And let's dive a little deeper into what we heard from President Trump at Davos today.

David Wessel is a senior fellow in economic studies at the Brookings Institution.

Welcome back to the program.

Good to be here.

So President Trump speaking to the Davos elite, among other things, he blasted European

regulation and trade policies.

Your assessment of his speech, and how do you think it landed in the room?

Well, it seemed like a speech designed to appeal to an American audience.

Our tough president telling our allies what they need to do.

He was giving instructions left and right.

It was typical Trump, a bit of hyperbole.

He accused Canada of running a $200 billion to $250 billion trade deficit of the United States. The actual

number is $45 billion. And I wasn't in the room, but I can't imagine, I don't think they were

surprised, but these are the people who prosper from globalization, and he was basically making

the case America first. The carrot and stick approach that he thinks will help solve inflation

and also fund his massive tax cut proposals telling business leaders,

you know, manufacture your goods in the U.S. or else, or else pay this tariff,

how do you think that strategy will play out?

Well, we'll see.

A lot of it depends on the specifics.

How much is he going to impose tariffs on whom?

What will the exemptions be?

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