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00:00What markets are telling us is they are
00:29inputting higher risks of a global recession. This is what oil prices are telling us.
00:36And it may in the short term look like good news because obviously oil prices would have
00:43lower inflationary pressures on the U.S. market. But in reality they are pointing in the direction
00:48of a recession and this would be terrible for the American economy and even worse for
00:53the global economy.
01:12Markets in the U.S., markets in Europe, markets in Asia are rattled. They are rattled because
01:17the measures announced by the Trump administration are much tougher
01:21than markets thought they would be because they are universal, because they are not targeted,
01:28and because they are not based on economic facts. And all of this is having a very negative effect
01:34on markets. They are discouraging investors.
01:52The U.S. should rethink its strategy, that the U.S. should touch the pause button,
02:00should take a hard look at the facts, and the facts are pointing in negative direction,
02:07negative for the U.S. citizens, negative for investors in the U.S., negative for business
02:12in the U.S. with huge ramifications for the rest of the world. Pause button now.
02:31Let's not forget that a big part of the purchases of European defense equipment comes from the U.S.,
02:39that a lot of the companies in the U.S. were betting on a growing European market.
02:44What they are telling them is that obstacles are not good,
02:49tariffs are not good for the transatlantic defense markets.
02:53And in general, what markets are saying is that tariffs are not good.
03:09But let's make sure that we listen very carefully to what the rest of the world wants, because
03:32today the rest of the world also matters and also counts. If one looks at the economy,
03:39if one looks at finance, if one looks at trade, clearly the U.S. is very important,
03:45but it's not the only actor internationally. So I would be very careful to
03:50declare things dead just because the current U.S. administration is
03:57not interested in keeping it alive. Let's look at what the rest of the world does.