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Treasury chief delivers BLUNT message to Canada PM · THE DAILY BRIEF

• 0:00
  Speaker 1: My Treasury Secretary, Scott Pesce, and he's in North Carolina
• 0:03
  Speaker 1: meeting with G20 leaders where he weighed in on the
• 0:07
  Speaker 1: escalating trade fight with Canada and had a very blunt
• 0:10
  Speaker 1: response to Prime Minister Mark Carney.
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  Speaker 2: Take a look.
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  Speaker 3: I guess Mark is wondering if we're now in a
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  Speaker 3: tit-for-tat trade war with Canada. Well, I don't think you
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  Speaker 3: can be in a tit-for-tat with someone who's 13 times
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  Speaker 3: larger than you are. They say they're doing okay. What
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  Speaker 3: else are they going to say? Look, I think this
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  Speaker 3: is very unfortunate that Prime Minister Carney has turned this
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  Speaker 3: into a political shouting match. I mean, we're not at
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  Speaker 3: war with Canada. How are we going to be at
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  Speaker 3: war with Canada? Are they going to take their two
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  Speaker 3: submarines from the Edmonton Mall and sick them on us?
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  Speaker 1: Now, Besson also said that the U.S. is likely to
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  Speaker 1: impose sanctions on another bank this week, as it is
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  Speaker 1: now escalating efforts to economically isolate, well, the Republic of Iran.
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  Speaker 1: Take a look.
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  Speaker 3: We are probably going to announce a bank sanction this week,
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  Speaker 3: and we will announce one the week after. We are
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  Speaker 3: speaking to our allies here.
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  Speaker 2: We are going to economically asphyxiate this regime. We are
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  Speaker 2: tracking down the IRGC's assets. And I will say it
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  Speaker 2: on World Wide TV, just so you.
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  Speaker 3: Know, we know where in the British Virgin Islands your
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  Speaker 3: accounts are at these trust companies. We know the $ 100
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  Speaker 3: million houses you have around the world.
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  Speaker 2: And we're going to freeze those.
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  Speaker 1: All right, here with more is Treasury Secretary Scott Bessett. Very,
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  Speaker 1: very demure and quiet and not at all intimidating. We
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  Speaker 1: know in the British Virgin Islands, where you're hiding your money,
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  Speaker 1: the trust companies, $ 100 million homes, you're basically saying to
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  Speaker 1: the leadership there, we know where all of your money is,
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  Speaker 1: and you're not going to get it, even though you
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  Speaker 1: spent a lot of time, effort, and energy robbing from
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  Speaker 1: the people of Iran, and you'll never see that money.
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  Speaker 1: That's how I interpret it.
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  Speaker 3: Sean, you're exactly right. And great to be with you.
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  Speaker 3: Great to be here in Asheville, North Carolina, the beautiful
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  Speaker 3: Blue Ridge Mountains. And that's exactly what we're saying. We
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  Speaker 3: are saying after 47 years, this terrible game that they've
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  Speaker 3: been playing with the Iranian people, terrorizing the Gulf and
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  Speaker 3: attacking American citizens, attacking the world, that the Iranian regime
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  Speaker 3: is over as they know it. And they are either
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  Speaker 3: going to have to come to the table and and
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  Speaker 3: be ready to negotiate that they cannot have a nuclear weapon,
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  Speaker 3: that they have to give up their highly enriched uranium,
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  Speaker 3: that they have to stop with their terrorist proxies, that
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  Speaker 3: they have to stop terrorizing their neighbors, or this will continue.
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  Speaker 3: And I believe that between the kinetic action that our
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  Speaker 3: great military did for six weeks, the blockade, and the greatest...
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  Speaker 3: the effort at financial isolation in the history of the world,
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  Speaker 3: history of the world, we are going to grind them
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  Speaker 3: into the ground. Okay.
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  Speaker 1: Are they close? You said the snake doesn't know it's
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  Speaker 1: dead yet, but it will stop wiggling when the sun
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  Speaker 1: goes down. We are burying the head of the Iranian snake,
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  Speaker 1: and the Iranian regime is demised, and they will figure
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  Speaker 1: it out. And it's my job to make sure that
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  Speaker 1: they want to have a deal, and they will want one.
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  Speaker 2: Wow.
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  Speaker 1: Powerful statement.
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  Speaker 3: Yeah, Sean, look, in my life, I have killed lots
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  Speaker 3: of poisonous snakes. As I said in the interview with
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  Speaker 3: the great Larry Kudlow, I grew up near a swamp.
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  Speaker 3: We had a lot of poisonous snakes come in our yard,
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  Speaker 3: and we cut their heads off, whether it was with
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  Speaker 3: a machete, with a boat paddle, with a rink. And
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  Speaker 3: once the head is severed, the tail can keep— or the
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  Speaker 3: remainder of the body can keep squirming, but it eventually—
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  Speaker 3: stop squirming, but for a while it doesn't know it's dead.
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  Speaker 3: The head, still poisonous, you bury the head, and that's
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  Speaker 3: what we are doing to this regime. We are going
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  Speaker 3: to isolate them economically, and they will have no choice.
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  Speaker 3: They have gas lines, they have 100% inflation, their currency
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  Speaker 3: has collapsed. The president of the country, the speaker of
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  Speaker 3: the parliament, the head of the central bank, is already
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  Speaker 3: warning the Iranian people and their military leaders They are
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  Speaker 3: sending out messages that they are in economic trouble.
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  Speaker 2: All right.
• 4:31
  Speaker 1: Let me ask you about a lot of your quotes
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  Speaker 1: on socialism, because this is what this midterm is going
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  Speaker 1: to be defined by. The DSA, 250 DSA members elected
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  Speaker 1: since 2019. We have over 40 on the ballot this year.
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  Speaker 1: He said, socialism here in the U.S., when we look
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  Speaker 1: at the demographic of those voters, overeducated, under-earning, underachievers, jealous
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  Speaker 1: of those who want to get up and go to
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  Speaker 1: work every day, they've tried socialism around the world. And
• 5:01
  Speaker 1: one thing that frustrates me— is between the $ 11 trillion
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  Speaker 1: in committed investment that the president has taken in, and
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  Speaker 1: we're now bringing to this country the production of semiconductor
• 5:13
  Speaker 1: chips and pharmaceuticals and bringing back automobile production. It seems,
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  Speaker 1: and the largest tax cuts in history, why does everything
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  Speaker 1: I know about economics come down to that is the
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  Speaker 1: foundation for a huge economic boom?
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  Speaker 2: Well.
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  Speaker 3: Sean, you are overeducated and over-earning. That's why. And I'll
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  Speaker 3: tell you that for the G20 meeting here in Asheville,
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  Speaker 3: we were spreading the word to the world that we
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  Speaker 3: have the strongest economy in the world. Come grow with us.
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  Speaker 3: This is how we're doing it. And we had some
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  Speaker 3: very meaningful discussions on how to do that, whether it's
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  Speaker 3: through deregulation, via energy, tax certainty. And, you know, as
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  Speaker 3: you said, just as the rest of the world wants
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  Speaker 3: to be more like us, as we have this great economy,
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  Speaker 3: we are accelerating away from the rest of the world.
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  Speaker 3: There are some malcontents who do not want to work.
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  Speaker 3: They want to pull everyone down with them. And, look,
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  Speaker 3: I think that this is a limited group. And as
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  Speaker 3: I said, they are under-earning. And the rest of America,
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  Speaker 3: we're seeing working class wages pick up faster for the
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  Speaker 3: bottom 25% than the rest of the working group put together.
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  Speaker 3: So these people think that they're entitled to something. And
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  Speaker 3: as you said, show me where socialism has ever worked.
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  Speaker 3: Did it work in Venezuela? No. Did it work? in
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  Speaker 3: the Soviet Union, not yet. Has it worked in Cuba?
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  Speaker 2: No.
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  Speaker 3: So, you know, if you could show me where it worked.
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  Speaker 3: And it's just a, I think it is a pastime
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  Speaker 3: for a group who just needs to get up and
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  Speaker 3: do something.
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  Speaker 1: You know, last question, if I can, Mr.
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  Speaker 3: Secretary.
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  Speaker 1: You know, Canada relies on the U.S. for their national security.
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  Speaker 1: And before President Trump They thought they were clever. They
• 7:28
  Speaker 1: put heavy tariffs on American dairy farmers and other American products.
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  Speaker 1: Maybe you can sell 5 percent. After that 5 percent
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  Speaker 1: import number that they got to, then it would go
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  Speaker 1: up to 80 percent, go up 80 percent. And meanwhile,
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  Speaker 1: we've been a good partner to them overall. It was funny,
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  Speaker 1: your line, what else are they going to say when
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  Speaker 1: they say they're doing OK? They really do need our country.
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  Speaker 1: What if we said to them, if you get in
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  Speaker 1: a conflict with any other country, we're not going to
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  Speaker 1: be there for you? What would happen to Canada then?
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  Speaker 3: Well, you know, we've had a free rider problem with
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  Speaker 3: Canada for a long time. And Prime Minister Carney, after
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  Speaker 3: getting a little bit of a verbal beatdown for myself,
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  Speaker 3: Secretary Hanks has said, well, you know, you've got to
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  Speaker 3: stop throwing shade and to get the negotiations back on track. Well,
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  Speaker 3: he was the one who said we were at war.
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  Speaker 3: But I will tell you, Canada had a great military.
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  Speaker 3: They were right there at the forefront on the beaches
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  Speaker 3: of D-Day. And what the Canadian government has done to
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  Speaker 3: the Canadian Armed Forces, if you look at the ranks
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  Speaker 3: of NATO spending, they are near the very bottom. They're
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  Speaker 3: cellar dwellers around with Spain in terms of their military...
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  Speaker 3: spending to GDP. And why is that? Because they were
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  Speaker 3: free riding. And, you know, Sean, I will tell you
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  Speaker 3: who was not with the prime minister. The Canadian businesses
• 9:00
  Speaker 3: are not with the prime minister. The Canadian military is
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  Speaker 3: not with the prime minister. And, you know, he thinks
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  Speaker 3: that he got to office on an anti-Trump, anti-Americans platform.
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  Speaker 3: And it's not going to work out over the long term.
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  Speaker 3: So I hope that you will come back to the table.
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  Speaker 3: President had a the best trade deal we'd offered anyone.
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  Speaker 3: And he rejected it for political motives. Okay.
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  Speaker 1: Well, I don't think that's going to end well for
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  Speaker 1: them if he keeps it up. Donald Trump's not the
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  Speaker 1: right guy to pick the fight with. Anyway, Treasury Secretary
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  Speaker 1: Scott Peskin, thank you, sir.
• 9:33
  Speaker 2: We appreciate your time.