Bessent on Trade Talks, Powell Future, Argentina, Dollar
发布时间 2025-04-14 21:19:52 来源
So you've come here at a time when the IMF has just announced this $20 billion agreement with Argentina, but we haven't seen a Treasury Secretary come to Argentina since Trump's first administration, and that was for in G20. So why the emphasis from the Trump administration on Argentina? Well, and Marie, a couple of reasons. The reason for being here today is today is a full-crum day. So the melee administration has done three adjustments, and this marks the beginning of the third one. So they did a large fiscal adjustment, a large monetary adjustment, and they're doing a large, they announced on Friday a large currency adjustment.
你在国际货币基金组织刚刚宣布与阿根廷达成200亿美金协议的时候来到这里，但自从特朗普第一次上任以来，我们还没见过美国财政部长来阿根廷，那次是在G20会议。那么，为什么特朗普政府这么重视阿根廷呢？嗯，Marie，有几个原因。今天是一个关键时刻。Melee政府已经进行了三个调整，而今天标志着第三个调整的开始。他们进行了大幅度的财政调整和货币调整，并且在周五宣布了大幅度的货币汇率调整。
IMF has allocated $20 billion to them. The World Bank has allocated $12 billion, and I wanted to come here today to show support for President Mele and his commitment to what I think is historic in terms of bringing Argentina back from the precipice. When it comes to the trade negotiations, I'm sure you spoke with President Mele about the 10% rate that Argentina was hit with. Do you think at some point that can come down to zero? Look, I think we're going to start the negotiations, and just like with everyone else, I'm telling them, bring your A-game. We'll see what you got, and we'll go from there.
国际货币基金组织（IMF）已为他们拨款200亿美元，世界银行也拨款120亿美元。今天，我来到这里，就是为了表示对梅勒总统的支持，以及他为将阿根廷从悬崖边缘拉回的历史性承诺。至于贸易谈判，您一定和梅勒总统谈到了阿根廷被征收的10%关税。您认为这个税率能不能最终降到零呢？我认为，我们将开始谈判，就像对待其他国家一样，我告诉他们要全力以赴。我们会看看你们的实力，然后再决定下一步。
Can any country go to zero? Well, again, we'll see. I don't know what's going to happen with the negotiations, because we've got a whole box of things we've got to overcome. Terrorist, non-tariff trade barriers, currency manipulation, and subsidization of labor and facilities. So, there's a big menu there. There's been an early focus on Latin America writ large from the Trump administration in the first 100 days. Is Latin America policy also in a sense China policy for this administration?
任何国家都能够达到“零”吗？这需要继续观察。我不确定谈判会有什么结果，因为我们还有许多问题需要解决。包括恐怖主义、非关税贸易壁垒、货币操控以及对劳动和设施的补贴。所以，问题很多。在特朗普政府的头100天里，就已经早早地关注到整个拉丁美洲。那么，这届政府的拉丁美洲政策在某种意义上是否也与中国政策有关呢？
Well, I think that might be a good description, because what we are trying to keep from happening is what has happened on the African content, where China has signed a number of these and repatious deals marked as aid, where they are really, they've taken mineral rights, they've added huge amounts of debt onto these country's balance sheets. It's undisclosed to any of the other international organizations. They've got towing arrangements. So they're guaranteeing that future generations are going to be the poor and without resources, and we don't want that to happen. Any more than already has them Latin America.
嗯，我觉得这可能是一个很好的描述，因为我们试图避免的情况，就是在非洲大陆上已经发生的事情。中国与一些国家签署了不少被标明为援助的协议，这些协议实际上却是剥削性的交易。他们获取了矿产开采权，同时让这些国家背上了巨额债务，而这些债务信息没有向其他国际组织披露。他们还有一些附加协议，确保未来几代人将陷入贫困，没有资源可供利用。我们不希望这种情况在拉丁美洲重演。
China has a foreign exchange swap with Argentina. Would you consider a credit line directly from the United States? That's not under consideration in terms of, so they have an $18 billion credit swap in R&B. Argentina under the previous Peronist government drew down $5 billion, and that will remain outstanding. The Chinese have a very good faith effort after the announcement or a conjunction with the IMF announcement, so that is going to be rolled forward for a year. But do you want them to get rid of that swap with Beijing?
中国与阿根廷之间有一项外汇互换协议。您是否会考虑直接从美国获取信贷额度？目前这不是在考虑之中的方案。阿根廷与中国的协议是180亿美元的人民币互换。之前的阿根廷庇隆主义政府已经使用了其中的50亿美元，这部分资金将继续存在。中国在国际货币基金组织（IMF）宣布此消息后表现出诚意，将此互换协议延长了一年。但是，您希望他们取消与北京的这项互换协议吗？
Well, I think as this administration continues their, stay the course on their economic policies, they should eventually have enough foreign exchange inflows to be able to pay that off. So less than two weeks ago, you and I were talking outside of the White House after what the president called Liberation Day, and you said you weren't part of the negotiations. Now you're leading them. What's changed in these past 12 days? No, no, no, no. What I said was I didn't construct the actual tariff rates. The tariff rates. I've always been part of the tariff policy.
好吧，我认为随着政府继续坚持他们的经济政策，他们最终应该会有足够的外汇流入来还清债务。不到两周前，你和我在白宫外面聊过，当时总统称那天为解放日，你说你没有参与谈判。但现在你正在领导它们。这十二天内发生了什么变化？不，不，不，我的意思是我没有制定具体的关税税率。关税政策我一直有参与。
I had been focusing on tax. Maybe you want to talk about that later. That's going very well. And now with the trade negotiations, I'm going to be part of that. And the president has hit a 90-day pause button, and we are moving quickly with many of our most important trading partners. So we had Vietnam in last week. We had Japanese on Wednesday, South Korea next week. So it's going to move fast. But the important thing for your viewers to know is we're sending up a process, and we are going to run that process. It's going to be orderly.
我以前一直专注于税务问题。也许你想在以后谈论这个。税务方面进展得很顺利。现在随着贸易谈判的进行，我也将参与其中。总统已经按下了一个90天的暂停键，我们正在与许多重要的贸易伙伴快速推进。上周我们与越南进行了会谈，周三是日本，下周则是韩国。所以进展会很快。但重要的是让你们知道，我们正在建立一个流程，并将有序地进行。
And at the end of the day, especially for the most important trading partners, the president is going to be involved. So when it comes to the current negotiations this week, you're also sitting down again with the Spanish negotiating team, the Japanese negotiating team, and also the Spanish economy minister. The Spanish economics minister was just a pre-arranged meeting. He and I have never met. So that is not a trade sit-down. The Japanese meeting is a trade negotiation. The Japanese prime minister recently said he's not going to rush to get a compromise in a negotiation.
到最后，特别是对于最重要的贸易伙伴，总统会亲自参与。因此，在本周的当前谈判中，你也将再次与西班牙谈判团队、日本谈判团队以及西班牙经济部长会面。与西班牙经济部长的会面只是一个预先安排的会议，他和我以前从未见过面，所以这不是一次贸易会谈。与日本的会议才是贸易谈判。日本首相最近表示，他不会为了达成妥协而仓促进行谈判。
How quickly do you think you can see these deals come to fruition? Well, again, I think there will be advantage to our allies, especially in a first-mover advantage. Usually, the first person to make the deal gets the best deal. So we think it will be first. It's their choice. Is there a handful of countries that you expect to have a deal before the 90 days is up? Oh, I think there could be numerous countries. And it may not be the actual trade document, but we will have agreement in principle and be able to move forward from there. So are we talking about a dozen or 70 plus? Well, I think it's going to depend, but we're going to move with all deliberate speed. And again, it's going to be a process.
您认为这些交易能多快达成？我认为我们的盟友会有优势，尤其是在先发制人的情况下。通常，第一个达成协议的人会得到最好的条件。所以我们认为会是第一个。这是他们的选择。您预计会有几个国家在90天内达成协议吗？哦，我认为可能有许多国家。可能不是最终的贸易文件，但我们会达成原则上的一致，然后从那里继续推进。所以我们谈的是十几个国家还是超过70个？嗯，我认为这取决于情况，但我们会以稳妥而快速的方式推进。再说一遍，这将是一个过程。
It's going to be USTR, who just has mountains of data that they've been collecting over the years. Because in a funny way, the tariffs are the easiest part. So a country with high tariffs, you can just say, okay, this, this, this, this, get rid of it. And so we're talking about a lot of the non-tariff trade barriers that are more insidious, more difficult to spot. And it's probably going to take a little, a little longer to exercise those demons.
这个任务将由美国贸易代表办公室（USTR）来承担，他们多年来积累了大量数据。有趣的是，关税其实是最简单的部分。对于一个关税高的国家，你可以简单地指出这些要消除。因此，我们正在谈论很多更隐蔽、更难发现的非关税贸易壁垒。清除这些障碍可能需要更长的时间。
When you said you weren't part of the rates in that chart that the president held in the Rose Garden, is he taking a maximalist approach? Neil Dutter recently wrote that President Donald Trump has cracked a lot of eggs and now Scott Bessett, the Secretary, needs to make an omelet. Is that how you view this situation right now? I view not giving away negotiating secrets on worldwide television as the essence of negotiating. You recently talked about getting deals done quickly with partners to then confront China together.
当你说你不属于总统在玫瑰园展示的图表中的数据时，他是不是采取了最大化的策略？尼尔·达特最近写道，特朗普总统打破了很多常规，现在国务卿斯科特·贝塞特需要把它们组合成一个“煎蛋卷”。你认为现在的情况是这样吗？我认为不在全球电视上泄露谈判秘密是谈判的关键。你最近谈到快速与伙伴达成协议，然后共同面对中国。
When you're in these negotiations with trading partners, are you looking for them to offer up something to combat Beijing? Well, I think combat is an aggressive word. But look, I think now that we have the China tariffs in place, that they are going to want to have some protection from Chinese goods flooding their markets. That China's business model is like from that Disney movie where the brooms are carrying the buckets. They're not going to stop manufacturing because the US has a tariff wall up, so those goods are going to go somewhere. Where do you think they're going to dump?
当你和贸易伙伴进行谈判时，你是否期待他们提供一些措施来对抗北京？ 嗯，我觉得“对抗”这个词过于激进。不过，看看现在我们已经对中国商品实施了关税政策，他们可能会希望有一些措施来保护自己不被中国商品充斥市场。中国的商业模式就像迪士尼电影里魔法扫帚不停地运水那样。即使美国设置了关税壁垒，他们也不会停止生产，那么这些商品就会转移到其他地方。你觉得他们会把这些商品倾销到哪里呢？
Well, I think it depends on the good. We have exemptions now, though, for electronics. So we still expect electronics to come into the United States with the smaller tariff rate, the fentanyl 20%. But you were asking, where are they going to dump? I think it will depend on what is the good, higher value added manufacturing goods, likely in Europe, Canada, in the G7, and then more of the bubbles and knick knacks in the global south.
嗯，我认为这取决于商品的种类。不过，我们现在对电子产品有些豁免。因此，我们还是预计电子产品将以较低的关税进入美国，具体来说是芬太尼的20%。至于你问他们会把这些商品倾销到哪里，我认为这要看是什么商品。如果是高附加值的制造商品，可能会流向欧洲、加拿大和七国集团（G7）。而那些小玩意和饰品，可能会流向全球南方国家。
China's commerce ministry came out when the tariff rates were going above 100% and called it, quote, a joke. Has there been negotiations on any level between Beijing and Washington right now? Well, look, it will come from the top. President Trump, Chairman Xi, have a very good relationship. And I wouldn't say that these are not a joke. I mean, these are big numbers. I think no one thinks they're sustainable once and to remain here. But it's far from a joke. People they just say that the rate is so high, it's become a joke basically, does it just stop trade between Washington and Beijing altogether?
中国商务部在关税率超过100%时发表言论，称其为“笑话”。那么，目前北京和华盛顿之间有没有进行任何层级的谈判呢？这要从最高层面来解决。特朗普总统和习近平主席之间关系良好。不过，我不会称这为笑话。这些数据是很大的，没有人认为它们是可持续的，或者说会一直维持在这个水平。但说这远远不是个笑话。人们只是表示关税率太高，简直成了个笑话，那么这是否会完全停止华盛顿和北京之间的贸易呢？
Do you see a decoupling of these two economies? Well, maybe the trade minister has a different sense of humor I do, but I don't see anything funny about it. Do you see a decoupling, though, between Washington and Beijing? There doesn't have to be. There could be. There's a big deal to be done at some point. Look, what is different with China that is different in the history of trade that normally, if you go back to the big trade deals or the currency deals in the 80s, the plaza accord, the Louvre accord, the Reagan auto deals, we were, our leading economic competitors were our military allies.
你认为这两个经济体会脱钩吗？也许贸易部长和我的幽默感不同，但我看不出有什么可笑的地方。你觉得华盛顿和北京之间会脱钩吗？不一定必须脱钩，但也有可能会。有可能在未来达成一项重要的协议。看看，中国与以往贸易历史上的区别在于，如果回顾80年代的大型贸易协议或货币协议，比如广场协议、罗浮协议、里根汽车协议，我们当时的主要经济竞争对手也是我们的军事盟友。
China is both our biggest economic competitor and our biggest military rival. So that's going to require a special kind of formula. Are you teasing out a Mar-a-Lago accord that we should be paying attention for in the future? I'm not sure what you're talking about. Well, potentially getting all these trading partners together to discuss fair balance trade. Well, we're doing that over the next 90 days. Okay.
中国既是我们最大的经济竞争对手，又是我们最大的军事对手。因此，这需要一种特殊的策略。你是不是在暗示我们应该关注未来可能出现的「海湖庄园协议」？我不太明白你的意思。是否是指让所有这些贸易伙伴聚在一起讨论公平贸易平衡的问题？是的，我们将在接下来的90天内进行讨论。好的。
So, shifts in terror policies have had markets on edge. And the president recently remarked that the bond market was, quote, queasy. Do you have a sense of who is dumping U.S. assets? Who's been dumping U.S. Treasuries? I don't think there's a dumping. And I think we saw in the tick data either today or Friday that actually foreign ownership picked up. We had two, we had three big auctions last week. And on the longer end auction, 10-year, 30-year, we saw increased foreign competition.
因此，反恐政策的变化让市场紧张不安。总统最近表示，债券市场感觉有些“不安”。你是否了解是谁在抛售美国资产？谁在抛售美国国债？我认为并没有出现抛售的情况。我想我们在最近或周五的国际资本流动报告中看到，实际上外国持有量增加了。上周我们进行了三次大型拍卖。在长期债券的拍卖中，比如10年期和30年期债券，我们看到外国投资者的竞争在增加。
So I actually think this is one of those occasional bar shocks that you get in the trading community. I think a lot of people got very leverage maybe out over their skis. And then you combine that with some real money selling and you get these moves. So you don't think it's sovereigns potentially its hedge funds unwinding? I have no evidence that it sovereigns. Look, I'm emmering the, not you, but the nature of journalism is to create a headline that the 10 days ago, when 10-year yields hit 390, said, well, Secretary Besen got what he wanted, he got 10-year yields down, but it's the wrong reason. Now, I figured what they hit on Friday, maybe, 40-something, four-three.
我觉得这其实是交易界偶尔会遇到的市场震荡之一。我认为很多人可能使用了过多杠杆，超出了控制范围。然后，再加上一些实际资金的抛售，就出现了这种行情。因此，你不认为这可能是主权基金，而是对冲基金在平仓？我没有证据表明这是主权基金。看，我并不是在批评你，但新闻的本质就是制造引人注目的头条。比如10天前，当10年期国债收益率达到3.90%时，报道说，"哦，部长贝森达到了他的目标，10年期收益率下降了，但原因不对。"现在，我猜测它们在周五可能到了四点几，四点三。
We saw a 50 basis move last week in 10-year yield. At the same time that the dollar was weakening nearly 3%, how do you simultaneously look at that situation? It feels like investors are dumping US assets. Well, look, I've learned that not to look at what happens over a week. I, for better or worse, have lived through a lot of these things and trading, once personal trading history is the scarred issue that sticks with you the most. I can tell you exactly where I was standing in 1998 when the long-term capital, the buckle, happened. That had nothing to do with anything other than a bunch of geniuses up in Greenwich who had too much leverage.
上周我们看到10年期国债收益率上升了50个基点。同时，美元贬值了接近3%。你该如何看待这种情况呢？感觉投资者在抛售美国资产。不过，我意识到不应该仅仅关注一周内的变化。无论好坏，我经历过很多类似的情况，个人的交易历史往往成为最深刻的教训。我还能清楚地记得1998年长期资本管理危机发生时我所处的位置。那次危机完全是因为格林尼治的一群天才过于依赖杠杆而与其他无关。
So you're not concerned at this moment about the US dollar or the US Treasury losing safe haven asset? No, look, I. We're still a global reserve currency. We are still a global reserve currency that we have a strong dollar policy. The dollar can go up and down. If you go and look back at President Trump's first term, I don't remember the exact number, but the dollar in 2017 went down. I can't remember, 7, 8, 9%, and then once the tax bill was done, took off. Took off for the remainder of his term.
所以你现在不担心美元或美国国债失去避险资产地位吗？不，我不担心。我们仍然是全球储备货币，我们有一个强劲的美元政策。美元的价值会有波动。如果回顾特朗普总统的第一个任期，我记不清确切的数字，但在2017年，美元下跌了大约7%、8%或9%。然而，税法案完成后，美元的价值在他任期的剩余时间内大幅上升。
Have you spoken to the Fed at all about contingency plans, though, if financial stability risks flare up? Chair Powell and I have breakfast every week, and we discuss a wide range of things. And our staffs are always in contact. We have a market's room. They have a market's room. But specifically, did we discuss some kind of a break, the glass? I think we're a long way from that. So when was the last time you guys spoke? We had breakfast last week? We had breakfast last week, and it was in a way game. I was over at the Fed. And no concern so far from the Fed chair and what he saw in the Treasury market.
你有没有和美联储讨论过应急计划，如果金融稳定风险加剧的话？鲍威尔主席和我每周都一起吃早餐，我们讨论很多事情。我们的团队也总是保持联系。我们有一个市场监控室，他们也有。不过，我们有没有具体谈到紧急应对措施？我觉得我们离那种情况还很远。你们最近一次交流是什么时候？我们上周刚吃了早餐，是在美联储那边进行的。到目前为止，美联储主席对他在国债市场中看到的情况没有表示担忧。
I think we would have heard from the Fed chair. I think we heard from Governor Collins of Boston on Friday. We heard from Governor Weller today on his thoughts on what terrorists mean. So it seems like business is usual. When it comes to the Fed chair, his term is up May 2026. So we're almost 12 months out from that. When are you going to start to think about how the discussions with the president about who should lead the Fed? Well, we think about it all the time. I think you're going to start the interviewing candidates. And that'll be some time in the fall. In the fall. So about six months, lead time.
我认为我们会听到美联储主席的发言。我们在周五听到了波士顿的柯林斯州长的讲话。今天我们也听到了魏勒州长对恐怖主义的看法。所以看起来一切正常。美联储主席的任期将在2026年5月结束，目前离那还有大约12个月。你打算何时开始考虑与总统讨论由谁来领导美联储的问题呢？好吧，我们一直都在考虑这个问题。我想你会开始面试候选人，这可能会在秋季进行。在秋季，大约提前六个月的时间。
The U.S. Supreme Court recently came out with a ruling that the executive branch, the president for now, could house top officials at independent agencies. And that has some individuals in the market a little bit concerned about what this could mean for the independence of the Fed, which is really a cherished pillar of wanting to invest in America. Do you have any concern about potentially President Trump ousting Fed Chair Jay Powell or the independence of the Fed? Well, and Marie, I've repeatedly said that the Fed has two duties. And I believe that monetary policy is a jewel box that's got to be preserved. And then they have regulatory policies. And I think we can have more of a discussion because the Fed is one among three bank regulators.
最近，美国最高法院做出了一个裁决，允许总统等行政部门负责人在独立机构中安置高级官员。这让市场上的一些人对美联储的独立性产生了担忧，因为美联储的独立性是吸引投资者希望投资美国的一个重要因素。您是否担心特朗普总统可能会撤换美联储主席杰伊·鲍威尔，或者影响美联储的独立性？
Marie，我多次强调美联储有两项职责。我认为货币政策就像一个珍宝箱，必须被保护。此外，美联储还有监管政策。我认为我们可以对此进行更多的讨论，因为美联储是三个银行监管机构中的一个。
There's the Fed, the control or the currency and the FDIC. So I think it's very easy to delineate between those two. So at the moment, no concern. No concern. When you talk to Fed Chair Jay Powell, at the moment doesn't sound like they feel like they need to step in on this unraveling we saw last week with the bond market. Does the Treasury have any plans to do something if this was to become more unnerving? Well, look, the Treasury has lots of things we can do. But again, I think we're a long way from that. But all options would be on the table. Sure.
有美联储、货币控制和联邦存款保险公司，所以我认为这些之间很容易区分。目前没有什么需要担忧的。与美联储主席杰伊·鲍威尔交流时，他似乎也觉得不需要介入我们上周在债券市场看到的波动。至于财政部，如果这种情况变得更让人担心，有没有计划采取措施？财政部确实有很多可以采取的措施。不过，我觉得我们离那个阶段还很远，但会把所有可能的选项都摆上台面。
But again, we have a big toolkit that we can roll out. We do regular off-the-run buybacks. We could up the buybacks if we wanted. So, just finally, I want to get your thoughts on something you told me, John and Lisa, in February, which was that in your old world, you would be that person with your ear against the door, trying to understand what policymakers were doing so that you could predict where financial markets would go. In this moment, where we hear from top executives constantly, today it was the Goldman Sach CEO. Last week it was JB Diamond and this uncertainty, especially around tariff policy. What advice would you be giving to your old self?
当然，我们有一整套工具可以使用。我们定期进行非流动性债券的回购，如果需要，我们可以增加回购力度。最后，我想听听你们对一件事的看法。John 和 Lisa，你们在二月份告诉我，在过去，你们总是紧贴着门，试图了解政策制定者在做什么，以便预测金融市场的走向。现在，我们不断听到来自高管层的声音，今天是高盛的首席执行官，上周是 JB Diamond，还有围绕关税政策的不确定性。你会给过去的自己什么建议呢？
To look at the whole policy because, again, not you, but others in the media can pick one factor. So right now it's tariff, tariff, tariff. But you mentioned we have tax, tax, tax coming up. We have deregulation, deregulation, deregulation. So it's a mini-the-leg stool and I would try to think about what's happening. The tariff sequencing was always going to be first. The tax bill is going very well and I think I've been pleasantly surprised at how quickly that's moving along and then deregulation from our area on the financial side and in the rest of the economy.
请查看整个政策，因为，不是针对你，而是其他媒体可能会挑出某一个因素。目前大家关注的都是关税、关税、关税。但你提到接下来我们还会面对税务、税务、税务，同时还有放松管制、放松管制、放松管制的问题。所以这就像一个三条腿的小板凳，我会尝试理清事情的进展。关税一直是首要议题，而税收法案正在顺利推进，我对这一进程之快感到惊喜，而接下来就是我们在金融领域以及整个经济中推行的放松管制政策。
That takes a little longer but that will start kicking in September, October, in the fall. And those are going to be very powerful. I believe you described as a three-leg stool and right now everyone is focused on one part of that leg and that's the tariffs as you say. But when it comes to the tax cuts, right now what the market is expecting and what could get done in Congress based on how slim the majority is for the Republicans is just an extension of current policy. I think that's wrong.
这需要多一点时间，但预计会在九月、十月、秋季开始生效。这些措施将非常有力。我认为你用“三脚凳”来形容当前的情况，而现在大家都集中在其中一个部分，也就是你所说的关税问题。然而，关于减税政策，目前市场的预期和共和党在国会微弱多数能实现的，可能只是对现行政策的延续。我认为这是不对的。
I think that the under reported story and the media, the story that's under report doesn't get reported enough is a democratic chaos but the under reported story is the remarkable Republican unity led by President Trump. Speaker Johnson of First Try got instructions out of the house for the budget. He passed a clean CR First Try. Senator Lee Duthun pinged it back to the house very quickly with their instructions and I had something along with Kevin Hassett had any seat chair called the big six which also includes leader, the speaker Johnson, Senator Crapo, committee chair Jason Smith and everyone is very aligned and there are going to be a lot more bells and whistles other than in TC, other than just changing the date on TCJA.
我认为被媒体低估的故事是民主党内部的混乱，而没有被充分报道的是由特朗普总统领导的共和党内部的显著团结。众议院议长约翰逊在第一次尝试时就成功为预算制定了指示。他在第一次尝试中通过了一份简洁的持续决议（CR）。参议员李·杜萨恩迅速将其与他们的指示一起返回众议院。我与凯文·哈西特一起参与了管理一个名为“大六”的小组，这个小组还包括领导者、议长约翰逊、参议员克雷波、委员会主席贾森·史密斯，所有人都非常一致。除此之外，还会有许多其他的附加条款，而不仅仅是修改税收削减和就业法案（TCJA）的日期。
So your picture right now to financial market participants to consumers is you need to see the entire picture. You need to see the entire picture and as President Trump said the other day, it's stakeful. It was my message when I was out with you on April 2nd. It was to the countries. These are maximum rates. So you ask if it was a maximum strategy. If you don't elevate, this is your maximum rate. So don't elevate. You have in markets the upside barrier, you don't have unlimited risk and then come to us and we will negotiate in good faith.
所以，对于金融市场参与者和消费者来说，你需要看到整个局势的全貌。正如特朗普总统前几天所说，这关系重大。这也是我在4月2日和大家一起时传达的信息。这是针对国家的，指的是最高费率。你可能会问这是一种最高策略吗？如果不提升，那就是你的最高费率。所以不要提升。市场中有上限，你的风险不是无限的，之后来找我们，我们会本着良好的意愿进行谈判。
Can you guarantee clarity in 90 days? I think clarity is through the eye of the beholder but I can guarantee you that we're going to run a robust process and I think the market can take great comfort in that. So maybe some of that uncertainty is starting to evaporate? Yeah, if we measure uncertainty by the VIX, I think the VIX, I don't want to make market calls but I think the VIX spike and is likely peaked.
您能在90天内保证清晰吗？我认为清晰是见仁见智的事情，但我可以向您保证我们会开展一个稳健的流程。我认为市场对此可以非常放心。所以也许一些不确定性开始消退了？如果我们用VIX来衡量不确定性，我认为VIX指数已经飙升，而且可能已达到峰值。