And for additional perspective, we're joined tonight by Mary Lovely, a senior fellow at the

Nonpartisan Peterson Institute for International Economics. Thanks for coming in.

Oh, you're so welcome.

So we've got this 30-day pause on tariffs for Canada and Mexico. The 10% tariff on goods

from China is still on the table for tomorrow. How much of this is actually about addressing a trade imbalance?

And I raised the question because Donald Trump negotiated a new trade deal with Canada and Mexico

in his first term.

Is there an actual problem that these tariffs aim to solve?

Well, the president has identified two problems at the border, migration and the flow of

Fentina.

So he has on occasion talked about the trade deficit that we have with our trading partners,

but it's hard to know exactly what weight he places on these various factors.

So for today's announcement, it looks like it was on the border issues.

When he talks about Canada, he so often complains about the trade imbalance, which

has existed for decades.

Canada sells more goods and services to the U.S. than it buys from us. On that point, does that justify tariffs?

No, no.

There is no reason that we should have balanced bilaterally.

So there's no reason, for example, that, you know,

the grocery source should buy as much from me as I buy from it.

So there's no reason why Canada, which is rich in natural resources,

shouldn't sell to us. And our companies then use those resources to produce things to sell to

...