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00:00Let's talk about these tariffs. You're quoted as saying that these policies are ultimately
00:06going to backfire on the United States. Why do you think that?
00:11Well, I say that because I believe it. If the U.S. surround themselves with a fence of
00:2325% import tariffs, this will raise costs, prices in the U.S., given how much they import
00:36of what they consume. They have a trade deficit, which stems from the fact that the U.S. consume
00:45more than what they produce. And by the way, this is not a problem because they can finance
00:50it easily with the dollar. But given the import content of U.S. consumption, these 25% tariffs
01:02will raise prices, costs, fuel inflation. Probably at the end of the day, interest rates will
01:09slow down the U.S. economy. So this is bad for the U.S. in the first line.
01:20And in a second line, this is bad for the 60 countries that are hit by these so-called reciprocal
01:30tariffs.