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Bill Lee with us now from Washington, William Lee was Citigroup for years and now at the Milken Institute. Bill, to me it looks like a trade war. I think there's

really no other way to put it.

Yeah it's a trade skirmish, Tom, right?

The skirmish is to get people's attention so that they can be really attentive

at the bargaining table.

And my hope and prayer is that that is where the end game is going is what are we going to be negotiating over I think the media is poorly explaining it to use John's numbers 50 hundred a hundred billion

But then there's a tariff on that if it's 5% or 1% or 3% or 10

can it really be 25% are we going back to days of 25% tariffs?

I don't think we'll ever revisit the smooth holidays

where it's tariff on tariffs

and you get these huge percentages.

And when you get a lot of small percentages together, that's real money we're talking

...