Global Trade This Week – Episode 203
What’s going on in Global Trade this Week? Today Keenan Brugh and Doug Draper cover:
1:24 -Tesla Semi Factory Progress
7:30 -New LTL Classifications are Density Based
11:50 -Halftime
20:45 -Union Pacific & Norfolk Southern
24:04 -US Trade Policy Updates
As mentioned on the show:
Symbols of an Alien Sky, Episode 2: The Lightning-Scarred Planet Mars
https://www.youtube.com/watch?v=tRV1e5_tB6Y
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Keenan Brugh 0:00
Doug, you're watching global trade this week with Pete mento and Doug Draper,
Doug Draper 0:08
hello everybody, and welcome to another edition of global trade this week. Pete is on assignment, and so Keenan is filling in for us again. Keenan, I think this is your second time in two weeks that you've filled the slot, the void, if you will, in this show. So I want to say in advance, thank you very much. So how does it feel to be the stand in and your back to back weeks
Keenan Brugh 0:35
back? By popular demand? No, it feels good to be here. I always love learning from you guys, and it's great to be able to learn by also being ready to present. So, yeah, happy to be here.
Doug Draper 0:46
Nice. Well, I usually make fun of Pete because he's in some sort of hotel somewhere, but I don't think that unless you're like in a Motel Six, my friend, I don't think you're in a hotel room.
Keenan Brugh 0:57
No, no, I am in my home office here today. Have, yeah, so I am, I am here in Denver, Colorado,
Doug Draper 1:05
nice. Well, shit, I guess I shouldn't reference your house as a Motel Six. So my apologies. Well, hey, let's just get this thing started, right? We were talking about just jumping into it. So if you're cool, Keenan, I'll No wait, you're gonna do the first topic. Go for it. Yeah,
Keenan Brugh 1:23
either way, I'll pop in here with Topic number one. Something that caught my eye this week was progress on the Tesla semi truck factory. This had been announced a long time ago, but Tesla and surrounding accounts have now posted new videos and progress about what they've been doing at the facility in Nevada. So I think it's being built right next to the Gigafactory for the battery production. But they've while starting in 2024 now they have a stamping shop and powder coat material conveyance sections, and they posted a cool drone fly through, showing the progress of it, which just makes it from Hey, they announced this theoretical product into closer getting ready for production. Elon and others in the past have talked about how demand won't be a problem for them. It's going to be more on the production. They seem very confident with their optimism for efficiency, they have stated 1.7 kilowatt hours per mile from their pilot tests, and they are looking to now be in pilot production by the end of this year, meaning next year is when they would start ramping up production to larger and larger amounts beyond their pilot success with Pepsi and Walmart a few others to then crank more and more, and they anticipate high demand. So if people have never heard of this or haven't really thought about it, 1.7 kilowatts per hour, per hour per mile outperforms diesel and could reduce costs theoretically up to 50% over diesel's 50 cent per mile equivalent. And so, you know, these trucks, the assets, won't be cheap, but normal trucks aren't cheap either, and they get amortized over millions of miles. So it really does come down to the economics on the mile game. Another big thing that could help on some customers looking to appease their stakeholders, PR investors, is that being electric, it would be zero emissions. Now, obviously electricity has to come from somewhere, but it's not being emitted from an internal combustion engine, so they claim that that would reduce 23% of the greenhouse gas emissions from heavy trucks, which aligns with a lot of other EPA standards or other goals out there that companies may set for themselves, and then also, being a Tesla, it accelerates from zero to 60 in 20 seconds when fully loaded, which is impressive. I don't think we have a lot of trucks out there that could go fully loaded from zero to 60, but that is a power game changer with electric motors over internal combustion engines. So it was exciting to kind of see the fly through. I'll probably throw that in here and post so the audience can see what that looks like. But wanted to bring that to our audience's attention. And yeah, get your thoughts. What are your first impressions on the Tesla semi factory,
Doug Draper 4:21
yeah. Well, usually, Keenan, I'm a little bit of a Debbie Downer on stuff, but not on this, right? All right, let's go think, you know, however you think of Elon Musk, he's, I mean, he's in the news literally every day. And I personally think the guy is, I don't know if I would call him a genius or not, but I mean the things that he's brought to the world through his creativity and the companies. I mean, I don't know if he's got the Midas touch, but the guy gets shit done I best is kind of what I'm thinking now. So I think it's kind of cool, right? If somebody is going to solve that Rubik's Cube, I think Elon is in a great spot to do that a couple. Things, right? So one, I'm glad that you clarified whatever the 1.7 you know, gigawatts, 1.71 gigawatts, right? Was that from Back to the kilowatt hours per mile, yeah, so that's cool, because I'm like, that sounds, I guess, big important, so I'm glad that you clarified that. And it certainly is. That statistic is pretty amazing. The zero to 60 is pretty amazing. And, yeah, I hope, the only thing I would say is, I hope it doesn't go the way of the robot taxi, where they talk about it and talk about it, it's getting kicked down the road where, you know, it's 2027, 2028 and nothing's really rolled off that factory floor. But you know, if there's anybody that can do it and solve that Rubik's Cube, like I said, I think big musk and his background and expertise with Tesla, I think is a good guess what. Now, how many people are gonna engage it? In my opinion, it's gonna be the big guys, right? You know Pepsi, he's got a couple of trucks zipping around California. I've seen a few when I'm out here. So is it going to go mainstream? I don't know how, how long, but there'll be some some larger multinational companies that will certainly get a couple in their fleet, throw some banners on it and have some good PR around
Keenan Brugh 6:13
it, absolutely. And while sometimes Elon or Tesla and his companies have set really ambitious deadlines, they don't quite meet. The Cyber truck, for example, the more pickup truck style thing, I think that got delayed a couple times, but I agree with you, overall, there have been some pretty impressive title timelines achieved. So when some timelines don't quite work out, it's still worth noting new timelines and what they say. They say they're going to be pilot production this year and scaling production next year. It's right next to the battery source, which would be the biggest cost and or input for, you know, the powering of such freight movement. So definitely going to keep an eye on it. And just as a bit of a context to that Robo taxi wasn't even announced all that long ago. This Tesla semi has been a dream or a plan or a market move they've wanted to do for a long time, and so they have been working on it in the background, even though I haven't seen one in person. Maybe you're seeing some of those Pepsi pilots out in California, but now it looks to the be the point where they're building the production facility and making good progress on that, so definitely we'll be keeping an eye out for it.
Doug Draper 7:26
Yeah. Cool. Good topic, man. Thanks for bringing that up. So I have an alert for my topic. Keenan, you can officially put away your fax machine because the nmfc is getting rid of their class system, right? Their classification. What class is your freight? What class is this? So no more fax machines, Keenan, because I say that that that whole concept of how they classify freight is so archaic and and laughable. Excuse me, and I'm glad that they've moved so I don't know if you heard about the 19th of July. So this few days ago, they have changed it to a density based, right? So there's no more. Hey, what's, you know, class, you know, 60 is some nmfc, Code of 17.85, dash, seven, right? I mean, that's so archaic. Mean, literally, that's how things were done in the 80s and and right before and after deregulation. So anyway, I think it's great. I think, you know, freight forwarders and people like cap, you've been using density based pricing for a long time. So I think I love it because it's going to be more transparent and there's going to be more consistency. It's just like, whenever you import with a tariff, you're like, hey, if I import it in this fashion, it may be worth X percent duty rate or that fashion. But the same thing with with with the nmfc code, right? There's no debate anymore. It's linked with height and the density and the weight, right? It's pretty simple. So the transparency, I like, it'll streamline the process. But here's where the rub is, right, and I think this will just be during a transition, and that transition could be a year or something like that. Is that? What is the argument that says, No, I dimensionalize this pallet, and I weighed it, and it's x the you know, the weight, the weight per cubic foot, right? And then the LTL carrier gets it, and they're like, No, that was actually an inch wider or taller, or whatever it may be. And then the debate and the discussion of, you're wrong. No, I'm wrong, and justification and proof and all these different things. So I think that's going to be a friction point for a while, right? But it'll all shake out. But, yeah, I think the only negative is that I think there's going to be higher costs on some of the heavier shipments as. Counter as intuitive as that is, you think that, hey, here's a pallet of steel, right? Or a pallet of nuts and bolts. And because this shipment may have been a little bit taller or wider than the one I did last week, the density changes, and so the classical class will change. So I think, versus just, hey, a screws, a screw and a bolt, the bolt, regardless of how many are on a pallet, based on weight, the density is going to come into place. And I think that will be a little learning curve as well. But overall, you know what? Throw this, throw the fax machine out the window. We don't need to play in that world anymore, and I'm pretty excited about
Keenan Brugh 10:41
it. Absolutely, it's nice. Uh, when things get modernized, I need to keep learning all the the new details of this. But since you, you shared the story, me researching it into it briefly, it looks like people are optimistic about carrier efficiency. And to your point, that's probably, again, those efficiency gains are going to be seen for more of the like normal freight, right? The things that do get moved regularly planned ahead, those LTL type things, having this new classification system might make it more efficient for them in researching there may be some either new administrative burdens or ongoing administrative burdens for smaller shippers. And then, yeah, my thoughts were kind of like yours, that this may make slightly out of spec, you know, want shipping a little bit harder or a little bit more expensive, but it remains to be seen, right? If they're more efficient on the main stuff, maybe they'll be able to offer better rates on the out of spec stuff. So definitely a good story to bring to my attention, as well as our audience, so people are aware of the new classifications.
Doug Draper 11:47
Yeah, yeah, good stuff. All right. Keenan, that brings us to halftime. Pete always says it's my favorite part of the show, which the second favorite part. We're here for topics and global trade and bringing the people what they want. But it is fun to hear some some some crazy stories out there. And your company helps put this podcast on, Keenan, and we appreciate that. So I want everybody to visit cap logistics.com Keenan wouldn't be here. I wouldn't be here. Pete wouldn't be involved with this without cap. So, Namaste, my brother. I appreciate it. Namaste. Cool, cool. Well, I'll go, I'll go first on my if you don't mind. And I saw this article, and I'm going to call this fake news Keenan, like a couple weeks ago, or maybe a week ago, there was, I may even refer to this as the biggest hoax in the history of meteors, right? So there was the largest piece of Mars on Earth sold at an auction for 3.2 million. And first of all, I'm like, What do you mean largest piece of Mars on Earth? I didn't, I didn't even know we had anything related to Mars on this planet, right? But apparently it was a 54 pound rock, right? They named it something like M NWA 1678 or something like that, right
Keenan Brugh 13:08
memory? I have it pulled up in front of here. Yeah, good
Doug Draper 13:11
call. Yeah. I cut and pasted a few things, but yeah, so found in the Sahara Desert by a Nigerian meteorite Hunter back in 2023 that sounds like the script for a terrible movie, first of all, right, and then they say it was blown off the surface of Mars in a massive, you know, explosion traveled 140 million miles, you know, again, terrible script for a movie, but I just, I don't know. Man, how do you know it's from Mars, right? I mean, somebody on the show that's listening or watching will say, Well, you know, they tested it, and they did this, and they have some samples from Mars because of this rover, or that rover, and, you know, yada yada yada, and it's a rock from Mars, and gets 3.2 million. So I think that there's got to I just that that's crazy. I don't know what to think about that one. I don't have my tin foil hat on, and I'm not a conspiracy theorist, but I don't know. Man, that seems really unlikely to me, that 100 and 40 million miles validating, it's from Mars. I just, I don't know. I think the story is a little suspect. I don't know if you heard about that one, or have any comments on on this fake news related to Mars meteors.
Keenan Brugh 14:28
So I had not heard of this new record Sotheby's auction for the largest known Mars meteorite, but I'll put on some amateur arrow spot arrow science and or maybe a little bit of tin foil hat, one you should always be skeptical of collectibles, things like this. There's, I don't follow sports memorabilia, but wasn't there like a major multi mill, like multi 100 million dollar sports stuff that just came out to be fake recently? So where there's the demand people want to. Buy rocks from Mars or something. There could be someone trying to sell them a piece of concrete or some other looking rock that they just like, Yeah, this one's from Mars. Totally on the other side. I believe we have lots of Mars meteorites on Earth. There's quite a few of them, and I think how they determine it is, yeah, like you mentioned, sort of using mass spec and analyzing the rock and seeing what is the one rock made out of, but two, I think they use a lot of gasses to try to, like, confirm, oh, this has the gas signature of the atmosphere on Mars, as opposed to our oxygen rich environment, et cetera. Here on Earth, it makes it look different. But yeah, I believe we have quite a few of those meteorites now. I think the mainstream science will say that happened a long time ago. The more fun and tin foil hat conspiratorial thing is more of the Velikovsky or the Electric Universe type perspective that then claims these Mars meteorites happened more recently in Earth and human history, and that may influence some of the myths of why Mars is the God of War, right? There were a lot of meteorites coming from Mars impacting Earth, and led to all the stories about why Mars is the God of War, etc. So anyone else looking for more of the tin foil hat stuff, I would point you towards the Thunderbolts Project. About 10 or 12 years ago, they came out with a full documentary about Mars. Very fascinating. Can't do it justice here, but would check that out too long. Didn't watch. Summary is that they believe that some other body, Venus, some other planet, got close enough to Mars, they had a different charge, and then boom, big cosmic Thunderbolt struck between two bodies, whether it was Venus or some other planet, some other rock, that then launched millions and millions and millions and millions of cubic feet, or cubic miles of material from not only the Mariana Trent, not Mariana Trent, yeah. Mariana Trent, what's the big trench on Mars? I'll look it up while talking Yeah, material, as well as the the crust from like, the whole, like, northern side of the planet. So I think it could be real, just because I've known that there's been lots of other Mars rocks on Earth, and at first, even, like 50 years ago, people didn't believe it. But then it's like, oh, wait, but here's another one, here's another one, here's another one. Turned out, Earth got showered at some point 10,000 years ago, 10 million years ago, quite a few rocks from from Mars, but good to be skeptical. There was also a case over 10 years ago now, that a piece of moon rock that was given to the Dutch from a US Ambassador to the Netherlands back in the 60s, or something. You know, everyone died, it got passed on to a museum, and then turned out it wasn't from the moon it was a piece of petrified wood or something. And so it was one of those things where it was given as moon rock, but turned out not to be moon rock, and that was from the US government, let alone a private auction. So you should always double check the provenance of your space rocks.
Doug Draper 18:22
Yeah, yeah. Well, the thing is, Keenan, you know what? I was outside today, and I was able to capture some heat from another celestial body, and it's called the sun, and I'm going to sell it to you for $3.2
Keenan Brugh 18:33
million Ooh, that's a pretty good deal. All right, I
Doug Draper 18:38
don't believe any of it. I think it's crap anyway. But anyway, this part of the show, Keenan, is brought to you by your company, Cap logistics, so we appreciate that. Yeah, and we'll flip over to the
Keenan Brugh 18:49
second half of one half time topic over the weekend. I forgot about that. My apologies, Keenan. All good and kind of a transition into your next topic, but kind of on the Fun Zone it looks like in Chicago over the weekend, there was a ball python that got loose on a commuter train. So we all remember snakes on the plane. TSA generally doesn't like that, at least without the proper enclosures, but this was snakes on the train, and the local fire fire crew was able to safely rescue the Python. It had crawled up into the control panel and had escaped, but was safely returned back to its owner, who was apparently dressed up as a pirate. So, you know, I guess parrots are not the only companion animal for pirates, but this one pirates Python got away. So happy to see you. Was a happy ending for everyone involved. The firefighters crew kind of thought it was fun, and I'm sure the Python and its owner are happy to be reunited.
Doug Draper 19:56
Yeah, yeah. Well, Keenan, sorry, sorry to cut you off on your head. Have time because you told me about that one, and I don't man, if anybody other than a pilot or a pirate stood up and said, That's my Python, I would be incredibly disappointed. I don't know. I have no other comment Other than that, than the fact that it was a dude dressed up in a pirate suit who claimed the Python, I love it. That story just speaks for itself. Could
Keenan Brugh 20:26
have been a part of his shtick for events, I don't know, the pirates business, but yeah, makes a little more sense, even in a weird sense, compared to a random commuter of like, this is my, you know, companion or helper. Seeing IPython is harder to believe. Tyrant makes sense in a weird way.
Doug Draper 20:43
Yeah, exactly. Cool. Well, let's jump into the second half of the show. I'm gonna go first so you can end us right, if that's okay. So my next topic is about rail. We try to bring in rail news from time and again. And I just saw a post the other day the Union Pacific and the Norfolk Southern are in early merger talks to create the first like Coast to Coast Railroad of class one railroads, right? So Pacific to the Atlantic, and they're in talks, right? Kansas City, Southern and Canadian Pacific did this back in, like April. They went north and south. So they connected Mexico and Canada, and this is, you know, going coast to coast. So, you know, is it going to happen? I don't know. I mean, here, here's the gist of it. Everybody's going to say less choice is higher cost, right? But there are certainly efficiencies to be gained. So you're going coast to coast. Is the network dramatically change? No, you're still going to have to hand off cars at switch yards and things of that nature, right? So I could see the point of, you know, there's less options out there, so costs are going to go up, and then the regulatory nature of the railroad is just astronomically difficult and takes time, right? And so the fact that they said early merger talks leads me to believe that this is a conversation that we're going to have well into 2026 and may or may never happen. But I like the idea, you know, I think in this day and age, you need to go coast to coast as efficiently and as smooth as possible. And the logistics world is not not changing. It's speeding up, and the requirements are are more demanding than ever. So I like it. I think regulatory is really going to slow it down, and who knows if this will really transpire. So that's my take on that one. I
Keenan Brugh 22:41
think that makes a lot of sense. And looking into it, it seems like people are anticipating a possible antitrust review from the Surface Transportation Board of the US government. So there could be some of that you're it's too big. It would create a monopoly. Maybe you could increase rates, things like that, unilaterally, if there's no competition. So those are concerns you mentioned, and will probably slow this down. Though, there could be very real gains to be had by cutting redundancies and boosting intermodal, having it kind of coast to coast like that. So definitely something to keep an eye on, even if it's not going to happen overnight. Happen overnight or super quickly, it's good to bring to our attention. So we know that there is interest out there. It seems like investors are interested in this. The other aspect I saw on this was that we should probably also expect or watch for union opposition. There may be a labor component that doesn't necessarily like the terms or ideas of of this, and that could be an additional stakeholder pressure point and whether or not this goes through.
Doug Draper 23:46
Yeah, nailed it. I like that last comment. Keenan, I've not, not thought about that one. So yeah, bottom line, it'll be an interesting topic that we will talk about and then talk about and talk about again before something transpires or the whole idea gets killed. But anyway, excuse me. All right, bring us home, my man, what's your last topic?
Keenan Brugh 24:05
All right, so for last topic, today will be US trade policy updates. I am not Pete bento, but I do try to keep an eye on this stuff, even as it does change quite regularly. So we're coming up on August 1. That is the deadline given to many countries, with letters given out and target tariffs up to 50% on all these and like you and Pete have discussed normally, trade talks are 10 years long, times of wonks hammering out details of policy. This is much more of a top down approach with you know, obviously the Trump administration and the timeline being pushed, where there's sort of an ongoing game of those who are playing ball or coming to the terms and negotiating in good faith or getting maybe some extensions or favorable terms, as opposed to those who are fighting harder lines in the sand don't want to change. Change. Don't want to go to the negotiating table. They're seemingly getting hit with higher rates and not as favorable treatment. So it remains to be seen. There's a lot of uncertainty out there of what countries will come up with a deal and get favorable treatment, or are large amounts of goods going to be now subject to large amounts of tariff pretty quickly overnight, as this date, August 1 is coming up rather quickly. I believe China currently has a little bit longer August 12. But then they're actively talking to try to push that out even farther. There's just more work to be done to get everyone happy, all the internal players that are, you know, under protectionism or different sorts of things that the constituents of each country's leadership, right? There's also seems to be a little more tension with the EU, I saw a quote of quote nastier than China end quote in negotiations. Think maybe hoping for lower stuff, but then not actually getting it by not working with the negotiations. So we'll see. I think that Europe one is a big one. People are commenting that that would have a big impact on the euro area and could really slow their growth in the second half of this year, according to JP Morgan, if these talks don't come to fruition, obviously, China has been a big topic. Of a lot of this stuff. There has been a little bit of progress, a little bit of setback. There is that sort of trade truce, and now they're allowing Nvidia to do some ship sales. And there is now again, the rare earth exports were back up 32% in June. But ultimately it's high number tariff facing China. But China is actually, you know, working and going through negotiation. So it's tough to see from the outside and not being in those conversations, but it seems like a lot of two steps forward, one steps back. On the optimistic side of things. Having a tight deadline means more could get done quicker, and we could have newer agreements, newer trade partnerships, faster now in this schema of operating than we would have otherwise. On the downside, obviously, what we're experiencing now uncertainty, not knowing what things will cost, making it difficult for business decision makers to plan their resources effectively, and then on the secondary or third level effects these things then impact markets, right? So then it impacts how well countries are doing what people's jobs, right? When the Canada stuff was first announced, there were instant layoffs of aluminum and steel workers and those things, those are real people with real jobs, and those people would be buying goods and services. And so there's that macro growth aspect of it all too. So on the unfortunate side, lots of uncertainty and more to come. On the optimistic side, maybe there will be some new deals, some new clarity, some new goals, though. Yeah, that is being optimistic, yeah. First takes thoughts ongoing situation with us, trade policy, yeah.
Doug Draper 28:14
Well, here's, here's a couple thoughts on this right is negotiating. In my opinion, negotiating the trade agreement is not the same as negotiating a real estate transaction or something that's contract related, where you go back and forth and back and forth. There's too many people impacted. There's too much uncertainty, where people are just paralyzed, right? Last week, or two weeks ago, we spoke about concept of an uncertainty tax, right? Like this The tax, because I don't know what I should do. So my take on that Keenan is what I have seen in the warehousing business is that there has been an increase in warehouse demand, specifically in the Southern California region. And I think people are just done right? Like I have to run my business. I have to make decisions for the benefit of my employees, for the benefit of my customers, and right or wrong, I can no longer wait. I have to make a decision. And whether this August 1 gets kicked September 1 or whatever I'm seeing in my world through the warehouse lands, people are done. They're done messing with this stuff, and they're moving forward, and they're doing it in different ways and more strategic, where maybe more cross docking, and not bring stuff directly into the old model of into a warehouse and do fulfillment, because I've seen a lot of cross docking requests and things that nature. But Keenan people are done. Businesses, from what I've seen, are just done waiting. They have to make decisions for the betterment of their company and what comes? What comes? Because waiting on somebody else to negotiate a deal and go back and forth. And the evolution and the uncertainty I'm seeing people are done with it. So I don't really August 1, August. August, 8, August, 20, just make up a date, right? People are going to miss back to school. People are going to miss holiday, and they've lost enough business because of the chaos since since April. But people are done, and they're moving forward, right or wrong. So it'll be interesting to see how this continues to transpire.
Keenan Brugh 30:21
Absolutely, there is an uncertainty cost, and that's the hope is that the uncertainty will diminish. But if the uncertainty is a new norm of uncertainty, I think you're right. People just have to keep acting. You can't just passively wait as an investor, let alone active participant in business, making decisions with capital and people and teams. Yeah, we've seen some areas of people trying to change their supply chains. And I think Pete has mentioned, you know, these rules. Don't try to get around the spirit of the rules, because, like, they will come after another country, Vietnam, if it's actually made in China, right? So don't get too creative that way. Follow, follow the rules. But then, yeah, with that is, hey, well, if we, if we don't know, are we just gonna order it? Because that's where it comes from, and we'll charge what we have to charge to cover it up, or totally move and try to produce more domestically in the US. I think that's maybe another aspect of this that people who are in favor would say, that this incentivizes people to produce here in the US, if they're ultimately trying to sell in the US. But yeah, hopefully we'll have agreements and less uncertainty and more cooperation with fair deals for everyone. And being able to invest and plan for the future would definitely help. It seems like there's been some US consumer sentiment improving. It's kind of weird how this stuff works, where now people are just kind of used to the uncertainty, and then that's the new normal, right? And so even though the deadlines are coming up and there hasn't been a lot of solutions, consumer sentiments going up. But yeah, if this stuff spirals out of control, hotter economic warfare type stuff could just further impact inflation and increase the costs of things, which then could have major impacts. So, yeah, always ongoing. There's always more to learn with this. But checking in this week with some us. Trade policy updates, yeah,
Speaker 1 32:16
I like it. What a great way to end the show. Keenan, trade
Doug Draper 32:20
policy updates. That's what global trade this week is all about. And if it's happening in global trade, we're going to be talking about it whether that's we, me and Pete, whether that's we, you and me, but neither one would happen without cap logistics. And we appreciate the support you've given us over the years. I think we're at episode 203, now or 204 so pretty stoked about that. So anyway, I want to thank everybody for joining us today, listening and engaging. Please give us your feedback, and I think we'll wrap this one up for another edition of global trade this week.
Keenan Brugh 32:51
Thanks, Doug and thanks everyone out there, have a great week.
Unknown Speaker 32:55
Alrighty. Take care. You.
Transcribed by https://otter.ai