but I think that's paid by the American companies that are importing. So it seems to me that it would cause prices to go up. If the price of everything goes up, let me say it again, if the price of everything goes up won't that cause the price of everything to go up? It's a pretty direct line.

But Trump's argument is weirdly good and his argument is we had tariffs in my first term and no inflation. When I say no inflation it's actually okay to have a little bit. So what he had was a little bit. It was within the this is no problem range. So that is a good point. If he's already done pretty big tariffs and we had no inflation there's at least one data point that says you can do this. So that's a pretty good response. I guess we'll have to keep an eye on it and see how it works.

And of course the tariffs on Mexico and Canada and China are going into effect. Trump explains that as partly revenue, partly just having fair trading agreements with their partners, making things more fair, but also largely because of the fentanyl trade. So it's coming across both of our borders and China is the originator of the raw materials that the cartels and others are turning into fentanyl. So we'll see if a tariff makes any difference.

Now my guess is the tariff will not really change anything because if the government of Mexico had any ability to stop it or any will to stop it I think it already would have happened. So I'm not really expecting pressure on the governments to have any impact