The world cheats us. They've been cheating us for decades. They cheat us with tariffs, higher tariffs.

But more importantly, they cheat us with the so-called non-tariff barriers.

It's the VAT taxes, the dumping, the currency manipulation, the technical barriers that keep our autos out of Japan,

the agricultural barriers that keep our pork out of Australia or Europe.

They're doing that to the tune of $1.2 trillion of wealth a year that we transfer now abroad

and $18 trillion of wealth since we started running deficits.

You know how much $18 trillion of America that could buy?

So that's the problem we're grappling with. So we

have a strategy here where the president says we're going to charge them what they charge us.

And the analytical issue is it's easy to calculate the tariff differential, but the non-tariff

barriers are so much higher. So that's what we said,

knowing full well, knowing full well that a lot of countries would come right to us and want to

bargain. We've got 90 deals in 90 days possibly pending here. And it was par for the course.

Actually, it was a birdie for President Trump to do exactly what he did, which was paused for 90 days.

And we're going to get this done for the American people.

I think that right now we are at a decision-making point and very close to a recession.

And I'm worried about something worse than a recession

if this isn't handled well.

A recession is two negative quarters of GDP

and whether it goes slightly there,

we always have those things.

We have something that's much more profound.

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