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Thanks for being here.

Trade Wars and the U.S. economy.

Have you produced some kind of model that looks at what the U.S.

economy would do if this trade war really sticks and gets worse?

Yeah, so I think first we do expect these trade tensions, let's say, I think war is a little inflammatory, but it

certainly catches the attention more when you use the word war, but we are in an

escalatory phase. Okay okay there's no denying that

and we've now seen the first round of 36 billion dollars in tariffs go into

place the questions that I get are I thought this was supposed to hurt the

economy. We've got 4% GDP in the second quarter that economists are tracking.

What gives? It must not matter for the economy. And that's absolutely the wrong way to look at this

these first 36 billion dollars that have gone into place are hitting intermediate goods

...