Global Trade This Week – Episode 120
What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:
3:09 -Parcel Waiving Holiday Surcharges
8:55 -Inflation Stalling? Fed Rates & Trade Numbers
12:40 -Halftime
23:36 -Peak Season’s Over. What does this mean for Q1?
27:45 -USD & EURO Parity in 2024? Would be good for US Exports
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Pete Mento 0:09
Hey everybody, and welcome to another jam packed, exciting edition of global trade this week. I am Pete mento. Coming to you from the International Trade conference in Iowa palms South Carolina. With me as always is the is the Oreo cookie to the cream in my Oreo cookie sandwich. The shrimp and my gumbo, Mr. Doug Draper out in Colorado. Doug, how are you? Good to see Troy back.
Doug Draper 0:34
Yes, Troy took. He was on vacation. But it's all back back in business. But yeah, Colorado is good. I'm in my three by three soundproof box in my co working space right now. So I think your looks like you got a better view and a more enjoyable day ahead.
Pete Mento 0:51
We'll see about enjoyable, but it is nice. It's kind of chilly here. So there will be no dipping in the ocean today for me, Doug. Yeah, yeah, that's not gonna happen.
Doug Draper 0:58
No. Well, Katie and I were talking just offline or off air that the snow is arrived has arrived not in large quantities. But he was up camping and I was up in Crested Butte, Colorado this weekend with a whole bunch of college buddies. And wives, so it was pretty mellow. But there is snow on the peaks. And it is definitely feeling like fall and close to winter. So we're excited.
Pete Mento 1:25
I was doing a lot of work related drinking, Doug, this weekend. One of the problems with this business is these these meetings, these symposiums these trade shows. It's just a collection of free people. And free people do enjoy tipping them back. So no exception.
Doug Draper 1:44
Yeah, but all the work. Yeah, all the work gets done at the bar afterwards. It's the it's the chatter during the day, but the work and the connections happened. Probably after nine or 10 o'clock.
Pete Mento 1:55
Definitely for guys like you and I were trying to close deals and make things happen. That's certainly how that goes. But I'm I don't have it in me anymore, man. I mean, I'm generally ready for bed about nine ish. I'm not as bad as you. I'm not, you know, I'm not I'm not catching the six o'clock news watching the rerun of Matlock and hitting hitting the sack, but I'm not much I'm not much better, pal.
Doug Draper 2:20
Yeah. Well, Matlock is a good entree into some of our halftime that our audience will will hear I think, I think that's the right era. But we'll we'll figure it out. So
Pete Mento 2:31
yeah, well, I introduced today. So that means that you're gonna give us our first topic this week. And before we start, as always, thank you to the good people at CAP logistics for sponsoring the show, a company that neither of us worked for. I don't think we've mentioned that nearly enough. But they're they're possibly wonderful and supporting the show, a fantastic company. For those of you that watch and support us, please do check them out at cap logistics.com. We can't thank them enough for their positively incredible support. And let's support the show. And for loaning us, Kenan who, for all of his faults does do a good job producing the show. So with that said, Doug, what do you got for
Doug Draper 3:07
us? All right. Well, this dovetails a little bit to what I spoke about last night, or last week or the week before, but it's related to parcel my entree into this crazy logistics world 25 odd years ago was in the parcel business through airborne Express. That's a drinking story, for sure, at a later date. But so I have an affinity to parcel and kind of how things go and evolve. And that is certainly cyclical and seasonal. And we are entering the the season for parcel and ecommerce and in the holiday surge. So one thing that caught my attention, Pete is that USPS has announced that they are doing no seasonal surcharges this year. And what that has done is there's other regional carriers, regional parcel carriers that are kind of following suit, so there was a big one up in Chicago. They dubbed themselves as like the fifth biggest parcel carrier in the country, but oh s m worldwide. Another company called V hoe, and Axel hire. Now they're all involved with injecting parcels further down into the USPS delivery behemoth to help reduce cost and get that final mile delivery as inexpensively as possible. So my whole point there is that all right, the post office said no surcharges and then subsequent companies that support that business have also said that so the question that came in my mind is like, what's going to happen with the big boys with FedEx and UPS and and how they're gonna handle it? I don't know. You know, I think what's transpired is that everybody hedged their bets during the UPS potential strike And there were executives all over the country that pushed down to their director level and said, find a solution, make sure we don't get burned. And and look at diversification to make sure our parcels to our clients and customers are not interrupted. And so what that did was a lot of diversification, a lot of additional companies, regional parcel carriers that may not be household names to most people listening to the show. But it's been dispersed a little bit as far as the different types of companies and the different way people are engaging with parcel. And I think that the USPS announced it, companies that support that injection into the final mile have followed. And I think that we're going to see a mellowing of surcharges around the parcel delivery mechanism, as we roll into q4 for all the things that we spoken about with the economy and, and interest rates going up. And people just a little wary about what's going to happen as we end the year and start 2024. So my whole point is, I think some of the oh my gosh, you mean I have to pay an extra five bucks to get it here, just because I ordered it between these two months period. I don't think it's gonna happen this year. Pete.
Pete Mento 6:17
Yeah. When I read your topics today, and I saw that, I think it was two weeks ago, you were talking about how was it ups was was going to give people refunds. Yeah. Or in order to break their contract with FedEx. It's, it's almost like a, like rabbit season, duck season, rabbit season duck season, where it's a buyers market, it's a seller's market, a buyers market seller's market, right, the the folks at UPS and FedEx, we're going to deal with a possible strike. So everyone was going crazy, to lock in rates and get contracts. And, you know, we got to run to these these providers to get things done, and then all that all fell apart. And now there's no volume. So everyone's trying to drop their rates as fast as they can to try to sign on volume out of nowhere. And, you know, while that's happening, the economy is just getting worse and worse from from an input standpoint, there's really not a lot of inventory moving around, we're going to talk about that. And that too, you know, so all these these providers are finding themselves scrambling trying to find someone to buy space. So people are saying, well, what the hell that I just go through this exercise for the Gotta Go to their leadership and say, hey, you know, when I told you, we should take care of this might have been wrong. But you'd be wrong again, in six months, from now going to come back to me and say, Hey, we made a mistake. You know, it just feels like that lack of stability, that lack of confidence in the marketplace. It's really all a marketplace wants, they want some kind of, of at least the a hint of stability. We just can't seem to bring it to that market right now. Or any market. I don't care if it's ocean freight, air freight, you just can't seem to find it, man. It's starting to really grind on people.
Doug Draper 7:59
Yeah, yeah, I think that's right. You know, the kid, here's, this is an analogy or a comparison, but kids that you raise, they need barriers, they need to know what they can and can't do. They need that stability so they can learn efficiently. And I was just talking to my wife about it. She's a first grade teacher that they they need barriers, and guidance and rails. So there's some consistency, and I feel comfort with moving forward. And I think that's kind of an analogy, if that's the right word related to what you just indicated.
Pete Mento 8:31
Yeah. Well, unless your parents raised me like me, you know, barefoot in a pair, overalls and no t shirt, found ranging it with, you know, watermelon and drinking out of a firehose and looking at
Doug Draper 8:43
checking steaks out into the into the forest and saying, Go, go go,
Pete Mento 8:48
fair, fair, like Lord of the Flies, it's about the way to work.
Doug Draper 8:51
Yeah. Alright, my friend, let her rip your topic,
Pete Mento 8:55
another weird week out of the Fed, and our friends in Washington, DC, who are kind of like Kevin Bacon at the end of Animal House, you know, all as well become, there's no reason to freak out. They're telling us that inflation is exactly where they want it, you know, got them, right where we want them, everything's fine. And they decided not to raise rates, and then inflationary numbers come out. Now, keep in mind, we adjust these. So a month from now, we're gonna get an adjustment back from all the central banks, all the economists and they're gonna say, okay, maybe we were off a little bit. But inflation globally continues to rise. And if we should here might have been a little stagnant, but what it feels like it's doing is it's just bumping on the ceiling. You know, it's just sort of bumping on the ceiling. Maybe it's coming down a little bit, but it's bumping on a ceiling looking to go up again. It hasn't stopped rising. And they're telling us everything is fine. But what I think they're not doing is looking at the macro picture globally. We're not seeing the influx of volume that we thought we would we're not seeing consumer confidence rise We're certainly not seeing people going out into the retail sector and spending a lot of money. Now, the numbers that we're seeing on retail for back to school, we haven't gotten them officially in yet. But they're not looking good anecdotally, from what we're hearing from the major retailers. And that also goes back to the E commerce sellers. They're not giving us great numbers either. So if we're not seeing consumption rise, which is the main driver of the American economy, What's that telling us about what's going to happen with inflation, job market, unemployment is not really rising dramatically, we're not seeing a continuous rise in wages, our home situation is exactly where it was, people are not selling off their homes to go someplace else. Because they're keeping these outrageously low mortgages they had before Doug, we are in a stall, we're in this stall, and nothing that we can do can fix it, it might take an external force, to do something to make inflation go away. And other than the Chinese economy finally collapsing, or one of these regional conflicts really blowing up, which is probably a bad phrase to use on it. I don't really know, in the short term, what can make it better? So I'm still saying February 2024, we're going to see the first spark on it. And 2025 You're gonna see a major dump in the US House market.
Doug Draper 11:17
Hmm, interesting. Yeah. Well, I think your your whole point is as it's bumping up against the ceiling, and there's still some uncertainty, I'm glad that the Fed is not ready raising the interest rate, because that impacts me personally, with my housing situation. So I was nervous about that. But I think the point is, it's just calm down. Let's stay the course. Let's get through this. Let's wait and see. Which is, you know, the pendulum has gone back and forth dramatically in the last three years, you know, with COVID, just like this injection. I think everybody's just chill out. Let's just wait and see, stay the course get, you know, we've seen some businesses that are just shedding non core competency, you know, things that were cool to buy during COVID. Because of, you know, the logistics tactic that came in so my point with all this, Pete, is that, I think you're gonna see a lot of people just chilling out a lot of companies just waiting it out. And to your point, exactly, what's going to change that some sort of external force, which could be good, or could be bad.
Pete Mento 12:22
Oh, it's always bad, Doug. It's always bad. I'm, I'm never optimistic. In the years we've been doing the show. Have I ever been positive once? I don't think that I have, buddy. I've ever been positive not even once. So yeah.
Doug Draper 12:39
Cool. All right. Well, let's jump into halftime. Pete You did a great job of explaining cap logistics and, and our connection and relationship there. But we'd encourage everybody to check out cap logistics.com They're a great supporter of our program. And they're a great company out there that can help you out. So good. Halftime today. Pete, you want to go
Pete Mento 12:58
first? Yeah, me. I'll go first. So sad news yesterday, Suzanne Somers, famous for a lot of things. But to me, famous, famous for her role in Three's Company, passed away yesterday. And she was, you know, one of those iconic starlets of the 1970s. She was one of the common the poster girl so it was her fair faucet. You know, the Charlie's Angels girls. She was one of those sex symbols that older gentleman like Doug and I grew up with, in the 1970s might have had a poster of her on your wall. But she was on a show called Three's Company. That was a was a sitcom 1970s I think it was ABC 1970s ABC primetime sitcom that had a pretty wacky premise for the time, like if we tried to sell it now, Doug, everybody be like, Huh. But the idea is pretty simple. Three young, working adults that couldn't afford an apartment close to the beach in LA. They lived in I think it was Redondo Beach. And in order to have a man living with two women, he had to tell the landlord that he was gay. And that was sort of the premise John Ritter was that was the was a character who had to pretend he was gay when he in fact, was not. And he was living with these two insanely attractive women. And Mr. Roper and his wife, were constantly almost catching him, you know, on a date with a girl or got the Regal Beagle. And it was one of the shows the 70s When I was a young guy, I watched my parents, you know, as much as there was some sexual undertones with it, it was it was pretty tame. It was pretty vanilla. But there were other shows in the 70s that were kind of a similar vein, The Love Boat, right The Love Boat was was a marketing gimmick done by Princess cruise lines. That would have three to four parallel storylines that ran at any one given one hour episode that might intersect with each other, but they would have great guest stars Suzanne Somers was actually in the pilot of Have that show it was an excellent JJ Walker was in that one too. You know, it was these were great shows. Fantasy Island was another one. Good time to Sanford and Son, one of the best TV shows that was ever made, in my opinion, the Jeffersons on the family. These are all wonderful shows that came out in the 70s that I had been watching again, Bob Newhart in particular, I've probably watched five seasons of Bob Newhart from the 1970s. They're just all fantastic. In when I look at those shows, I'm amazed at how well they still hold up. And we mentioned earlier Matlock, which was actually 80s. But a lot of the 80s ones are the same. The detective shows of the 1970s are still fantastic. If you have a chance to watch Beretta. If you have a chance to watch Starsky and Hutch, if you have a chance to watch The Rockford Files, these are all Quincy these are all still excellent, excellent shows even now.
Doug Draper 15:52
Yeah, when you shut that over to me, I was thinking. I was like, there was this one gentleman that was the creative behind a handful of shows. You mentioned a few of them, but normally,
Pete Mento 16:04
normally Oh Norman Lear was a genius. Yeah, yeah. And first of
Doug Draper 16:07
all the guys 101 years old, he's still alive. Still alive. And so for for I won't go into you can Google more Norman Lear. But all in the family, which you mentioned, mod, which was a little bit before, you know, I kind of had heard of it didn't know much about it. Sanford and Son, which you mentioned, one day at a time, the Jeffersons which was a, you know, a commentary on a social commentary like nobody. You know, it was just a generation ahead of its time. Right. And then good times you made mention of that. So I was thinking Norman Lear. And what he brought in the 70s I think two or three of those shows were like one or two for years, on the different different stations. So anyway, that's what popped in my mind when I when I heard the 70s thing is that I can't believe the guy is still alive. 101 and the amount of impact he had on comedy television in the 70s is unbelievable.
Pete Mento 17:05
He and Mel Brooks are still best friends. They still have lunch almost every day. Yeah. One of my favorite trivia questions or just dopey things that fill my head? The the interracial couple a couple that live next to the Jeffersons and if you remember this, but black woman, the mother is Lenny Kravitz his mother selling Yeah, Lenny Kravitz. He grew up in an entertainment family and that was his mom. I'm she's from New Orleans. So of course, it's how I know that crap, right. But that was one of those things that that always got my attention. But you talk about funny. You can you can sit down and watch five episodes of Sanford and Son or the Jeffersons or on the family. You will you will laugh out loud and then you'll save yourself. There is no way we could ever make the show. They would they would never air a single episode of this today.
Doug Draper 18:03
Yeah, yeah, that's exactly what I was thinking that. What you got, man? Alright, well, speaking with the entertainment theme. I don't know if you know, but literally today is Walt is Disney. Not Walt Disney. But company Disney turns 100. Right. Been around for 100 years. And I started thinking about Alright, initially, Pete, I was going to talk about companies that had been around for over 100 years. And I kind of go down a wormhole with that and I decided to ditch it. But but my take on this one is that Disney's had a tremendous impact. But really, it was in 1928 that Mickey Mouse first joined us but his name was Steamboat Willie. And it was kind of I guess a landmark if that's the right word to use in animation. Think it was the first time that sound and silent animation kind of came together and that was kind of really the catalyst of of what started you know the bread and butter at Disney which is just these amazing animated movies that our kids grew up with eat well, let me back up for you and I grew up with Fantasia was another big one back in the day. And then some of the movies that are coming out the only thing is that Disney they've like gone overboard with commercializing some of their their movies, if you look at the animation movies that have happened in the last probably five years. Like I don't even recognize any of the names, right? I mean, it like I don't even know they made this. It's almost they're just cranking them out because it's the Disney franchise. So anyway, Disney's 100 today, and it all started with Steamboat Willie. I'm sure you've seen that one when he's doing the the wheel on the steamboat and kind of bouncing around but that was the one show the one and animated cartoon where they mixed still and sound together that really catapulted Disney, at least in my opinion. I'm sure you can have somebody like a comment on that one. But anyway, Happy Birthday Disney 100 Not quite as old as Norman Lear. But we'll give you a little credit there.
Pete Mento 20:16
In a strange twist, Doug, I'm visiting them on a client call tomorrow. Yes, that's a little strange. But, you know, to me, Disney. Now, they're just an entertainment behemoth. They purchased one of the most important brands to me, which I know you don't care about. But they do on the Star Wars Lucasfilm franchise, they are also they own Marvel. So in my world, they kind of own a major part of my entertainment universe. So to me, that's a big deal. And another another side of that, though, in all my travels around the world, particularly in the 80s, and the 90s. And just iconic, it was it was part of the American, the American identity when I was in Russia, as a young guy, people, people identified people identified Mickey Mouse, and in many in Daffy and all that with America, people that lived in Russia, people lived in China, they really wanted to come to Disney World, they just they just saw that almost like Coca Cola, and McDonald's, driving a Chevy and baseball with being American, that whole Disney part of the world. And it really has become a global brand. And I don't know if America and Disney are, are so much tied together now as it is a global concept. You got a Disneyland in France, there's one in Hong Kong now. It really has kind of overcome that connection with our country, and has become something that I think the whole world owns now. And, you know, the family itself now still owns part of the business from what I understand. But that I think is an interesting legacy to have from, from the perspective of something that was started with one man and one pen, and one piece of paper. So it's pretty cool story.
Doug Draper 22:01
Wow, very eloquent. One man, one pen, one piece of paper 100 years ago.
Pete Mento 22:07
Deb when I met Stanley, and I think I've shared the story in the past when I finally met him, and my daughter and I she was younger than she didn't quite understand what a big deal it was. And he shook my hand. And I just thought to myself, that hand created in drew almost every character that I care about when I was kid, like when I was Charlotte's age, you know, all the X Men, Spider Man, the Hulk like I was, I was blown away. I was like, psychologically liquefied, I met presidents. I didn't care as much as, as when I met Stan Lee man, like I was, I was out. It was amazing. And then when she said, show it, what do you want to be when you grow up? And she said, I want to be an artist. And Stanley said, Well, are you drawing now? And she said, I am. And he said, Well, then don't ever let anyone tell you that you're not sweetheart. And I came out and I was gonna cry. And to this day, my daughter still remembers that we have a picture with him. And he died a year later, just to you know, have had that opportunity for her to to meet him and now she's become such a massive fan of Marvel. And she's bigger DC fan. So I failed as a father but you know, she, she's, she's, she's become such a big comic book fan to have had that opportunity was a really special moment.
Doug Draper 23:21
Good. Well, we're gonna pivot away from that nerd topic that you just spoke about. I'm sure Scott. Scott Lee, what's the guy's name?
Pete Mento 23:28
Whatever he you talk. You talk kindly about the USPS today, so I feel like I won. I'm gonna get groans by the end of today.
Doug Draper 23:35
Yeah, fair enough. Fair enough. Well, hey, Pete. I'm not sure if you realize but peak season is over, by the way, done. It's official. And yeah. Nobody really knew peak season even was here came and went, right. Ships aren't full rates are still in decline. And there's this association or this group called Hackett associations sociate to maybe predicted no cargo growth, or the near term horizon. A little ambiguous is near term months or years. But my point with this Pete is a q1 is traditionally I've heard the term quiet season in the import, there's this notion of free, there's just not a lot going on, you know, and then I think the second quarters kind of like food and produce, and it kind of goes through four or cycles. But my whole point is if, if nobody even had any impact with the 2023 peak season, what is the quiet season going to look like in q1 of 2024? Were the things we spoke about on your first topic. Everybody calm down, wait and see. Let's just, you know, not do anything that's going to upset the applecart. We didn't have a peak season. We'll see what consumers do in q4 and the holiday season. I'm afraid that q1 In the quiet season is is going to turn into the silent season. Right? That it's going to be just non existent and it's going to be pretty impactful. I don't want to say negatively impactful, because I'm hoping for a little bit of light there. But I'm interested to see what the hell happens in q1 Because nothing blipped in q2, q3 and q4 related to peak season. Maybe Thanks, Pete, before you before you jump in, maybe after Chinese New Year, right? There's been always some pent up demand because Chinese New Year with a couple of years off are a couple of weeks off. That pent up demand kind of, you know, catapults a little bit, but I don't know what's going to happen. So maybe things will change after Chinese New Year, but I'm a little nervous on q1. Nope.
Pete Mento 25:51
Nope, nope. Now this is this is gonna continue to be just a Listen, man. I say it all the time, Doug, embrace the suck. Okay, embrace the schmuck. The rebound is not going to happen anytime soon. Manufacturing starts out of China, new contracts out of China continue to be down. employment numbers out of China continue to slide the ones that they're not telling us about right. So the ones that were able to get out of China continue to slide. exports out of China are still around this 2019 numbers which aren't bad. They're not bad. We shouldn't be upset by them. They're not bad. But volumes, no, they're down. And if anything, the state of the American economy in the western economies, given all the conflicts around the world, people get scared to spend money when people get scared. And people are getting scared. So we should bear that in mind. When people get scared. volumes go down. Sorry, Doug. For all these all these folks that are full of hope and promise for things yet to come. Next year. Another bad year. So packet and Associates whoever they were with their with their it's like economist language, right? We all want to hedge our bets when we talk about things. Now I'll just say it. Embrace the suck. The bad.
Doug Draper 27:10
Yeah. Well, good. Yeah. I'm glad that you brought some negativity into the show, Pete because you had to know why you did that in your first little bit. So you're you're living up to to your standards.
Pete Mento 27:23
Maybe that's what I do.
Doug Draper 27:25
Yeah, you got your Johnny Cash black on to so your full full character.
Pete Mento 27:31
You ever heard of Marmite done that stuff? Australians on toast? No, it tastes awful. But it's good for you. I'm the marmite of this show. You don't have to like it, but it's what's best for you.
Doug Draper 27:43
That's a good one. That's a good one. All right, bring us home.
Pete Mento 27:47
So last topic this week. It really it has to do with something that doesn't get enough attention period. But we always talk about what's going to happen. We'll talk about what is happening, but we try to get towards what's happening in the future. Right now. There's a lot of attention being paid to currency markets, whether it's the fact that the Chinese RMB continues to slide because of what's happening with with their deflationary economy. That's not good at all. But what's gotten a lot of attention lately is the fact that the euro, you know, it was it was down against the dollar had a little rise for a little bit. But it certainly looks like it's going to be at parity. Why is that? Something that you and I and people in transportation care about? Pretty simple. We want America and the European Union, we as Americans, we want the European Union to have a currency. That's not too far off the dollar. And the reason for that is we compete with European countries, Germany, definitely France, you know, the UK when it comes to higher end exports, innovation exports. So figure, pharmaceuticals, aerospace, high end precision manufacturing, military equipment, the list goes on and on software, healthcare devices. So we don't want our products necessarily to end up being more expensive, because of currency pressures. So if a country outside of the European Union, like Japan, let's say, or Singapore, or Australia, is looking to buy equipment like that, and they are looking at the United States as a supplier or a country in the European Union, then all things being equal. Currency isn't one of the things that could drive it. Right. And it's not necessarily more expensive. Maybe they'll buy American based off of innovation factors or quality factors, or just based on reputation. So this is actually a good thing. Because generally, head to head, American products tend to prevail when you look at them statistically, we do. We do pretty damn good on the global market. We tend to make products that people want to buy. So that's good for the American economy, and it's excellent for the kinds of jobs that we're trying Ready to keep here in America? So we kind of want this to happen. So we'll be watching that on the show. We'll be reporting on it as we see more about it.
Doug Draper 30:07
Yeah, I'm surprised it hasn't gotten more attention, right, whatever. I mean, it is. It's not like, oh, it's, you know, 1.2, or what I mean, it is almost dollar for dollar the same, right, which is crazy. And if you look at, you know, when he kicked that over this morning, and I'm like, Okay, let's look at the historical nature, it's been pretty. The parodies been there for a while, the last time I went back, and like how far back you have to go where it was meaningful. And it was 2008. I think it was, you know, 1.6 dollar 60 equal to a euro. And that's, that's big. And that's kind of how I've always perceived it, but I perceive it to be but holy cow, I mean, I don't understand why more people are talking about it. I was talking about some good news. With reshoring and nearshoring. In America, I don't understand why there's not a headline on the Washington Post or the New York Times for the evening news that talks about the good that that parody is going to bring here to the United States. So 100% I'm glad you brought it up, because I don't think anybody's talking about it, at least in you know, I'm not seeing a lot of it. Related to that, but it's a good point. And I think it bears well for for good old US today.
Pete Mento 31:21
We'll talk Why would anybody get their news from those sources when they could just come here to global trade this week?
Doug Draper 31:26
I love it. That's right. And it is weekly. It's global trade this week. If you just come and without without one pay, that's a pretty good transition. You did it not me. So I know that was a good transition. So we'll leave it at that. We'll wrap up this episode global trade this week. I think it was pretty good show Pete. We had good commentary on halftime and some really solid topics. So thank you all for listening. Thank cap logistics for putting this thing on the air, so to speak. And Kenan pushing the buttons and turning the levers. And as I say given us the soapbox to talk about what what we were bringing to the table in a forward looking perspective on international trade. That's it, man. He'd have a good weekend. I'll see you or a good week. I'll see you next week.
Pete Mento 32:13
See you buddy. Take care, everybody. All right. See ya.
Transcribed by https://otter.ai