50, 75, 25, we re going to be at the same number. it s a mirror tax. so they charge us 50, we charge them 50. right now, we charge them nothing. it s called the mirror tax. we re going to be doing a lot of that. we really, the first year we really set the stage. a lot of it had to do with structurally, we had to go through certain procedures in order to get to this point, but now we re at this point. american companies have not been treated fairly, and some american companies, frankly, took advantage of it, went to other countries and developed in mexico massive automobile plants, taking our jobs away and taking our companies to make the cars and send them across the border without tax, without
i don t think the president understands that by making announcements like that, or his twitter announcements, he s undermining his legal authority of whether he s allowed to do this. the only reason he would be allowed to move unilaterally like this was because in a law from the 1960s it gave the president a right if there was a threat to national security. putting tariffs on our nato allies in south korea and/or canada and mexico is not enhancing our national security. it s undermining our national security. greg, do you want to respond to that? absolutely. in order to have national security we have to have a steel and aluminum industry. the chinese government, and don t let anybody mistake this, these are state-owned enterprises and companyies owne closely to the communist party.
at least $500 billion. and when you add incident recollectu intellectual property it s much bigger than that. at the same time due to our unique nature with canada and mexico, we re negotiating right now nafta. aspect of the deal, and if we re making the deal on nafta, this figures into the deal, and we won t have the tariffs and canada, mexico. if we don t make the deal on nafta and terminate nafta because they are unable to make a deal fair for the workers and fair for our farmers we love our farmers and fair for our manufacturers, then we re going to terminate nafta, and we ll start all over again, or we ll just do it a different way, but we ll terminate nafta, and that ll be it, i have a feeling
we re going to make a deal on naf nafta. i said it for a long time. make a deal or we terminate, and if we do, there s no tariffs on canada. there s no tariffs on mexico. some of the countries we are dealing with are great partners, great military allies, and we re going to be looking at that strongly. the tariffs do not go effective for at least another 15 days. we re going to see who is treating us fairly, who is not. part of that is going to be military. who is paying the bills, who is not paying the bills. we subsidize rich countries with our military, they pay not 100 cents on the dollar or 50 cents on the dollar, and they are massively wealthy countries. we have to stop that. this enters into the equation also. very interesting, i saw a tweet that came in from elon musk who
very abrupt, middle of the night announcement. it wasn t even clear whether there was going to be this ceremony tau today because the legal process hadn t been completed. what i her pr talking to people in the white house, two things brought this about. one, the departure of rob porter, weakening of john kelly, wilbur ross, peter navarro to convince the president to move forward on this. trump, himself, has been frustrated to the news coverage of his administration, wanted to project strength to do something, you know, strong. that is the purpose of these tariffs. i think there s relief on wall street, some relief. it appears there will be carve-outs for allies like canada and mexico. i don t think we can say what the effect of this is going to be. also, just staying with you because we listened to the president earlier. gary cohn was in this meeting. he was joke he s the globalist and now he s out and the