Jack Crivici-Kramer

So here's the news. For every country on Earth, including those ones that had more penguins than people, they are now getting just 10% baseline tariffs. Whether you're Cambodia or Wakanda, there's a 90-day pause on all those punitive tariffs so that everyone can negotiate. Now, investors, they were relieved. Wall Street, it was pumped, except we should point out there is one exception here.

And who is that exception, Jack? China. For China, Trump did the opposite. He jacked up tariffs on China to 125% after China retaliated on the U.S. So, Jack, let's put that new tariff into context we understand. If an iPhone is made in China and costs $600 to manufacture, it now faces a brand new $750 tax on top of that.

And who is that exception, Jack? China. For China, Trump did the opposite. He jacked up tariffs on China to 125% after China retaliated on the U.S. So, Jack, let's put that new tariff into context we understand. If an iPhone is made in China and costs $600 to manufacture, it now faces a brand new $750 tax on top of that.

And who is that exception, Jack? China. For China, Trump did the opposite. He jacked up tariffs on China to 125% after China retaliated on the U.S. So, Jack, let's put that new tariff into context we understand. If an iPhone is made in China and costs $600 to manufacture, it now faces a brand new $750 tax on top of that.

Add it all up, Yetis, and President Trump put the rest of the trade war on ice, but now he's playing a game of chicken with China's President Xi. Because earlier in the day, China raised tariffs on the United States to 84%. So China versus the USA is a hotter trade war than ever. The U.S. versus China cold trade war.

Add it all up, Yetis, and President Trump put the rest of the trade war on ice, but now he's playing a game of chicken with China's President Xi. Because earlier in the day, China raised tariffs on the United States to 84%. So China versus the USA is a hotter trade war than ever. The U.S. versus China cold trade war.

Add it all up, Yetis, and President Trump put the rest of the trade war on ice, but now he's playing a game of chicken with China's President Xi. Because earlier in the day, China raised tariffs on the United States to 84%. So China versus the USA is a hotter trade war than ever. The U.S. versus China cold trade war.

Now, yetis, Nick and I personally believe that trade is good, unless the country you're trading with is cheating. And to be honest, for decades, China has cheated on trade, sometimes brazenly hurting American companies. We got three big examples, and none of them include tariffs, actually. but all of them hurt American companies.

Now, yetis, Nick and I personally believe that trade is good, unless the country you're trading with is cheating. And to be honest, for decades, China has cheated on trade, sometimes brazenly hurting American companies. We got three big examples, and none of them include tariffs, actually. but all of them hurt American companies.

Now, yetis, Nick and I personally believe that trade is good, unless the country you're trading with is cheating. And to be honest, for decades, China has cheated on trade, sometimes brazenly hurting American companies. We got three big examples, and none of them include tariffs, actually. but all of them hurt American companies.

So Jack, the first way that China would hurt America on trade was good old fashioned IP theft. To operate in China, American companies were required to share all of their company trade secrets with a local Chinese partner. Oh, and if you refuse to do that, well, China is a notorious hacker of American companies, so they would just kind of go in and steal. your ideas.

So Jack, the first way that China would hurt America on trade was good old fashioned IP theft. To operate in China, American companies were required to share all of their company trade secrets with a local Chinese partner. Oh, and if you refuse to do that, well, China is a notorious hacker of American companies, so they would just kind of go in and steal. your ideas.

So Jack, the first way that China would hurt America on trade was good old fashioned IP theft. To operate in China, American companies were required to share all of their company trade secrets with a local Chinese partner. Oh, and if you refuse to do that, well, China is a notorious hacker of American companies, so they would just kind of go in and steal. your ideas.

The second thing China did to hurt American companies is currency devaluation. Oh yeah, China's central bank, they actually kept the price of China's currency artificially low. Which keeps the price for made in China goods artificially low, and it's harder for American companies to compete in. Now, this third one is so wild, Jack actually read a book on this.

The second thing China did to hurt American companies is currency devaluation. Oh yeah, China's central bank, they actually kept the price of China's currency artificially low. Which keeps the price for made in China goods artificially low, and it's harder for American companies to compete in. Now, this third one is so wild, Jack actually read a book on this.

The second thing China did to hurt American companies is currency devaluation. Oh yeah, China's central bank, they actually kept the price of China's currency artificially low. Which keeps the price for made in China goods artificially low, and it's harder for American companies to compete in. Now, this third one is so wild, Jack actually read a book on this.

China even would give out government bonuses for hurting American companies. We're talking a bully bonus here. Here's how it went down. If a Chinese furniture company cut the prices of their dressers to be so crazy low that it put the US rival company out of business, then China's government would step in and give that Chinese firm a bonus so that they would still profit.

China even would give out government bonuses for hurting American companies. We're talking a bully bonus here. Here's how it went down. If a Chinese furniture company cut the prices of their dressers to be so crazy low that it put the US rival company out of business, then China's government would step in and give that Chinese firm a bonus so that they would still profit.

China even would give out government bonuses for hurting American companies. We're talking a bully bonus here. Here's how it went down. If a Chinese furniture company cut the prices of their dressers to be so crazy low that it put the US rival company out of business, then China's government would step in and give that Chinese firm a bonus so that they would still profit.

They incentivized Chinese companies if they put American companies out of business. That was a bully bonus, kind of like a little financial pat on the back, if you will. Now, for decades, America did nothing. We hoped that China would eventually start following the rules of global trade. Well, Trump is finally doing something about that imbalance, but the impact, it hasn't just been on China.