Tariffs

“We're adding a bunch new costs to the system at a global level that there's very little that, basically nothing that your friendly local utility or data center developer can do about, no matter what kind of, you know, special tariff or agreement they negotiate…”

“Now your tariff is more or less what President Trump wakes up in the morning and thinks it should be.”

“We would be gross margin positive if it wasn't for tariffs.”

“And then set up all these tariffs, which undermine the divisional labor by comparative advantage, which makes everything more expensive.”

“And as a result, here in Pennsylvania, what we're seeing is coffee prices are up 30%. Beef is up 19%. OJ orange juice is up nine percent. The fertilizers my farmers rely on here in Pennsylvania, up 36%.”

“The baseline of tariffs to the U.S. Is going to be higher in the future. I think regardless of who the president is. Not least because whoever the new president is will have got used to the tariff revenue. It's quite a hard thing to get rid of.”

“And I predict That future administrations, whether they're Republican or Democrat, will keep some version of the tariffs in place, but I think that they will be ultimately popular on a longstanding basis.”

“We had a hollowed out manufacturing class, and we have a hollowed out middle class, and the tariffs will create more equality for the American worker in the end.”

“And then you have the tariffs are five hundred billion a year now, and they will grow over time to a trillion a year”

“Who paid for no tax on tips, no tax on overtime, no tax on social security. Right? Tariffs.”

“There's a study from not a friend of the administration, the San Francisco fed with a 150 years of data. I would refer everyone to that. That shows that tariffs do not cause inflation, that they're actually disinflationary.”

“The Chinese business model It's based on volume, it's based on employment, it's based on a five-year plan, and I think everyone neglected the idea that despite the tar, the tariffs, the Chinese were going to keep producing, that it's one of these, they may los…”

“Yeah, I mean, I think there's generally free trade is a better, is more efficient, you know tariffs tend to create distortions in, you know, markets”

“I mean, the president has made it clear he loves tariffs. You know, I've tried to dissuade him from this point of view, but unsuccessfully.”

“The United States and Switzerland said on Friday that they had reached an agreement to lower a punishing 39% tariff on Swiss goods, a change that will help to reduce the cost of exporting Swiss pharmaceuticals, gold, watches, and chocolate to the United States…”

“Like, you know, today when I think about tariffs and our exposure, I would say direct and indirect exposure to tariffs is like, 50% of our products.”

“Having said that, if we do this, which we are, We will probably spend more to buy less technologically capable cars 10 years from now than the next time we all, you know, if you go on vacation to Europe or Asia and get in the back of one of these other cars.”

“Tariffs, FIAC rules, tax credit changes, there's no question they've all added friction to the storage market this year and the renewables market more generally. We've seen delays, higher costs, definitely uncertainty in the market, but at the same time, this …”

“We have foreign-owned companies as well as U.S. Companies that were either overseas already or were about to and are now rethinking plans. So, yes, those conversations have happened and some are ongoing.”

“Factories are coming back because they don't want to pay tariffs.”

“No inflation. They said, oh, tariffs will cause inflation. They were, they've been wrong about everything, and these guys, and for the most part, they've admitted, they've said, you know, Trump was right, because we've taken in hundreds of billions of dollars …”

“You increase, you know, from a two and a half percent average tariff to a 15% tariff, that's their profit margin, and it's gone.”

“Like for my Shark Tank companies, it's put several out of business.”

“They have on the other side generated over a hundred fifty billion dollars in revenue in a couple of short months.”

“My guess is that they're not going to be reversed in the future by a future president, because I think they actually are quite popular with the country, with workers.”

“The CBO Has now increased their projection of what tariffs will raise to four trillion over the next decade.”

“I think that the United States is going to book Probably close to half a trillion of incremental revenue.”

“America had very high tariffs and built its domestic industry behind a wall of protectionism. America aggressively restricted immigration. America had quite aggressive industrial policy and so on and so forth.”

“Everything from, you know, the direction of the dollar to the performance of the stock market, to the level of retaliation we should expect. There was a sort of consensus Model of here's what's going to happen if you impose tariffs and why it's extreme. It's a…”

“What Noah had just said about some of these other factors that, that I think are really important as well, because you know, I think both in terms of what it takes on tariff policy, if you really want these tariffs to work, stability and certainty is, is, is i…”

“Not, not all the tariffs on, I would say strategic industries with China. I don't think we, you know, need tariffs on Chinese clothes because if China makes clothes, that's not a national security threat to us.”

“If a couple of years from now you are not seeing the investment response, and either we can't do the workforce stuff, or for political economy reasons, It is not feasible for us to do that stuff. Then I would be the first to admit this is apparently not an eff…”

“We had a meeting with a hundred of our most senior executives, and we already had very clear goals of exactly how we were going to mitigate those. We nearly shut down the entire company for a week. We focused on executing those and we were able to mitigate 80%…”

“But for 2026, that does seem reasonable.”

“You can champion The amount of revenue that we're raising off of tariffs, but you can't do that at the same time that you're championing reshoring, because if you reshore, then that revenue is going to go away, presumably, right? You're not going to be buying …”

“Tariffs are traditionally a democratic policy position. You know, Clinton ran on them. Obama ran on them to be a slightly lesser degree.”

“The thing I most worry about with respect to tariffs is if it does create a new revenue source for the federal government, it gives the federal government another crutch to keep spending.”

“And it looks like the tariff threat is not going to be anywhere near as bad. And remember the economy was humming coming into that. So I think that it will continue now.”

“For the ticker tape economy, the tariffs are not going to be terrible. In fact, they could be constructive.”

“For the middle market, though anything above like a five or six percent tariff will have a devastating impact on margin, and consequently on the ability to service their debt stock.”

“So I think in some of these categories, we will see significant inflation where there is a very thin margin that the seller has in selling. And in some of the categories where there's a monopoly and they have a big margin, they're going to eat it because they …”

“And these tariffs are not going to be paid by the toy companies or any company. They're not going to be paid by retailers. They're going to be paid by the consumers.”

“Okay, so on August first, whatever hasn't been settled will be settled. You get the tariffs go into effect, right? So all this 10%, they'll all just pop up to some higher number.”

“What we've seen over the last few weeks is it's gonna decrease American manufacturing.”

“The threat of tariff-driven inflation will lead the Fed to keep interest rates higher a little longer, as we just saw with Powell.”

“I think that, that those will erode our economic strength in ways that don't look like an abrupt crash, but they'll look like data getting, like, a little bit worse and a little bit worse. That's my prediction, but again, hard to say.”

“I think tariffs are not the answer. We need to work on the underlying issues in our Western democracies. To try to raise money through tariffs is not the right approach.”

“Like, if you want, if you're really trying to encourage domestic production, ah, in the US, you would put in tariffs to increase the cost overseas, and you'd, you'd incentivize local production. The problem with that is that your cost would end up going up hig…”

“And if anyone tries to use tariffs to harm China from gaining economic power, we know it can't work because it's supply chains can move.”

“I like to say that tokens trump tariffs.”

“We are run rating, 300 to four hundred billion dollars above forecast in terms of our receipts, meaning the revenues that we will take in. And you get to that number by looking at the last three months of tariffs and forecasting forward, assuming a reasonable …”

“We had enough cash that we loaded the U S market with product. So much so we were bursting at the seams and everybody was saying to me, are you nuts? Do you know how much inventory we have? I said, we don't have enough. Keep shoving it in. And so we got a lot …”

“Now, those people who don't have cash and are unable to preserve cash, we will see them as casualties in this marketplace.”

“That's what sent the markets down 20%, because we knew two trillion dollars in tariffs is probably a 600 to 700 basis point headwind to GDP.”

“And if you put China at 30% on strategic at 15% on non-strategic and the rest of the world roughly at 10%, you come up with about three hundred billion in tariffs, okay? I just told you that last year tariffs were seventy seven billion, so that's still a forex…”

“So I think what the market was saying is, okay, three hundred billion, half of that will show up as increased prices and taxes on consumers and on businesses. Half of it will get eaten by the producer of the product in China, in India, wherever, you know, that…”

“And there's this sort of false narrative that when you have tariffs, like a hundred percent of tariffs are going to get passed through in pricing and therefore tariff is like a tax, right? That retailer told us that they think only about 50% of the tariff gets…”

“Basically we all know what's happening and we have history to say that people are going to pull out and advertising should get cheaper.”

“I think it's very possible they'll get some concessions from Vietnam or concessions from, you mentioned Sri Lanka or wherever. They'll get some concessions. And the whole press release saying, look, it worked. We got our concessions and we won. The tariffs are…”

“All that matters to me is that Uber is the anti-tariff stock. It just does great. It's not impacted by tariffs.”