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00:00retaliatory, collective retaliation. Thank you. Sorry about that. Yeah. Look,
00:05I think it's clear that there will not be escalation or a so-called trade war with
00:11President Trump's response by using tariffs to the tariffs that already exist with our trading
00:17partners because of the trade surpluses that they have. The country with the trade surplus
00:22always loses in a trade war. So there's a little risk of that. That's why you're seeing the
00:28Chinese come to the table. You saw Vietnam come to the table first. The EU, same thing,
00:33$300 billion trade deficit for the US, surplus for the EU. They cannot afford that. They're much
00:40more dependent on trade than we are. We import 20% from China of what they export to us. I mean,
00:49sorry, we export 20% of what we import from China. So look, there's very little risk of escalation.
00:56I think the threats of that were very short-lived in the last few days. And again, that's why 70
01:03countries are reaching out, even promising zero tariffs, which I think would be great for free
01:08trade and fair trade.