Global Trade This Week – Episode 248
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Keenan Brugh 0:01
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Pete Mento 0:07
Hello, everyone, and welcome to another action-packed episode of Global Trade This Week. I'm Pete Mento, with me as the greatest co-host in the history of co-hosts, Doug Draper. Doug, how you doing, buddy? Good, I'm doing great, Pete. Thank you very much. I'm doing great. It
Doug Draper 0:23
was good Father's Day. I know we'll talk more about that here in a little bit, but both my kids were in town, so I got to have some breakfast, and
Doug Draper 0:32
then did a little hike, had a little me time, and that was it. So beautiful weather. It's a great day. How about yourself,
Pete Mento 0:40
Sam? I got to spend the whole weekend with my daughter. We had a wonderful time. It's always good seeing her, you know. She's, she's a college student now, so it's not as cool to hang out with her weird dad as it used to be. So, I'm always very grateful when I get her undivided attention for that long period of time.
Doug Draper 0:57
Yeah, I love it. And your Father's Day gift is is on your person as we speak.
Pete Mento 1:05
Yeah, you like it.
Doug Draper 1:07
I do. Yeah, I thought it was Paisley, and you corrected me. So,
Speaker 1 1:10
TXL gift card
Doug Draper 1:16
love it. Love
Pete Mento 1:17
it, everyone that has sensitivities to photos, and I apologize, or if anyone did LSD before watching the podcast, I apologize, but Doug, I opened the show, so it's your turn to give us our first topic, buddy.
Doug Draper 1:30
All right, well, my topic straight at Hormuz, as I'm saying this, things could change in, in, in a heartbeat, right? So, this, this is to the best of my ability, as of this morning, but anyway, it's open, kind of, sort of, yeah, so their vessels are moving, it sounds like, well, it doesn't sound like it sounds like they're hugging the coast of omen, instead of doing the normal route, right? Some of these vessels are moving at night, some of them are just putting, putting the gas down eastbound and down, and getting the hell out of there. So it's not the traditional route, vessels are just getting out. There's no escorts, right? So it's almost like I'm trying to think of an analogy, right? So it's not like a police escort in your car, it's more of you driving through a pretty rough neighborhood, and the cops are kind of on watch and making sure everything's good to get you through, which is all fine, and I'm almost guaranteed things are going to change, but the things that aren't going to change is the trepidation of insurance companies, the trepidation of asset-based carriers like mayors, Top Hag, all those guys. It's, it's interesting, so yeah, it's open. They're going a different route, they're trying to get out of there, but I don't think we're going to see a lot of impact and benefit to to systems, you know. I'm thinking that the first week, if everything goes through and we start getting some regular volume, which is, you know, hasn't happened yet, and if everything turns back on to the way it was, Pete, maybe in a week, or excuse me, you know, four to six weeks, you and I will start seeing it at the gas pump, and maybe two months, I think we'll see some changes on the steamship lines and their bunker and all that kind of stuff, but it's three months easy before you and I are seeing any relief on to consumers things on our shelves, because that wave of petrochemicals that's making all kinds of things that have nothing to do with the gas that we put in our cars, that little blip we've been in this situation long enough that that blip has hit that type of production and manufacturing, and it's going to take a while. So, hey, it's open. I don't see it changing a whole lot, to be honest with you. I don't see it changing a whole lot this year, right, because of the uncertainty of what happens with one comment in the middle of night doing something that can just upend what we don't hope for, so yeah, it's open, I guess. The bottom line, Pete, I don't think we're going to see a lot of difference or implications for the rest of this calendar year, as far as our pocketbooks go.
Pete Mento 4:41
I liked your visual you gave me of driving your car in a bad neighborhood. The difference being is that you know a few days ago you're driving the neighborhood and Abu Mahdi high-speed cruise missile blew the car in front of you. Yeah, it's a little, it's pretty evocative that things are dangerous there for. Has been ever present. It's just the fact that it went kinetic recently, and people were shooting at things, that's what made it a little more scary. And, like you said, this stuff can turn a dime, Doug. Everything could be fine right now, something could go wrong, and someone could be in the middle of that channel, and that could be enough, so the fact that these negotiations have broken down so often, so many times, all it takes is one comment and a truth social to send it sideways. I'm not quite ready yet to put the final nail in the coffin of this problem. Remember, this is just a 60 day cease firewall to negotiate.
Speaker 1 5:39
We
Pete Mento 5:40
could be right back in the exact same place that we are in a couple of months or sooner. You're right.
Doug Draper 5:45
Yeah, yeah, very true. All right. To be continued. Tell me about your first topic, my friend.
Pete Mento 5:52
Well, sticking with the Iran theme, because why not? The Office of Foreign Asset Control has lifted the sanctions on the exportation of Iranian crude oil to most, most places it can't go to North Korea, can't go to Cuba, and it can't go to Russian-held Ukraine. So, why that's good. It's good because it does fill a huge gap in the world's energy supply, but what it more importantly is, it shows the power of the Office of Foreign Asset Control hubs, not only the negotiations but in the global economy as a whole, for our listeners who aren't familiar with OFAC, of all the government agencies as a person in trade that you could upset, they're the worst. They can literally go into your bank accounts, they can seize your assets, they can cease you from being from a financial perspective. One of the strongest organizations that US government has in its fight against everything from terrorism to political issues. Once they've been honed in on the target, it's very hard to get the jaws off with the biting. This is one of Iran's major concerns, was being able to re-export this energy. It was actually the world's major concerns. So, between the streets being opened again, hopefully, and Irene oil being back out into the larger pool of resources, it does open up considerable opportunity for us in the future. As you said, it's going to take a long time before that energy is flowing through the processes, gets refined to where it needs to be, but just the fact that it's back out in the market place was a major concession by the United States. The fact that it happened today is a pretty good signal on how the negotiations are going, but by the time this thing airs, it could all have gone sideways. So I am hopeful, Doug, but at the same time I think it's an important illustration of just how powerful OFAC can be as an arm of America's defense against everything from drug trafficking, human trafficking, corrupt foreign labor, corrupt practices, act, you name it. It's an incredibly powerful tool, and I think most Americans, most American importers and exporters don't understand enough how powerful they are.
Doug Draper 7:58
Yeah, I had heard of right, the acronym, but I didn't really understand what it was all about until it emerged in an episode of Your Friends and Neighbors that stars John Hamm. One
Doug Draper 8:11
of the characters is on the OFAC list, I forget the guy's name that plays the character,
Pete Mento 8:18
James Martin.
Doug Draper 8:19
Yeah, Martin, that's right, yep,
Speaker 1 8:22
yeah, so anyway,
Doug Draper 8:24
when you brought that up today, I'm like, hey, I have a pretty strong idea what that's all about, so anyway, but you're right, it's gonna put oil into the, you know, the global trade, which is great, and to your point that you just made, well, I don't know if you made it this clearly, but is it going to show what am I trying to say here? Weaken our position or our sanction credibility? I don't know the fact that's coming from OFAC, maybe not, but you know those two things are pretty big concessions, so I'm worried about what that looks like on the negotiating table.
Pete Mento 9:05
They could turn it right back on as quick as they turn it off, but
Doug Draper 9:09
very true.
Pete Mento 9:10
I meant to say, Doug, proof yet again that the set the universe revolves around Kansas. Jon Hamm, the star of that TV show, very proud. What would you say? Kansanite, I don't know.
Doug Draper 9:23
Well, Kansan,
Pete Mento 9:24
Kansan, very proud Kansan himself. Very proud of the fact he's from Kansas. Yeah, so the world revolves around Kansas.
Doug Draper 9:31
That's right, it does. It is the center part of the United States. So, well, all right. That brings us to halftime, brought to us by Cap Logistics. As we say every week, we wouldn't be doing the show without them. We're very grateful and appreciative, and check them out at Capital logistics.com All right, Pete, let her rip. You want to go first?
Pete Mento 9:51
Yeah, I don't want to go off on a rant here, Doug,
Doug Draper 9:53
but you were going to,
Pete Mento 9:55
but I'm going to first. I want to start off in the inequities. Father's Day versus right, so, so, Doug, would you say that you had what you consider to be a perfect Father's Day? Spend time with your kids, went for a hike, and then had some time to yourself.
Doug Draper 10:13
Yeah, I'd say it's not about perfect, but pretty gosh darn good.
Pete Mento 10:16
Yeah, and you know it was kind of a good reflection on what it is that you want, you know, some time with your children, maybe a little tiny bit of appreciation for for what you are as a father, and then some time to maybe have yourself reflect, you know, maybe be left to hell alone for a few hours. That's pretty much, I think, most men that are fathers would say pretty good fathers. Let's talk about Mother's Day. Mother's Day is a 24 hour celebration of the wants, needs, desires of mothers everywhere, and it's rarely enough. Here's a great illustration: walk into any steakhouse in America for lunch on Father's Day, you're going to get a table walk into any big brunch place on Father's Day. Hey, can I get a table for 45 right now? Happy Father's Day, you and all your kids. No sweat. Walk into Wendy's on Mother's Day, it will be jam packed. There is a higher expectation that the fair sex has demanded on the celebration of motherhood. So, Doug, I think we should take it back. I think that we should, we should take back Father's Day, that we should put some, some real expectations on the way that we are treated and what is expected of our children and our spouses, baby mamas, whatever it is, so that that day perfectly reflects what it is that we want most men being to be left to hell alone. We end up cooking, that's a, it's a trope, right? Father's Day, breakfast is breakfast is cooked, or lunch is cooked, or you're at the barbecue cooking everything. It's another day of service for these, you know, little mongrels that we've had. I think we should take it back in the second rant, this gets me every year, Mother's Day and Father's Day. If you have a pet, you're not a parent. If you are, if you are giving an animal safe harbor through this scary world, good for you. I'm all about animals' rights. You're basically raising livestock in your home without selling, so if your pet makes you a dad, then every rancher in America has 1000s and 1000s of children that they send off to slaughter every year. I've had enough of it. I think it's ridiculous. I'm sorry you don't have children, but your pet is not a child, and I will die on that hill. It's not the same, Doug. It's not.
Doug Draper 12:40
I'd agree with you. I don't come across that very often, as far as pet owners celebrating either Father's Day or Mother's Day, but obviously you have
Pete Mento 12:53
what got me yesterday with the people I know, like friends of mine who are on Instagram and X Twitter, whatever the hell it is, saying, you know, no Father's Day for so and so, because he's not much of a man, and all this other crap. Wow. Okay. All right, that's super, super mature of you. The man is a father, he deserves some degree of respect, and maybe if you treat him a little better, I don't know. I think being a father more seriously than anything else in my life. My daughter is my greatest accomplishment. I love her ceaselessly, and to have a day with her to celebrate the fact that her mom was dumb enough to marry me for a period of time, and we could have this child, I think, is a beautiful thing. But the fact that fathers are not as revered as much, you know, in Japan they have this grandfather's day, grandparents, another one, like, why don't we celebrate that the same forever that we celebrate Mother's Day? I think that grandparents are also.. it's that's a bigger problem. See him on a rant now. The fact that we don't have the same level of respect, love, and care for elderly in this country. You want to make me happy, dude? Sit me down in a bar or pub somewhere, someone's got stories. Old people have stories. I'll listen to them all day.
Doug Draper 14:00
Yeah, good. All right. Hey, I'm going to do a little quiz. I did this once before, and you did a pretty good job, so I'm going to fire it off again. Are you ready?
Pete Mento 14:11
Why am I always the one that has to answer hard questions on this show?
Doug Draper 14:13
Oh, these aren't hard, these aren't
Pete Mento 14:15
hard questions. It gets, it
Doug Draper 14:17
gets perspective. Your questions, you know, our audience is like, "Wow, that Doug Draper guy is, he's pretty whacked out based on some of the responses. So, this is just more - it's a prompt to get your take on it as well. So, I'm going to ask you a question, then I'm going to get your feel for it. All right, so here we go. America's favorite board game. I'm going to give you four choices. You tell me which one is America's favorite,
Speaker 1 14:41
okay,
Doug Draper 14:41
checkers, chess, Monopoly, Scrabble, Scrabble, submit. It's actually incorrect, it's Monopoly.
Speaker 1 14:52
Okay, only 5%
Doug Draper 14:54
have said that they've never played Monopoly.
Pete Mento 14:57
Yeah, Monopoly makes more sense, because you can play with more people. More of a family game.
Doug Draper 15:01
Yep, yep. All right. This one's a little bit of.. you've been following the news recently. So, on june 15, which country announced a social media ban for children under 16? Which.. what's that?
Pete Mento 15:15
United Kingdom. All
Doug Draper 15:16
right, yep. That was Sweden, South Africa, or India were the other ones, but the UK is correct, all right. America's favorite TV network. I'm going to give you four. You pick the favorite one of Americans: Cartoon Network, Comedy Central, HBO, or National Geographic.
Pete Mento 15:35
What were they again? What was the first
Doug Draper 15:36
one? Yeah, Cartoon Network, Comedy Central, HBO. National Geographic.
Pete Mento 15:46
Gonna go with HBO. Two of them, I don't think exist anymore.
Doug Draper 15:52
That is not correct. The Cartoon Network.
Pete Mento 15:55
Wow, we are idiots.
Doug Draper 15:57
Yes, yes, we really are
Pete Mento 15:59
idiots. Okay,
Doug Draper 16:01
yeah, yeah, all right. This is another one, along with TV viewing. So, what was the most streamed TV show in the last month? Most streamed TV show in the last month, Bluey. Not really sure what that is, The Boys, Man on Fire, or running point. I'll see him again, real quick. Bluey, the boys, man on fire, running point.
Pete Mento 16:28
I love the boys, but there's no way that that was the most done. I'm gonna say bluey. It's a children's show. It's available on, like, Netflix. Kids go wacko for it. So I'm gonna say Bluey.
Doug Draper 16:40
You should have gone with your first one, my friend. The boys,
Pete Mento 16:44
do you know what the boys is a show about what if superheroes weren't always such good people?
Doug Draper 16:51
Yeah,
Pete Mento 16:51
it is ultra violent, has tons of sex in it, but I think that's incredible. I'm happy for the comic book creators that came up with it, because they probably got paid, so that's great. You wouldn't like that show.
Doug Draper 17:03
No, I've.. I get the premise of it. So, 158 million views in the last month. All right, my friend. Here's the last question. Then we can get on with this show. Over the last few years, a third of the counties in which state have voted to explore the idea of forming a 51st state. So, basically, which one of these four states is disgruntled enough that they want to separate, not from the US, but separate into two different states in there? That makes sense.
Pete Mento 17:40
Yep. Go ahead. All right. Here's the four: Alaska, California, Illinois, Texas. See, three of them are very plausible: California, Illinois, and Texas. I'm gonna say, I'm gonna say Texas.
Doug Draper 18:02
Now that would be seceding from the union. It's actually Illinois.
Pete Mento 18:07
Illinois, yeah, they've got big financial problems.
Doug Draper 18:10
Yeah, it's
Pete Mento 18:11
mostly caused by Chicago. So, I could, I could see people in Illinois saying maybe we should try to back away from this and not be Chicago. The city of Chicago's financial, they're in worse financial straits than most countries. They have, they have a not only a declining GDP, but a rapidly negative one, like they are not good. But the same can be said for California, but their issues with LA and San Francisco, their retirement plans. But Texas, yeah, you're right, like city from the union makes more sense. Yeah, I can see Austin saying we want to be the state of Austin.
Doug Draper 18:46
Yeah, keep, keep Austin weird, but yeah, so basically Illinois wants to separate from Chicago. That's basically it. It's kind of north and south, it's get rid of Chicago.
Pete Mento 18:59
Yeah, let them deal with their financial ruin. I mean, people have talked about what's going on in New York with the balancing of the budget, but they neglect to mention that $4 billion necessary to do that came from surrounding cities all the way to Buffalo, so they're paying to try to make that a more successful city. But yeah, it's incredible. I can see that happening before, by the way. Love Chicago, I don't want to be.. I want to, anyone that watches this show needs to know one of the best cities in the world, absolutely love it, and I don't want to cast any dispersions on such a wonderful place.
Speaker 1 19:29
Yeah,
Doug Draper 19:30
good town, good town. All right, well, that was halftime. Cap logistics made it happen. We appreciate them. Check it out, Cap Logistics,
Pete Mento 19:38
Doug. I'm going to give you questions next week, like what's the fourth star in the Constellation?
Doug Draper 19:44
You certainly can, you know. There is no, no shame in answering the wrong question on this show. So, bring it.
Pete Mento 19:52
Do you know what my halftime was almost about? But I didn't think we'd have enough to talk about they're bringing back the fried apple pie at McDonald's. I saw
Doug Draper 20:01
that I saw that
Pete Mento 20:03
those things when I was a little kid. My mom and I would split one, you would have thought she was handing me heroin. I love much, and yeah, were they hot? They absolutely were, but boy were they good. I bet there's probably 40 grams of fat in one of those things. Yeah, but man, were they awesome. So let the lawsuits recommence for the stupid people,
Doug Draper 20:23
and they were, they were hot. You took a bite because, as a kid, you didn't know any better. You just took this massive bite, and then you would spit half of it out on your plate, because it was so hot.
Pete Mento 20:34
And then I'd wait for it to cool down and eat another bite. I love those things, they were fantastic. So, yeah, it's too bad if I ate one, I'd probably throw up on all these meds, but damn, those things were good. So, Doug, yeah, like childhood things that we wish would come back that we don't have anymore. That's definitely one of them. That's
Speaker 1 20:51
one of them. All right,
Pete Mento 20:53
cool. You're up,
Doug Draper 20:55
me? All right, I'll fire away. All right, so I saw a lot of news in the last couple of weeks, or actually last couple days. Mexico cross-border logistics is really growing, and it's more not very surprising, but it's more about integration, not just the transportation, so it's not transactional anymore. Hey, we have a truck that goes over the border. Hey, I have a broker that can handle the entry. Hey, I got a warehouse that can do that. So, a lot of companies I read that Echo, Uber, Red, I'm looking down here, Redwood, C. H. Robinson, Ryder, Geodis, RXO, you know, it's these guys are like, hey, we're doing a turnkey solution, right? The one thing I noticed is that even though this is getting hyped, most of the names I just mentioned are non-asset,
Speaker 1 21:54
all right,
Doug Draper 21:55
so it's not a vertically integrated system, so they're kind of spinning on people and technology and carrier networks, not necessarily their own trucks, right? So, yeah, that's fine. People broker, we talk about the benefits of non-asset-based all the time, and as long as you can share information, I don't care if my package comes tomorrow at noon, just tell me where it is, so I can expect when it's coming right, so I don't think the average business really cares if it's an asset base, as long as the communication and compliance is there, but you're not seeing a lot of the assets going in there, it's all the brokers that are leveraging what's down there, right, maybe a warehouse, maybe there's some real estate that people are pulling on, but it is becoming more and more popular. The one thing that may have an impact, and I was trying to figure out if it was positive or negative, but it just going to have some type of play in it, is that on July 1 the USMCA is doing their first mandatory trilateral kind of gathering, you know, where Canada, US, and Mexico get together, and you know, I'll let you comment on this specifically to this, this review, but the way I understand it is, if you do the review, it's a six year since USMCA came about, they check the boxes and make sure everybody's happy. If everybody's in agreement, then it auto renews for six months, or excuse me, six years, and then they'll do another one after that. And I think that the program is aligned to have a total life expectancy of 16 years, but if things go south and everybody's not in agreement, then it kind of flips to a year to year to year type of management thing, so I don't know, obviously the big players and all the companies I just mentioned are smart, massively large logistics companies that are really going all in on providing complete North American logistic services, not just transactional. I can help you a little bit on the way. Obviously, those companies are not too worried about any pivots related to that review.
Pete Mento 24:13
So, you're right on your numbers, right? So, we're at the six year renegotiation. If the parties can't come to an agreement, then it goes to a 10 year wind down, where they have 10 years to sort of undo everything, and that's what most people are worried about. Is US has made it clear we're walking away, we don't get what we want, you know, we're taking our toys and we're going home. And if they were to do that, you need a long period of time to try to readjust based on new bilateral agreements, which is the most likely outcome if that were to happen, is it just posturing? I don't know, buddy. You know it might be, but the fact that there's so many companies that have become the evolution, the escalation of their services after start to USMC into now, Mexico has become. Juggernaut, and with that has come a lot of Mexican companies, not just US, but Mexican companies and US companies, I suppose, that have learned how to navigate the complexities of crossing that border, everything from the cross docking that happens in those big warehouses at the border, using different assets, dealing with the very real concerns about liability and theft along the whole area, it's become such a critical part of the American supply chain. I'm not as worried about Mexico as I am about Canada. I think Canada and the US have really come across some nastiness, and now it looks like the Canadian Mexican alliance to try to negotiate against the US is failing. Mexico is starting to really, they know they got a good thing, they want to keep it that way, but these companies that don't have assets, they can adjust with the winds. That's what makes non-asset transportation so fascinating, is the ability of them to weather the storms, because they don't have a ton of money tied up in hard assets. In difficult times, like in Covid, wasn't so great, you know, but the world isn't always like Covid, thank God. And we're able to manage it a little bit better, so smart move, smart financial moves by them being able to flex as the market needs to flex with them, even in trying markets like this one. But you're right, Doug, these next couple of months we're going to find out if this thing's unwinding or if it's going to strengthen, I hope it strengthens, but my expectations.
Doug Draper 26:24
Yeah, good points. All right, bring us home on this edition of Global Trade this week.
Pete Mento 26:30
So, mine is a mine's a little bit of, for you know, foreshadowing. It feels a little foreboding. Doug, the conversations I've been having recently with importers is that things that would have normally been overlooked by CBP are not being overlooked anymore, that the level of nitpicking, the persnickety behavior by certain ports, by the centers of excellence on following the letter of the law of doing precisely what you're supposed to. I don't care if we've always done it this way, this is the way the rules say it's really bubbled up to the top. An example of that would be making sure that the values on your manifest directly match the values on your invoices. Nothing in the rules say you have to, it's just that's the way we've always, we've always been able to kind of get around that, round up, round down things in manifest and invoices might change a little bit, currency fluctuations, etc. Customs isn't having it, and this is a direct result of customs fine-tuning their ability to target using artificial intelligence, making those algorithms better and better over time, and sharper, being able to identify things that they wouldn't normally, and we're in a new period of dealing with CBP, where they expect extreme compliance to their regulations, and they have tools now that make it easier for them to make that expectation on themselves to enforce, and therefore on you to do the right thing. So this is going to become a time of real focus, real real time and energy that the importers need to make to make sure the earliest parts of the transaction are perfectly correct, and that everything is reflected in the documents. The ironic thing, Doug, is that that expectation has always been there. It's just the people that have been enforcing it have not been as focused on it as maybe they have in the past. So, if I can give anyone any advice right now, it would be to spend a little more time looking at the front end of what you're doing, because the back end is definitely scrutinized by CDC.
Doug Draper 28:25
Yeah. Oh, and do you think it's coincidental that it's during the time where they're trying to give all this money back to us businesses? Right. Hey, we developed this technology. Here's the real rules you have to follow to submit your refund, and, oh yeah, now we're really going to follow the letter of the law to make sure things happen, so it's easy to justify when I reject your refund. Well, you know, we're now doing it over here. We really should have always been doing this, but now in review, sorry, we're not gonna give you your money back. So I think there is normally I wouldn't have said this a year ago, but I think that the timing is not coincidental, and I think it's a justification to avoid paying some refunds that have started. So anyway, that's my take on it.
Pete Mento 29:22
I'll take it a step further, Doug. I think that the desire to make sure that we're getting all the revenue because of the new tariffs probably forced customs to get better at targeting. So that was the first step, and then as they were doing that, they said, well, you know, let's keep this money and let's make sure if we have the tool already, and it's showing us this stuff. Let's make sure we're enforcing great too. So, I think all this was begat by CBP saying, 'Hey, we have to get all the revenue in. We're under extreme pressure from the White House, Treasury has expectations. Let's make sure that's right. And then it turned into, 'Wow, well, you know, we're getting sharper and sharper in our focus.' Not gonna be damn sure that we're, we're getting all the data that we need for fines, penalties, and forfeitures. You're right, there's, there's probably a piece of this as well that goes to, you know, keeping all the money that we can, or replacing it, fines and penalties, because we're given so much of the damn money back. So, I think, you know, in the mix there, that's a part of it, and I think it's a real one. What I don't think is going to happen is, if we have a new executive, that this is going to change. I think this is the new way moving forward. I think it's a good model for all law enforcement. I think you're going to see this used in taxation, this used in state, local parking, you name it, right? If you have that much data, it can help you to better target enforcement. I think we're going to see this across all levels, not just a
Doug Draper 30:41
customer, good point. So that side hustle you have, Pete, where everybody pays you with Venmo, and then on your tax return you say, did you generate any revenue through Venmo, and you say no. Just be careful, be careful.
Pete Mento 30:56
I wish I had something to sell on Venmo, buddy. I got nothing.
Doug Draper 30:58
Yeah, yeah. All right. Well, that brings us to an end of this week's edition of Global Trade. This week, Pete and I cannot thank you enough for joining us every single week. We appreciate your support, and as always, you know, make some comments about the show. You guys are idiots with it, you don't know what you're talking about, or, hey, do you have this perspective on this topic? We would welcome any of that at any time, and until we speak again, Pete, which should be next week. Have a wonderful time in the swamp, and I'll remind our viewers that if it's happening in global trade, we'll be talking about it on global trade this week. Take care. See you, buddy.
Unknown Speaker 31:34
Bye.