Thank you for coming on to explain this.

I mean, my one frustration, I believe in what the White House is doing, I don't think enough Americans understand it.

So I don't think there's anyone better at explaining it than you.

I mean, you're the trade representative.

What about our current system needs to be changed?

Why is it important to do this to institute tariffs, to rethink trade?

No. So that's the fundamental question, Tucker, and thank you for having me on. It's a pleasure to be here. I've been a fan for a long time.

So I think you have to start with the proposition, has the system failed? And to me, it's an emphatic yes. I think of it in sort of two ways. One, if you think of the way trade is supposed to work, you're supposed to export in order

to import that. And then you get the benefit of trade. You get actually, you do what you do best,

I do what I do best, or I do what you do less best. You export, we import and we get the benefit.

We both have higher standards of living.

That's not really what it's evolved to.

It's evolved to now where you have a few countries,

the United States being the biggest,

that have an open capital system and an open trading system,

and other countries have an industrial policy

that is designed not to increase the standard of living of their of their citizens but to gain

wealth. So what they're trying to do is get wealth in order to get assets in the United

States or to get technology in order to get all these the United States, or to get technology,

in order to get all these kind of things that make you wealthy.

So I think of the kind of failure points as being, one,

because this system doesn't work,

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