Scott Lincecum

Yeah. And you know, I'm all sanitized. So we have this question of compounding tariffs. So if you go back to the automotive example, You could have a good that gets a tariff as its starting point, gets incorporated into something, crosses again, gets another tariff, crosses again, gets another tariff.

Yeah. And you know, I'm all sanitized. So we have this question of compounding tariffs. So if you go back to the automotive example, You could have a good that gets a tariff as its starting point, gets incorporated into something, crosses again, gets another tariff, crosses again, gets another tariff.

By the end of it, you actually – because your tariffs apply – this is, sorry, really wonky – to the gross value of the product. That means – They don't apply to just the value you've added to a product in a certain place. So let's go back to our guacamole example. Even though the guacamole part of it is only half of the – avocado is half of the cost. The guacamole is the half of the cost.

By the end of it, you actually – because your tariffs apply – this is, sorry, really wonky – to the gross value of the product. That means – They don't apply to just the value you've added to a product in a certain place. So let's go back to our guacamole example. Even though the guacamole part of it is only half of the – avocado is half of the cost. The guacamole is the half of the cost.

By the end of it, you actually – because your tariffs apply – this is, sorry, really wonky – to the gross value of the product. That means – They don't apply to just the value you've added to a product in a certain place. So let's go back to our guacamole example. Even though the guacamole part of it is only half of the – avocado is half of the cost. The guacamole is the half of the cost.

By the end of it, you actually – because your tariffs apply – this is, sorry, really wonky – to the gross value of the product. That means – They don't apply to just the value you've added to a product in a certain place. So let's go back to our guacamole example. Even though the guacamole part of it is only half of the – avocado is half of the cost. The guacamole is the half of the cost.

By the end of it, you actually – because your tariffs apply – this is, sorry, really wonky – to the gross value of the product. That means – They don't apply to just the value you've added to a product in a certain place. So let's go back to our guacamole example. Even though the guacamole part of it is only half of the – avocado is half of the cost. The guacamole is the half of the cost.

Tariffs don't do that. They don't say, oh, we're only going to tariff the additional stuff you did. They just give you the full 100% of the new value of the product, right? So – You're effectively, because of this system, which makes sense, it's hard to determine value-add at the border. Nobody's going to do that.

Tariffs don't do that. They don't say, oh, we're only going to tariff the additional stuff you did. They just give you the full 100% of the new value of the product, right? So – You're effectively, because of this system, which makes sense, it's hard to determine value-add at the border. Nobody's going to do that.

Tariffs don't do that. They don't say, oh, we're only going to tariff the additional stuff you did. They just give you the full 100% of the new value of the product, right? So – You're effectively, because of this system, which makes sense, it's hard to determine value-add at the border. Nobody's going to do that.

Tariffs don't do that. They don't say, oh, we're only going to tariff the additional stuff you did. They just give you the full 100% of the new value of the product, right? So – You're effectively, because of this system, which makes sense, it's hard to determine value-add at the border. Nobody's going to do that.

Tariffs don't do that. They don't say, oh, we're only going to tariff the additional stuff you did. They just give you the full 100% of the new value of the product, right? So – You're effectively, because of this system, which makes sense, it's hard to determine value-add at the border. Nobody's going to do that.

Because of the system, though, you can end up with tariffs that are just exponentially increasing because these things cross the border so many times.

Because of the system, though, you can end up with tariffs that are just exponentially increasing because these things cross the border so many times.

Because of the system, though, you can end up with tariffs that are just exponentially increasing because these things cross the border so many times.

Because of the system, though, you can end up with tariffs that are just exponentially increasing because these things cross the border so many times.

Because of the system, though, you can end up with tariffs that are just exponentially increasing because these things cross the border so many times.

This is another one of those kind of hugely underreported things. So the de minimis exception does have raised some concerns, right?

This is another one of those kind of hugely underreported things. So the de minimis exception does have raised some concerns, right?

This is another one of those kind of hugely underreported things. So the de minimis exception does have raised some concerns, right?