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I got a report from the USTR last night that more than 50 countries have reached out to the president to begin a negotiation, but they're doing that because they understand that they bear a lot of the tariff. And so I don't think that you're going to see a big effect on the consumer in the US, because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply. They've been dumping goods into the country in order to create jobs, say, in China.

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