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• 00:00On the savannahs. This morning, we’re counting down to Liberation Day. The tariffs. We’ll be far more generous than those countries were to us. Meaning they will be kinder than those countries were to the United States of America. It started with all countries. But what happened? There are many countries out there. I heard a rumor about 15 countries, ten or 15 countries. Essentially, all of the countries that we’re talking about would be talking about all countries that not a cut off. So here’s the latest this morning. President Donald Trump planning to establish reciprocal tariff push on all countries. Tempering hopes of the initial scope could be limited on Wednesday and retrace of eight partners joins us right now for more. Henrietta, let’s start with the trillion dollar question. What happens on April 2nd? April 2nd at midnight, lots of tariffs start going on. So it’s going to be a really long day. We’ll obviously get the reports from USTR, Commerce and Treasury on the first. I think there’s going to be a lot of advance warning provided by those documents. We’ve trade agreements with 20 different countries. And I think when the president says we’re going to tariff everybody that we’re talking about, he means those 20 countries. So I’m expecting to pull out of the phase one China deal or call them out in violation of the deal, which means that all the Section three or one tariffs covering over $350 billion worth of goods from China will go up. I think we’re going to see new tariff investigation start on India, for example, pharmaceuticals. I think there’s going to be new tariffs under section 232 and I EPA across the auto sector. I’m very wary about auto parts. I think that will be sort of a secondary event that happens in a couple of months time. Should any of the nations like the EU not come to the negotiating table sufficiently? It takes a long time to get through. There’s a lot coming, Henrietta. What do we see that can happen almost immediately when it comes to IPO? Or three, three, eight. Is that going to specific countries or is that going to industries, IPOs, specific countries and industries? Although Section 232, the national security justification is really where a lot of the sector specific items go lumber, copper, dairy, things along those lines would be section 232 tariff. My biggest concern with any rationale that’s not IP or even 338 is that there’s no time horizon to take them off. The Section 232 tariffs on steel aluminum have been in effect for almost eight years. The Section 301 tariffs against China have been in effect for almost eight years. So once those tariffs come on with a rationale like the auto investigation that they completed during Trump’s first term, those tariffs don’t come off. So those are the most pernicious, the type of pieces on Canada and Mexico, for example, theoretically can come off in 3 to 6 months. The others have very serious staying power. HENRY When it comes to how the president is approaching Wednesday, he said we’re going to start with all countries. Is that where he’s going to end? I think that’s a fair question. I think we start with about the 20 countries that we have trade agreements with. That’s what the agencies have been tasked with doing. But I see the potential for expansion before we see any pull back. So, for example, there’s no investigation into India. I mentioned that at the outset. I think we have a lot of issues with India from trade in pharmaceuticals, generic drugs, generic drugs, excuse me, the trade in services deficit. Those are all sort of institutional issues that we know USTR Greer had during Trump’s first term. And I would expect to see a really long drag to any approach to India. So I think a lot more are going to come on in the next four years of Trump’s term than necessarily come off, although Canada and Mexico should be excluded, especially US compliant pieces. That trade deal needs to be re agreed to by next summer.