All right, Alexander, let's talk about the tariff war between the United States and China.

What is the update on the tariff war?

We have some exemptions on electronics.

The 20% tariff on China with regards to electronics is staying. It remains, but the other hundred

and twenty or thirty percent on top of the twenty percent. That's been exempt. We're talking

laptops and mobile devices and stuff like that. And China saw this as a positive small step. That's what they said. It's a small step,

but it's in the right direction. But Trump is saying that they're going to now examine

semiconductors and that there were no real concessions made to China. He's, at least in his truth social post, he seems to be doubling down on the tariffs with

China.

Of course, this is what Trump says.

The actions speak differently as to where we're heading.

Your thoughts on Trump and China, perhaps some negotiations,

maybe something along the lines of bilateral talks in the next couple of months,

or are we heading towards a big tariff war and who knows where else after that?

Well, I think your last point is where I'm actually starting to have concerns, because

there are two ways of approaching this whole tariff question.

The one is the one that Trump has used and which he has spoken about to his core constituencies in the industrial

communities, which is to protect and rebuild American industrial power, American manufacturing,

to bring back manufacturing to the United States, to, you know, change the economy of the United

States, to recalibrate it, back into something more like what it used to be in the mid-20th century

before the processes of globalization really began to take off in a big way in the 1980s.

So that is the line that I thought he was following.

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