Latest / The Ben Ferguson Podcast / Trump's Tariff Tango-The Art of the Deal

Transcript

Trump's Tariff Tango-The Art of the Deal · The Ben Ferguson Podcast

• 0:01
  Speaker 1: The art of the deal.
• 0:02
  Speaker 2: That's the best way you can describe what is happening
• 0:05
  Speaker 2: right now is Donald Trump has announced tariffs that are
• 0:08
  Speaker 2: going to be paused for nations who aren't retaliating. What
• 0:12
  Speaker 2: happened to China. China's raid has been cranked up to
• 0:15
  Speaker 2: one hundred and twenty five percent, clearly making a statement
• 0:20
  Speaker 2: that we want to work with everyone but China, who
• 0:23
  Speaker 2: is retaliating against the US. And what happened on the
• 0:26
  Speaker 2: stock market after the announcement, it soared immediately. It is
• 0:30
  Speaker 2: the world united against the Chinese Communist Party if you
• 0:35
  Speaker 2: want to talk about it from a political aspect. Now,
• 0:38
  Speaker 2: when the announcement came through, this is what it sounded
• 0:41
  Speaker 2: like on Fox News.
• 0:43
  Speaker 1: All right, Fox News Alert.
• 0:46
  Speaker 3: Moving markets right now is a brand new truth social
• 0:49
  Speaker 3: out from President Trump. The now is surging now at
• 0:52
  Speaker 3: fifteen hundred points on this President Trump has just put
• 0:56
  Speaker 3: out a true social saying based on the lack of
• 0:58
  Speaker 3: respect that China has shown to the world's markets. I
• 1:01
  Speaker 3: am hereby raising the tariff charge to China by the
• 1:04
  Speaker 3: US to one hundred and twenty five percent effective immediately.
• 1:09
  Speaker 3: At some point, hopefully in the near future, China will
• 1:12
  Speaker 3: realize that the days of ripping off the USA and
• 1:14
  Speaker 3: other countries is no longer sustainable or acceptable. Conversely, and
• 1:19
  Speaker 3: based on the fact that more than seventy five countries
• 1:21
  Speaker 3: have called reps of the United States, including the Department's Commerce, Treasury,
• 1:26
  Speaker 3: and the USTR, to negotiate a solution to the subjects
• 1:28
  Speaker 3: being discussed relative to trade, trade barriers, tariffs, currency manipulation,
• 1:33
  Speaker 3: and non monetary terraffs, and that these countries have not,
• 1:37
  Speaker 3: at my strong suggestion, retaliated in any way, shape or
• 1:42
  Speaker 3: form against the US. And here's the big news, grabbing
• 1:45
  Speaker 3: the headlines. I've authorized a ninety day pause capital letters
• 1:50
  Speaker 3: and a substantially lowered reciprocal tariff during this period of
• 1:55
  Speaker 3: ten percent, also effective Immediately, he finishes with, thank you
• 2:00
  Speaker 3: for your attention on this matter. That's a new true
• 2:03
  Speaker 3: social john out from the President moments ago. The markets
• 2:06
  Speaker 3: obviously reacting to that, well.
• 2:09
  Speaker 4: That ought to put a lot of pressure on China,
• 2:11
  Speaker 4: I would think. And the EU, which had just authorized
• 2:15
  Speaker 4: petitive tariffs on the United States based on the reciprocal
• 2:19
  Speaker 4: tariffs that the President announced against the EU. We'll see
• 2:22
  Speaker 4: what Canada has to say as well, because they took
• 2:24
  Speaker 4: retaliatory steps, so you've got, I mean out of There
• 2:28
  Speaker 4: was that list in the New York Times the other day.
• 2:31
  Speaker 4: It was of twenty countries, and of those twenty countries,
• 2:34
  Speaker 4: three one group of countries the EU was thinking about retaliation.
• 2:38
  Speaker 4: China was retaliating, Canada was retaliating the other seventeen.
• 2:42
  Speaker 1: And I know that there's a lot more than just twenty.
• 2:44
  Speaker 4: But the other seventeen were either offering concessions or were
• 2:48
  Speaker 4: entering into negotiations. So the President is clearly reacting to
• 2:52
  Speaker 4: these countries that want to play ball and want to
• 2:54
  Speaker 4: talk about evening the playing field. But for China and
• 2:58
  Speaker 4: Canada and potentially the EU, and I know the EU
• 3:00
  Speaker 4: hasn't yet pulled the trigger, they've just authorized it, they're
• 3:04
  Speaker 4: going to find themselves at a very difficult place. Now.
• 3:06
  Speaker 4: All these other countries, and there could be seventy or
• 3:09
  Speaker 4: more of them, are going to have a ninety day
• 3:11
  Speaker 4: pause on reciprocal tariffs. In meantime, China's got these one
• 3:14
  Speaker 4: hundred and four percent tariffs against it, Canada is going
• 3:17
  Speaker 4: to have tariffs against it, and the EU, if it
• 3:19
  Speaker 4: goes ahead and pulls the trigger, will have punitive tariffs
• 3:22
  Speaker 4: against it as well. So I'm really interested to see
• 3:25
  Speaker 4: what the EU does in the hours ahead. It may
• 3:27
  Speaker 4: pull back.
• 3:28
  Speaker 1: This was the initial reaction. As this was happening.
• 3:31
  Speaker 2: We were watching the Nasdaq skyrocket because so many people
• 3:36
  Speaker 2: were excited about what the President had just done. So
• 3:39
  Speaker 2: let me break this down for you another way. Donald
• 3:42
  Speaker 2: Trump is coming out and he's saying, if you were
• 3:45
  Speaker 2: a good partner, if you were not retaliating, you will
• 3:49
  Speaker 2: get a better deal. If you were first the table
• 3:52
  Speaker 2: like I promised, you will get a better deal.
• 3:54
  Speaker 1: And Wall streets surging.
• 3:56
  Speaker 2: On Wednesday after the blowout, tenured Treasury auction and helped
• 4:00
  Speaker 2: calm fears of a financial crisis. Delivering a sharp rebuke
• 4:04
  Speaker 2: to doomsayers who predicted foreign investors with free American assets
• 4:10
  Speaker 2: in protest of Donald Trump's trade agenda. All of that
• 4:13
  Speaker 2: line from the media around the world and in this
• 4:16
  Speaker 2: country and from the Democratic Party, well, that's all crap.
• 4:20
  Speaker 2: Now President Trump announcing that pause in the tar hikes
• 4:24
  Speaker 2: on many of these countries. The Dow at one point
• 4:26
  Speaker 2: was up about six percent, SMP five hundred up seven
• 4:30
  Speaker 2: and a half percent, and the Nasdaq store soared up
• 4:34
  Speaker 2: eight point nine percent. Capping a dramatic rebound from a
• 4:38
  Speaker 2: week of steep losses triggered by spiking bond yields and
• 4:43
  Speaker 2: escalating global tariffs. Now, the President knew that this was
• 4:46
  Speaker 2: going to be a tough negotiation, and that's the reason
• 4:48
  Speaker 2: why he dug in the spark a remarkably strong thirty
• 4:53
  Speaker 2: nine billion dollar auction of ten year Treasury notes. The
• 4:58
  Speaker 2: bond sold it a yel of four point four to
• 5:01
  Speaker 2: three five percent, also lower than expected, with a significant
• 5:05
  Speaker 2: stop through, a sign that investors were eager to buy
• 5:09
  Speaker 2: even below prevailing market rates. Foreign buyers, classified as indirect bidders,
• 5:15
  Speaker 2: scooped up a whopping eighty eight percent of their allocation,
• 5:20
  Speaker 2: far exceeding historical norms. Analysis characterized the auction as quote
• 5:26
  Speaker 2: extremely strong, very strong, and unprecedented, depending on who you
• 5:31
  Speaker 2: talk to. Now, at the same time this was all
• 5:34
  Speaker 2: going on, Donald Trump said on social media that he
• 5:37
  Speaker 2: would pause the tariff hikes for ninety days on countries
• 5:40
  Speaker 2: that were not retaliating against US tariff's announced last week.
• 5:44
  Speaker 2: The ten percent baseline tariff, he said, will remain for days.
• 5:48
  Speaker 2: Wall Street had been gripped by panic, especially from the
• 5:52
  Speaker 2: media and the left, that Trump's tariff offensive would spark
• 5:55
  Speaker 2: an American sellout or a sell America route, with foreign creditors,
• 6:00
  Speaker 2: especially China and Japan, dumping treasuries. Yields on the ten
• 6:05
  Speaker 2: years surge more than sixty basis points over four days,
• 6:10
  Speaker 2: the biggest move since the financial crisis back in two
• 6:13
  Speaker 2: thousand and eight. Talk of a liquidity crunch and emergency
• 6:17
  Speaker 2: fed intervention. We're even dominating the doomsdayers and their headlines
• 6:22
  Speaker 2: in propaganda. Well, the Treasury Secretary Scott descent urged calm, saying, quote,
• 6:28
  Speaker 2: there are some very large leverage players who are experiencing losses.
• 6:33
  Speaker 2: They are having to deleverage. I believe there's nothing systemic
• 6:38
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• 8:35
  Speaker 2: The auction also vindicated that view demand was broad and deep,
• 8:40
  Speaker 2: undercutting claims that foreign buyers were staging a boycott of
• 8:44
  Speaker 2: the US Treasury. Prices also rose sharply after the results,
• 8:49
  Speaker 2: and yields fell back from crisis levels. Stocks then followed suit,
• 8:54
  Speaker 2: surging across the board as investors reassessed the risk outlook now.
• 8:59
  Speaker 2: The turnaround came just one day after a disappointing three
• 9:04
  Speaker 2: year auction had amplified fears of collapsing demand.
• 9:08
  Speaker 1: Again that's how the media put it.
• 9:10
  Speaker 2: Analysts then started warning of a potential demand strike driven
• 9:15
  Speaker 2: by Trump's tariffs, high inflation.
• 9:17
  Speaker 1: And rising deficits.
• 9:19
  Speaker 2: Some even speculated that the FED might have to intervene
• 9:22
  Speaker 2: to stabilize the markets with what they were trying to
• 9:25
  Speaker 2: describe as a quote bailout. Instead, investors showed up in
• 9:30
  Speaker 2: record number with record force, reaffirming confidence in US debt
• 9:36
  Speaker 2: and sending a message at America's capital markets remained the
• 9:39
  Speaker 2: most trusted in the world. Even amid a global trade realignment,
• 9:44
  Speaker 2: people wanted their money in America. The bond market now
• 9:48
  Speaker 2: turns its attention to Thursday's thirty year auction. But after
• 9:52
  Speaker 2: what we're seeing right now, Wall Street's mood has clearly
• 9:56
  Speaker 2: shifted from panic to almost overwhelming common confidence. Now China,
• 10:01
  Speaker 2: by the way, is striking back at Trump. They are saying,
• 10:05
  Speaker 2: let's go to tariff wars if you want to.
• 10:08
  Speaker 1: We're not backing down.
• 10:10
  Speaker 2: This is also isolating China, which is part of the
• 10:13
  Speaker 2: big plan by Donald Trump. China strikes back at Trump
• 10:17
  Speaker 2: with immediate eighty four percent tariffs on US goods. They're
• 10:21
  Speaker 2: slamping that eighty four percent tariff on US goods from
• 10:24
  Speaker 2: Thursday on ramping the impost. Beijing hurried their move to
• 10:30
  Speaker 2: just the latest debacle in their international trade war, sparked
• 10:33
  Speaker 2: by President Donald Trump. This is their words, and they said,
• 10:36
  Speaker 2: we had no choice but to stand up for China. Well,
• 10:40
  Speaker 2: that's not even going over well with a guy by
• 10:42
  Speaker 2: the name of Kevin O'Leary, you know him from Shark Tank,
• 10:45
  Speaker 2: is mister wonderful.
• 10:47
  Speaker 1: Here's what he said on CNN.
• 10:49
  Speaker 5: One hundred and four percent tariffs in China are not enough.
• 10:52
  Speaker 5: I'm advocating four hundred percent. I do business in China.
• 10:56
  Speaker 5: They don't play by the rules. They've been in the
• 10:58
  Speaker 5: whil for decades. They have never abided by any of
• 11:01
  Speaker 5: the rules they agreed to when they came in for decades.
• 11:04
  Speaker 5: They cheat, they steal, they steal ip I can't litigate
• 11:07
  Speaker 5: in their courts. They take product, technology, they steal it,
• 11:12
  Speaker 5: they manufacture it and sell it back. Here never has
• 11:16
  Speaker 5: an administrator. I want Chia on an airplane to Washington
• 11:22
  Speaker 5: to level the playing field. This is not about tariffs anymore.
• 11:26
  Speaker 5: Nobody has taken on China yet, not the Europeans, no administration.
• 11:31
  Speaker 1: For decades.
• 11:32
  Speaker 5: As someone who actually does business there, I've had enough.
• 11:35
  Speaker 5: I speak for millions of Americans who have ip that
• 11:39
  Speaker 5: have been stolen by the Chinese. I have nothing against
• 11:43
  Speaker 5: the Chinese people. They brought great literacy, art, and tech
• 11:48
  Speaker 5: to the world. The government cheats and steals, and finally
• 11:53
  Speaker 5: an administration. You may not like Trump, you may not
• 11:56
  Speaker 5: like his style or his rhetoric. Finally an administration that
• 12:00
  Speaker 5: puts up and says enough four hundred percent tariffs. Tomorrow morning,
• 12:07
  Speaker 5: he'll tell you why she can only stay the supreme
• 12:09
  Speaker 5: leader if people are employed. If we wipe out any
• 12:14
  Speaker 5: business there. Because we are still thirty nine percent of
• 12:17
  Speaker 5: all consumables on Earth and twenty five percent of the
• 12:20
  Speaker 5: world's GDP, America is the number one economy on Earth
• 12:24
  Speaker 5: with all the cards. We will not have that forever.
• 12:26
  Speaker 5: It's time to squeeze Chinese heads into the wall.
• 12:30
  Speaker 1: Now, well, hold on.
• 12:32
  Speaker 6: I hear you, But hold on. If we're talking about people,
• 12:36
  Speaker 6: the average consumer, not necessarily the head honchos of businesses
• 12:40
  Speaker 6: all across the globe. Can they withstand the pressure of
• 12:44
  Speaker 6: that sort of tax on the good land?
• 12:47
  Speaker 1: There will be.
• 12:48
  Speaker 6: But yeah, but what's your timeline compared to You don't
• 12:50
  Speaker 6: know the average Americans timeline, what they can actually survive.
• 12:53
  Speaker 1: There's people right now.
• 12:54
  Speaker 5: Who can serve one hundred percent Tomorrow morning, cheese on
• 12:57
  Speaker 5: an airplane to Washington to cut a deal.
• 12:59
  Speaker 2: You go go back to what O'Leary says here, and
• 13:02
  Speaker 2: he says, number one, this is not about tariffs anymore.
• 13:06
  Speaker 2: Nobody has taken on China yet, not the Europeans, no
• 13:10
  Speaker 2: administration for decades, and someone who actually does business there,
• 13:14
  Speaker 2: I've had enough.
• 13:15
  Speaker 1: Like he's in business in China.
• 13:17
  Speaker 2: O'Leary says, he said, then the government referring.
• 13:20
  Speaker 1: To China cheats and steals.
• 13:22
  Speaker 2: And finally, you may not like Trump, you may not
• 13:25
  Speaker 2: like his style, you may not like his rhetoric. Finally,
• 13:29
  Speaker 2: you have a US administration that puts up and says enough.
• 13:34
  Speaker 2: He's also absolutely right about the bigger, broader play here
• 13:39
  Speaker 2: that Donald Trump is clearly trying to do with China.
• 13:41
  Speaker 1: He says, he can only stay the Supreme leader.
• 13:43
  Speaker 2: If people are employed, if we wiped out any business there,
• 13:47
  Speaker 2: because we are still thirty nine percent of all consumables
• 13:51
  Speaker 2: on Earth. America is the number one economy on Earth
• 13:54
  Speaker 2: with all the cards, we will not have that forever.
• 13:58
  Speaker 2: So as he said, it's time to squeeze Chinese heads
• 14:01
  Speaker 2: into the wall. That is exactly, by the way, what
• 14:04
  Speaker 2: Donald Trump understands as well. Now the left in the media,
• 14:07
  Speaker 2: they can't stand the fact that a business guy like
• 14:11
  Speaker 2: O'Leary is saying this because it basically takes their arguments
• 14:16
  Speaker 2: away that he's reckless, that he's going to destroy the economy,
• 14:20
  Speaker 2: that he's going to start World War three, that we're
• 14:22
  Speaker 2: going to get punished to the American people, we're going
• 14:24
  Speaker 2: to suffer right, all of these things. It takes it
• 14:28
  Speaker 2: all off the table. Now, I go back to why
• 14:31
  Speaker 2: Donald Trump is doing this. He sees China as a
• 14:35
  Speaker 2: national security threat. More than anything else, he sees China
• 14:44
  Speaker 2: as a national security threat. And so what he's trying
• 14:49
  Speaker 2: to do is he's trying to isolate China. He's trying
• 14:53
  Speaker 2: to make sure that China is on an island by itself,
• 14:58
  Speaker 2: and everyone else under understands that America is in fact.
• 15:02
  Speaker 1: On your side.
• 15:06
  Speaker 2: I also think you got to go back to another
• 15:09
  Speaker 2: point here, and I want to play this for you
• 15:11
  Speaker 2: because I think it's an important point. The White House
• 15:14
  Speaker 2: has said from the very beginning, we're gonna do deals
• 15:17
  Speaker 2: with good actors, and we're gonna hold those that refuse
• 15:19
  Speaker 2: to be good actors.
• 15:21
  Speaker 1: What are we gonna do. We're gonna hold them to account.
• 15:25
  Speaker 2: Listen to Secretary Bescent at the White House walking out
• 15:28
  Speaker 2: talking about all this, and when he walked out there,
• 15:31
  Speaker 2: the Dow was up twenty one hundred points or five
• 15:35
  Speaker 2: point six seven percent. Here is what Bissett said about
• 15:39
  Speaker 2: these seventy five countries. It's the Treasury secretary who want
• 15:43
  Speaker 2: to negotiate with America.
• 15:45
  Speaker 7: As I said, We've given ninety days, and the only
• 15:49
  Speaker 7: certainty we can provide is that the US is going
• 15:52
  Speaker 7: to negotiate in good faith, and we assume that our
• 15:55
  Speaker 7: allies will too. And so in terms of certainty, we
• 16:00
  Speaker 7: will see what China does. But what I am certain of,
• 16:03
  Speaker 7: what I'm certain of is that what China is doing
• 16:07
  Speaker 7: will affect their economy much more than a will ours,
• 16:10
  Speaker 7: because they have an export driven flood the world with
• 16:15
  Speaker 7: cheap export models. And the rest of the world now
• 16:19
  Speaker 7: understands because when we put up our tear pool, those
• 16:23
  Speaker 7: exports were already flowing to the rest of the G
• 16:26
  Speaker 7: seven and to the global ceuth And this is January
• 16:29
  Speaker 7: where we.
• 16:29
  Speaker 5: Was just silvery how much of this decision was driven
• 16:32
  Speaker 5: by the bond market creatoring overnight what case happening block China's.
• 16:37
  Speaker 1: Selling their bond.
• 16:39
  Speaker 7: I am nothing that says that, and we actually had
• 16:41
  Speaker 7: quite a good tenure auction today. And all this was again,
• 16:45
  Speaker 7: this was driven by the President's strategy. He and I
• 16:49
  Speaker 7: had a long talk on Sunday, and this was his
• 16:52
  Speaker 7: strategy all along, and that you know, you might even
• 16:56
  Speaker 7: say that he go to China into a bad physician.
• 17:01
  Speaker 7: They responded, they have shown themselves to the world to
• 17:05
  Speaker 7: be the bad actors, and we are willing to cooperate
• 17:09
  Speaker 7: with our allies and with our trading partners who did
• 17:13
  Speaker 7: not retaliate. It wasn't a hard message. Don't retaliate, things
• 17:17
  Speaker 7: will turn not well.
• 17:18
  Speaker 1: It wasn't a hard message.
• 17:20
  Speaker 2: Don't retaliate right and things will end up well for you.
• 17:26
  Speaker 2: The countries that got that right are the ones that
• 17:29
  Speaker 2: are happy right now because of this pause, and the
• 17:33
  Speaker 2: countries that got it wrong, China specifically, they're now being
• 17:38
  Speaker 2: isolated and they're also being shown for what they actually
• 17:42
  Speaker 2: are now.
• 17:42
  Speaker 1: The media does not want you to understand that.
• 17:44
  Speaker 2: Okay, like the media does not want you to understand
• 17:49
  Speaker 2: just how big of the deal today is. And the
• 17:53
  Speaker 2: fact that Wall Street's announcing it this way are reacting,
• 17:56
  Speaker 2: I should say this way to the announcement is truly incredible.
• 18:00
  Speaker 2: I also love how many people have just gotten it wrong.
• 18:04
  Speaker 2: John Bolton, who's an anti Trump guy, on CNN talking
• 18:08
  Speaker 2: about China, he said on the tariffs that this is
• 18:11
  Speaker 2: quote economic illiteracy, really economic illiteracy.
• 18:17
  Speaker 1: Well, then explain what just happened.
• 18:20
  Speaker 2: And this is the reason why I don't trust these
• 18:22
  Speaker 2: neo con warmongers like John Bolton.
• 18:25
  Speaker 8: China's embassy in Washington released a statement, it urges the
• 18:28
  Speaker 8: White House to quote immediately correct its wrongdoings end quote,
• 18:31
  Speaker 8: warning that China's response, if American tariffs stay in place,
• 18:34
  Speaker 8: will quote continue to the end. Perspectively, now from former
• 18:38
  Speaker 8: you and investor John Bolton, who served as National security
• 18:40
  Speaker 8: advisor in the first Trump administration, in Richard quest seen
• 18:43
  Speaker 8: in Business Editor at Large and anchor, Quest means business. So,
• 18:46
  Speaker 8: investor Bolton, I know you're not economists, but just from
• 18:48
  Speaker 8: a strategic perspective, do you think China is going to
• 18:51
  Speaker 8: blink and try to cut a deal with the White House?
• 18:53
  Speaker 9: It certainly doesn't look like it, But what Trump is
• 18:56
  Speaker 9: doing is a huge opportunity for China.
• 18:58
  Speaker 1: Worldwide.
• 19:00
  Speaker 9: Tariffs are a form of economic illiteracy. Trump has no
• 19:04
  Speaker 9: idea really what he's talking about. He doesn't understand how
• 19:08
  Speaker 9: tariffs works. He has said as recently as a few
• 19:11
  Speaker 9: days ago, he'd used trade surpluses and deficits as like
• 19:15
  Speaker 9: a profit and loss statement, which they certainly are not.
• 19:19
  Speaker 9: So what he's doing has put us in a very
• 19:21
  Speaker 9: vulnerable position, and probably in the worst position possible to
• 19:27
  Speaker 9: go after the real country problem in the international trading system,
• 19:31
  Speaker 9: which is China, instead of taking on the country that's
• 19:35
  Speaker 9: stolen our intellectual property for decades, among other things, by
• 19:38
  Speaker 9: gathering our allies together, all of whom also suffer from
• 19:42
  Speaker 9: China's intellectual property theft and engaging in concerted action. We're
• 19:48
  Speaker 9: at war with our largest trading partners while we're about
• 19:51
  Speaker 9: to go to war with China as well. It simply
• 19:53
  Speaker 9: makes no sense. And it's just sad and depressing that
• 19:57
  Speaker 9: more Republicans haven't stood up and said that this is illiteracy.
• 20:01
  Speaker 1: It's he illiteracy. I tell you, I gotta say.
• 20:04
  Speaker 2: I love that these guys like John Bolton look like
• 20:07
  Speaker 2: such idiots right now, and we need to expose them
• 20:09
  Speaker 2: when they are because they hate Donald Trump so much
• 20:12
  Speaker 2: they can't understand even when he's winning, they should be
• 20:15
  Speaker 2: cheering for it. That's how much Trump derangement syndrome has
• 20:18
  Speaker 2: set in on these guys like John Bolton. He's angry,
• 20:20
  Speaker 2: he's not in this White House. He's angry. He's not
• 20:23
  Speaker 2: in the know. He's angry, he's not in the room.
• 20:26
  Speaker 2: And then he goes out on TV and says things
• 20:28
  Speaker 2: like this, when in fact, what he said is not
• 20:30
  Speaker 2: happening is literally exactly what just happened. We have allies now,
• 20:35
  Speaker 2: we have people talking, and we have an isolation of China.
• 20:39
  Speaker 2: So when these when these neo cons talk, laugh in
• 20:42
  Speaker 2: their face, do.
• 20:44
  Speaker 1: Me a favor.
• 20:45
  Speaker 2: Make sure you share this podcast with your family, your friends,
• 20:48
  Speaker 2: put it up on social media wherever you are on
• 20:50
  Speaker 2: social media, and I will see you back here tomorrow