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00:00We are going to talk about China.
00:01I think China is a separate case where you have a military or geopolitical adversary that you're dealing with.
00:10So coming back to my simple example of my grocery store, I have a trade deficit with it.
00:15But if my grocery store hires a hitman to go after me with the purchases I make from them, I'm not so interested in having a trade deficit with that grocery store.
00:25I think the Chinese case is different from our geopolitical or military allies.
00:32And China is an adversary, so us funding them, building up their military is an issue, which is not the standard issue in terms of tariff policy, I think, that we are concerned with.
00:47Because they are necessarily getting richer off our purchases, and then the question becomes, is that a good thing or not in the long run?