let's get a check on volkswagen. company is counting on constructive talks between trading partners to avoid conflict. after donald trump announced tariffs on goods from mexico, canada and china. volkswagen owns mexico's largest car factory, which produced 350,000 cars in 2023, all for export to the us. you can see volkswagen shares down nearly 6% this morning. it's not the only one. you've got mercedes benz down more than 4%, continental down more than 4%, stellantis down nearly 7%. so heavy selling in the european carmakers in terms of luxury names, one thing to bear in mind when we look at the luxury sector, of course, that we have seen a strong bid for some of these names of late after better than expected results. so perhaps a little bit of the froth coming out of these names. you got lvmh down about 2.5%, carrying down nearly 4%. burberry down 2.6%. but again, we did have a lot of money go into these names recently on the back of earnings, the drinks makers in focus imported products account for 30 to 35% of u.

we just announced a significant partnership with volkswagen group.ot only volkswagen, it is all brands, audi, bentley, lamborghini, i will not name all of them and they decided to embrace not only for the design, but also, the manufacturing as well. why i am saying this? because this will show obviously the growth through the future. tom: it is interesting to talk about that partnership with volkswagen. we had seen delays within the auto sector. it is an important unit for you and the team. do you see those delays being extended? what you see from customers when it comes to autos given the pressure they are under? pascal: at the same time, they need to transform themselves. it is striving for us the adoption of our platform. if you remember the sequence of events this year, we started by bmw, then we announced volvo, we had also reneault, volkswagen is the next one. there is a domino effect for us. beyond electrifications, there is also cost-effectiveness which is at stake and our solutions are helping them to innovate, but also, to be much more effe

elsewhere, the 25% tariffs president trump's threatening of volkswagen, mercedes and bmw. bar bills, and other british businesses could suffer indirectly, too. the uk also will be exporting to the united states by its relationships with firms in the european union. parts to a firm in france or germany, if france or germany faces the tariff, that's going to pass including at home. dharshini david, bbc news. with trump's tariffs having tensions with allies and adversaries, ross atkins teqsa looks at what the us had got in far. 77 far. i'm donald77 says 7 says it 77 7 says it will ' says it will all be 7 says it will all be worth prize that be on prize that must be paid. what is the us getting of what is the us getting out of this? aside from risking a war? with donald 7777 77s77ugge7sting suggesting7it777777777777777777777777 suggesting it should trump suggesting it should a us state. of the opioid fentanyl. canada countered with tariffs of its own, and now both sides on the border. worth of new border funding. imports, with immigration and drugs again a concern. these tarif

volkswagen in sharp focus. it is down nearly 7%, stellantis down nearly 8%. a similar picture in asia. overnight, the automakers selling off very sharply. you've got toyota down about 5%. honda down more than 7%, mazda down nearly 8%. in terms of the corporates and what they're saying volkswagen is counting on, quote, constructive talks between trading partners to avoid conflict. after donald trump announced those tariffs on mexico, canada and china. volkswagen owns mexico's largest car factory, which produced 350,000 cars in 2023, all for export to the us. now, bmw, which makes around 100,000 cars in mexico and canada, says free trade is one of the most crucial drivers of growth and progress. frank. >> brianna, thank you very much. julianna tatelbaum live in our london newsroom, taking one more look at us futures. again, we're seeing big declines across the board. we just showed you a short time ago. red arrows across the board when it comes to the us futures for the s&p, the dow and for the nasdaq. right now the dow looks like it would open more than 600 po

volkswagen. itjust goes on and on and on and on. the autostadt. hello!adt. thank you very much. do you come on your own? are you with cecil? 0h, cecil. yes, of course. this is not the vehicle you were expecting. no, not at all. m _ i'm dieter. dieter. nice to meet you. i'm susie. right back to the beginning. this very one? yeah. recognisable from what we know as the camper van now. then, in some ways is the great—granddad yes, of course. this is where it all began. but i want to see more. somewhere around here. now the fun part starts. 0k! _ please come in. thank you. oh—ho—ho! here we go. absolutely. 0h! and of europe, yeah, there was a demand for craftsmen to transport their stuff. yes _ camping box. yes. they were economic, and so the image started changing. absolutely. so you would buy it as you see it. it was delivered as you can see it here. in the bus with four people easily. or with your family. let's put that right. come on, steve. hey! all good? steve! hello. hello! steve. . . you in person. what went wrong? yeah, we had a fairly- major overhea

bmw, mercedes-benz, volkswagen and so many different cars. we don't do anything about that and we don't charge them tariffs. they make it impossible to sell cars in the european union. they make it very difficult. a lot of excuses, some pesticide. bobby kennedy looking into that very seriously. maybe it's not necessary to use all of that. we spend more money on food than anybody else but we are not the healthiest country so maybe there is something to the fact that we shouldn't be using so much, and maybe that will stop and bobby kennedy -- he's not a believer will of the things we've done and neither have the europeans so we will see but they use it as an excuse not to buy our product. a couple of the leaders chevrolet. reporter: , you see them in the middle. they don't take anything so the european is abusing united states for years. they can't do that. in all cases they want to make deals. they have been abusers so we will see what all we want is a fair deal. right now, reciprocal tariffs on everybody because many countries you feel horrib

to impose on the eu could, economists say, see car production fall by 5% in germany, the home of volkswagentainty about whether any firm, it's thousands of miles from its uk headquarters, but drinks giant diageo warned that its mexican tequila by its relationships with firms in the european union. through and feed back into the uk. at the expense of others, but the man who wrote the book including at home. with trumped tariffs by contentions with and allies, ros anniversaries and allies, ros takes a look what anniversaries and allies. ros takes a look what the us atkins takes a look what the us actually has an return so far. on tariffs, donald trump says, "it will all be worth the price a trade war? become a us state. of the opioid fentanyl. on the border. all of that was agreed before the tariffs. imports, with immigration and drugs again a concern. like, forever. are new troops. for context, mexico has deployed thousands of troops at the border before. then there's china. donald trump has introduced a 10% tariff on all chinese goods and in reply, china is promising tariffs creating confus

para crear el tercer fabricante de automóviles más grande del mundo por ventas después de toyota y volkswagenenda de aplicaciones de la compañía, lo que incluye la comisión de hasta el 30% en las compras dentro de la aplicación y restricciones sobre los servicios de pago externos. la investigación de apple comenzó antes de que el presidente trump asumiera el cargo, pero se choca con una serie de movimientos arancecelarios entre china y washington, lo que aumenta las tensiones comerciales. y por otro lado, mattel, el fabricante de las barbies y los hotwheels, está considerando aumentar los precios de esos juguetes para compensar el costo de los aranceles impuestos por el presidente trump. mattel obtiene aproximadamente el 40% de sus productos de china. sin embargo, el director ejecutivo de mattel afirma que la empresa primero intentará mejorar la eficiencia de su cadena de suministro o reubicar parte de la producción antes de decidir si trasladará los costos adicionales a los consumidores. yo soy silvana henao y ese es tu informe. cnbc para telemundo. muchas gracias, silvana. por otro lado, la

not a given in west germany at the time, volkswagen became synonymous with safety and prosperity. but one question remained. who owned folks? until now and the west german government had acted as an interim trustee. but in 1961 v. w. when public becoming the country's biggest company in the same year, the b w law was passed, it was meant to protect the car maker against outside influence like this. and it did so by mandating that no shareholder can have more than 20 percent of loading rights. no matter how much of the company they own many vw were, chris bought shares at a discounted rate and the german state of lower sacks, and he became one of folks science biggest shareholders, giving a 20 percent of voting rights. so both of state and workers became ingrained in the new retail to use structure. this is hence the hey me, is the minister of economy at the time. that's, that's why you use the types of it. that's the adverb. i don't understand this folks find x x you need to use course with a new just about the sounding families. the partial piece eventually became the largest sha

a wide volkswagen pulled up next to the parties venue and 3 mangold house . one of them was the wizard and around these del outage children or the board one . the crimes mazda mind, suspect is us that is equal to associates. these are the results of portuguese. i'm not shown in the post to pretty much on sheets sundays is pro see it only not only supports the send in a there was sort of a i the, the the that you with the set of me of that answer that was that because it on zillow, to push. oh no, cisco startled throughout the with me except with us. that was the book as the the day about to finish. so step skis less. so any of those will be a point where the pitch, the why the order was you, you put so you, you just go straight to the, there are some of you. i didn't know this victoria, we're doing it for signal to check the to cancel new side for them. and there's another equation to show us question. so just need to to give this one yellow, stuck with the dentist name data. sure. zip up here in the, in jail i'm signing any of those weight. uh, so they says,

the company works with volkswagen to develop ev batteries. those layoffs are set to begin in march. also, in then sense, it's a consumer electric cars, electronic company also planning to cut more than 50 jobs. those layoffs are going to take effect in march as well. >> in san francisco, the sfmta is cutting its muni service by 4% this summer due to the 50 million dollar budget shortfall. the agency says it will not be able to afford to replace transit operators, maintenance or cleaning staff. the agency says the budget shortfall came because they just didn't make enough money from transit rides and parking fees. they thought they'd make more. they didn't. the agency also says they didn't get enough money from the city. muniz board of directors will look at 3 options for the cuts next week. the meeting is open to the public in person or online. >> the wait is over or at least almost over for crumble. cookie fans in san francisco, the popular dessert shop set to open up its first location in the city next week. bay area fans of head to head on over to berkeley, san ramon or mountain

instead, what you have is volkswagen plants closing because high energy costs are result of shrugging off your own. cheap supply of energy from russia and also the fact that the got blown up ultimately we're talking about north stream, but um, instead what they're going to do is round up spending or they have been ramping upstanding on other things like defense, injecting things into their own military industrial complex, ryan metal being the big star of the docs of the german stock exchange because that particular cash cow is producing. uh yeah, oh maybe a piece break. so those tanks that run metal mates and artillery and whatever else can just be re purpose for the auto bond or pay for mobile homes. maybe people can just live in them, right. hey, are they climate neutral vitals? basically saying that she would reach out to uncle sam directly bypassing queen ursula and work something out to stop all the insanity says i personally place great hope in the usa, together with russia to end this terrible war as quickly as possible. europe is no longer in a position to do this, and germany

fall by5%£r 7 fall by 5%ih production fall by 5% in germany, the home of mercedes and the home of volkswagend bmw. he is undecided on whether to bmta;l heserrdecided en's-hghef�*tfif the uk. bmw heserrdecided en's-hghef�*tfif the uk. however, we could target the uk. however, we could still be affected. more on that later. but all of this is uncertain. ester d�*:" “5 this. is. —�*e"':�* f" ' " ' and even ta he'ca nada'and mexicd; even after last— minute ta he'ca nada'and'mexica'; even after last—minute suspension, the; 7 j the j threat the 7 {hr'ésiéfffff " 7 the threat of tariffs 7 just the lingering threat of tariffs could be a damaging tactic. bi; could be a damaging tactic. pig creating uncertainty about whether any owned orforeign—owned any us owned or foreign—owned company can access the company sanaccess the market frern the company sanaccess the market frarn the us, company canaccess the market from the us, he is trying to outside the us, he is trying to drive investment in wood. miles from its of miles from its uk headquarters, but drinks giant diageo warned that mexican tequila and me

she moistened printing the voice volkswagen. you said it's going to put those on anything unusual this, you know, that's what it is. the home on a carried out operate, so as to destroy the nonsense. but then switch to settling schools with soviet partisans and the civilian population that supported them. they have nearby to automate car you over to destroy your hospice and me today. well, i've been in the new data product for my goal is to be a good product is on the new process that has pretty liberal in agreement or just focus is devali 60 those up levels to boy boy, when you go to your village, can i serious deal for when you have no need. so for us to skimp, and we generally look for use imaging to cheat anymore. so the the june 22nd 1941 piece and the theme everyone in the country should be the radio announcement that was begun. fios finding.

among the other european car giants, volkswagen dropped in the us are lower, after opening for the firsthan i.5%, you leaders have signalled that the block would to ,... ,if .,., n , w, w .. if the us w if t'hé'hérélléivéé ’ " retaliate if the us followed through on his threats to tariffs on european impose tariffs on european goods. have a listen. translation: it's simple. think the try it's simple — we think the priority is this strategic agenda and the security of our borders. europe has to make itself respected and react. so so what are tariffs? drive up so what are tariffs? drive up the cost of those of those international products. —— are the tax on imported goods, which drive up the cost of international products. cheaper local products. reasons but also to "combat the scourge of fentanyl". by criminal gangs. it's much stronger than heroin but, much like heroin, it binds to opioid receptors pleasure and relaxation. in 2022, over 70,000 americans died from fentanyl overdoses. us officials say chemicals used in fentanyl come from china. failing to stop this. for supplying fenta nyl.

come of that we take their cars appeared we have millions of cars coming in, bmw, mercedes-benz, volkswagen, just so many different cars. we don't do anything about that, and we don't charge them tariffs . they make it impossible to sell them in the european union. they make it very difficult. the agricultural product. they have a lot of excuses. some of the different pesticides, and bobby kennedy actually is looking at that very seriously. maybe it is not necessary to use all of that. we want to be the healthiest country, and we are not. we spend more money on food than anybody else in terms of its creation, but we are not the healthiest country. so maybe there is something to the fact that we should not be using so much chemicals, and maybe that will stop them about bobby kennedy -- he is not a believer in all of the things we have done, and neither are the europeans. so we will see what happens. but they use it as an excuse not to buy our product, and i asked a couple of the leaders, i don't want to use names, how many chevrolets or fords do you see in the middle of munich? the answer is

they have mercedes-benz and volkswagen, so many different cars and we don't do anything about that. we don't charge them tariffs. they make it impossible to sell cars in the european union, difficult agricultural product. they have a lot of excuses. they know the pesticides and the chemicals used. bobby kennedy is looking at that seriously. maybe it is not necessary to use all that. we spend more money on food than anybody else in terms of creation but we are not the healthiest country. maybe there is something to the fact we shouldn't be using so much chemical and maybe that will stop and bobby kennedy is the one. he is not a believer in the things we have done and neither are the europeans. any chevrolets or fours to use the and the answer is none. they don't take anything. the european union has abuse the united states for years. in all cases they want to make deals. they have been abusers and they want to make deals. we will see about that. we will have very fair -- reciprocal tariffs on everybody. many of the countries you feel horrible about, the way they have been treated by

to europe, you do not see american cars, in the united states, new york, mercedes, bmw, jaguar, volkswageny? because as far as they are concerned,e th they placed taris on american carserne, and we juy their cars. l it's timeve for us to level the playing field. b your tariff toec all over the world with the president is doing it in the way that it's about a fentanylt in, it's aboug border, is about canada and mexico caving. and look at columbia. the first week, your not sendine us our criminals back, all of ad sudden they are sending the criminals back. venezuala, got prisoners back from venezuela, another taking them back. it's like donald trump says he will take it bace gok, and the so-called dumbest trade whereby "the wall street journal" is on a trade war,. >> dana: arousing theco democratmps complaining about eg prices is going to work. they do not care what egg br braces. >> greg: they don't have a lot lot i to a go on at this point. i always enjoy a good plot comedian, avocados, corona, first time i saw it. t he should commit to the bit. thisfr is what you will miss frm mexico, exp

almost anything but we take their cars, we've millions of cars coming in, bmw and mercedes and volkswagen just so many different cars and we don't do anything about it. how many chevrolet or ford's do see in the middle of munich? none. they don't take any cars, they don't take anything. european has abused the united states for years and they can do that. >> jesse: europeans have a 10 percent tariff on american cars. we know the us tariffs european cars, to have percent. america should never accept a bad trade terms. especially when we paid to defend europe. you can already see how the european trade wars going to end. they'll drop their duties on american car imports, pay their nato dues and german car plants will ship to south carolina. or tennessee. and greenland's destiny is also part of this negotiation. we see you up there. there's a new sheriff in town. the tariff share. you combine economic power with gunboat diplomacy and you can put a new world order on america first. >> president trump: every single one of those countries is dying to make a deal. you know why? they are ripping

in the united states, in new york at, it's mercedes, bmw, jaguar, volkswagen, why? they as far as they are concerned, they placed tariffs on american cars. and we just buy their cars. it's time for us to really level the playing field, because we are tariffed all over the world. the president is doing it in a way where it is about fentanyl and the border and canada caving and mexico caving. and look at columbia. the first week, you are not sending us our criminals back. and then all of a sudden, we are sending the criminals back. venezuela, i mean, you have ric grenell, got prisoners back from venezuela and now they are taking it all back. it's like donald trump said you are going to take it back and you're going to like it. so the so-called dumbest trade war by the wall street general is not a trade war, it's really a drug war. >> dana: i don't think that the democrats complaining about egg prices is going to work. they did not care about egg prices for four years. >> greg: they don't have a lot to go on and as point, i always enjoy a good prop comedian with chuck

volkswagen. so vauxhall had large operations in europe. so that's why it was. but my point also let's look at let's look at the uk. he's also not one. he's also suggesting he could do a deal with the uk. brianna this is about politics. it's what he wants and who he wants to have a fight with. >> yeah. and sometimes it's just about appearances as well. richard quest, thank you so much for that boris. >> let's expand the conversation now with larry summers. he's a former treasury secretary under president clinton. larry, thanks so much for sharing part of your afternoon with us. i do wonder what you make of trump and some of his administration officials saying that canada is inciting this trade war through their actions. do you see it that way at all? >> it's absurd. >> canada is. >> our friend. canada is not an. >> important source of illegal immigrants. canada is not an important source of illegal drugs. kennedy is an important market for american products. canada is a crucial co-producer with american automobile companies that enable north america to compete w

we have millions of cars coming in bmw and mercedes-benz and volkswagen and just so many different cars, and we don't do anything about that. how many chevrolets or fords do you see in the middle of munich? and the answer is none because they don't take any cars. they don't take anything. so the european has abused the united states for years and they can't do that. >> the europeans have a 10% tariff on american cars. we know what the us tariffs, european cars, 2.5%. america should never accept bad trade terms, especially when we pay to defend europe. you can already see how the european trade war is going to end. they'll drop their duties on american car imports, pay their nato dues, and german car plants are going to shift to south carolina or tennessee. and greenland's destiny is also a part of this negotiation. we see you up there. there's a new sheriff in town, the tariff sheriff. you combine economic power with gunboat diplomacy, and you could put together a new world order based on america first. >> every single one of those countries is dying to make a deal. you know why? becaus

and we just have volkswagen now chiming in. they have a plant in mexico and they're saying that they are monitoring developments very, very closely. gabe, i want to play some sound from the president, both on the campaign trail and then this weekend, take a listen. >> already tariffs. because to me, i think it's the most beautiful word in the dictionary. more beautiful than love, more beautiful than any word i know we're going to be a tariff nation. it's not going to be a cost to you. it's going to be a cost to another country, because i'm going to put tariffs on other countries coming into our country. and that has nothing to do with taxes to us. that's a tax on another country. we may have short term some little pain and people understand that. >> so now he's saying a little pain might be happening. trump's supporters believe the prices of things like eggs and gas would drop once he became president. if the opposite now happens, is the white house worried about political blowback here at home? >> well, well, i know that you'r

luxury automaker porsche to nearly double to between 2.5 and ■k73.5 billion, and impairments in volkswagentend towards the top of its previously expected range at ■k720 billion. now, in the defense sector, we also heard from saab. the company lifted its medium term sales growth target, with the swedish defense equipment maker saying that demand remains high. the results come as the war in ukraine grinds on and with president trump having floated requiring nato members to lift defense spending to 5% of gdp. speaking to cnbc earlier today, the ceo michael johansson said europe needs greater defense spending. >> we must sort of increase capacity and i've said all the. time that i'm not sure we're doing enough. so now we bring forward and increase our investment for capacity, specifically in areas like advanced weapon systems, support weapons and sensors. that's really needed. and we need to have ammunition capabilities and stockpiles in europe. and there's more needed, definitely. so for this company, it's good for the future. of course, that will put some pressure on the on the cash conversi

we have millions of cars coming and bmw and mercedes-benz and volkswagen and just so many different cars. and we don't do anything about that. and, uh, we don't charge them tariffs. they make it impossible to sell cars in the european union. they make it very difficult agricultural product. they actually don't take it. and they have a lot of excuses. some of them are the pesticides and the different chemicals used. and bobby kennedy actually is, uh, looking at that very, very seriously because maybe it's not necessary to use all of that. you know, we want to be the healthiest country and we're not. we spend more money on food than anybody else in terms of its creation. but we're not the healthiest country. so maybe there is something to the fact that we shouldn't be using so much chemical, and maybe that'll stop. but bobby kennedy is the one because he's he is not a believer in all of the things we have done, and neither are the europeans. so we'll see what happens. but they use it as an excuse not to buy our product. uh, and they you tried? i asked a couple of the leaders, i don't want

we have millions of cars coming in bmw and mercedes benz and volkswagen and just so many different carsut that and we don't charge them tariffs. they make it impossible to sell cars in the european union. they make it very difficult agricultural product. they actually don't take it. and they have a lot of excuses. some of them are the pesticides and the different chemicals used. and bobby kennedy actually is looking at that very, very seriously because maybe it's not necessary to use all of that. you know, we want to be the healthiest country and we're not. we spend more money on food than anybody else in terms of its creation. but we're not the healthiest country. so maybe there is something to the fact that we shouldn't be using so much chemical, and maybe that'll stop. but bobby kennedy is the one because he's he is not a believer in all of the things we have done, and neither are the europeans. so we'll see what happens. but they use it as an excuse not to buy our product. and they you tried? i asked a couple of the leaders, i don't want to use names, but how many chevrolets or ford

i think darth vader for volkswagen with the cute little boy. apple 1984 very memorable ad.ts where people try to strike a more political note. you think of the bruce springsteen. that's not gonna happen? >> closest, robert kraft's foundation for anti-hate has an ad with brady and snoop dog. i guess you could call that political. but i think most people are politicked out, they're newsed out. no offense. they want to just escape. >> george: okay. we'll have you back on monday. >> see you then. >> rebecca: we can't wait to escape again with donny deutsch. coming up the men linked with the burglaries of professional athletes' homes in court. the latest on the case against them. and next, fans, we got our "play of the day." >> sam: sports with sam. i want some music there. this week go chiefs go or fly eagles fly. our staff has opinions about which team might take home the trophy. i'll tell you who is rooting for who, on so we can shame them later. lovingly. lovingly shame them. lovingly. ♪ ♪ happy birthday marty! oh no you don't, let me get this. ah, thanks... you're too kind.

. >> whether he wants volkswagen to say, listen, we make 50,000 cars in puebla. we're going to build a plant here. i mean, i think the only way to alleviate it is to say you're going to build a plant that takes a long time. >> but isn't it also about carl, the. >> the number. >> of components that move back and forth across the border. >> sometimes multiple times. >> i mean. >> then the confusing part, jim, this is not new. hassett on squawk a few moments ago saying this is 100% about fentanyl, 100% about the drug war. where does that leave. >> us. >> on trade deficits and subsidizing a 51st state? >> why can't you? >> you have. >> to. >> talk to claudia sheinbaum, president sheinbaum. it does. >> seem a. >> little bit offensive to claudia, but it wasn't like they sat down and had a real, real big talk, brand new. >> i notice. >> and think. >> that canada. >> and mexico can come down. >> but china was. >> really a gift. china can go up. >> i felt china was. listen, guys, 10% is. >> real low. come to the table. but we will raise it. >> so i think. >> that the diff

the biggest bruiser is a european company, volkswagen, exporting 500,000 autos from mexico into the unitedof america. german auto suppliers operate 330 sites in mexico. this is about a deficit vicariously transferred from europe into mexico and the united states of america. it's a triangulation. consolation? it's possibly going to get more expensive. they import these mexican beers into the u.s. what's the margin? the stock was downgraded from usual to overweight with a pt drop at $200. we are a little bit away from that. as you say, it's about whether you take the bid on the offer for short-term margins or is there something much longer term with a harder to define offramp? jonathan: thank you, sir. consolation brands, down in the premarket. top story this morning, donald trump said that he spoke with the -- is set to's speak with the canadian and mexican prime minister's later today. what we all want to know is -- what can they do in the next 24 hours to stop this from happening? lisa: we don't know yet. trump talking about it has not given in offramp and we don't know what would constit

scenario 21% hit to earnings for gm, 15% for ford, stellantis at 12%, and an almost 10% hit to volkswagenpliers. they're probably in a bigger pickle than the automakers. why? automakers have a number of plants where they can shift around production to potentially limit the impact of tariffs. not the case with a number of the auto suppliers. and remember, more than half more than half of the auto parts and components used in vehicles built in the united states are coming in from mexico and canada, and they can't adjust that production. so it'll be interesting to see how many of these adjustments can be made. and it partially depends on how long this tariff lasts. >> what do you make of tesla's shares, by the way? higher this morning? >> well. >> some of that will be people saying they have the most american made vehicles at their plant down in texas as well as their plant out in california. and there's some truth to that. keep in mind, they also have far fewer components. and so the components that they do have, most of those are sourced in the united states. so if you're playing the tarif