LIV Golf could now be in the rough

**SPEAKER_1** (0:00)
Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all-in-one, fully integrated platform that makes your work easier, from CRM, accounting, inventory, e-commerce and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. This is why over thousands of businesses have made the switch. So why not you?
Try Odoo for free at odoo.com. That's odoo.com.

**Kimberly Adams** (0:31)
Waiting for Canada's move in the trade war and the potential end of a short era in golf.
From Marketplace in Washington, I'm Kimberly Adams. In about an hour, we'll know how Canada plans to respond to the United States' latest salvo in the trade war. Canada is scheduled to unveil retaliatory tariffs against the United States after trade negotiations fell apart over the weekend, with the US imposing 50% tariffs on $20 billion worth of Canadian goods and threats for even more. Canadian Prime Minister Mark Carney promised to match US levies, quote, dollar for dollar. For more on potential consequences of these tariffs on both sides of the border, I'm joined by Dr. David Kelly, Chief Global Strategist at JP Morgan Funds. Good morning.

**David Kelly** (1:17)
Good morning.

**Kimberly Adams** (1:17)
What impact have retaliatory tariffs had on the US in the past?

**David Kelly** (1:23)
Well, since the start of the trade war, really back early last year, countries have generally been fairly slow to impose retaliatory tariffs in the United States. You know, tariffs tend to hurt both sides. They hurt the country that's imposing them and the country upon whom they are imposed. And so Canadians don't want to actually make their own economic situation worse by going overboard. But still, I think they have to retaliate in some way, and I think that they will do so.
Ultimately, I think this will result in a new trade agreement. We've seen this on-off trade fight for, you know, really over the last two years. I think that will continue.
And in general, retaliatory tariffs, they sort of throw sand in the gears of commerce. They will tend to hurt American manufacturing a little bit. But it's, I think, in this case, it's not a huge deal. And I think it will probably be relatively short-lived.

**Kimberly Adams** (2:21)
The Treasury Secretary yesterday announced a new round of economic pressure on Iran, calling it the Economic D-Day. How effective do you think these latest moves are going to be in bringing Iran back to the table?

**David Kelly** (2:34)
Well, they're likely to be very ineffective unless China is part of the deal. And the problem is that if Iran can continue to trade with China and other countries can route any commerce they want with Iran through China, then unless the United States wants to have a full-on trade war with China or sort of a greater conflict with China, there's really not much pressure that we can actually put on Iran through this. Meanwhile, the United States can't really afford to have an all-out trade war with China because we need China for so many things, including rare-earth minerals. And of course, President Xi is meeting with President Trump next month. So overall, I don't think this is going to have much impact. Ultimately, the Strait of Hormuz will be reopened. Ultimately, I think Iran will have some control over it. But the end game here is clear.
Both Iran and other countries in the Gulf will eventually be able to send oil through the Strait of Hormuz.

**Kimberly Adams** (3:35)
David Kelley is Chief Global Strategist at JP Morgan Funds. Thank you so much.

**David Kelly** (3:41)
Anytime.

**SPEAKER_4** (4:01)
This podcast is supported by Even Realities, Even G2 Productivity Smart Classes, designed to keep real-time support right in view with teleprompting, conversation support, real-time translation, AI assistance, and more. Help you stay on top of work and daily life. And unlike most smart classes, they're designed to look and feel like premium eyewear with no camera and a lightweight 36-gram design you can wear all day. The more context you give them, the smarter they get, adapting to how you work and what you need. To learn more about Even G2, go to evenrealities.com and see how everyday smart classes keep helpful information in sight so you can stay productive and hands-free throughout the day.
And for our listeners, use promo code Marketplace at evenrealities.com to get 10% off Even Ring 1 and or EvenClip when you add them to your Even G2 order. That's evenrealities.com, promo code Marketplace.

**SPEAKER_1** (5:01)
Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all-in-one, fully integrated platform that makes your work easier, from CRM, accounting, inventory, e-commerce, and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. This is why over thousands of businesses have made the switch. So why not you?