Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.
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00:00Well, there's been panicked reaction throughout U.S. industry, and especially through our
00:15trading partners, some of which are puzzled and hurt and unsure what to do about being
00:22hit by such high tariffs.
00:28The message to me is that in trade, allies and adversaries don't matter.
00:36We're at war with everyone.
00:39We're at war with the international economy.
00:42We're at war with the concept that international specialization can bring mutual gains.
00:50And you fight this war, you know, with each and every combatant, namely every country
00:56you trade with.
00:57And any time you're in deficit, you're losing an important battle.
01:04You know, I think the Chinese have just gotten started.
01:07Well, they've retaliated against various products, including LNG imports and against agricultural
01:13products.
01:14And they've also launched an antitrust action against Google.
01:21I think we're going to see much more energetic retaliation from them.
01:27Also from the European Union, possibly also from Canada.
01:33Well, the American people are going to see price rises.
01:37And you know, the way the way these tariffs have been designed, they fall most heavily
01:43on countries that we have bigger surpluses with.
01:46And that makes the tariffs incidents particularly costly because prices are going to rise most
01:54in some sense on the goods that we appreciate and need the most.