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00:00But David, what's your understanding? Are the Chinese showing any signs of coming to the United States negotiating table cap in hand?
00:07Is that how it looks to you? Because a lot of what I'm seeing sounds like the Chinese are saying, just you try us.
00:14We'll take this to the next level if we have to.
00:18Tom, I think you're capturing what President Xi and the other leaders of the Communist Party in Beijing are saying, that they're very resolute.
00:26One of the major differences between American and Chinese governments is that in America, we think very short term.
00:35The Chinese, like the Catholic Church, adopt the position of we're here forever.
00:41And so they're willing to take their time.
00:44And notice around the world, a growing number of countries where the U.S. was the largest trading partner of that country now have China as their largest partner.
00:54China's economy, its sophistication is growing.
00:59Its electric cars are taking over the world.
01:02And so the Chinese are in a very strong position relative to the U.S. on these issues.
01:09China certainly has a lot of problems.
01:11It's been very fiscally irresponsible internally.
01:13But so long as, like the United States, it can borrow in its own currency, it has zero risk of going bankrupt.
01:21It's only when you are subject to another country's currency that you are at risk.