All right, Alexander, let's talk about Liberation Day, tariffs from the Trump administration

to pretty much the world, not the entire, not the entire world. Russia is not on that list.

Belarus is not on the tariff list. You'll explain why. It's a simple explanation.

But basically you have, it was three tiers of tariffs.

I would say you had the one, just like a blanket tariff, which was the 10%, then you had

the reciprocal tariffs, and then you had Trump announcing that the auto, the auto tariffs are

actually coming into force today, and then in a month you're going to have the tariffs on

auto parts.

So that was the basic structure of the tariffs.

Liberation Day, the goal, the general goal of this, according to the Trump

White House, is to onshore the U.S. manufacturing to get companies back into the U.S., as well

as to make things equal in trade. Your thoughts?

Well, I think that's probably actually the intention behind this.

I mean, a lot of people are looking for all sorts of more, you know, complicated explanations,

but I was looking at how it works out and the countries that he slapped the heaviest tariffs on, and I believe, by the way, I accept

completely your view that this is tiered in exactly the way that you've said. But the country,

the places that he slapped the tariffs on tend to be those that export the most goods, especially

manufactured goods, to the United States. So the Asian states

have been very, very badly struck. China, Japan, South Korea, Vietnam, Vietnam especially

so. Now, that is going to be devastating to them. And Vietnam is a country that the United States sort of win over in a kind of alliance

against China.

My own sense is that after this, the Vietnamese who have been playing a careful game

...