Neutrogena® Neutrogena®>>>IT IS TIME NOW FOR “MONEY>>>IT IS TIME NOW FOR “MONEY POWER POLITICS.” POWER POLITICS.” I WANT TO GET SMARTER. I WANT TO GET SMARTER. THE TRUMP ADMINISTRATION THE TRUMP ADMINISTRATION GRANTING EXCEPTIONS ON A SERIES GRANTING EXCEPTIONS ON A SERIES OF CHINESE IMPORTS, A SIGN THAT OF CHINESE IMPORTS, A SIGN THAT THE TRADE WAR COULD BE THE TRADE WAR COULD BE DEESCALATING. DEESCALATING. THINGS LIKE CHRISTMAS LIGHTS, THINGS LIKE CHRISTMAS LIGHTS, COFFEE FILTERS, STRAWS, PET COFFEE FILTERS, STRAWS, PET FLIES, AND AUTO PARTS. FLIES, AND AUTO PARTS. JOINING ME NOW, FINISHED PRODUC JOINING ME NOW, FINISHED PRODUC DOMESTICALLY AND SELL PRIMARILY DOMESTICALLY AND SELL PRIMARILY ON LINE AND MOSTLY WE GOT FAMOUS ON LINE AND MOSTLY WE GOT FAMOUS FOR OUR SWEATSHIRT ABOUT EIGHT FOR OUR SWEATSHIRT ABOUT EIGHT YEARS AGO. YEARS AGO.>>AND SO WHAT IS YOUR TAKE ON>>AND SO WHAT IS YOUR TAKE ON THE PRESIDENT TAKING ON CHINA, THE PRESIDENT TAKING ON CHINA, LAUNCHING THIS TRADE WAR SAYING LAUNCHING THIS TRADE WAR SAYING I WANT TO BRING THESE AMERICAN I WANT TO BRING THESE AMERICAN JOBS BACK? JOBS BACK?>>THE SPIRIT OF THE EFFORT I>>THE SPIRIT OF THE EFFORT I THINK IS GREAT. THINK IS GREAT. I THINK THAT WE’VE SPENT A LOT I THINK THAT WE’VE SPENT A LOT OF TIME OVER THE LAST 30 OR 40 OF TIME OVER THE LAST 30 OR 40 YEARS MOVING MANUFACTURING YEARS MOVING MANUFACTURING OVERSEAS. OVERSEAS. I THINK IT’S TIME TO RETHINK I THINK IT’S TIME TO RETHINK THAT STUFF. THAT STUFF. BUT I THINK IN MY VIEW IT’S A BUT I THINK IN MY VIEW IT’S A BIPARTISAN ISSUE AND I THINK THE BIPARTISAN ISSUE AND I THINK THE PRESIDENT COULD BE DOING A PRESIDENT COULD BE DOING A BETTER JOB BRINGING EVERYBODY IN BETTER JOB BRINGING EVERYBODY IN THE CONVERSATION AND I THINK THE THE CONVERSATION AND I THINK THE TARIFF STUFF IS A LITTLE BIT TARIFF STUFF IS A LITTLE BIT BLUNT. BLUNT. THERE’S BETTER WAYS TO GO ABOUT THERE’S BETTER WAYS TO GO ABOUT IT. IT.>>YOU DO MORE THAN MAKE YOUR>>YOU DO MORE THAN MAKE YOUR PRODUCTS HERE. PRODUCTS HERE. YOUR SUPPLIERS ARE HERE, THE YOUR SUPPLIERS ARE HERE, THE AMERICAN FARMERS, THE COTTON IN AMERICAN FARMERS, THE COTTON IN YOUR HOODIES ARE GROUND IN YOUR YOUR HOODIES ARE GROUND IN YOUR STATE OF NORTH CAROLINA. STATE OF NORTH CAROLINA. HOW DO THE FARMERS FEEL ABOUT HOW DO THE FARMERS FEEL ABOUT THIS? THIS? BECAUSE FARMERS, THE PRESIDENT BECAUSE FARMERS, THE PRESIDENT HAD A LOT OF SUPPORT FROM THE HAD A LOT OF SUPPORT FROM THE FARM COMMUNITY IN SPIRIT FOR FARM COMMUNITY IN SPIRIT FOR TAKING THIS STUFF ON. TAKING THIS STUFF ON.>>I THINK THERE’S MIXED>>I THINK THERE’S MIXED EMOTIONS WHEN YOU GET THROUGH EMOTIONS WHEN YOU GET THROUGH THE SUPPLY CHAIN. THE SUPPLY CHAIN. I THINK THERE’S A LOT OF I THINK THERE’S A LOT OF GRATITUDE THAT THE CONVERSATION GRATITUDE THAT THE CONVERSATION ABOUT WHAT WE’RE DOING WITH ABOUT WHAT WE’RE DOING WITH DOMESTICALLY SOURCED GOODS BEING DOMESTICALLY SOURCED GOODS BEING BACK IN THE NEWS THE WAY IT IS BACK IN THE NEWS THE WAY IT IS ON BOTH SIDE OF THE AISLE IS MET ON BOTH SIDE OF THE AISLE IS MET REALLY WELL THROUGH THE SUPPLY REALLY WELL THROUGH THE SUPPLY CHAIN. CHAIN. BUT ON THE FARMING SIDE IT’S A BUT ON THE FARMING SIDE IT’S A MIXED BAG AND I THINK THE MIXED BAG AND I THINK THE FARMERS ARE NOT THRILLED WITH FARMERS ARE NOT THRILLED WITH THE ADMINISTRATION CURRENTLY. THE ADMINISTRATION CURRENTLY. BUT IT’S A MIXED BAG BECAUSE BUT IT’S A MIXED BAG BECAUSE THERE IS A LOT OF ENTHUSIASM THERE IS A LOT OF ENTHUSIASM THAT CANDIDATES ARE NOW SPEAKING THAT CANDIDATES ARE NOW SPEAKING ABOUT THIS IN A WAY THAT THEY ABOUT THIS IN A WAY THAT THEY HAVEN’T IN A LONG TIME. HAVEN’T IN A LONG TIME.>>WHEN PEOPLE SAY TARIFFS>>WHEN PEOPLE SAY TARIFFS AFFECT THE U.S. CONSUMER, WE PAY AFFECT THE U.S. CONSUMER, WE PAY FOR IT AND THE PRESIDENT ARGUES FOR IT AND THE PRESIDENT ARGUES WE DON’T, TELL ME HOW YOU SEE WE DON’T, TELL ME HOW YOU SEE IT. IT.>>SO WE HAVE A VIEW THAT WE>>SO WE HAVE A VIEW THAT WE OBVIOUSLY ALL UNDERSTAND THE OBVIOUSLY ALL UNDERSTAND THE BENEFITS OF SOURCING BENEFITS OF SOURCING INTERNATIONALLY, WE KNOW WHY INTERNATIONALLY, WE KNOW WHY GETTING CHEAPER AND CHEAPER GETTING CHEAPER AND CHEAPER THINGS IN SOME WAYS IS A GOOD THINGS IN SOME WAYS IS A GOOD THING. THING. WE ALSO THINK THAT YOU PAY FOR WE ALSO THINK THAT YOU PAY FOR THAT STUFF IN WAYS THAT ARE A THAT STUFF IN WAYS THAT ARE A LITTLE BIT HARDER TO SEE. LITTLE BIT HARDER TO SEE.>>LIKE HOW?>>LIKE HOW?>>WELL, IF YOU THINK ABOUT IN>>WELL, IF YOU THINK ABOUT IN OUR WORLD TEXTILE SPECIFICALLILY OUR WORLD TEXTILE SPECIFICALLILY OVER THE LAST 40 YEARS, WE’VE OVER THE LAST 40 YEARS, WE’VE SPENT MOST OF THE LAST 40 YEARS SPENT MOST OF THE LAST 40 YEARS MOVING IT OVERSEAS. MOVING IT OVERSEAS. WE USED TO MAKE 80 OR 90% OF ALL WE USED TO MAKE 80 OR 90% OF ALL THE CLOTHES AND NOW THE NUMBER THE CLOTHES AND NOW THE NUMBER IS BELOW 5%. IS BELOW 5%. IN RETURN FOR THAT YOU GET IN RETURN FOR THAT YOU GET CHEAPER GOODS AND THAT ARE MAYBE CHEAPER GOODS AND THAT ARE MAYBE MORE ACCESSIBLE, BUT THOSE GOODS MORE ACCESSIBLE, BUT THOSE GOODS HAVE BEEN LESSER AND LESSER HAVE BEEN LESSER AND LESSER QUALITY AND WE’VE LOST OUR QUALITY AND WE’VE LOST OUR CAPABILITY OF MAKING THINGS CAPABILITY OF MAKING THINGS DOMESTICALLY AND THAT’S HAVING DOMESTICALLY AND THAT’S HAVING IMPLICATIONS ALL ACROSS THE IMPLICATIONS ALL ACROSS THE COUNTRY. COUNTRY.>>WHEN YOU THINK ABOUT THOSE>>WHEN YOU THINK ABOUT THOSE COMMUNITIES AND TOWNS AND COMMUNITIES AND TOWNS AND HOLLOWED PARTS OF AMERICA, IT’S HOLLOWED PARTS OF AMERICA, IT’S IMPORTANT. IMPORTANT. BUT MADE IN AMERICA IS NOT A NEW BUT MADE IN AMERICA IS NOT A NEW IDEA AND IT WAS THE AMERICAN IDEA AND IT WAS THE AMERICAN CONSUMER THAT MADE AMAZON ONE OF CONSUMER THAT MADE AMAZON ONE OF THE MOST SUCCESSFUL COMPANIES ON THE MOST SUCCESSFUL COMPANIES ON THE PLANET. THE PLANET. WE DECIDED WE WANT CHEAP STUFF WE DECIDED WE WANT CHEAP STUFF QUICKLY. QUICKLY.>>AND THAT’S UNDERSTANDABLE.>>AND THAT’S UNDERSTANDABLE. AND I THINK THE MARKETPLACE WAS AND I THINK THE MARKETPLACE WAS NOT DONE A GREAT JOB OFFERING NOT DONE A GREAT JOB OFFERING ALTERNATIVES TO THE CONSUMER OUT ALTERNATIVES TO THE CONSUMER OUT THERE. THERE. AND CONSUMERS ARE WAKING UP THAT AND CONSUMERS ARE WAKING UP THAT SOMETHING IS WRONG AND WE’VE SOMETHING IS WRONG AND WE’VE BEEN SPENDING A LOT OF TIME BEEN SPENDING A LOT OF TIME BASICALLY ACCEPTING CHEAP AND BASICALLY ACCEPTING CHEAP AND CONVENIENCE IN RETURN FOR CONVENIENCE IN RETURN FOR QUALITY AND MAYBE SOME OF THE QUALITY AND MAYBE SOME OF THE INVESTMENTS WE’RE MAKING IN OUR INVESTMENTS WE’RE MAKING IN OUR TOWNS AND COMMUNITIES. TOWNS AND COMMUNITIES. I THINK THAT CONSCIOUSNESS IS I THINK THAT CONSCIOUSNESS IS HAPPENING ALL ACROSS THE COUNTRY HAPPENING ALL ACROSS THE COUNTRY RIGHT NOW. RIGHT NOW.>>REALLY?>>REALLY? BECAUSE WHEN I OPEN MY DOOR BECAUSE WHEN I OPEN MY DOOR EVERY DAY I SEE A LOT OF AMAZON EVERY DAY I SEE A LOT OF AMAZON BOXES. BOXES.>>I GET THAT.>>I GET THAT. I THINK THERE’S ALSO A GROWING I THINK THERE’S ALSO A GROWING SENSE THAT WE ARE PAYING FOR SENSE THAT WE ARE PAYING FOR THAT CONVENIENCE AND THAT THAT CONVENIENCE AND THAT ACCESSIBILITY AND THAT CHEAPNESS ACCESSIBILITY AND THAT CHEAPNESS IN BROADER WAYS, AND AS WE ARE IN BROADER WAYS, AND AS WE ARE BEGINNING TO THINK ABOUT THE BEGINNING TO THINK ABOUT THE POWER THAT WE HAVE AS CONSUMERS POWER THAT WE HAVE AS CONSUMERS AND HOW WE’RE DIRECTING OUR AND HOW WE’RE DIRECTING OUR DOLLARS, I THINK THAT MORE AND DOLLARS, I THINK THAT MORE AND MORE PEOPLE ARE ASKING QUESTIONS MORE PEOPLE ARE ASKING QUESTIONS ABOUT WHAT HAVE WE TRADED OFF ABOUT WHAT HAVE WE TRADED OFF HERE AND WHAT ARE THE COST TO US HERE AND WHAT ARE THE COST TO US MORE GENERALLY THAN GETTING A MORE GENERALLY THAN GETTING A CHEAP PAIR OF SNEAKERS. CHEAP PAIR OF SNEAKERS.>>AS AN AMERICAN MANUFACTURER,>>AS AN AMERICAN MANUFACTURER, HAS THE TRADE WAR BEEN A WIN? HAS THE TRADE WAR BEEN A WIN?>>I THINK IT’S IN THE>>I THINK IT’S IN THE CONVERSATION. CONVERSATION.>>THAT IS LIKE SUCH TV TALK, IN>>THAT IS LIKE SUCH TV TALK, IN THE CONVERSATION. THE CONVERSATION.>>SPECIFICALLY ABOUT THAT,>>SPECIFICALLY ABOUT THAT, YOU’VE GOT TRUMP THAT’S BEEN YOU’VE GOT TRUMP THAT’S BEEN POUNDING THE TABLE. POUNDING THE TABLE.>>IT’S IN THE CONVERSATION,>>IT’S IN THE CONVERSATION, THAT’S A NO FOR ME. THAT’S A NO FOR ME.>>I THINK THAT TEN YEARS AGO>>I THINK THAT TEN YEARS AGO THIS CONVERSATION MAYBE EVEN WAS THIS CONVERSATION MAYBE EVEN WAS POLARIZING AND NOW YOU’VE GOT POLARIZING AND NOW YOU’VE GOT ELIZABETH WARREN SPEAKING ABOUT ELIZABETH WARREN SPEAKING ABOUT IT, TRUMP SPEAKING ABOUT IT, IT, TRUMP SPEAKING ABOUT IT, SANDERS SPEAKING ABOUT IT. SANDERS SPEAKING ABOUT IT. SO I THINK IT IS A BIPARTISAN SO I THINK IT IS A BIPARTISAN ISSUE AND WHAT I MEAN BY THAT IS ISSUE AND WHAT I MEAN BY THAT IS THE CONSUMERS GENERALLY THE CONSUMERS GENERALLY UNDERSTAND THAT WE NEED TO UNDERSTAND THAT WE NEED TO ADDRESS WHAT IS HAPPENING IN ADDRESS WHAT IS HAPPENING IN SMALL TOWN AMERICA WITH MIDDLE SMALL TOWN AMERICA WITH MIDDLE CLASS JOBS, WITH WHAT WE’RE CLASS JOBS, WITH WHAT WE’RE DOING ABOUT MANUFACTURING. DOING ABOUT MANUFACTURING. THAT IS NO LONGER A RIGHT OR THAT IS NO LONGER A RIGHT OR LEFT ISSUE. LEFT ISSUE. BECAUSE IT IS BEING SPOKEN ABOUT BECAUSE IT IS BEING SPOKEN ABOUT SO REGULAR LAY, CONSUMERS ARE SO REGULAR LAY, CONSUMERS ARE WAKING UP TO IT AS WELL AND WAKING UP TO IT AS WELL AND ASKING THE QUESTION. ASKING THE QUESTION. IT BENEFITS US A LOT AND THE IT BENEFITS US A LOT AND THE SUPPLY CHAIN. SUPPLY CHAIN. THAT’S A GOOD THING. THAT’S A GOOD THING. JUST IN GENERAL THAT’S A GOOD JUST IN GENERAL THAT’S A GOOD THING TO HAVE US ALL ASKING THE THING TO HAVE US ALL ASKING THE QUESTION WHAT IS HAPPENING AND QUESTION WHAT IS HAPPENING AND WE’RE MOVING MORE AND MORE WE’RE MOVING MORE AND MORE MANUFACTURING CAPABILITY MANUFACTURING CAPABILITY OVERSEAS AND AT THE SAME TIME OVERSEAS AND AT THE SAME TIME NOT INVESTING IN OUR NOT INVESTING IN OUR MANUFACTURING BASE. MANUFACTURING BASE. SO THAT’S A BAD COMBINATION. SO THAT’S A BAD COMBINATION.>>DO YOU SEE — I KNOW YOU DO>>DO YOU SEE — I KNOW YOU DO IT, BUT POTENTIAL COMPETITION, IT, BUT POTENTIAL COMPETITION, DO YOU SEE MANUFACTURERS COMING DO YOU SEE MANUFACTURERS COMING BACK? BACK? THE PRESIDENT SAYS THEY’RE THE PRESIDENT SAYS THEY’RE COMING BACK. COMING BACK. THAT’S NOT GOING TO HAPPEN THAT’S NOT GOING TO HAPPEN OVERNIGHT. OVERNIGHT. BUT YOU WOULD SEE IT BEFORE WE BUT YOU WOULD SEE IT BEFORE WE WOULD. WOULD. IS A SHIFT HAPPENING? IS A SHIFT HAPPENING?>>WE ARE DEFINITELY SEEING THAT>>WE ARE DEFINITELY SEEING THAT IN OUR SUPPLY CHAIN. IN OUR SUPPLY CHAIN. SO THROUGH OUR PARTNERS AND SO THROUGH OUR PARTNERS AND SUPPLY CHAIN WHAT WE’RE HEARING SUPPLY CHAIN WHAT WE’RE HEARING IS THEY’RE PUTTING TOGETHER IS THEY’RE PUTTING TOGETHER BETTER AND BETTER YEARS. BETTER AND BETTER YEARS. CAROLINA COTTON WORKS IS A DYE CAROLINA COTTON WORKS IS A DYE AND FINISHING FACILITY THAT WE AND FINISHING FACILITY THAT WE USE A LOT IN SOUTH CAROLINA. USE A LOT IN SOUTH CAROLINA. THIS YEAR IS GOING TO BE THEIR THIS YEAR IS GOING TO BE THEIR BEST YEAR EVER. BEST YEAR EVER. SOME OF THAT IS ON THE BACK OF SOME OF THAT IS ON THE BACK OF SPECIFIC STUFF LIKE US THAT’S SPECIFIC STUFF LIKE US THAT’S SEEING A LOT OF GOOD STRONG SEEING A LOT OF GOOD STRONG GROWTH OVER THE LAST EIGHT GROWTH OVER THE LAST EIGHT YEARS. YEARS. BUT IN GENERAL PEOPLE ARE ASKING BUT IN GENERAL PEOPLE ARE ASKING MORE QUESTIONS AND SAYING IS MORE QUESTIONS AND SAYING IS THERE A WAY FOR US TO GET MORE THERE A WAY FOR US TO GET MORE YARN SUPPLIED DOMESTICALLY AND YARN SUPPLIED DOMESTICALLY AND THAT BENEFITS THE INDUSTRY AS A THAT BENEFITS THE INDUSTRY AS A WHOLE. WHOLE. BECAUSE THE MORE VOLUME THAT BECAUSE THE MORE VOLUME THAT COMES IN, THE MORE COMPETITIVE