Ex-CEA chair: US the victim in trade war

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00:00So, Thomas, I'd like to start with you. Will these tariffs make America wealthy again?

00:06I want to start with a background, which is that the U.S. is really the victim versus the criminal

00:11before this started, essentially, in international trade policy. We documented that in an annual

00:17report that came out of the Council of Economic Advice since 2018. How much worse we're treated

00:23abroad? Our companies are treated abroad, and we treat their companies at home. So, obviously,

00:30that's the impetus for all this, to try to change that imbalance. And when you do have a change in

00:36that imbalance, you're necessarily going to generate uncertainty. The market is not going

00:42to fully understand where the change is going. And I don't think anyone knows where the change is

00:47going. But what the April 2nd announcement does, part of it does, the reciprocity, is basically

00:55put people now going and put them under pressure to start negotiating down. That's what I like about

01:02the reciprocity of the agreement. I'm not so much in favor of the floor of 20 or 10 percent floor that

01:11they have on the tariff. But the reciprocity basically puts pressure on these countries now

01:17and says, are they not worth it? And what they are saying, what is the next step? And I'm going to

01:20take it back to the position, the cooperation, the cooperation, and the cooperation. And for that moment,

01:22it's going to really get from the time. It's going to do it for the second part.

01:24And we're doing that, as well. After that, we have a huge difference between the couple of

01:27the weiteres, there's going to be the same, the latencies that have offered an example.

01:30So, we are doing that. And we're going to get some of the different countries.

01:32So, we're going to get some of the top of theses when it comes down to where the spring can be

01:34that are going to go. So, so we're just preventing that. It's going to get the same