600 --> 00:14:02,120 Speaker 1: doing that, and now they're. 293 00:14:02,000 --> 00:14:03,199 Speaker 2: Some of the best in the very world. 294 00:14:04,120 --> 00:14:07,160 Speaker 1: So instead of wool and wine, think about semiconductors and 295 00:14:07,200 --> 00:14:10,400 Speaker 1: ai moving to what is going to be It's dynamic. 296 00:14:10,520 --> 00:14:13,079 Speaker 1: The world changes, the shifts. Great nations don't just trade 297 00:14:13,120 --> 00:14:18,280 Speaker 1: their strengths, David, they develop new ones all right. Now 298 00:14:18,360 --> 00:14:20,880 Speaker 1: on the next myth, this is the reshoring myth. So 299 00:14:21,160 --> 00:14:23,680 Speaker 1: what you hear is that you know, part of this 300 00:14:23,760 --> 00:14:26,800 Speaker 1: whole tariff strategy that's sort of the leverage layer one. 301 00:14:27,040 --> 00:14:31,200 Speaker 1: Really it's about bringing manufacturing back to the US, reindustrializing, 302 00:14:31,280 --> 00:14:33,560 Speaker 1: So bringing manufacturing back to the United States. 303 00:14:34,040 --> 00:14:35,800 Speaker 2: And so the myth is that we'll. 304 00:14:35,600 --> 00:14:38,920 Speaker 1: Shoot, everything's going to get more expensive then, right, because 305 00:14:38,960 --> 00:14:41,520 Speaker 1: i mean, shoot, you make stuff in Asia or China 306 00:14:41,960 --> 00:14:45,560 Speaker 1: where labor is really cheap, and then you make it 307 00:14:45,600 --> 00:14:49,120 Speaker 1: in the United States where labor is really expensive. Of course, 308 00:14:49,160 --> 00:14:51,760 Speaker 1: it has to bring prices back up, right, of course 309 00:14:51,800 --> 00:14:55,560 Speaker 1: it has to. And again that's based in theory. It's 310 00:14:55,600 --> 00:14:57,960 Speaker 1: not based in the real world. And any business owner 311 00:14:58,120 --> 00:15:01,440 Speaker 1: understands this. This is a one D argument in a 312 00:15:01,760 --> 00:15:04,200 Speaker 1: four D multi dimension world. 313 00:15:04,440 --> 00:15:05,360 Speaker 2: Let me explain what. 314 00:15:05,320 --> 00:15:08,600 Speaker 1: I'm talking about here, okay, So let's just look at 315 00:15:08,640 --> 00:15:13,920 Speaker 1: like automobiles, for example, the auto worker labor is what 316 00:15:13,960 --> 00:15:14,640 Speaker 1: they're talking about. 317 00:15:14,760 --> 00:15:18,040 Speaker 2: Hey, in China, it's five to ten dollars. 318 00:15:18,120 --> 00:15:20,880 Speaker 1: Is what an auto worker makes in China, five to 319 00:15:20,920 --> 00:15:25,560 Speaker 1: ten dollars an hour. In America, that same workers sixteen 320 00:15:25,640 --> 00:15:28,520 Speaker 1: to twenty nine dollars. So obviously if I have to 321 00:15:28,520 --> 00:15:31,400 Speaker 1: pay twenty nine dollars instead of five to ten dollars, 322 00:15:31,560 --> 00:15:36,160 Speaker 1: it's going to increase my costs. Okay. Well, again, a 323 00:15:36,160 --> 00:15:41,000 Speaker 1: business owner understands that labor is just one piece of 324 00:15:41,040 --> 00:15:43,440 Speaker 1: the entire total product costs. 325 00:15:43,520 --> 00:15:46,280 Speaker 2: So we have design, so it's to design how much 326 00:15:46,320 --> 00:15:46,840 Speaker 2: we pay them. 327 00:15:47,080 --> 00:15:49,840 Speaker 1: We have logistics, how do we get all the raw 328 00:15:49,920 --> 00:15:52,520 Speaker 1: materials and all the pieces and all of that moving around, 329 00:15:52,760 --> 00:15:54,680 Speaker 1: the shipping costs and now the cars have to be 330 00:15:54,720 --> 00:15:56,640 Speaker 1: shipped over to the United States. 331 00:15:56,760 --> 00:15:58,160 Speaker 2: We have the energy inputs. 332 00:15:58,160 --> 00:15:59,920 Speaker 1: So one of the Trump's things is to get in 333 00:16:00,040 --> 00:16:02,360 Speaker 1: energy down really low, whereas like in Germany the automobiles, 334 00:16:02,560 --> 00:16:04,640 Speaker 1: energy has gotten so high that a lot of German 335 00:16:04,680 --> 00:16:07,120 Speaker 1: autos are now being built in other European countries where 336 00:16:07,200 --> 00:16:10,080 Speaker 1: energy is lower. There's quality and waste. We know that 337 00:16:10,200 --> 00:16:13,440 Speaker 1: to German quality is really good. Chinese quality, typathy isn't. 338 00:16:13,440 --> 00:16:15,760 Speaker 1: So there's a lot of waste that's accounted for that. 339 00:16:16,000 --> 00:16:19,440 Speaker 1: Then we have labor, and then we have time. So 340 00:16:19,600 --> 00:16:21,920 Speaker 1: how long does it take to get the stuff over there? 341 00:16:21,920 --> 00:16:23,400 Speaker 1: And how long does it take to make it? And 342 00:16:23,440 --> 00:16:24,800 Speaker 1: how long does it take to get over here. Let 343 00:16:24,840 --> 00:16:28,360 Speaker 1: me give you an example. Right now, Mexico is becoming 344 00:16:28,400 --> 00:16:31,680 Speaker 1: one of the powerhouses in the world for manufacturing. A 345 00:16:31,680 --> 00:16:34,000 Speaker 1: lot of manufacturing that was happening in Asia is being 346 00:16:34,000 --> 00:16:34,880 Speaker 1: coming to Mexico. 347 00:16:35,040 --> 00:16:35,320 Speaker 2: Now. 348 00:16:35,760 --> 00:16:40,160 Speaker 1: Labor in Mexico is more expensive than labor in Asia. However, 349 00:16:40,840 --> 00:16:44,760 Speaker 1: the Mexican workers are a lot more efficient, meaning they 350 00:16:44,800 --> 00:16:47,280 Speaker 1: can get a lot more done with a lot less time. 351 00:16:47,680 --> 00:16:51,280 Speaker 1: So if a worker, let's just say hypothetically, was making 352 00:16:51,320 --> 00:16:54,360 Speaker 1: two dollars an hour and it took them ten hours 353 00:16:54,400 --> 00:16:58,000 Speaker 1: to produce a good, that would be twenty dollars, right 354 00:16:58,400 --> 00:17:01,120 Speaker 1: but let's say another worker is being paid ten dollars 355 00:17:01,160 --> 00:17:04,080 Speaker 1: an hour, but it takes them only two hours to 356 00:17:04,119 --> 00:17:08,040 Speaker 1: get it done, that's still only twenty dollars. So it's 357 00:17:08,080 --> 00:17:11,719 Speaker 1: not the price of the labor, it's the efficiency. But 358 00:17:11,840 --> 00:17:14,760 Speaker 1: not just the efficiency of the labor. All of these 359 00:17:14,800 --> 00:17:17,280 Speaker 1: other things, the quality of the waste, the inputs of 360 00:17:17,320 --> 00:17:20,399 Speaker 1: the energy, the shipping cost, the logistics in all of 361 00:17:20,400 --> 00:17:23,320 Speaker 1: that is a very complex thing. This is why in 362 00:17:23,440 --> 00:17:25,600 Speaker 1: theory it sounds like it makes sense. So we have 363 00:17:26,000 --> 00:17:27,960 Speaker 1: labor in China, it's cheap. 364 00:17:28,119 --> 00:17:29,359 Speaker 2: In the US it's higher. 365 00:17:29,520 --> 00:17:33,359 Speaker 1: Certainly, shipping and from China to the US is expensive 366 00:17:33,760 --> 00:17:34,200 Speaker 1: in the US. 367 00:17:34,240 --> 00:17:35,600 Speaker 2: It is local risk. 368 00:17:36,240 --> 00:17:39,720 Speaker 1: Well, there's geopolitical risk in China. We saw that with 369 00:17:39,760 --> 00:17:42,080 Speaker 1: Apple where Apples also having to move their plants over 370 00:17:42,119 --> 00:17:44,800 Speaker 1: to India because there's geopolitical risk. In the US, it's 371 00:17:44,840 --> 00:17:48,480 Speaker 1: stable automation in China, it's lower in the US. There's 372 00:17:48,520 --> 00:17:51,720 Speaker 1: advance quality inconsistent in China, US higher. 373 00:17:51,760 --> 00:17:52,720 Speaker 2: Now we could argue each one. 374 00:17:52,640 --> 00:17:54,199 Speaker 1: Of these and what product we're talking about, but you 375 00:17:54,240 --> 00:17:58,000 Speaker 1: get the idea. We're trying to break the myth here. Again, 376 00:17:58,040 --> 00:18:01,800 Speaker 1: in theory, it sounds logical. Are reasonable in the real world. 377 00:18:01,800 --> 00:18:03,959 Speaker 1: If you're a business owner, you know that it doesn't 378 00:18:03,960 --> 00:18:06,440 Speaker 1: make sense. And so it's certainly possible that the US 379 00:18:06,480 --> 00:18:12,160 Speaker 1: could reinshore a lot of things, use automation, become more 380 00:18:12,160 --> 00:18:15,440 Speaker 1: efficient and save in a lot of areas, and potentially 381 00:18:15,480 --> 00:18:18,719 Speaker 1: match the cost, potentially even bring the cost down. Okay, 382 00:18:19,600 --> 00:18:23,960 Speaker 1: the next myth is that tariffs equal isolation. Terriffs are 383 00:18:24,040 --> 00:18:26,800 Speaker 1: anti trade. Terrafts are anti globalism. That means that you 384 00:18:26,800 --> 00:18:28,840 Speaker 1: don't want to participate in the world and you want to. 385 00:18:28,840 --> 00:18:29,680 Speaker 2: Be an island. 386 00:18:29,880 --> 00:18:37,000 Speaker 1: Well maybe maybe not again, maybe that's oversimplified. Tools, trade 387 00:18:37,280 --> 00:18:40,960 Speaker 1: or terrifts protectionism are greater than building up walls. 388 00:18:40,960 --> 00:18:42,080 Speaker 2: So it's not about walls. 389 00:18:42,280 --> 00:18:46,720 Speaker 1: It's about tools and strategically using tools. So countries want 390 00:18:46,760 --> 00:18:50,400 Speaker 1: to use these tools because it's how you adapt, it's 391 00:18:50,440 --> 00:18:54,840 Speaker 1: how you can grow, and so these tools, TIFFs, walls 392 00:18:55,560 --> 00:18:56,360 Speaker 1: are a tool that. 393 00:18:56,320 --> 00:19:00,000 Speaker 2: Can be used to buy time. This is what America is. 394 00:19:00,400 --> 00:19:03,960 Speaker 1: This is exactly how America grew When America broke off 395 00:19:03,960 --> 00:19:04,640 Speaker 1: from Europe. 396 00:19:04,800 --> 00:19:08,080 Speaker 2: Europe was much more advanced. Europe could make everything faster 397 00:19:08,200 --> 00:19:09,040 Speaker 2: and cheaper. 398 00:19:08,800 --> 00:19:11,720 Speaker 1: Right, So the US had to put tariffs in place 399 00:19:12,080 --> 00:19:15,920 Speaker 1: to protect the economy. So it could grow to then 400 00:19:16,119 --> 00:19:19,199 Speaker 1: outpacing the European economy right as it happened, but it 401 00:19:19,280 --> 00:19:22,600 Speaker 1: needed to buy itself timeless. Those protections did that. Now 402 00:19:22,840 --> 00:19:27,320 Speaker 1: also you want to use them strategically. Again, theory is 403 00:19:27,400 --> 00:19:28,600 Speaker 1: just dumb. 404 00:19:28,520 --> 00:19:32,280 Speaker 2: And it's vague. Specifically, we want to use strategic uses. 405 00:19:32,320 --> 00:19:36,119 Speaker 1: So for example, it doesn't make any sense to be 406 00:19:36,280 --> 00:19:39,720 Speaker 1: the best fruit producer when fruit grows in a different 407 00:19:39,760 --> 00:19:42,160 Speaker 1: part of the world, Like let them grow the fruit, 408 00:19:42,320 --> 00:19:43,280 Speaker 1: We'll bring the fruit over here. 409 00:19:43,320 --> 00:19:45,560 Speaker 2: We don't really grow good fruit here, right, we have these. 410 00:19:45,480 --> 00:19:47,040 Speaker 1: Minerals on the ground they don't have so let's get 411 00:19:47,040 --> 00:19:49,920 Speaker 1: these minerals out there. So definitely it's strategic as well. 412 00:19:49,920 --> 00:19:53,119 Speaker 1: Remember these are very dynamic, very complex issues. 413 00:19:53,359 --> 00:19:54,359 Speaker 2: Let me break this down. 414 00:19:54,560 --> 00:19:55,960 Speaker 1: So what we want to do is we want to 415 00:19:56,000 --> 00:19:58,960 Speaker 1: do targeted terifs I don't just say everything that's the 416 00:19:58,960 --> 00:20:02,679 Speaker 1: starting point, then break it down targeted tariff. So thinking 417 00:20:02,680 --> 00:20:05,760 Speaker 1: about the strategic cycle. So what we really want to 418 00:20:05,800 --> 00:20:09,080 Speaker 1: do is we want to reshore key industries. So what 419 00:20:09,119 --> 00:20:12,439 Speaker 1: am I talking about, Well, the COVID supply chain, the 420 00:20:12,480 --> 00:20:15,359 Speaker 1: COVID pandemic that exposed the supply chains for what they 421 00:20:15,359 --> 00:20:17,960 Speaker 1: were really highlighted for the US and for the rest 422 00:20:17,960 --> 00:20:21,160 Speaker 1: of the world. A lot of dangerous situations where supply 423 00:20:21,240 --> 00:20:24,280 Speaker 1: chains were weak, and maybe there's very key things that 424 00:20:24,320 --> 00:20:26,920 Speaker 1: we need we can't get. The Russia Ukraine war has 425 00:20:26,960 --> 00:20:31,639 Speaker 1: completely exposed how should we say, incapable the US and 426 00:20:31,800 --> 00:20:35,480 Speaker 1: European the NATO forces are at industrial policies such as 427 00:20:35,720 --> 00:20:39,320 Speaker 1: how can we even create enough bullets or enough weapons 428 00:20:39,359 --> 00:20:41,679 Speaker 1: to go over to war? And so we need to 429 00:20:41,800 --> 00:20:46,720 Speaker 1: reshore key industries. So some things like national defense, for example, 430 00:20:47,080 --> 00:20:49,680 Speaker 1: might be worth paying a little bit more for because 431 00:20:49,920 --> 00:20:52,840 Speaker 1: it's really important their key industries. Then we need to 432 00:20:52,920 --> 00:20:56,119 Speaker 1: train the workforce, and we need to invest in innovation. 433 00:20:56,280 --> 00:20:57,840 Speaker 1: For all this to happen, It doesn't happen at the 434 00:20:57,840 --> 00:20:59,879 Speaker 1: blank of an eye. It takes time. So again, what 435 00:21:00,119 --> 00:21:03,040 Speaker 1: a tariff's dow is they sort of protect that. They 436 00:21:03,080 --> 00:21:04,760 Speaker 1: put up a wall, they give you a moat, and 437 00:21:04,800 --> 00:21:08,600 Speaker 1: they buy time to allow this to grow and become 438 00:21:08,640 --> 00:21:11,879 Speaker 1: more competitive. Think about it like this. Tariffs are like 439 00:21:11,920 --> 00:21:14,119 Speaker 1: a shield. They sort of block out the outside. Like 440 00:21:14,119 --> 00:21:16,320 Speaker 1: I said, that's what America did as it was first founded. 441 00:21:16,840 --> 00:21:19,280 Speaker 1: What that does is it gives you time to build 442 00:21:19,320 --> 00:21:22,880 Speaker 1: this out, build the factories, build the automation build those things. 443 00:21:23,520 --> 00:21:27,840 Speaker 1: Then it allows us to become competitive in that new way. Now, 444 00:21:28,000 --> 00:21:30,920 Speaker 1: ultimately this brings the whole world forward. Remember it's not 445 00:21:30,960 --> 00:21:34,240 Speaker 1: about labor, it's about efficiency. So there was a famous 446 00:21:34,480 --> 00:21:37,760 Speaker 1: story of a Milton Friedman and went over to China 447 00:21:38,000 --> 00:21:40,600 Speaker 1: and he saw all these people in China digging I 448 00:21:40,600 --> 00:21:42,880 Speaker 1: think it was a dam, and they were all using shovels, 449 00:21:43,240 --> 00:21:45,480 Speaker 1: and he said, you know, like, why are they doing 450 00:21:45,520 --> 00:21:47,920 Speaker 1: this by hand with shovels, Like why wouldn't you bring 451 00:21:47,920 --> 00:21:50,719 Speaker 1: an attractor? And they told them, well, it's because if 452 00:21:50,720 --> 00:21:52,399 Speaker 1: we bring attractor, what are all these people going to 453 00:21:52,400 --> 00:21:52,880 Speaker 1: do for work? 454 00:21:52,920 --> 00:21:54,040 Speaker 2: We need to keep them working. 455 00:21:54,359 --> 00:21:56,920 Speaker 1: And he said, well, if that's the case, then why 456 00:21:56,960 --> 00:21:59,639 Speaker 1: not just give them all spoons, then we can have 457 00:21:59,680 --> 00:22:02,200 Speaker 1: more peop working. Shoot, why not just have them dig 458 00:22:02,240 --> 00:22:04,320 Speaker 1: with toothpicks. We could have even more people working. So 459 00:22:04,359 --> 00:22:07,080 Speaker 1: it's not about people working, it's about efficiencies. And so 460 00:22:07,119 --> 00:22:12,000 Speaker 1: what happens is if through these tariffs and building and 461 00:22:12,080 --> 00:22:14,119 Speaker 1: having to learn how to be competitive, we can come 462 00:22:14,200 --> 00:22:18,280 Speaker 1: up with more efficient ways, new technologies, robotics, automations, things 463 00:22:18,280 --> 00:22:21,800 Speaker 1: like that then allows humans to go work on higher 464 00:22:21,880 --> 00:22:26,520 Speaker 1: value things. So tariffs aren't isolationists. They're like an incubator. 465 00:22:26,520 --> 00:22:29,119 Speaker 1: They're like a shield that allows these new innovations to 466 00:22:29,119 --> 00:22:33,439 Speaker 1: be built up. All right, so we've busted a whole 467 00:22:33,480 --> 00:22:36,360 Speaker 1: bunch of myths on tariff. The world is much more complex. 468 00:22:36,520 --> 00:22:39,680 Speaker 1: The real world is much more complex. It's dynamic, and 469 00:22:39,840 --> 00:22:42,960 Speaker 1: we've learned that they're not a hidden tax on the consumer. 470 00:22:43,440 --> 00:22:45,879 Speaker 2: They don't automatically start trade wars. 471 00:22:46,359 --> 00:22:50,679 Speaker 1: People typically think rationally or strategically, not just emotionally. How 472 00:22:50,720 --> 00:22:54,280 Speaker 1: they're tools, and they're really a way for nations to recalibrate, 473 00:22:54,600 --> 00:22:58,840 Speaker 1: to reinvent, to build what the world needs, not just 474 00:22:58,960 --> 00:23:02,080 Speaker 1: what they're good at, like sharing sheep. We learned the 475 00:23:02,160 --> 00:23:05,720 Speaker 1: US didn't win through free trade. The US was able 476 00:23:05,760 --> 00:23:08,439 Speaker 1: to build this industrial base because it protected it enough 477 00:23:08,560 --> 00:23:12,440 Speaker 1: to allow it to grow, and that we can keep outsourcing, 478 00:23:12,760 --> 00:23:15,280 Speaker 1: or we can start building back some of the key things. 479 00:23:15,280 --> 00:23:17,000 Speaker 1: We don't need to grow the fruit, but there are 480 00:23:17,160 --> 00:23:19,920 Speaker 1: key things that need to happen. So hopefully this breaks 481 00:23:19,920 --> 00:23:21,160 Speaker 1: it for you. Now if you want to find out 482 00:23:21,760 --> 00:23:23,760 Speaker 1: what we're doing about this to make money. You know 483 00:23:23,840 --> 00:23:26,640 Speaker 1: this is on manufacture goods. But you know one thing 484 00:23:26,680 --> 00:23:31,920 Speaker 1: that's not exposed to US technology and that's really where 485 00:23:31,960 --> 00:23:34,200 Speaker 1: the big opportunity is to make money. And I called 486 00:23:34,280 --> 00:23:36,480 Speaker 1: this fifty year cycle we've been talking about. It's the 487 00:23:36,560 --> 00:23:41,560 Speaker 1: quantum wave cycle, AI, robotics, Bitcoin, all converging together. 488 00:23:41,640 --> 00:23:42,159 Speaker 2: I'm going to do a. 489 00:23:42,160 --> 00:23:44,200 Speaker 1: Whole presentation workshop on this next week. 490 00:23:44,280 --> 00:23:46,640 Speaker 2: It's all live, it's for free. There's a link down below. 491 00:23:46,680 --> 00:23:47,080 Speaker 2: Come hang out. 492 00:23:47,200 --> 00:23:49,199 Speaker 1: I'm going to show you this fifty year cycle that 493 00:23:49,240 --> 00:23:52,200 Speaker 1: we're using as a blueprint to invest and build more 494 00:23:52,200 --> 00:23:54,639 Speaker 1: wealth than any time in history. Coming out as for free. 495 00:23:54,680 --> 00:23:56,800 Speaker 1: There's a link down below. But let me know what 496 00:23:56,880 --> 00:23:59,200 Speaker 1: your single biggest myth is. And if you have other myths, 497 00:23:59,600 --> 00:24:01,920 Speaker 1: drop the in the comments and I'll bring them up. 498 00:24:01,880 --> 00:24:04,600 Speaker 2: And we'll bust those myths as well. All right, that's 499 00:24:04,600 --> 00:24:06,880 Speaker 2: what I got to your success. I'm out.