By coinnews 
00:00 Speaker A
just want to continue where we left off and and get your reaction to what you’re hearing from President Trump. And some of the companies that this also brings into the throws. Everything from aviation to to toys.
00:12 Terry Haines
Sure. Uh, good morning. And you had your priorities in order by cutting me off. So no worries. The, um, just a couple of things. One is that, you know, the for markets, the fact of the deal is the most important thing here. And I think you’re seeing that in the markets reaction, generally speaking. Secondly, uh, you’re seeing the, the confirmation of a mantra that Scott Besons been putting out there for some time now, that, you know, economic security is geopolitical security. Geopolitical security is economic security for the United States. You’re seeing that as well. Um, you know, and and between that and the US-Ukraine deal, I think what you’re seeing is a, a renewed commitment by the United States, uh, to the UK and Europe frankly. And, uh, you know, it’ll be more difficult for the EU than it is for the United States for them to come up with a deal due to how, uh, how rickety that quasi federation is and being able to to do anything positive. Um, and finally, uh, it says good things about the, about the prospect for a China deal, uh, but markets are reading way too much into the China deal. This is going to be a process, going to take a very long time. Um, I think those tariffs are not coming down substantially for quite some time, unless they have a really good meeting in Switzerland this weekend, which I think is going to be much more of a touch gloves moment.
00:58 Speaker B
Well, I want to get your reaction to the market action that we’re seeing. Stocks nearing session highs here. You’ve got your NASDAQ up over 1.5% at the moment after the president said, you better go out and buy stocks now when speaking to investors. Terry, I know that you are not a Wall Street analyst, but if clients are calling you today to ask you if these policies mean they should be buying into a rally, what would you say?
01:16 Terry Haines
Well, I’m not, yeah, I’m not a fundamental analyst as you properly point out, Mandy. The uh, and don’t want to be. Uh, but you know, the fundamental point is here is, you know, will the deal stick? Well, the things that the president said, uh, today, and I think the things that Lord Mandelson had to say, the UK ambassador also, are very important here because, uh, two things. One is I think that, I’m not going to endorse the president’s statements, but I think you can count on the president’s statements as being broadly true and representative of what this government intends to do. Uh, secondly, I want to point out something that Lord Mandelson said because I thought was very important, um, that they view this as a process, as a movie where, where tariffs continue to come down over time. Uh, that’s something I have, uh, I have a point I have made to markets repeatedly over the past couple of months. And uh, and the president agreed with Lord Mandelson’s point. Uh, so what you can expect from these continued negotiations, frankly, is the tariffs continue to come down. So there’s a couple of broad positives there.
02:28 Speaker A
Our business is able to continue to spend at the same propensity that they were prior to liberation day, prior to the likelihood of tariffs being put on the table. And then, of course, what they saw later on with, uh, pause for 90 days, are they able to continue to spend confidently in order to make sure that they’re kind of upholding the, not just market, but economically they’re continuing to employ, they’re continuing to have their own larger purchase patterns, especially if they know that the consumer isn’t entirely certain about the economic standing right now.
03:09 Terry Haines
Sure. Uh, the, you know, the direction of travel here is very good, firstly. Uh, secondly, uh, can they have more, more confidence today that in and how this, uh, the tariff matter and broader economic policies are going to get resolved by the United States government. They can. Uh, thirdly, you know, the uh, a lot of suspending guidance and the like has to do with, uh, has to do with companies lawyering up with potential litigation as much as anything else. Uh, so I think the conclusion that companies will, uh, will make is that, you know, if they’ve suspended guidance, for example, um, and outlook, that they probably ought to keep suspending a little bit longer. I mean, that’s instinct on my part, backward experience more than anything else, but, um, it’s that there will continue to be uncertainty. Uh, the uncertainty is probably peaked and is on its way down though.
04:23 Speaker B
And Terry, I want to end with you in terms of my questions for you on China specifically. I know that you mentioned it a bit earlier, but just curious if investors can anticipate, and when can investors anticipate getting a headline rate number that is lower than the 145% tariff that’s currently in place.
04:43 Terry Haines
Um, I think that’s not likely to be anytime soon. Um, you know, I look at the Switzerland meetings this weekend as mostly touch gloves and, and, and not much more than that. Uh, the reason has a lot more to do with China’s government than it does with the United States. What you’re seeing from the United States government is, uh, you know, it’s kind of improvisational. The ability to improvise and the ability to make decisions very quickly and move forward. Uh, that is not a characteristic of China’s government, whether it be the structure or the individuals involved. Uh, number one. Number two, there’s a situation here where, you know, the strategies and tactics that China’s used with the West and the United States in particular for 20 years or more, uh, has been to basically wait everybody out, uh, snarl and growl when it’s appropriate, be friendly when it’s appropriate, but always to wait things out. Uh, that’s been successful for them. It is going to take some time for them to reach a different conclusion. And this is not just about the economics, this is about geopolitics. This is about getting China to engage geopolitically to turn down the temperature with its client states and Russia and Iran, those proxies, uh, as well as kind of rationalize things in the South China Sea. That’s not going to be a quick negotiation.