Transcript: Well, this is one of those situations where I don’t like making videos that are off schedule because normally what they mean is that something that is not very good has happened and so this is one of those situations. So what’s going on is that as you probably know President Trump said that the Chinese have reneged or are not following through on the deal that they made and so he’s going to raise tariffs. The Chinese have retaliated by raising tariffs on American goods going into China and so the market is reacting very negatively to that situation. It appears that things are escalating and the concern is it blows up and becomes a full-fledged trade war.
At this point, everything is scheduled to kick in on both sides June 1 and President Trump has not said that he’s going to raise tariffs on the other $325 billion worth of goods and services that come into the U.S., just the existing $200 billion that is currently being tariffed already. So we’ll see where this goes. We are at this point not changing our schedule. We did stage our buyback on purpose because we anticipated that there would be some down periods in the markets and we wanted to be able to take advantage of those or at least let our schedule take advantage of those. So we haven’t changed our schedule. We are still planning our buy-in approximately a week or so and so or maybe two weeks I guess is where it is, but at this point, it’s too soon to make conclusions that we want to accelerate our buy, stop what we’re going to do so we’re going to stay on schedule.
Both sides have everything to gain by not letting this get out of hand and turn into a full-fledged trade war. Certainly, it would hurt the Chinese way more than us, but it would cause issues for us and challenges for us as well. So our view of this is that this is the ugly part of the negotiating process. Usually when negotiations are coming to a conclusion that’s when you have the 11th hour and you have the ugliness start and that usually is near the end of that process. Hopefully, that’s the case.
They are planning President Xi and President Trump and Vladimir Putin to meet in June and both sides, the Chinese and the American side are saying that they are talking and that they plan on continuing to talks and that the negotiations have not broken down. It’s just that they have escalated the tariff part of it. Anyway, all of this is what we’re here to worry about for you. OK? So we hope that you don’t have undue anxiety. We staged our buy back exactly for this reason so that’s why we did it and so let us worry about this and you enjoy your second childhood without parental supervision and we’ll keep you posted on where we go from here, but at this point despite all that’s been going on we don’t see this as being either a buying opportunity or a reason to stop what we were doing, not yet anyway. So we’ll keep you posted and I am sure we will talk soon.