Global Trade This Week – Episode 160
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Pete Mento 0:00
You're watching global trade this week with Pete mento and Doug Draper. Hello everyone, and welcome to another exciting, breakneck paste edition of global trade this week. I am Pete mento, and with me is my co host and good friend, Doug Draper, who's wearing a collared shirt, looking very professional, looking like he's going to go to a PTO meeting and tell that English teacher exactly what he thinks about them teaching Shakespeare. Doug, you're looking good buddy. You're looking fantastic.
Doug Draper 0:33
Thank you. And I stand out like a sore thumb up here in Steamboat.
Pete Mento 0:39
Everybody's like,
Doug Draper 0:40
well, you know, it's mountain town, so everybody's got flip flops and and, you know, gear to be zipping down the river and stuff. So I stand out a little bit with collared shirt, but that's okay, because I'm doing it for our listeners and our viewers on global trade this week.
Pete Mento 0:57
Well, someone's got to be an adult in the room. Doug, so what you're more or less saying is they kind of dress like me. Yeah, yeah, yeah. Rad. Ratted T shirts, flip flops, gym shorts, yeah, I'm all about maybe I should move to steamboat. Maybe that's where I should go drop just
Doug Draper 1:13
drop in. It's good. It's good. Hey, before we jump into I gotta tell you this crazy story over the weekend, right? I had a couple I was going to bring up this one when we were talking before the show just popped in my mind. So have you seen the video of Tim walls and his daughter whenever they're at the county fair, and he's talking about, when they go to the county fair, they want to do one old thing and one new thing, and the new thing was a slingshot. You haven't seen that one?
Pete Mento 1:39
No, like, like, a ride, like a slingshot, yeah,
Doug Draper 1:43
yeah. And then this, I don't even know how you know, a couple years ago anyway, so my wife wanted to see it. She'd heard about it, so we found it. And there's a dialog between Tim and his daughter, his name hope, and they were going back and forth and and Bantry. It's pretty funny because, anyway, so my son's in the background, and he said, what her name is, hope like, yeah.
Pete Mento 2:09
Hope walls,
Doug Draper 2:10
yeah. That's who's on the video. She's like, he she worked at the Yellowstone club, and I skied with her multiple times this past winter. Holy
Pete Mento 2:20
crap. Are
Doug Draper 2:22
you kidding me? And I like, Do you know how to get in touch with her? He said, Yeah, what's that?
Pete Mento 2:27
Can we get her down on the show? Yeah?
Doug Draper 2:33
And yeah. He's like, I don't know. It's a 507 area code. Is that a Minnesota area code? And I'm like, Yeah, I believe it is. And so he sent her a text, and was like, I just put two and two together after watching this video, hope, hope. All's well, not not making fun of her name, but, you know, saying hope. So it was so funny. He could care less about the video. He was across the room and and heard, uh, hope walls. And was like, Oh my God. She he came over and watched the video again and said that is absolutely her single. He is single. I call her up. That's
Pete Mento 3:10
I am a I'm a fan of the fair. I'm sure you are too like and I'm that nerd that goes and looks at livestock. I i Watch tractor pulls. I love the horse pulls. You know, a lot stuff. I got my Minnesota North Star the hands down. I never thought I would say there was something better than the Texas State Fair. Hands down. The best day of your life that you could have is to go to the Minnesota State Fair. It is unbelievably fun. There's food everywhere. They've got a booth. All the milk you can drink, all the milk you drink for dollar they give you, like, it's the Minnesota Dairy Farmers Association, or, like, all the milk. So here's, here's the play right next to that. They've got the bucket of mini chocolate chip cookies. So you get the mini chocolate chip cookies, you go next door, all the milk you can drink. It's It is God's perfect lunch, right there it they also have the mini donuts, all the, all the stuff you would have imagined, but there's just so much of it. It's huge. It's so much fun. So for my friends in the Midwest, if you haven't yet, absolutely make the trip. It's so worth it. And the Texas State Fair, excuse me, I never thought anything would be better than that. This blows it away. Absolutely blows
Doug Draper 4:26
it away. Nice. Alright, you doing okay? There, brother, you
Pete Mento 4:30
got a couple of hiccups? Alright? We've had him for like, two days now. So, so if anybody has any of those, those remedies, those, what do they call them? House, no, something, something, wives, wives tales. Wives tales, yeah, let me know. Sit upside down, something like that. Alright, grab what you got for us this week.
Doug Draper 4:52
Alright. Well, here's something cool. Pete, we had a listener reach out last week that gave us a topic suggestion and. I said, Absolutely. We welcome the feedback from our listeners. So John Carlo de Leo, he reached out. He's with AGC chemicals out in Pennsylvania. He's kind of the logistics guru. Actually
Pete Mento 5:12
works with fantastic. He's one of my clients. I love that guy, yeah. Oh, he's fantastic. What's up, man? What's up? G, thanks for listening.
Doug Draper 5:24
Yeah, well, this one's right up your alley, so you can get some feedback, right? So he said, Hey, talk about the benefits, the pros and the cons, advantages, disadvantages, with a Foreign Trade Zone. So super fast, and you can correct me on a bunch of this stuff, because I know enough to be dangerous. But again, we want to talk about it because John Carlo brought it up. So anyway, it's a designation, designated location, if you will, on us, soil where incoming goods are handled or manufactured, you can potentially re export without really paying duties and taxes on it, right? So a couple of things, and I'm going to make sure I don't get this screwed up here. So I'm going to do a couple of bullet points, right? So the obvious one is, you can defer duties, you can bring in shipments, you know, in bulk, and then don't pay duties and taxes on it until it enters into US Commerce, right? And so that that's kind of cool. The other piece is the quota avoidance. I didn't realize this one Pete, but if there's a quota on the product you're importing, you can import it, keep it in the FTZ, and then wait until the quote is reset for the next year, or the next, you know, quarter, or the designated timeframe. So you can kind of just get your product close to market, and then enter it, which I thought was kind of cool, and then obviously, reduced fees. You know about this one, the merchandise processing fee, because it's one entry. Whenever you enter it in the US, you can take multiple shipments, right? So you got 10 container for simplistic math, you got 10 containers that come in over the course of a couple of weeks, and you can generate into commerce one time. And, you know, the MPF Max is out. I don't know what the dollar amount is, but if you're importing a lot of product, you know, you can save money on that. So the other piece kind of, what are the disadvantages? These are kind of my interpretations, a little bit from doing it. It's kind of expensive to set up, right? You either do it yourself or you try to partner with somebody that's out there, but it can get expensive, and Uncle Sam has a lot of oversight, a lot of involvement, and there's a tremendous amount of compliance. The other piece, P, I didn't really think about but it makes sense, because you're importing so much stuff, right? You just got to deal with space availability and the other pieces. A lot of these are located at gateways. So, you know, getting a freight trade zone in Wichita, Kansas is somewhat difficult if you want to, you know, find that that no that service. So anyway, those are kind of the basic ones, right? I know the auto industry uses it quite a bit. You can bring it in, manipulate it, re export it, or manipulate it. So it's a different duty rate when you enter it into US Customs. So there's pros and cons, and I think most people just say, Oh, cool. I can defer the duty, and I can just enter in when I need it. But there's a lot of, you know, advantages beyond just that. So in your expertise, because this is right up your alley, my friend, what is the biggest advantage and the largest disadvantage that you see? So
Pete Mento 8:31
the biggest advantage is going to be for manufacturers. So anyone who manufactures goods in the US from foreign source product, you get to use what's called the lesser of the two rule, which is why so many automotive companies use it. So you import all these parts and inputs, and they have wildly different duty rates, 30% 25% 2% 6% and then when you're done making the car, you actually pay the tariff, either on the parts or on the finished good. So this is an exceptional program for people who are doing that. The other one is for folks that are supplying companies like that. You can do what are called zone to zone transfers. So you import your goods, you hold them in inventory, and then you can move them in bond to another Foreign Trade Zone of your customer who's producing there. I'm I have a lady I work with who's fantastic. Her name's Darcy, and she she manages those sorts of programs with us. I've worked with some really talented Foreign Trade Zone people. But the problem with zones, in my opinion, is they get thrust on people who don't necessarily need them. The the outcome isn't what they thought. So as an example, the 301, tariffs, the quote unquote Trump tariffs, you still have to pay them, anti dumping countervailing duties. So when stuff comes out of out of that zone, you're still paying the exorbitant costs on top of it. And as you mentioned, the government customs is going to be much more on top of you, because you're being given an incredible privilege by being able to manage. Research this. It's a customs customs enforced program of the Department of Commerce. They take it very seriously. But I will tell you that companies that operate Foreign Trade Zones, because of the heightened compliance requirements, tend to be more compliant as companies. They tend to take all the little things in the details more seriously across the entire enterprise. Some great friends, Brandi Hambach, who's over at Rockwell, she's an amazing consultant. My friend Ray Shaw, who was a partner with me when we were at Ryan, he's another one who's absolutely incredible, but it's a skill set that I can probably name 1213, people that I know of that are excellent at it, and that's it. So it is a rare talent to be able to set these up and manage them. The last one I'll mention is in Texas as an example, there is a inventory tax on your annual inventory. Things that are in a Foreign Trade Zone are not subject to that inventory tax, so it can save you a lot of money there too. I think anyone who's considering a Foreign Trade Zone, you know, give me a call if, if I can't get the answers for you, I'll put you in touch with someone who can. They're not for everybody, but when, when they're done correctly for the right kind of business, it's just such an amazing opportunity to save money. Yeah, yeah. I think we operate like eight of them at DSV, and you were mentioning Kansas, Doug, there's a ton of them in Kansas, because it's such a central distribution point for the US. There's a lot of a lot of them
Doug Draper 11:25
interesting. Well, there we go. So as you refer to him G, I want to thank G for bringing the
Pete Mento 11:33
topic. Yeah, he's a he's a great guy. He's a hot shit.
Doug Draper 11:37
Well, I'm glad we are. Anybody else that has questions or comments things we want to talk about, we'll welcome it. So yeah, I think you just sent me a message on LinkedIn, like Wednesday of last week. So anyway, thanks for that topic. I really appreciate it. All right. Pete, let her rip. What's your first
Pete Mento 11:52
so my first one today was an article I think I forwarded to you where they were. The Articles had a very simple title. Did we really learn anything from covid? And have we made the changes for the next time such a massive disruption will happen? And the article is very clear, no, we haven't. We haven't. We may have learned, you know, we may have been subject to the pain, the misery of what happened during covid, but there's nothing that we can point to that shows significant categorical changes to the US supply chain, and that's to our peril. Eventually we're going to have another issue like this, and something really needs to be done. A great example of this, of this type of attitude is, I don't know if you know this, Doug, but about half the people who suffer a major heart attack die within 24 months to 36 months of when they had that heart attack because they refused to change their behaviors, they do the same things that got them to that position. So rather than losing weight, taking stress out of your life, being smarter about salt and exercising, they just go back to doing the silly things they were doing before. And I feel that that's an excellent illustration of where we are right now, where infrastructure has not been changed. We have not been able to find a way to deal with congestion when it happens. We're just going back to the habits that we had prior to covid and leading it as business as usual, and I think that's going to be a really bad decision that we've made as a trade in the future, yeah, yeah, I
Doug Draper 13:23
would agree. You know, everything is interconnected. We talk about that. And there's the, you know, it's a chain. It is a supply chain. And the connectors at the ports and the brake bulk centers and the final mile delivery. I mean, just look at the two canals that drive so much, you know, volume and revenue, if you will, through the Suez Canal and Panama Canal. I mean, Suez is essentially shut down, right? And so the solution is, we'll just take these boats 12,000 miles around the Cape, you know, the southern cape of Africa and and that'll fix the problem, but you just look at those two things that have had an impact, and then all the tariffs and the possible tariffs, and we're going to talk a little bit about that on the next topic. But, yeah, it's, it's, but it's hard to have the money to make infrastructure changes, right? I mean, you we've seen how hard it is to open up additional ports. There's some things going down on Mexico, things that nature, but you are 100% correct. If the shit hits the fan again, we're in no better position than
Pete Mento 14:29
we were four years ago. Yeah, buddy, yeah. So
Doug Draper 14:33
cool. All right. Well, let's get into halftime, obviously one of our favorite parts of the show brought to you by CAP logistics. Please visit cap logistics.com, so with that, Pete, half time you kick it off. So
Pete Mento 14:46
it's become almost a tradition. I think this is our third year doing it, where I make truly uninformed and ridiculous predictions on the upcoming NFL season. So this weekend, I had some spare time in my hands. I did watch a lot of NFL preseason. I watched my beloved saints. They are still mediocre and shitty doc. In case anybody was wondering, we will always be just good enough to get a bad draft pick. It's never going to get better, but, but here, here are my predictions. I believe that the AFC is going to be the championship game will between, be between Kansas City and the New York Jets. And that's, that's a that's a bold prediction, because I don't think a lot of people, yeah, I don't think a lot of people think that, but I think the Jets, Aaron Rodgers is going to manage somehow to stay healthy. Maybe can stay off the mushrooms for a little while, and ayahuasca and gets crap together. But I think that's what the championship will be. And I think in the NFC, it's going to be just another, another year of Cincinnati and our good friends in San Francisco. And I believe that Cincinnati. And, yeah, San Francisco, Cincinnati, yeah. And I think that is that, right, NFC. So, yeah, the hell am I talking about? Oh, so I'm going to go on the NFC for the for the other team with ready for this, the Cowboys. So I think that this year the Super Bowl will be, unfortunately, the jets and Kansas City. And I think that Patrick mahomes and his boys three Pete. I don't see any team out there that has an answer to the young man from Texas Tech. And it bothers me to say that, because I don't, I don't really like, I like the underdogs, or I'm a Saints fan, I'm a Browns fan. So for me, it'll be great if, if that were to happen, I think the worst team in the NFL this year will be the New England Patriots, followed very closely by the by the Carolina Panthers. I think those will probably your two worst teams in the NFL. Yeah, I
Doug Draper 16:51
average football. Don't really follow it a whole lot, and being up in Steamboat, I just don't get a lot of details on it. So I didn't see one preseason game. Don't have any comments about it. Broncos will be middle of the pack, I reckon with, with both Nick's trying to get out there and sling the pigskin. So, yeah,
Pete Mento 17:09
I don't know what the hell they were thinking. Drafted him so early, but whatever, you know, I like, I like Jaden Daniels with, with Washington. He's looked incredible and, and that Caleb Williams is just fantastic to watch the Chicago Bears. I don't think Drake May is going to have a chance to play for a year or so, which is probably going to be good for him. Give him all Jordan love, kind of situation. But this is going to be a fun year for the NFL. Last year, I said, How I remember this? I was like, how many NFL quarterbacks are going to get hurt this season. Not be able to remember that? I think I set the over under at like three, and you're like, Oh no, no, it's going to be like, seven or eight. You were absolutely right. Like, like every, every NFL team that seemed like had large spans of time when their quarterback was hurt, so you're right. Doug, now you have a fun topic. So go ahead.
Doug Draper 18:00
Well, I'm gonna stick with the sporting thing, because the Olympics just got over. And I will, I'll tell you what, man, I will give Paris a lot of credit. I thought it. I'm just a dude. I'm just a dude from Colorado watching it. But I tell you what, it was awesome. I loved every minute of it. And, you know, Snoop Dogg was there every time he turned around, he was doing something, and he's, he's a fun guy to follow, so I think they did a phenomenal job. But here's the deal, the Summer Games in 2028 are going to be off the hook. I mean, are you kidding me with Did you see the transfer from the flag, from Paris over to Oh, are you, I mean, Tom Cruise doing his thing, and then Red Hot Chili Peppers, you know, transferred over there, and Snoop Dogg and Dre did some stuff. I mean, can you just imagine the entertainment industry and celebrities kind of dabbled in it this year, with Flavor Flav supporting the women's water polo team and Snoop Dogg there. Can you imagine the celebrity endorsements? It's in tinsel town. I mean, it is going to be absolutely insane. And La will not disappoint that they'll do something, and it'll be a whole nother level, as far as as pomp and circumstance and what's going on. So I can't wait four more years. I love the fact that it's four years, so you can ramp up to it. But LA and 28 is going to be insane. Remember the last one? The last one in LA was pretty cool. Last one in LA, yeah, was it 84
Pete Mento 19:34
think that's right, yeah, it was. It was pretty amazing. And it's only going to be a, you know, exponentially bigger than that, because we are such a nation of celebrity, I think it's going to be absolutely Doug. I could not agree more. You know, Americans can throw a party, baby, and we love sports. So you put those together, it's going to be pretty amazing Olympics. I I will say one thing that I will not be doing. Is dealing with that traffic. It is already horrible. Can you imagine what it's going to be like when the Olympics are there, but I'm 100% absolutely going to go. I'm going to go watch the rugby in the seventh that they do for the men's and the women's. I would 100% be there, and I'll just have to manage and deal with all that congestion. But no Doug, you could not be more, right? I think the world's gonna see a hell of a party in four years. Oh, for sure. Yeah. All
Doug Draper 20:26
right. Well, that's half time brought to us by CAP logistics. We appreciate their support every single week. So topics two or topics three and four in the are you going? Or I'll go, and then you can end it up. So there's this thing that I've seen last couple of weeks. It just popped up on my feed, and it's one of those deals. You click on it once, and they're going to feed you more topics to it, but it's all about space logistics and interplanetary supply chain and all these different companies that are coming out with, how do they manage the supply chain and space? And I just can't figure out. I'm trying to understand what this is all about, what are the benefits, other than military? And I just can't, like, some of the things these companies are doing. I'm like, I don't even know what that means. Like, I don't even understand. And we got so many issues with our supply chain here in the US. Well, let me rephrase that here on Earth, right? That it's just it's crazy. I don't understand. Like, why invest the money and the time to say we want to get to Mars and we need a station to relay our supply chain. So I'm not disparaging any company that's getting into it. Creativity is what's what drives, drives things in this world. But I don't understand space logistics. I don't understand the benefit. I don't understand what's going on with it. And I wanted to bring it up on today's topic, because, for some reason, whether it's just click bait, and I clicked on it a couple times, but I'm getting a lot of feeds related to it. I don't know what's your take on interplanetary supply chain.
Pete Mento 22:06
I talked about it a lot in myself. Yes, I do. So shout out to my friend whit Robinson, whose father was the was the founder of all things law with regards to space. I mean, literally, just about every regulation that you can imagine and its interpretation of it. GEORGE Robinson was the person who started all whether it's trade disputes, understanding how individuals and issues are managed, if there's a collision or a problem in space. And he So, I've got a lot of, I got a lot of invested in this, and Doug, you know, you and Keenan are right in the middle of it in Colorado. Colorado is ground zero for so much aerospace, and in particular satellite technology and corporate, corporate space exploration. The big reason I get so excited for it really comes from the amount of technology that ends up trickling down from our our need to explore. And that's a big part of it, right? A lot of this quote, unquote, space age things that we have in our lives now, really, were instruments and concepts that came out of the earliest of Apollo Apollo missions, and then above and beyond that, the supply chain of being able to mine and find all these rare earth minerals that we know are in ridiculous abundance in places like Mars. We will be an interplanetary species. We will have people being born on Mars in our children's lives. That's not science fiction. It's science fact. This same conversation could have been had in Lisbon, Portugal, when the Queen literally put the crown jewels in pond to raise enough money to go explore the new world there. There's few things I can say about humanity that have been consistent throughout our entire time, but our desire and our need to constantly explore, to constantly find that new frontier. It's, and I'm going to get emotional. It's what makes America what it is. We are. We are a nation of seekers. We are a nation of explorers. We're a nation of people who are endlessly looking for that next thing. And I think that that next thing is far beyond the stars. Meta intends to put cameras all over the surface of Mars, so that when you're sitting in your in your living room with your VR glasses, you can experience what it's like to be on the Red Planet in real time because of our new communication devices that we have. So your body will be here, but your consciousness will, in effect, be on another planet as you explore it, and that's how we as a species will explore the far reaches of our galaxy. This bag of meat that we're made of is incapable of living through that deep of a space transit. Given our technology now, we'll be able to see it, explore it, understand it, reap those rewards and bring them home. So to me, Doug, this is a quintessential part of not only being a human being, but being an American. And there are a few things on my bucket list Doug, but one of them is, I want to be there for a launch. I want to see one of these incredible machines with all that horsepower launch something into this. Stratosphere as just a testament to not only human will, but what makes engineering what it is, and our ability as a nation to push the limits of science and engineering and math. Wow.
Doug Draper 25:12
We'll have to have Keenan superimpose the American flag behind you on that one. We'll
Pete Mento 25:16
have to get the Team America music playing in the background, yeah, from, from our favorite South Park People, I'm totally down to that. Yeah, yeah. So
Doug Draper 25:25
here's, here's the things that I that I was running through my mind there. Number one, is all that being true? Why can't they make a toaster that can toast my bagel to the toenail? So fix my toaster. Number two, how does any of that help me pay my mortgage and put my kids through college, right? And then the last thing is, as long as I can have this gigantic thing on my head that weighs like 15 pounds, that freaks me out, as far as a vision Pro or something, as long as if you can make it 20 pounds, then I'm in. So I don't know, we have different take. I'm not against it. I'm just trying to figure out how it helps me in my life on a day to day basis, trying to get through and what we're doing right now, talking over a video phone is a function of the space program. 100%
Pete Mento 26:18
Absolutely, our ability to have inexpensive computing devices is a function of the space program. A tremendous amount of the medicines that we use every single day, the way that we've changed farming came from the space program and doing research in zero gravity. There is so much about us as a species that has been driven into the future because of our needs and desires to explore these very dangerous, scary places. And if I'm sure you've seen the right stuff, the movie, The Right Stuff, read the book, if you, if you've got time, it's a thick book, right? It's going to take you a while, but to understand just how much work went into the technology to bring us to that point. It is, it is a triumph. It is a triumph over the human condition that the Russians and the Americans and now India and China, North Korea, Japan, that we are using all of that know how to reach out to the part of the world that we don't understand. It's, I know, I'm, I'm, I'm the, I'm the crunchier, weirder, you know, spooky kind of guy between the two of us. But to me, this is one of the greatest things about being a human being, is our desire to know what's behind the next the next mountain over the horizon. That's why I was a sailor baby, yeah?
Doug Draper 27:28
But I won't say we disagree because that, but we have a different perspective on it, right? Absolutely.
Pete Mento 27:34
So we'll leave it at that. All right, bring
Doug Draper 27:36
us home, my man, what do you got? Yeah,
Pete Mento 27:38
quick topic, but it's an important one. The World Trade Organization received a petition from China last week saying that the new electric vehicle tariffs aren't fair, that they were simply put in place as a means of protectionism, and they're right, 100% right, because Renault and Mercedes and Volkswagen and BMW and every other European company is invested in manufacturing electric vehicles, but they can't compete financially. They just can't compete. China has all the necessary raw materials. They have a significantly less expensive, un unionized labor force, and they're deeply backed by the Chinese government. So you know, the first BYD cars coming to America are going to have a sticker price of about $17,000 and that's where the 100% tariff so imagine what European car manufacturers who employ all these people are thinking, you know, this is a whole industry that could die on the fine if something isn't done about it. They just, they're just trying to catch up to China. But like everything else, you know, China is going to continue to innovate. They're going to continue to make things better and better, and I don't know if catching up is a reality. So I think China is going to win this petition, and I think it's going to put a tremendous amount of pressure, not only on them, but on us, to reconsider our place in the electric vehicle market, which is a shame, because I'm pretty fired up about American Electric Vehicles. I don't own one. I don't think I ever will, but it's just like the space program. I absolutely love the technology and the genius that goes into producing, yeah,
Doug Draper 29:07
well, we're, I'm kind of a glass half empty on this show, Pete, and you're half full, for sure. Because my question is, how much different is this than just writing a strongly worded letter to complain about something well,
Pete Mento 29:23
the World Trade Organization does have the ability to levy fines and penalties to to create a more a more frustrating environment for companies to manage this in, and they could rule that these duties and tariffs are not fair. And if that were the case, the European Union would be compelled to actually do what's being asked of the guidance, because it's like any other I agree with you. There's no There's no WTO police, right? Like we don't have, we don't have guys in the uniform division of the World Trade Organization showing up with a gun and a badge. But what they will do is it would erode the importance of that organization when you're. Keenan and American companies need them to side with them and work with them and make things better. So I don't think that they would defy the WTO if told to make a change.
Doug Draper 30:09
Yeah, that'll be interesting to see how that goes. I don't know what kind of power they have anymore, right? I think it was mid 90s ish when the WTO came about. So we'll see.
Pete Mento 30:21
Yeah, well, yeah, I mean to go around really established a great deal of their power and influence, but that was more or less propped up by the United States when we allowed China to enter into most favored nation status. But what we've never done is give them the necessary tools for enforcement. We've all just agreed that we'll go along with the decisions of the WTO foolishly, because there is no country in the world who's done a better job of using that process than China. Mean, it's kind of like that that that movie, old school, you know, where they're in the Dean's office, and, like, you know what? For a bunch of screw ups, they're really good at paperwork. It's kind of the same thing. China's excellent at using the process and using the necessary regulation to get their their end goals just as much as it's used against them. So, yeah, yeah. What a great movie. Well, department knows
Doug Draper 31:09
about, yeah, well, there's only, there's only one show out there, Pete, it's global trade this week that could parlay international, global trade topics to a movie about a bunch of middle aged guys starting a frat house. Oh,
Pete Mento 31:24
yeah, yeah. That's that's what makes us the premier destination for information on logistics, trade and economics. I know
Doug Draper 31:31
it's good, yeah, and it happens every single week. This show is over, so I want to thank all of our listeners for joining us. I want to thank for Giancarlo for giving us a shout out last week. Thanks for those topics. Anybody else, please reach out to myself, repeat. We'd Welcome to express your opinions and topic ideas on our show. So that's it. Oh
Pete Mento 31:55
yeah, yeah, yeah. Great show, buddy. Great show. I'll see you next week. Okay, take care, buddy.
Unknown Speaker 32:02
See ya.
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