00:00I wanted to ask you about the tariffs on Brazil. Can you explain some of the thinking? I know that the president cited wanting to have the prosecution potentially of Bolsonaro being a key reason for it, but what would it take to lift those tariffs on Brazil?
00:18The president will decide that and we're in active negotiations, which have a deadline and we'll see how it goes.
00:24But was the reasoning for those tariffs beyond the prosecution of Bolsonaro?
00:29We'll see how it goes.
00:31Do I have a reaction to the better-than-expected economic data coming out of China? Is that sort of the antithesis of what Trump's trade policy is going to do in terms of this tradition?
00:40There's a lot of ambiguity about what the real data in China are and I'd have to study the latest data to see if I believe it, but there certainly have been lots of reports, anecdotal reports, of troubles in China.
00:53But to the extent that the global economy is responding positively to technological change, which we're seeing across the world because of better computers and so on, it might have been a positive thing for them.
01:03But I've not studied the Chinese data.
01:05But what if it is based on the expansion of sort of going to U.S. trading continents?
01:09We have normalized our trade relations somewhat with China over the last few months.
01:15You mentioned Brazil. Part of the reason you gave on some of your interviews is that it's a national security threat or, you know, part of the reason.
01:24Can you explain that a little bit more? How is Brazil a national security threat?
01:28Well, right now we've got IEPA for fentanyl and IEPA for trade deficits.
01:33We're saying that both are national security threats and both of those authorities are being used by the president this time.
01:40Tom, that's you with News Nation. Is there anything you can discuss about sanctions being discussed with Russia right now?
01:44There's nothing I can talk about that.
01:46On the EU, Canada and Mexico, where do negotiations stand?
01:49Those countries have received letters, but there have been talks underway.
01:53There are talks underway still, and I think that the president has set a deadline so that everybody gets the clarity that you all crave by the beginning of August.
02:00I have time for one last question, please.
02:02President Trump was clearly upset against Spain at the Hague summit and the NATO for lack of commitment of military spending,
02:08and he said he would negotiate directly with Spain on tariffs.
02:11Did that happen? Because really the negotiations are between the EU as a bloc.
02:18Did that happen? Will Spain suffer consequences?
02:21Most of the trade policy in Europe is done through the EU, and so specific discussions with Spain have not been moved on.
02:29What do you expect from the EU?
02:31We'll see. We've got a few weeks left. Thank you very much.
