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00:00What do we know about the kind of relationship these two have?
00:06Well, first of all, thanks for having me on, Leon.
00:09I think regardless of the personality component of every relationship, we have to put the negotiations here in context.
00:19Whereas over the last 30, 40 years, we've seen since the end of the Cold War, the trade imbalance has been favoring other countries.
00:30And politicians in the United States have outsourced, made it possible to outsource many manufacturing jobs, which created a disadvantage for American manufacturers, which created large deficits, large trade imbalances, depressed job growth and lower wages.
00:51And what you're seeing in President Trump, President Trump's approach to this issue is long overdue.
00:58And, you know, in the short term, there will be some turbulence, but I expect that friends will work things out in the long term.