By coinnews 
00:00 Speaker A
There are 18 very important trading relationships. Uh, we are currently negotiating with 17 of those trading partners. Uh, China, we have not engaged in negotiations with as of yet. Uh, so, I I expect that we can see a substantial reduction in the tariffs that we are being charged, as well as non-tariff barriers, currency manipulation and the the subsidies of both labor and capital investment. So, that is proceeding very well. Uh, many of our trading partners have approached us with very good offers. And we we are in the process of renegotiating those. With the economy, now, I I would say that this is a three-legged stool, trade, tax, and deregulation. Trade was first. The this, uh, the house, according to Speaker Johnson, expects to move their portion of the bill over to the Senate, on or about the Memorial Day. So, we’re looking forward to that. And then deregulation necessarily takes longer to affect the economy, but I would expect, in the third and fourth quarters, we would see substantial benefits from deregulation that by this time last year could be at full force. We’ve seen a few numbers discussed in terms of how many countries with whom you have started tariff negotiations.
04:04 Speaker B
What is the actual number and what is the status of those negotiations? How many deals do you anticipate by the end of the year? In the first quarter of 2026 or the second quarter? And what are the biggest challenges you see to negotiating tariffs and getting trade deals done?
04:40 Speaker A
Right. I again, sir, approximately 97 or 98% of our trade deficit is with 15 countries. 18% of the countries are our major trading partners. And I would be surprised that if we don’t have more than 80 or 90% of those wrapped up by the end of the year. And that may be much sooner. That I I would think that perhaps as early as this week, we will be announcing trade deals with some of our largest trading partners. They have come to us with very good offers. And, you know, what what I will tell you is that in negotiating with some of them, they may not like the tariffs all the President Trump has put up, but they have them. So if tariffs are so bad, why do they like them? And then, more insidious, we can see that from a practical matter and from academic research, are the non-tariff barriers. If if you were to look prior to the escalation, I believe Chinese tariffs are only 5%. So, clearly, there’s something else going on if they’re accumulating these gigantic surpluses.