show. Welcome, Taylor. Let's see if we can put this in practical terms.
Americans buy a lot of products made in China. China also has about a billion potential customers for USmade goods. What do you think this deal will look like?
Oh, that's a good question. I mean, so first of all, you heard there from Jameson Greer. A lot of this has been about resolving that 1.
2 trillion deficit. The I here for me is about who needs who more. Remember, we import five times from China what they import from us.
So, a 145% tariff on them hurts them more than any tariff they place on us because we don't buy they don't buy stuff from us. We buy most of our stuff from them. So, it's really about who needs who more and who's going to come to the negotiating table.
I think the really good news, especially as we're thinking about the economy and the markets tomorrow, um, is that it looks like talks went well. I mean, we'll get a full briefing, I hear, Monday morning, but this is a very good starting point that at least there wasn't a massive blow up and talks went arry and everyone walked away from the table. All right, let's put a particular face on this.
Let's pick a company like Sheen. It's an ondemand fashion giant with 90 million customers in the United States and those customers were looking at a tariff in excess of 100%. What would be a good deal for their customers?
Would it be half that, a quarter of that? What what what would be acceptable in terms of a tariff? Yeah, you know, they obviously want no tariffs, but we as Americans and people who voted for President Trump want some sort of tariff.
I think the president has floated a tariff of around 80%. So that's great. If you come from 150 to 80, that sounds a lot better than going from zero to 80, right?
Um so 80 I think the economy, the markets, the American people. Look, this is where there's two sides to the sword, right? where on one hand an 80% tariff might still be a little bit harmful and that we might still be paying a little bit higher prices but again the question that people keep asking themselves and look at what you're showing up there right people in manufacturing plants right do I want another cheap sweatshirt from Sheen but if that means that my daughter doesn't have a job in the in Midwest 10 years from now is that trade worth it And a lot of Americans are thinking that trade isn't worth it anymore.
We've done that for 20 years and we have gutted manufacturing because I wanted a couple cheap sweatshirts from China or cheap Barbie dolls or whatever it is, right? And so I think the question here for people is how much are you willing to pay in order to bring back some of that high precision manufacturing that Scott Besson has talked about and then what price is too high where Americans at the end of the day we are a consuming culture and we want to consume and we don't want to pay high prices for that. The president and his administration they're trying to find that sweet spot.
All right speaking of the sweet spot he seems to have found it with Great Britain. Here he is on the deal reached with our ally. The final details are being written up in the coming weeks.
We'll have it all very conclusive, but the actual deal is a very conclusive one. We think uh just about everything's been approved. Uh so good for both countries.
And by the way, we have many meetings planned today and tomorrow. And every country wants to be making deals. All right, one adversary, one friend.
How about neighbors like Mexico and Canada? Do you expect deals to be imminent with with our neighbors? You know, I do I think people were really looking at the deal with the UK to see is this a framework for larger deals to come.
For me, that deal with the UK is all about the direction of travel. This shows that this is an administration that wants to make deals. They are willing to make trade deals with partners and that we are able to do so relatively quickly.
Remember, on average, any given trade deal takes 18 months. So, if we're starting to get a framework already, albeit with the UK, where there wasn't a deficit, it was mostly neutral. If not, we had a surplus, that's still good, though, and that it shows the direction of travel of this administration of wanting to start negotiating.
I think the um uh press conference with the new Canadian prime minister went well a few weeks ago. So, I do expect there to be negotiations and a framework with our allies. I will say the economy and the markets are desperate for a trade deal with other Asian nations.
Uh South Korea, India, Japan. Anything that will further bring them closer to us and isolate China further puts pressure on China, which is the biggie as you know. All right.
If I had on a hat, I would tip it to Scott Besset, my fellow South Carolinian. He has had a busy week and may have more to come. Taylor Riggs, thank you for joining us on this Sunday night.
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