Welcome, everybody. Let's start today talking a little bit about China and really just some of the economic realities and asymmetries that are governing a lot of what we are seeing right now in this kind of alpha jockeying types of attempts

to push other countries to do what this administration wants. Remember when Trump told us that

China was begging for a trade deal? We were told that they're calling and they're texting and

they're sending telegrams and

they're lighting smoke signals in the sky to get back to the negotiating table.

They're desperate to make a deal, we were told.

They're crying, strong Chinese men sobbing like kids.

They're going to cave any day now, a bunch of Trump's allies were

swearing to us. And we've now learned that this really isn't true. Check out this clip from Scott

Besson. And then we'll talk about it. You're heavily involved here. You have said they need to

de-escalate and start that process for us to get going on trade talks.

Have they made any effort at this point?

I think we could see substantial progress in the coming weeks.

We'll see that as I think it's Steinslaw, that which is not sustainable, doesn't continue.

So 1455%, 125% tariff levels are the equivalent of an embargo. And we're reading every day what's happening with factories in China.

And from an academic point of view view I can tell you that the history of trade battles

we are the deficit country the surplus country always has the most to lose so they need they need

to make more gestures what is it that you're looking for and is that happening? Is there a negotiation

about the negotiation? Yeah, we'll see over over the coming weeks and it will see what

President Trump wants to accept. Right. I mean, have they offered anything on the fentanyl,

for instance, precursor ingredients? They are only what they have said publicly. So, and you know, I can tell you.

So not a phone call, not a meeting, not a, hey, we've got a new phone, who's this?

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