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dot com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics, finance, investment, and international

relations.

Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course, in the studio. I'm really pleased to say here in New York is Conrad

D'Quadros, RieQ Economic, Senior Economist and Founding Partner as well.

Conrad, great to have you with us around the table on this

payrolls Friday. Let's go with the trade story just to begin with. We've talked about

markets with mixer, let's talk about the economy in the United States. What's the methodology

for calculating what this trade story right now means for the U.S. economy?

Well, I actually think the bigger difficulty is not the standard methodologies where we're looking at shares the economy and elasticities and all of that. I think the bigger question

is the supply chain and the impact on the supply chain and how that sort of feeds its way through

the economy and that could be a lot more problematic. For me the big question is what is the president's

objective here? Does he want to address some of the intellectual property issues

with American companies in China or does he just want to get the deficit, get to a smaller deficit with China?

If that is the objective, then I think we have a problem because if it's a smaller deficit with China,

then it's going to be larger deficits elsewhere and then do the targets

then change to other countries. So the President's objectives I think have to be

...