maria: , openai cfo quick break white house senior counsel for trade manufacturing peter navarro back tough talks led to deals with mexico and cancered what about china? you are watching "mornings with maria" live on "fox business" stay with us. i'm thinking of updating my kitchen... —yeah? —yes! ...this year, we are finally updating our kitchen... ...doing subway tile in an ivory, or eggshell... —cream?... —maybe bone?... don't get me started on quartz. a big big island... you ever heard of a waterfall counter?... for everyone who talks about doing that thing, and, over there. but never does that thing... a sweet little breakfast nook. chase has financial guidance. let's see how you can start saving to make this happen. —really? —really? really. at home or in-person. you could also check out a chase money skills workshop. that's guidance from chase. make more of what's yours. ♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. patty in it i

. >> peter navarro, donald trump's senior trade advisor, says president trump will shift the americanrom one over reliant on income taxes and the internal revenue service, to one that grows through tariff revenues. the president has argued for months the revenue the treasury earns from his terrace could replace income taxes, the primary source for the u.s. speaking at a political event, peter navarro said that objective is also to stop the flow of fentanyl into the u.s. >> what is happening is you see the president fighting the drug war. it is not a trade war. he immediately came out talking trade war, this, that, the other thing. this particular action is a drug war. what we have seen is a lot of pearl clutching when this was announced. we've also seen immediate results from mexico and canada. >> china has hit back at the 10% tax washington imposed yesterday in retaliation, beijing said it will impose 15% tariffs on the import of u.s. coal and liquefied natural gas. 10% on crude oil, farm equipment, and some american built drugs. the chinese measures come into effect february 10, whi

we will talk with peter navarro in minutes. peter doocy is live. this was quite a reprieve from mexico. do we know how it is going to end up a month from now? >> it was quite off the phone call with trump and the mexican president. he says that was friendly and she said that was good, but we can say the mexican side figured out how to delay the implementation of these terrorist and trump explained the deal. he said she agreed to supply 10,000 mexicans soldiers. they will be designated to stop the flow of sentinel and migrants into our country. we agree to pause the anticipated tariffs for a one-month period. just because they made a deal with trump doesn't mean the canadians are going to do the same. it's not just because trump has been taunting the outgoing prime minister about becoming the of canada. they don't think the canadians comprehend the terrorist threat. >> they appear to have missed understood the plain language of the executive order and they are interpreting it as a trade war. it is about a drug war, sentinel, and more people died las

host: the treasury secretary, we heard from peter navarro.hey part of the process of determining how tariffs will look in the future in the trump administration? guest: they're all advising the president. it's not shocking that president trump makes up his own mind but he's also influenced by the people around him. they shape how he thinks about things. so yes, we have peter navarro, he mentioned in that clip you played, stephen miller who has been around since the first administration and has played a big role especially in the early push on border security. howard lutnick is his nominee to be commerce secretary, he's a key player on this. scott bessent, treasury secretary. besant comes from a hedge fund background and understands markets really well so he'll play an interesting role as the president tries to figure out how to crack policies without freaking out markets. besent is a key player there. host: we saw the markets after the announcement of the tariffs against market -- canada and mexico, we saw them go down. guest: it definitely w

would put that yesterday to the president's trade advisor peter navarro.e. >> it's a drug war, not a trade war. anybody was talking about inflation right now is dishonoring the men and women and children who have died at the hands of chinese, mexican, canadian fentanyl, coming across our borders. that's what this is about. >> what do you say to peter navarro? >> tariffs are taxes. anything that increases the cost of a good will ultimately increase its price. generalized inflation or a generalized increase in prices is caused by debt, and the federal reserve buying the debt at a devaluation of every dollar. individual prices going up in areas where there are tariffs absolutely happens. it does affect trade. if you look at -- there are still people in congress wanting to give farmers a bailout from the effects tariffs had in 2018 and 2019. when we put tariffs on china, china quit buying as much of our agricultural goods, and our farmers suffered. there are still people wanting to subsidize them for the harm they felt from tariffs. the best way to look at tar

we'll leave here to a discussion on tariffs by peter navarro and a committee on c-span2. >> when we came up with the cadence of these, we took find of a guess and the universe was looking out for us with trade this week. obviously, we have a great program for you this morning and i'm not going to talk too much about it. we have two leaders on the subcommittee. and smith joined by our economic correspondent. and later today we'll have our senior counsel for the president, peter navarro will join our white house bureau chief dasha burns. and first up right now is the ranking member of the subcommittee of trade joined by our trade reporter doug palmer, linda sanchez. so thank you for joining us. >> good morning. >> thank you, hello, everyone and good morning my name is doug palmer from politico and pleased to be joined by linda sanchez to talk about the topic that's on everybody's minds these days, trade. representative sanchez is the new ranking member of the house ways and means trade committee and she's the first woman to hold that chair or to-- >> ranking member. >> or that position, ex

joining us from the white house, senior counselor for trade and manufacturing peter navarro to a

includes omb director nominee russell vought, fcc commissioner brendan carr, senior counselor peter navarro, borders are homan. it is worth examining in some details this 900cu page document that is the basis for the avalanche of chaos and pain and confusion from the trump administration. i want to read the opener in project 2025. history teaches, i want you to click on this is not me. history teaches a present our temperament agenda is at an apex during the ministrations opening days. to execute requires coordinated unified plan and detained and committed cadre of personnel to implement. in recent election cycles president to candidate normally begin transition planning in the late spring of election-year or even after the nomination was secure. that is too late. the federal government complexity and growth advance a seemingly logarithmic rate every four years. for conservatives to have a fighting chance to take on the administrative state, the work must start now. the entirety of this effort o support the next conservative president. in the winter80 of 1980, the fledgling heritage foundat

go ahead. trade advisor peter navarro. when asked about the external revenue service today said quote, we're going to collect a lot of care for revenues. we're going to get tax cuts out of it is in the official position of the white house that tariffs with lower taxes for americans. president has always been clear that he believes tariffs are a tax on foreign nations. and he's committed to cutting taxes for the american people here at home. he also believes tariffs are a great revenue razor for this country. and that's exactly why he has committed to the creation of the external revenue service, which i think is a phenomena. 8 yeah, we're just go down the whole row. go ahead. somebody confirms that under the present time it's because of any experience you want to stay in gaza on the line will be allowed to do so. i can confirm that the president is committed to rebuilding gaza and to temporarily relocating those who are there. because as i've showed you repeatedly, it is a demolition site. there is no running water. there

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reporter: trade advisor peter navarro, when asked about the external revenue service today, said, quote will collect a lot of tariffs revenues. is at the position of the white house that tariffs will lower taxes for americans. sec. leavitt: the president has always been clear he believes tariffs are attacks on foreign nations and he is committed to cutting taxes here at home. he believes tariffs are a great revenue raiser for this country and that is why he has committed to the creation of the external revenue service, which i think is a phenomenal idea. reporter: bbc. can you confirm that under the president's plans for gaza, any and all palestinians who want to stay on gaza will not be allowed to do so i can confirm the president is committed to rebuilding gaza and to temporarily relocating those who are there because of the house should you repeatedly, it is a demolition site. there is no running water, no electricity. the president wants these individuals to live in peace. he is committed to doing that with this bold plan and we will continue to keep you apprised of updates as we re

navarro said there would peter navarro said there would a call be a phone, call betwesrr ' *" ,,, .,,be e bhene bell betweerr ' f” m .,,, trump and president president trump and president gigi xijinping and china said 77 will respond, saying they respond with specific would respond with specific measures against from america, and now me bring you 7 some of some at so those 10% tax on coal and natural are 10% tax on coal and natural gas, 15% on crude oil, but beyond tariffs, they are go beyond tariffs, they are calculated and into other calculated and go inte ether including an investigation into justra 7 just a reminder, justra reminder, google google. just a reminder, google will at the super us tech china giant is banned in china, so they will 7 77 they will conduct a 7 into goo-le. as investigation into google. as as that, will be well as that, they will be adding an american fashion company which owns designer such as calvin 77 such as calvin klein and brands such as calvin klein and tommy hilfiger onto none liable entities list which includes sanctions and so this is §§fieflfifi§ ii

. >> that was peter navarro on the president's terrorist implementation. us live last hour. trump has agreed to delay them on mexico but canada and china face them at midnight. now the dow is positive on the day. you can see how much it was down earlier before the pause was implemented. let's bring in robert and steve. i want to start with you, first. you heard it there. he is defending these tariffs. >> i was a big supporter of trump's usmca, nasco 2.0. his tariff approach i would move like a blunt instrument. he uses that we will see whether it works. i think businesses looked all over the weekend about how terrorist would impact them. durable goods went way up. steve will tell you, we agree a tariff is a tax on the consumer. i am nervous it will slow growth and bring inflation. >> we talked about it. tens of thousands of illegal immigrants. on the canadian side, it is much more about trade and deficit. if it was under 50 pounds and there were thousands of crossings, i think that is a trade aspect. >> let me get you to react to more from trump earlier. >

right now from the white house is the senior trade and manufacturing adviser to president trump, peter navarro peter, thank you for coming in. when are first and foremost the president and xi jinping going to speak? will it be today? >> i don't know, and that will be up to the president. >> the head of i want to get in. i want to focus on china with the 10% tariff that has been levied against chinese goods coming in. the head of the leading footwear trade association in the country was on with me this week and said that these tariffs are going to cost consumers. and here's how he explained it. let me play it. >> we brought in about $10. >> billion in value for footwear. >> from china last year. 10%. i'm not a mathematician, but 10% is about $1 billion in additional costs at the border. paid by american companies. and so that $1 billion has to go somewhere. it's got to be absorbed somewhere for companies to be competitive, to continue to have profitability. >> and they say that is going to be a cost to consumers. peter, how do you explain to someone who's struggling already with inflation, whic

agreement at all and biden let them get away with it, i would call this the early phase and i think peter navarro he told you this is a trade war, you invented the phrase drug war as opposed to trade war, i misspoke i meant to say it's a drug war there is a lot more tough measures that president trump can start working on but it's all in china's court, the phone call from xi jinping could really change things in one direction or another that he wants to cooperate on the drug war and joint operations with the fbi in the drug enforcement administration he wants to really crackdown on the criminals or if xi jinping keeps playing dumb it seems to be the chinese strategy is called hutu easy to learn a little mad during hutu needs to play dumb and say i don't know anything about these the cartels in mexico it's not of our business. if xi jinping goes with that approach in the phone call that i would predict a strong major by mr. trump to get their attention. on the other hand if you positive that's much better news for the stock market. maria: it is so much undermining of the united states, the overall

. >> demand close to president trump in the middle of these deals peter navarro.joined us on this program yesterday. i asked him what's on the mind of a lot of americans who are being told this will push the prices of things here up. here is the exchange. can you promise this won't eventually lead to an economic hit in the form of higher prices for american people? >> they all said the same thing, we would have inflation and recession. guess what? we had neither. because of how countries response to tariffs. what's the first thing that happens when we raised tariffs? they lower their prices. you saw no inflation. we saw no recession. we saw prosperity, a golden age. >> he was in the first trump white house, 2016-2020. he is saying what happened to them. they are even trying to improve on that, but using that as a model. do you agree? >> the tariffs being talked about now are far more extensive than what they did in 2018-2019. the other thing is in the first term, they passed a big tax cut in 2017. that's what we hope is going to happen now. the president will focu

senior counselor to trump, peter navarro, hitting back against the critics. >> this is a first step. it's a drug war, not a trade war. anybody who is talking about inflation right now is dishonoring the men and women and children who have died at the hands of chinese, mexican, canadian fentanyl coming across our borders. that's what this is about. >> harris: senior white house correspondent peter doocy now. >> good morning, still no movement on the 10% tariffs on chinese goods. those went into effect at midnight. there could be movement very soon in a first of its kind this presidency trump/xi phone call with a focus on fentanyl. >> it is the president's utmost responsibility to protect american lives. that's why he implemented the 10% tariff on china. president xi did reach out to president trump to speak about this. maybe to begin a negotiation. we'll see how that call goes. >> canadian deal was made when trudeau beefed up security on the border. in addition canada is making new commitments to appoint a fentanyl czar as list cartels and terrorists and 24 hour eyes on the border to

we're talking with the cfo of open a.i., we are talking with peter navarro on tariffs. with maria" live on fox business. we'll be right back. ♪ i'm thinking of updating my kitchen... —yeah? —yes! ...this year, we are finally updating our kitchen... ...doing subway tile in an ivory, or eggshell... —cream?... —maybe bone?... don't get me started on quartz. a big big island... you ever heard of a waterfall counter?... for everyone who talks about doing that thing, and, over there. but never does that thing... a sweet little breakfast nook. chase has financial guidance. let's see how you can start saving to make this happen. —really? —really? really. at home or in-person. you could also check out a chase money skills workshop. that's guidance from chase. make more of what's yours. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. o

as peter navarro said for the white house this is a drug war this is not a trade war and i think this that he will take agast the ccp, communist china, mexico and canada if they don't straighten up and stop the deadly fentanyl from flowing into her country and killing 300 american citizens a day, this has got to stop. maria: bthe way that's exactly what i said it's a drug war not a trade war and i understand what is behind it because he is trying to stop the drugs coming into the country but what about in 30 days, what kd of response or progress does he need to seek to keep t tariffs at bay or will they be instituted in 30 days in the. >> we already seen this with the president of mexico agrees to send thousands of troops to the mexican border to stop people from coming into the sovereign nation that's a huge step it's something president biden should have done when he was in office instead of letting 12 million illegal aliens coming into our great nation. maria: what about china what are your thoughts on the tariff war that is underway between the u.s. and china. >> as some of the ad

the trade counsel, peter navarro ahead. the i.c.e.e illegal immigrants at the jobsite. what's next? how far democrats going to go to stop it? in the new pick to lead the dnc. did democrats alert anything from november 5th? our political pino is lined up. i'm john roberts, joined me and sandra at the top of the hour for "america reports." see you then. >> harris: alicia keys took home the dr. dre impact award at the grammys and in her acceptance speech the singer decided to champion dei. watch. >> this is not the time to shut down the diversity of voices, we have seen on this stage talented hardworking people from different backgrounds with different points of view and it changes the game, dei is not a threats, it is a gift. >> harris: so who is shutting down dei and hollywood? >> brian: are not sure it will ever have impaired the least surprising comment in the history of award shows was that. you knew that it was coming up with the grammys. alicia keys, have at it. but that ship has sailed. >> emily: her comments weren't untrue, the

to use protections from sicko and canada, and i think peter navarro said this is a war on drugs. disagree with that. what i would be concerned about is creating long-term dislocation in terms of supply chains. i want free and fair trade. another use for tariffs is to punish people who are not engaging in fair trade. this is a complex issue. i give president trump the benefit of the doubt in terms of using tariffs to negotiate a better position for the u.s. and its citizens. geoff: is that how you think he's using them, for leverage and as a negotiating tactic? i asked because canada is one of our biggest trading partners. wisconsin has a lot on the line. sen. johnson: he used it in his first term, remain in mexico, we were able to secure the border. we now have a pledge from both canada and mexico to move personnel into place to help us secure the border and stop the flow of drugs. i think the proof is in the pudding. it seems to be working pretty well right now. geoff: senator ron johnson, always good to see you. thanks for coming on the program. sen. johnson: thank you. have a

and just this afternoon, trump's trade adviser, peter navarro, said it was that last one, drugs that is motivating the tariffs on canada. >> we're in a drug war and mexico understands that. they've been very cooperative. president trump has been fully engaged with the mexican president. canada seems to think we're in a trade war, and not only seems to think we're in a trade war, they're dramatically provoking the trade war. >> you can't blame canada. even though south park, the movie might suggest you should for thinking they're in a trade war and not a drug war with the u.s., because less than 1% of the fentanyl street supply in the u.s. comes from canada. most drugs come through ports of entry, not between. and in 2024, only about 43 pounds of fentanyl was seized at the northern border, compared to more than 21,000 on the southern border. and that's not sitting well with canadian officials, including the outspoken canadian mp charlie angus well, i think the issue is, is that donald trump has claimed that canada is a narco state. >> the man's a liar. so would we put some more money

we heard the president's senior trade and manufacturing adviser, peter navarro, on tv this morning saying same thing, that china, that china has a history of not doing what they say they're going to do. and so, ana, we know this phone call is going to happen in the coming days, possibly before the chinese tariffs would go into effect. and we'll be watching to see what sort of deal president trump is able to strike in that call. >> erin and christine, thank you both. fight over america's predominant foreign aid agency is also rattling washington secretary of state marco rubio is now overseeing a state department takeover of the u.s. agency for international development. this move comes after president trump tasked elon musk with dismantling the independent agency, firing dozens of senior staffers and locking employees out of their accounts. critics say the moves and musk's involvement in particular, are illegal and unconstitutional. take a look at this today. federal workers are protesting at the office of personnel management with handouts like this, saying musk, quote, bought the country

up next, we have a conversation between white house senior councilman peter navarro and stasha burns. [ applause ] >> good morning. >> thank you for doing this. >> pleasure. >> you're a little busy these days. >> grade autoyens. always a great audience. we were just talking backstage a bit. you've been around the block a few times with this president. how different is 45 versus 47? >> quantum leap i would say. >> interesting. jaire here's the thing, i'm one of the only three people who was with the boss from the 2016 campaign all the way till now with steven miller and anybody heard of that? >> a few people know that. >> yes, they was the president's great tweak meister or truth meister as the case may be. >> back then we were at bottom of the learning curve and there was tremendous resistance. not among the american people but among the media, the intellectual leaps of the country to the president's agenda. >> and the republican. >> include them in that whole ball of wax and the things we were able to do then with respect for example for historic china and tariffs to renegotiate goin

john ratcliffe, the fcc chair brendan carr, the border czar tom homan, and the senior counselor peter navarro, who has spent time in jail. and last thursday, all 53 republican senators voted to confirm one of project 2025 key architects. this man, russell, vote to lead a critical white house office. he's now the director of the office of management and budget, a position that he previously held during trump's first term. people don't really think much about russell vote or the office of management and budget, but this guy has caught people's attention in the past for his apparent support of christian nationalism or something like it. as he tried to explain in this video that was captured by undercover journalists for the center for climate reporting. >> my viewpoint is mostly that i would probably be christian nation ism. that's pretty close to christian nationalism, because i also believe in nationalism. >> just let that sink in for a second. i also believe in nationalism. this man is now a top government official. vote explained his stance more thoroughly, by the way, in a 2021 essay for ne

. >> that's what peter navarro. talks about. and the fourth. >> one. >> is trolling. >> so i think we are. >> all in the beginning thinking about this. like this is just. >> kind of the trolling. >> he's having a little. >> fun, right? >> but one. of the things about president trump is when he repeats things over. >> and over and. >> over again. >> it becomes. >> more real. and i think that in. >> this case. >> it's not. >> just about negotiating. it's not just about trolling. >> and i. >> think that absolutely. >> there will be more to come and more pressure. >> how serious this is. >> is a different matter. but does he actually think. >> it should be true? >> i think he does. i think. he's convincing himself. >> so it sounds like would you would you say that you view his comments about turning gaza into the new middle east riviera and the u.s. taking control of that in a similar vein, like, it's not necessarily he's not necessarily going to send troops to canada or to gaza. right. but he's serious. it's a negotiating position.

the white house trade adviser, peter navarro, he was on with me this week, and i asked him about what i have heard from business leaders. specifically. i asked him about what it means. these tariffs from china mean for the footwear industry that the china tariffs, the tariffs on china, are going to raise prices for consumers. i want to play for you what peter said to that. >> china will absorb most or all of the tariff. that was our experience in the first term. that will be our experience here. the reality is when the negotiations are made with china to export things here, what happens when the tariffs go in place is that the chinese companies are forced to lower their prices. >> business leaders say that data is that the data does not show that, that tariff rates and inflation tend to trend with one another. how do you explain to people already struggling against inflation why it is worth it to now pay more for products like shoes? >> well, well, the record is that they didn't. and let's just talk about the economics of this because it's pretty intuitive. the fact is that if you put

that is something that you heard kevin hassett saying here earlier at the white house, peter navarros well, saying it's not a trade war, it's a drug war. they're upset about fentanyl coming across the border, though certainly way less by canada's standards compared to the u.s. southern border. we know a lot of that comes through legal ports of entry, unfortunately. jake. but also, he has a complaint about just the trade that goes back and forth between the u.s. and canada. overall, that does not appear to have changed as a result of this conversation. so it is still an open question of how he tries to wield this in the future. >> all right, kaitlan collins, thanks so much. we're going to have much more reaction to our breaking news in just moments. sweeping american tariffs set to go into effect tonight on both canada and mexico have been paused. keep it here. >> i've got good news and i've got bad news. what do you want first the bad. the news is newsy. even more than ever. >> what's the good news? >> we're doing another season of have i got news for you. >> have i got news for you

peter navarro. >> okay. >> peter navarro did not get his wish. navarro i don't think was in the room. navarro is a hardliner. >> i think navarro would have said. >> look. >> we have got to stop whatever china is doing. we have to put a we have to put a tariff on china, but we also have to stop. steel coming from canada and stop steel coming from mexico in particular, because. >> they're sneaking. >> their chinese are sneaking their. >> steel in. >> i think that he's a steel is going to be one of those areas. that's why nucor goes higher. nucor letter x by an eye on them. they're they're they're they're going to be potential beneficiaries. they are. >> although you remember cliffs went in preannounced today. >> yes was preannounced. >> so let me get. >> in there. >> buy some cliffs i don't. >> i think nucor. >> is good. i mean i talked with nucor last week. anything that makes it so that that we don't have mexican steel, there is no mexican steel to speak of. >> it's canadian. >> steel i'm sorry. it's a chinese steel. >> through mexico. >> that's

and with respect to canada, peter navarro said something over the weekend about seizing enough fentanyl from canada from the northern border last year to kill thousands of people. the latest customs and border patrol data that i saw was that in the first nine months of last year, we had seized just 40 pounds of fentanyl from the northern border, compared to some 16,000 from the southern border. so it's hard to sort of put all of these on equal playing fields. it's why it's so interesting to talk to the white house about what they need to see. you know, they've said there's this council, it's going to involve the homeland security secretary, kristi noem, secretary of state marco rubio, stephen miller, the domestic policy adviser inside the white house, a whole host of people who will decide whether some metrics are being met. they'll bring it to the president and then he'll decide whether to lift the tariffs. but it's hard not to think it's somewhat arbitrary at this point, because we haven't exactly seen a scorecard that they're looking at. >> president trump could be watching reaction

high temporal integrations like cell phones and bottom line for the white house trade adviser peter f navarrond that is comg from china. >> difference between canada and mexico versus china in all of this problem is that china has a long history going back to the first term and efforts that kellyanne conway led of simply not doing what it said it was going to do. ism i'm hearing that right now president donald trump doesn't have a call with chinese president xi on his books and karoline leavitt about an hour ago out in front of west wing said that call would happen soon. ashley. ashley: things always move quickly now. edward, thank you and we'll continue to follow that. back to the markets and mike murphy joining us this morning. great to see you, mike. listen, the volatility regarding these tariffs and the back and forth continues on the market i am sure. i'd argue that corporate profits are good and us consumer is strong and any selloffs that we see are buying opportunities and would you agree? >> i really have nothing to add there, ashley. you sum it had up perfectly. good morning, great t

now, if you go back and read peter navarro's book about what he talks about the trump and china. ere were people. larry kudlow, steve mnuchin who were who he calls al navarro as being china apologists. and in a really harsh way. the book is kind of interesting as well written. and i just think that navarro lost it because these were not harsh. now, if you go back and i reluctantly mention i don't want to play too much in palantir, but it was an education. they're just saying, look, there's a war going on. and if you read what the president said, there is no war. and i don't know whether the president has said, you know what, we've got to go with your point earlier, treasury. >> secretary one, which. >> way, which way. >> is it ultimately going to go? guys. >> there's palantir, of course, up 22%. >> we spent time on that. but you look. >> at the s&p. >> losers list. >> we talked. >> merck which is it's not it's rare. day to see it down more than 10% obviously gardasil there. >> but let's also. >> talk estee lauder and. paypal jim why don't we start estee lauder no longer. obviously

that's not just a peter navarro narrative, an anti-china narrative. there was a sense that maybe the chinese lied. >> i don't know, jim, on that. >> one, i don't know. >> i also heard the other story, which is, well, it's actually very close in terms of what they actulypent to what is spent. >> to train. >> models here as well, that the differential is not that great. >> right? okay. differential not great. that's a better way to put it. i mean, look, i think that the when you wake up and china is doing what the justice department is doing to apple, and then we think we freak out when they're actually considering it. and i don't mean to jump around too much, but i do think that. but i'm hearing the music and we didn't mention apple. and when i hear music for people at home, that means shut up. but apple did. you know when you look at what jonathan kanter, who's around these days, is talking from the justice department, talking about what they want apple to do? well, the chinese communists are a little bit less aggressive than kanter. interesting becau

trade representative, peter navarro.hat i have been instructed to do when i'm listening to all of these competing voices is to find areas of commonality. that is going to be the likely policy. one of the things that i think that the market has been missing is the most dovish view coming out of that team of rivals on tariffs is only starting at 2.5% of the universal tariff, and getting to 10% to 20%. if that is the dovish view, i want to know what the hawkish view is. lisa: how do you advise clients and companies who want to understand what their footprint should look like? want to understand where they can expand in the world? are you telling them to hold off and that they frankly won't know what the hawkish view is and how high it could go? ed: i'm not telling them to hold off, but i am telling them to expect volatility. i was at a conference at our headquarters, talking about how volatility is back. you have to kind of not reacted to everything to get some of the big conversation right. there are a number of things out