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In a single best idea and with the news flow, it has just been extraordinary. There's no other way to put it. We tried to put together today and I think we succeeded with a really eclectic group of guests, but also guests that have been very busy. Adam Posen joined us from the Peterson Institute. It was just brilliant. We've spent literally weeks trying to tie down Leland Miller. He's a China beig book. This is a guy out of Darden at Uva who constructed the granularity of the
Chinese economy and from that is expert on trade. Leland Miller has gone back and forth with certain parties within the new Trump administration, not advising them that's inaccurate, but you know, mentioning to them as they call upon him on Chinese dynamics. Leland Miller here of China base book on the new trade war.
We're entering trade war time.
Obviously, there's tariffs coming from every direction, and I think it's important to to separate what's happening with China from what's happening with the rest of the world, because I think there's a different discussion around economic imbalances in China, which which are not even the focus of the current tariff.
So you know, there's a there's a.
Mexico Canada strategy that they're working on, there's a broader world strategy in terms of restructuring economic relationships and in figuring out the you know, lessening the trade surplus.
And then there's China. And I think the China.
Discussion is the one that we've yet to have, and it's going to go to several different directions, whether it's you know, Trump going to to China at first trying to get a trade deal and then going another direction. We don't know yet, but that but that's what that's the one that's to come.
Leland Miller. In that conversation, he made clear he still looks at China GDP as a manufactured five percent. He was not optimistic about clarity on economic growth in China. We talked about the non bilateral realities and that everyone, not just the administration, loves to talk about the simplicity of bilateral dynamics in a multilateral world. Miller's expert on that. But here on the timeline from the Trump one to Trump two administrations. Leland Miller.
The first term, it's correct, it was very different in a lot of ways than than than this Trump second term, and that Trump was constantly looking for victories. You know, he renegotiated NAFTA, he renegotiated Chorus, he negotiated a trade deal with with China.
These were victories.
He was using tariffs for the most part as negotiating leverage towards an outcome. The goal in the second term is very different, and markets have refused to believe this. They they've they've you know, maybe they do now with the market doing what it's doing. But the Trump administration and the President himself wants to restructure economic relationship in
a lasting way. He wants to shift the whole paradigm and so set up a wall around the United States, cut taxi for domestic manufacturers, and incentivize.
Industries to come home.
And so because of this, there is much more of an intention to go at all these different blocks and countries and go after trade surplus countries and try to write the economic relationship and bring some of these industries back home.
So the idea is much.
Bigger than Trump term one. This is something they want to leave a legacy on in terms of just redifying the way America does business around the world.
Leland Miller of China Beige Book on your morning commute across the nation, across Canada, we say good morning on Apple CarPlay, Android Auto SERIOUSXM as well on YouTube. What a great experience. Subscribe to Bloomberg Podcasts. We're humbled by the growth internationally each and every day and here on YouTube podcasts. It's single last idea