Global Trade This Week – Episode 202
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Doug Draper 0:00
Doug, you're watching global trade this week with Pete mento and Doug Draper, hello everybody, and welcome to another edition of global trade this week. My name is Doug Draper, and I am awesome and excited to be back from a little vacation last week. But more importantly, is my partner in crime, Mr. Pete mento, who has an amazing looking shirt on. And I'm kind of not even sure where he is as of today. So Pete, first of all, good to see you again. Tell us about your shirt there, and where does this podcast find you?
Pete Mento 0:38
Well, today I'm in our Boston office, DSP Boston office in which is not actually in Boston. It's in East Boston, which is an entirely different town, but yeah, right by the airport, Logan Airport got some meetings today with clients here in the branch, and I went to the Red Sox game yesterday where they won their 10th in a row. It was wonderful. So it was, it was a good weekend. So my daughter went and saw Superman. I cannot recommend it. I know you weren't going to watch it anyway, buddy. But for those, those of us out there that are comic book guys, I cannot recommend that movie. It really let me down.
Doug Draper 1:18
Hey, Pete, let's rewind in time here, when I got married eons ago, we flew into Boston for our honeymoon, and we went up to Cape or bahava, and it was right during the Big Dig when they were dropping everything underground, and there was some controversy with the contractor, and there was water leaking and all that kind of stuff. I'm assuming, all that was taken care of, but was there any more on the district? Just a couple of leaks and go do some patch repair, or what?
Pete Mento 1:46
Doug you trying to get me shot, talking about the Big Dig, and then the contractors and how mobbed up it was, because they'll find me, you know, buried, buried next to Jimmy Hoffa, no, it's all done. The big digs done. The problem we have with the Big Dig is traffic grew faster than the relief of the big dick. So it's it's helped. It's nice. There's parts of it that are really great, but this city has just grown so much. It's like Denver, you know, you can't the construction projects didn't have in mind that we were going to have so many more people here. But I do miss it. I miss Boston.
Doug Draper 2:20
I miss living project in Denver years? Yeah, nice, yeah. The big thing in Denver was T Rex that was opening up the south side of Denver. And the second, you know, it was, I don't know, three years, and the second it was done, they're like, well, it's not big enough. So totally get that. But anyway, we're not here to talk about road construction. He we're here to talk about global trade specifically this week. So why don't you get us started? Man, you've got some good topics. I want to hear them and make some make some comments.
Pete Mento 2:51
Yeah, so right now, in Washington, it feels like the United Nations, like there's a general assembly. There's so many people that have come in to negotiate trade deals. So India is in DC, Mexico, Canada, Europe's in DC. Japan will be coming this week. Korea will be coming this week. And it's really in the face of these tariffs going wild on August the first so you're just seeing this negotiation Palooza happening right now, which leads most people who follow this to believe that these are really just threats, these massive tariffs of 30 some odd 50 some odd percent are really just threats, and the intention is to get them to a much lower degree, where the President has said he wants them to be between 10 and 20% depending on the country. So we should start seeing some news about some of these countries, because we're running out of time, you know, August the first is fast approaching, and we only have so much time to really negotiate a new deal. The ones that are likely to be announced this week are certainly India, who, I guess, is very close. And then we could get something about Canada and Mexico, which would really make people feel a lot more comfortable and confident about what's going on with trade. Because right now, you wake up every day and it's changed. Does a 180 it's almost like Washington's trying to kill me right now with all the changes that are being made. So negotiation palooza. Is this really a negotiation tactic, or is the President serious about these 3040, 50% tariffs?
Doug Draper 4:20
Yeah, it's interesting. You mentioned that because it jives well with with my topic. So I'm just going to answer and comment and then reply with some things. But yeah, it's almost like the process is more important than the outcome, right? It's here's what's going to happen, and I guess that's what you do in negotiation. Negotiations. You shoot high and and you work your way down a little bit. But the I heard this the other day, Pete, the uncertainty tax, the tax, the metaphor of the uncertainty is as damaging as knowing what the heck is going to happen. You just can't strategize. With uncertainty, you know. And like you said, who knows? August 1 may common and come and go and it'll get kicked out to January 1 or September 1 or whatever. So I'm just getting the vibe that people are starting to not believe deadlines. I think companies are starting to say we have to make decisions for the best of our company, regardless of the lack of information, because if we're waiting for information and closure, it just doesn't seem to be happening. And so the uncertainty tax of what's transpiring, I think, is going to become to the forefront, and we're going to hear more about that. But I think, personally, Pete, to your point, throw a number out there, send a letter in the mail, and hope the postage is the right amount to get to another country, and then make a post on social media, and, you know, see what falls out. So it's going to be a very interesting and busy July, for sure. It is. You
Pete Mento 5:58
know, people have this irrational idea that I know what the hell I'm talking about, and I generally I don't, right. I'm just reading the tea leaves and talking to people and that uncertainty tax is a great way to put it. Doug, you have clients that are either importing or clients of mine that are exporters overseas, and they're saying we can't make long term decisions. So what we end up doing is we just go high we think of the worst possible outcome, and we start with that number because it's easier for us to walk it back six months from now than to end up in a position where our profit margin is just shot because we didn't have what we needed to get it done. So that uncertainty tax is driving huge decisions, huge decisions by importers and exporters, huge decisions by ocean carriers about what kind of volume are we really going to see. And I got to again, I hate giving them credit, but I do it again. They've done a very good job of positioning themselves for change, and end up making pretty good money when that change happens. So I have been watching them a little closer as a bellwether for what's actually going to happen. But that uncertainty tax Doug, it's, it's wrecking the global economy. It's bringing, it's bringing so much uncertainty that you're starting to see people not order things, not buy them, to bring them into the country, to put them on shelves, and saying, we're just going to wait, because we can't, we can't take the worst case scenario, build it into our model and expect to make money with these imports. It's really scary time. Doug,
Doug Draper 7:22
yeah, yeah, the wait and see model. You and I spoke about this, gosh, back during in April when, when all this started, Liberation Day. I think it was April 5, April 6. That was but we talked about how people are going to wait. Let's just wait and see how things settle out. Nothing settled out. You can only wait so long, and certain companies are I mean, I truly believe that smaller companies being up in a small, remote town up in Colorado, you'd be like, it's not worth it. I'm just shutting it down. Now, large companies aren't necessarily going to do that. But to your point, I had not thought of the idea of just shoot as high as we possibly can with the contracts we have with our with our manufacturers and customers, and it's easier to come down I don't know. Something's got to give. And the uncertainty at some point is you can't wait forever. You got to make some decisions. So interesting,
Pete Mento 8:16
at what point to Chinese manufacturers should say we're out? You know, when a fox con maybe says we're just going to stop manufacturing in China and we're going to move it to Mexico, because that seems like a more a more predictable model than what we've got going on right now. And is that really what Washington wanted? That uncertainty to drive decisions to move production. It's not coming back here, but it might come to a, you know, friends, friend shoring opportunity for one of these other countries that we have a better political relationship with just, I mean, it's only been what? Four months, at least four months have just been hell for importers. With all this lack of certainty. It's been awful.
Doug Draper 9:01
Yeah, do you think there's companies? Pete, it's just popped in my mind, and obviously you're well versed. Do you think companies are going to be like, You know what? I'm just going to downsize my operation, and I'm not talking about US companies. I'm talking to your point about factories in China be like, You know what? We're just going to focus on the rest of the world, and until things settle down in the United States, we're just not going to sell to them, and we'll cut our staff by X percent, and we'll sell to the rest of the world. You think that type of mindsets out there with some of the factories? Yeah,
Pete Mento 9:35
that's the rhetoric Doug, you know, out of China is we don't need to sell to America. We'll take our profits and sell to the rest of the world and right size the business so that we can do that, and when things change, we'll be here and ready for it. It's America that will suffer as their opinion, because paying more for production of things around the world. So we'll do whatever we have to do to remain healthy, and that might mean focusing on Europe, focusing on the rest of the pack in Asia. Indian subcontinent and not being so focused on providing these goods for American consumers. So the question is, Doug, are American consumers going to start buying less too? If that's the case, then it was a really good bet, but I don't know. We love to buy crap. Doug, it's going to be hard for me to sign off on that.
Doug Draper 10:18
Yeah, yeah. I don't think we need I don't think your kid needs $30 maybe three, right? I think that's not the line,
Pete Mento 10:24
yeah. Do you need 20 pairs of Air Jordans? That's the other line, right? Yeah. So well that that brings us in a hard, hard hitting double team. First two topics to I'm very excited for halftime this week because Doug has stumbled across something that I'm very energized and excited about. So Doug, why don't you go first? Because you have a kick ass topic.
Doug Draper 10:50
All right, cool. Well, this came to light probably two weeks ago, and I'm talking about the savannah bananas, also known as banana ball, right? It's sweeping across the country. So for listeners that may not be familiar with what the savannah bananas are, right? So they were this baseball team in Savannah, Georgia, and I did a little research, they were part of the collegiate summer coastal plains League, right? Like, that's a juggernaut, and this guy named Jesse Cole bought him, and he basically said, We got to get butts in the seats. And so we're going to flip this thing, and we're going to make sure that it's fan friendly, and it's all about entertainment. And this guy's stick is he's got, like, a bright yellow full Tux with tails that he runs around with. So anyway, it's been it's morphed. And so that's the origin story Pete. And you know this, so I'm just going to fast forward to what it is right now. The easiest way to explain to our audience is that think of the Harmon Harlem Globetrotters playing the Washington generals when it's a four team league that they've created, right? So I think it's the firefighters, the party animals, and that's it, firefighters, bananas, party animals, and they're basically a world tour, right? So they got these four teams, they're going all over the country, and they're doing these kind of exhibition games, and they are selling out major league stadiums. They're at Fenway a couple of weeks ago, sold it out. Sold out Fenway. They were at Nationals Park out of DC company. Sold it out. They're coming to Coors Field, I think in mid August, sold out. There's 50,000 people there, right? And so it's a hybrid of entertainment. So here's a couple things Pete just to have our audience give perspective. So the game is two hours. It's a clock, and it just counts down. They don't do endings or runs. They do points, and if a the batter can't leave the batter box, right? He can't step out if they hit a flat a foul ball and somebody in the stands catches it. It's determined as an out. Yeah, right. I saw a guy whenever they were playing. I think it was Fenway. The dude rolled up in stilts. He had stilts on and he was swinging the bat. They had a guy in the outfield miked up, you know, not after the play or before the play, like, literally, while he was playing ball, and he had to stop, and he did a backflip and caught it bare handed. And this, this is, it's amazing. I've watched it. It's on ESPN, Saturday night, 7pm local time, wherever they are, and they're just crushing it. I mean, I haven't sat down and watched a baseball game or banana ball in years, right? And there I am with some friends, and we're cooking hamburgers and hot dogs and got some beers, and we're watching two hours of baseball and laughing. Last thing I'll say, Pete, is there was a race that they had where they had two moms that went, they had to run the bases. So home plate to first base was a sprint. First base to second base. They grabbed like a target bag. So now they're carrying a target bag from second base to third base. They grabbed a cup full of iced tea with one of the one of the straws, and then on third base to home plate, they had their kid jump on their back, and they are running with their child on their back, a grocery bag and a cup of tea. I mean, just crazy stuff like that audience, you know, the the spectators, and they go crazy. I mean, it is phenomenal, right? I'm having so much fun watching it, so I know you know about it. So what some are your takes on it?
Pete Mento 14:48
Well, I've been called a baseball poet before. Like, I love the romanticization of the game. I love baseball. I was at Fenway yesterday, sold out crowd, just, you know, elbow to elbow, people every. Everywhere they won their 10th in a row. It was nothing, apparently, compared to the crowd for the banana ball for the savannah bananas game. So I guess if they sold another 3500 standing room seats, then they sold for yesterday's sold out game. I can't imagine that many people at Fenway. And if you wanted to buy tickets on the secondary market, you were paying two, 300% more than face value, because people bring their families, they bring their kids, and the kids can sit there for two hours and watch a highly entertaining is it baseball, sorta, right? Is it like the Harlem Globetrotters, kinda but what I think they've done is they've they've seen what people want to see, especially little kids, and it's really created this grassroots movement of people who want to go watch banana ball they play at the football stadium in Clemson and sell it out. I want to say it was 100,000 people Doug that came to a baseball game. Can you imagine that? Wow. The guy, the guy who owns it, has people with video cameras walking through the crowd, and he's gaging the response to the stunts. So the guy, you know, doing a flip and catching the balls like, Wow, that really went over. Well, let's put more of that in the show, or they love the race that we just did. Let's make sure we do something like that again. So he's learning from the crowd's reaction to things and building off of that. Because he wants people to come to more than one game, you know, he wants them to come to another game and be equally entertained. So you got to keep changing the script. One thing I really love about it Doug is they bring in these old time and all stars. So here in Boston, they had Johnny Damon throw out a pitch. They had Bill Spaceman Lee throw out a pitch. These are beloved Boston, Red Sox, and for people to see them come out. And the pitch was live. It counted, you know, accounted for the game, and they had these guys come in. The fact that they're looking at the rules of what I will admit, as much as I love it is kind of a stodgy game, but they're still making it so much fun. And anything you can do to get kids in 2025 to want to watch a live sporting event instead of playing their Xbox, I am 100% in for So one more thing I'll say about the banana ball games. It was, it was widely reported that there were no lines for beer. If you wanted to go get a beer at Fenway, you could just walk right up and order one, but if you wanted popcorn or you wanted a soda or a lemonade, you'd be waiting a while because there were so many kids there. And the lines for the men's rooms were very short, but the lines for the ladies rooms were insane because so many moms had come, and they brought so many kids. Doug, I love it, and I There are a few business owners in America that I support more than this cat. I really love what he's doing, and I hope he makes a gazillion dollars doing it.
Doug Draper 17:37
Yeah, yeah, the comment you made, then we'll jump into your halftime is that, the fact that there's so many kids interested, it's two hours, and they're there, engaged in a live event, and not looking down at their rectangle and playing playing games. I mean, you nailed it right there. If you haven't seen it, you have to go check it out. I think they do every single game Saturday night on ESPN or ESPN two. I think it is seven o'clock, wherever local 10 is, but anyway,
Pete Mento 18:06
so Doug. This includes soccer. This includes all the global games. Their social media, I believe, is the most watched sports team on Instagram. I think that more people watch their social media and their clips than any other sports team in the world, because kids want to see what happened last night, what kind of crazy crap those guys were up to. So if you're on the if you're on Instagram, go check out there. Yeah, I can't, I can't say it enough. They're just, it's wonderful. So my topic, Bud is a little bit different. Maybe they'll find, yep, they'll find a what you
Doug Draper 18:41
said. Maybe they'll find, well, maybe they'll find a podcast that can talk about, maybe they could find a podcast that talks about banana ball and do a sponsorship,
Pete Mento 18:48
yeah, hey, they can come on ours. We'll have many time. So my topic is a little bit different. It's summertime, and I have a lot of friends and family that come to DC to visit. They take their kids to go visit the monuments. They take their kids to, you know, come to the museums, and it's a great thing to do in the summer. It's free. There's practically nothing in DC you would take your family to that you have to pay for, like the Smithsonian. It's a great vacation for a family. And I am never home, buddy. I'm never home. I'm always in some Marriott with my finger up my nose watching Netflix. So I let people stay at my place. That's different. Someday, when I moved to Maine Doug and I have my house, I know people are going to want to come stay with me. I get it okay, but I have, I have very strict rules on how long you can come on a vacation and stay with me. It's around 72 hours after three days. I don't care where you're going, but you got to get the hell out of my house. I've had it, right? I'm happy you came. We've had a wonderful time. It's time to fucking go, right? So I, I'm thinking about making key cards like a hotel. So if you, if you come to the front door and it's not working, hey, there's a hint you stayed too long, or. Right? It's different if you've got someone staying with you, because they need a place to stay, like I did with my friend whit. I stayed at his house for damn near a year. That's different or so I'm trying to get at Doug is, should there be an understood number of days between friends on how long you can come visit? And then, second of all, are there different tiers? So like, for family, did they get extra days because, you know, you share DNA, or it's pretty much everyone it's been three days, leave your key card and I'll send you a bill for damages.
Doug Draper 20:35
Yeah, it's actually a good, a good topic. And when you were saying that, I'm just picturing that Nick Saban. I don't know if it's for, oh yeah, the RTO, where he's like, it's not three o'clock, and they're like, it's 255 he's like, exactly. So I was, I was thinking of that when you were making your statement. So I guess first of all, tears, yeah, family versus friends, absolutely, there has to be a tier. But I think regardless, there just needs to be a definition and clear understanding of of how long you stay in. You know, hey, come out for a long weekend. 72 hours. I love it. We had some friends in a couple of weeks ago, it was 72 hours, and we're like, hey, it's, it's time to go. So different tiers for sure, but just set the right expectations, but I love your key card idea, right? Hey, that the gigs up, man. You, you gotta, you gotta hit the road. So, yeah, different tiers, but just make sure the expectations are set. Then,
Pete Mento 21:33
what's that? Check out. Time was noon. Gotta go.
Doug Draper 21:40
Yeah, yeah, exactly time to time to hit the bricks. Late checkout cost you money, so Yeah, crazy. Have you had a recent experience? Pete, is that why you brought this up?
Pete Mento 21:52
No, I just been thinking about it, right? Like, I love having my friends come visit me. I don't want to make it sound like I don't, but there comes a point where you gotta go, right? I got a small apartment, and you know, what if i What if I want to watch reruns of of ALF in my underwear? You know, I don't need people around all the time. And when you have a job like ours, where it's 99% interacting with people, your alone time becomes pretty important to you. So I'm very I had a friend of mine come to visit me once from England, and she ended up staying at her place for like, three weeks. And after the first week, I was like, How much longer do you plan on being here? And she's like, well, you know, I'm gonna be traveling around New England, so maybe I could check in. I'm like, I need a date. I need a date because there comes a point where you just gotta go out. And she gave me a date, and she stuck to it. Thank God, but yeah, I'm just too ornery, like that. Doug, too ornery. Yeah, yeah. So that's halftime
Unknown Speaker 22:52
and with you. But then start with Yeah,
Pete Mento 22:55
yeah. So halftime with CAP logistics, we want to thank them for their never ending support of the show. To learn more about capital logistics. Check them out@www.caplogistics.com so my second topic, Douglas is about tunnels. There's been a lot of great videos recently of the tunnel system that Mr. Musk and the boring company built in Las Vegas. And these are tunnels that go from very popular parts of the city underground, and you're able to get from place to place very quickly. There's not a lot of traffic there. And it is his opinion that the way that we deal with gridlock, aside from automated autonomous cars, is we start building roads underground. We build them underground, and we build them so that there are two sets of roads underground. There's ones for trucks and commercial traffic, and there's ones for people. And this will free up a ridiculous amount of real estate above ground to do other things with, namely, use those existing roads to create a rail network, which makes a lot of sense to me. So are you in or are you out Doug on tunnels?
Doug Draper 24:05
You know the answer to this one? Thank you. I already know I would think our I think, I think our audience would know. I think it's just madness. It's crazy like I don't it's it does. Well, okay, so I gave a little bit of thought to this one. Pete, so first of all, the cost is going to be astronomical, right? Just astronomical. And then you got to figure out what's the return on investment, right? So huge cost. There's going to be regulatory hurdles. I don't want this going underneath my property. Who's in charge of what? It's unchartered territory. It's going to get regulated and and slowed down as far as moving forward. But the other thing Pete is that freight is not flexible, right in the way I understand it is. It's as far as Musk says, it's going to be like these small electric. Sleds that are kind of zipping around, right? So, what happens when there's a piece of cargo that's out of gage ocean container? What's the weight? What's all this stuff? Like, there's no flexibility with with freight? I mean, you could get anything you and I could tell stories all day long about crazy stuff that we've moved and stuff that we've encountered in our careers. And so, you know, it's not widgets, that it's just all over the place. And then the last thing I'll say, Pete is that urgent freight it's going to be so costly to build, you're gonna have to charge a mint in order for customers to use it, right? So that means it's going to be high value items that are somewhat urgent, right? And, and I'm going to a story that when I was working in the freight forwarding industry, there was a customer that their ocean container was in route from Seattle to Denver, and we were tracking it. This is, you know, got 1015, years ago, and there was some level of tracing at the time, and we're like, yeah, your train is kind of stopped in some place in Central Wyoming. It should get here in a couple days. And the customer's like, I don't care, get my container off the train. Like it's literally in a field on a train. What are you talking about? You can't just drive out there and pull the box off the train. And they were adamant. They're like, it's not my problem. You got to get my container off that train. So I bring that point, like, what happens if it gets clogged? And you're like, I got a super important shipment and it's underground in the middle of Wyoming. What the hell is that about? Dig a hole and get it so I don't know. I think we should just stay above ground, stop watching reruns of the Jetsons, and let's focus on what is built now and improve upon it versus creating something brand new.
Pete Mento 26:54
Doug, can you just dare to dream a little bit? Can you give yourself an opportunity to think about, you know this next level of civilization, must you? Must you bring it back to the worst case scenario?
Doug Draper 27:12
No, no, I won't. No, it's crazy. I think so. This is a kudos to you, and then I'll finish up with my topic. So we had some space discussion a couple of months ago. It may have been last summer, to be honest with you about space logistics, and I had the same general reaction to what I just did with the boring company. And you had this eloquent speech about the human passion and the exploratory need of humans, and, you know, the whole Star Trek mantra and all that kind of stuff. And I played it for my kids, and I ended up getting yelled at by my own children because they say, why don't you have a vision like Pete, you're just trying to squish and squash everything. So maybe I got it all wrong, Pete, but I just think it's unnecessary.
Pete Mento 28:08
Doug, don't ever change if you did this, show would suck. We would just sit here and agree about everything, and nobody wants to watch this.
Doug Draper 28:18
That's right, that's right. All right, man, I'm going to wind this thing up, and it's about, it's about parcel delivery, and kind of final mile where all these regional parcel carriers that consolidate on the last mile right deliver was one that recently went out of business, and there's a whole bunch of them that You've never heard of that says, Hey, we got this great network that we can tap into. And once you get it to us, we're in Denver, Colorado, and we can make the final deliveries cheaper than FedEx or UPS or Amazon. And conceptually, it was great, because just the explosion of E commerce continues, it will continue, regardless of the de minimis rule. And there were so many of these companies that were popping up, right? And there was VC money that was chasing it, just like it was post COVID, right? This is the cool new thing, and the market is just, it's saturated right now. It's too fragmented. There's too many players, and there's just a limited demand, and then you got the big three FedEx ups and Amazon that are coming in and basically just turning a little bit of a lever to pull their rates down. And so I think you're going to see a lot of companies going out of business. You may not even hear about them because they're so small and regional, but that industry is saturated, and the time has come and gone, there will probably be a few that will stand after it's all said and done. But these regional final mile deliveries, or first mile pickups, I think you're going to see a lot of those type of companies going out of business. We're already starting to see quite a few. So.
Pete Mento 30:00
Yeah, Doug, I think that there are three companies you just mentioned, and maybe a couple more, like DHL, right? They're really good at this. You made the comment one time that you imagine there's a room of guys with, like, adding machines and visors that just, you know, what can we do to shave a 10th of a penny off of this? And then they go and they execute that idea. And as much as I love innovation, man, we just talk about innovation, but as much as I love innovation in our space, sometimes you just have to give credit to the old guard for doing something super, super well, and then having the resources and the money and the people to continually make it better, so that it's hard for you to overcome that. And if they haven't thought about this disruption, that's better for the industry. I'm surprised. You know, I would imagine that, that they would have thought about it first and tried it first. So whenever it comes to final mile, and whenever it comes to small package, whenever I hear about some great new idea, the first thing I want to say to them is, did you call the small package folks up and ask if they thought of this before, and why they did or didn't do it, because there's probably a really compelling reason. I think I would invest 15 minutes on the phone to see whether or not they're doing it. Because if you've got a great idea, they're going to buy you, and if you don't have a good idea, they're going to bleed you for all the cash you got until everyone else realizes it wasn't a good one. So this is one place where I give the small package companies a ton of credit. They know what they're doing, and eventually everybody else ends up learning very quickly they're a pretender because of that,
Doug Draper 31:36
very well stated. I have no other comments to add to that topic.
Pete Mento 31:40
Look at us agreeing. Well, that's going to do it for the show this week. Doug and I are going to end on a positive note of agreement. And you know, we're looking forward to everyone being on next week. Please do subscribe. Do share it with your friends. I'm always pleasantly delighted with all of you telling me that you watch the show. Those of you that were very happy that Keenan was on last week. I'm not happy with you. You know, we need to limit his exposure to the fan base. We don't need him. We don't need him taking over for Doug and I anytime soon. But yeah, thank you to cap logistics for all they do to support us. Thanks to all of you for listening, and please do subscribe on whatever platform you watch or listen. And if it's happening in global trade next week, we'll be talking about it on global trade this week. Thanks. Doug.
Unknown Speaker 32:27
Pete, take care. Thanks, everybody. You.
Transcribed by https://otter.ai