This is CBSI on the world.

I'm John Baps with Elizabeth Peake, my colleague.

Tariffs.

The tariffs against Mexico and Canada at this point are engaged.

The markets are responding poorly to the idea that there is an ambition here to resolve the trade imbalance with our trading partners.

The tariffs on China, I'm told by the F.T. this morning have also been imposed, and China's answered,

but in a muted fashion. Meanwhile, the anger in Canada is palpable.

We can read it in English.

I believe some of the premieres of some of the provinces

are threatening to cut electricity off to Upper New York.

There's a threat.

In any event, the Mexico story is the one that's driving

much of the concern about fentanyl.

Liz, how many times do we have to say your border is not solved?

How many times do we have to go to Mexico City and say,

we're not fooled by Chinese companies taking on Mexican masks in order to sell into the U.S. market?

Do they not understand what we're saying?

Thank you, Liz.

Well, the markets aren't particularly clear on what we're saying.

And I think President Trump really has to explain to the American people

that there is a long-term gain here and that there is going to be near-term volatility.

There's going to be this trade war.

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