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00:00Well, in some ways, they'll be relieved because it might give us an opportunity to, you know,
00:22end the trade war that is ongoing with the US and China and EU and so on.
00:28On the other hand, the courts interfering in the process can be provocative to President
00:35Trump.
00:36As much as I don't like tariffs and want to see them gone, the sort of legal interference
00:41in the elected president of the day, I think can backfire.
00:46So I'm a little bit worried about it, even though, you know, obviously I'd prefer there
00:49not to be tariffs.
00:50It has had the effect of throttling development of new, highly modernised nuclear reactors
00:55that could really revolutionise the field of nuclear power generation.
01:00So this executive order, it orders a revised regulatory process to speed this whole process.
01:07It's interesting because the court has said that the president sort of overstepped and
01:13that he used emergency powers being trade deficits, which, you know, are really not an emergency
01:19at all in economics, but that probably means, you know, perhaps if he puts economic sanctions
01:25on Russia or Iran, to what extent can the courts interfere in that?
01:29They may decide that sanctions is of geopolitical significance, but tariffs are not.
01:35So it does get us into some murky waters, I think, legally into what's the role of the president
01:42and the Congress, as opposed to the courts.
02:05Do you have any other appeals, do you?
02:06Because I imagine there'd be an appeal to this court and then an appeal to the Supreme
02:09Court.
02:10So it could take a long time.
02:11I mean, if it does, I mean, courts move pretty slowly.
02:16So perhaps whilst there's a lull and no tariffs, you know, perhaps some deals can be done globally
02:25and we can get a bit of relief and, you know, have people see the folly of their ways.
02:30I mean, really, in some ways, you've got to remember China started the trade war, tariffs
02:34on Australia, for instance, that they put on wine and barley and wood and timber and so
02:39on.
02:40So it's not just Trump putting tariffs on, there's a number of nations, including China, doing
02:44it.
02:45My fear is it's just a provocative act by activist judges, which, you know, immigration, trade,
02:58you know, whatever you think of the actual policies, once the judges decided they should
03:02get involved, then it can be actually quite provocative and counterproductive.
03:07And that's the concern I have that that could, you know, basically provoke the administration
03:13into an even bigger action.
03:32He built a big part of his electoral campaign based on tariffs.
03:38And he did introduce tariffs, now tariffs were overruled.
03:42And I suspect that politically, he can now blame the court for the failure of this policy.
03:49So I am not sure whether it will be a major blow to his political stand and to his support.
03:57It is very hard to predict what will happen and what happens if, for example, the administration
04:15chooses not to comply with the ruling of the court.
04:18We have seen tension between court rulings and the current administration in the past.
04:27So it is again, uncharted water is very hard to tell what is happening.
04:35But at least this round, the administration and Donald Trump did not win.
04:44It definitely creates some certainty in the future and industries and countries that were
04:57not subject to tariffs are not subject to high tariffs.
05:01They can sleep a little bit better tonight and markets, they do react negatively when uncertainty
05:08increases and vice versa.
05:10So from this point of view, maybe it is not only about the economic effect of tariffs,
05:17but it is also about the rules that the US and the rest of the world are playing are established
05:28more firmly.
05:29We have more understanding of what to expect from tomorrow.
05:32we have to have an overall commitment between theseuur favorables and the new Louisville
05:45buildings in the past.
05:46So that is, hopefully, the future is necessary to have the ability to see this accordingly.
05:50We will find the rules and the rules, I shall not hold them because the rules are accepted,
05:54because, we must apply it at this point.
05:55We have the rules and the rules.
05:58We will find the rules and rules.