April 3, 2025
Tariff Reckoning, TEMU Loophole Closed, Wild Tariff Math, Mortgage Rates FALL
•TEMU Hit Hard, Closing the de minimis trade loophole effective May 2nd, ending tax-free entry of shipments under $800
• Chinese e-commerce giants Temu and Shein will face either 30% duty or flat fees of $20-$50 per item
• Unusual tariff calculation method based on dividing trade deficits by total imports
• Mortgage rates fell to lowest level since October following market reaction to tariff news
• Housing remains unaffordable for 70% of Americans despite the mortgage rate drop
• Tariffs will likely increase prices across electronics, furniture, apparel, and automotive sectors
• Economic strategy gambles that job benefits will outweigh inflationary impact
Trump's sweeping tariff announcement has sent shockwaves through global markets, with implications that reach from Wall Street to Main Street. The administration's decision to close the "de minimis trade loophole" – which previously allowed shipments under $800 to enter duty-free – directly targets Chinese e-commerce platforms like Temu and Shein that have flooded the American market with ultra-cheap products.
Starting May 2nd, these shipments will face either a 30% duty or a flat $20 per item fee (increasing to $50 in June), effectively ending the era of $5 dresses and $10 gadgets arriving from overseas with no tax consequences. U.S. Customs processed a staggering 1.3 billion of these shipments in 2024 alone, highlighting the magnitude of this change.
The methodology behind these tariffs has left economists puzzled. Rather than traditional calculations, the administration appears to have simply divided each country's trade deficit by total imports – treating trade imbalances themselves as if they were tariffs. This unconventional approach sent markets tumbling as investors fled to bonds, ironically creating one unexpected positive: mortgage rates dropped to their lowest level since October.
For everyday Americans, the implications extend far beyond online shopping habits. Industries dependent on global supply chains – electronics, furniture, apparel, and automotive – will likely pass increased costs to consumers. Meanwhile, housing affordability remains a critical challenge despite the mortgage rate drop, with approximately 70% of American households unable to afford a $400,000 home.
The central question now becomes whether potential wage and job benefits from protected industries will outweigh broader inflationary pressures across the economy. How will our trading partners respond? And ultimately, will this bold economic strategy deliver on its promises? Follow us at Ranting Politics as we continue tracking this developing economic story that touches every American household.
Apple Podcasts: https://podcasts.apple.com/us/podcast/ranting-politics/id1677427078
Spotify: https://open.spotify.com/show/2rFqmUhX6ReG2s2DX824Rk?si=b450dbea7a5a4dce
X/Twitter: @rantingRP
YouTube: @RantingPolitics
Website: www.RantingPolitics.com
This show is for entertainment and/or informational purposes only. All information should be verified and treated as an opinion.
FAIR USE NOTICE:
This show may use copyrighted material that is made available for commentary and educational purposes only. This constitutes a fair use of any such copyrighted material as provided for in Title 17 U.S.C. Section 106A-117 of the US copyright law.
Chapters
00:00 - Trump's Sweeping Tariff Announcement
01:17 - De Minimis Loophole Closure Explained
03:43 - Bizarre Math Behind Tariff Calculations
06:30 - Sponsor Break: Product Fury
07:40 - Unexpected Mortgage Rate Plunge
09:52 - Real-World Impact on American Consumers
13:21 - Episode Wrap and Sponsor Mention
Transcript
WEBVTT
00:00:01.927 --> 00:00:12.381
Hello America, joc, here with your Ranting Politics Headline Updates, where we are diving into today's most explosive political stories that you need to know about Coming up.
00:00:12.381 --> 00:00:15.846
We've got a special one for you, folks Trump's tariff reckoning.
00:00:15.846 --> 00:00:25.289
That's right, the gloves are off as the president unveils sweeping new tariffs that sent markets tumbling and has everyone from Wall Street to Main Street talking.
00:00:25.289 --> 00:00:34.850
We're diving into the de minimis trade loophole closure, the bizarre math behind these tariff calculations and how all of this is already affecting your mortgage rates.
00:00:34.850 --> 00:00:56.027
If you're just tuning in for the first time, welcome to America's fastest-growing daily news rundown designed specifically for your commute.
00:00:56.027 --> 00:01:00.728
Remember, you can catch us on YouTube, spotify, iheartradio, rant politics headline updates.
00:01:17.477 --> 00:01:27.483
The White House dropped a bombshell yesterday as President Donald Trump signed an executive order shutting down what many call the Amazon tax loophole for foreign sellers Effective May 2nd.
00:01:27.483 --> 00:01:35.628
The de minimis trade exemption, which lets shipments worth less than $800 enter the US duty-free, is officially on death row.
00:01:35.628 --> 00:01:40.450
And, folks, this is going to hit those dirt-cheap Chinese shopping apps right in the wallet.
00:01:40.450 --> 00:01:43.569
This isn't Trump's first rodeo with this loophole.
00:01:43.569 --> 00:01:49.728
Back in February, he tried to slam this door shut without warning, which basically created chaos at customs.
00:01:49.728 --> 00:02:00.271
Border officials were overwhelmed, the Postal Service temporarily halted packages from China and Hong Kong and within days the administration had to pump the brakes and delay the whole thing.
00:02:00.271 --> 00:02:03.310
But this time they're giving everyone a heads up.
00:02:03.310 --> 00:02:14.504
Starting May 2nd, those under $800 shipments that used to sail through customs tax-free will face either a 30% duty or a flat 20 filers per item, whichever hurts more.
00:02:14.504 --> 00:02:19.903
And just to twist the knife, that per-item rate jumps to $50 on June 1st.
00:02:19.903 --> 00:02:22.151
Let's be real about what's happening here.
00:02:22.151 --> 00:02:29.293
This loophole has been exploited like crazy in recent years, especially by Chinese e-commerce giants Timu and Sheen.
00:02:29.293 --> 00:02:36.850
You know them, those apps selling $5 dresses and $10 gadgets that somehow arrive at your door faster than a local pizza.
00:02:36.850 --> 00:02:45.022
Us customs processed more than 1.3 billion of these shipments in 2024 alone, up from a billion the year before.
00:02:45.364 --> 00:02:53.965
Critics have been hammering this exemption, saying it gives Chinese sellers an unfair advantage and creates a tsunami of packages that barely get inspected.
00:02:53.965 --> 00:03:02.472
The Trump administration specifically cited concerns about fentanyl and other illegal substances slipping through in these minimally inspected packages.
00:03:02.472 --> 00:03:06.050
Meanwhile, timu and Shane haven't been sitting on their hands.
00:03:06.050 --> 00:03:18.067
They've been quietly building US operations, with Timu now pushing products from American warehouses and Shane opening distribution centers in Illinois, california, and a supply chain hub in Seattle.
00:03:18.067 --> 00:03:30.652
According to CNBC reporting, this move represents a significant shift in trade policy that could reshape how Americans shop online, especially for those ultra-cheap items we've grown accustomed to.
00:03:30.652 --> 00:03:42.334
The question now is whether companies will absorb these new costs or pass them directly to consumers, and how much of that $5 dresses appeal survives when it suddenly costs $30.
00:03:43.985 --> 00:03:50.368
Now let me break down the bizarre math behind Trump's sweeping new tariffs, because this isn't your typical trade calculation.
00:03:50.368 --> 00:04:00.668
Markets immediately went into panic mode after Wednesday's announcement, and financial analysts have been working overtime trying to reverse engineer exactly how these numbers were cooked up.
00:04:00.668 --> 00:04:11.502
When Trump and the White House posted those charts on social media, they claimed to show what other countries charged the US through what they called currency manipulation and trade barriers.
00:04:11.502 --> 00:04:16.514
Then, in most cases, they set America's new tariff at about half that rate.
00:04:16.514 --> 00:04:19.687
But where did those original percentages even come from?
00:04:19.687 --> 00:04:21.291
Here's where it gets interesting.
00:04:22.000 --> 00:04:24.004
Market observers quickly spotted a pattern.
00:04:24.004 --> 00:04:31.408
It appears the administration simply divided each country's trade deficit with the US by the total amount of goods we import from them.
00:04:31.408 --> 00:04:33.305
Take China, for example.
00:04:33.305 --> 00:04:37.711
The administration claims China charges us a 67% tariff.
00:04:37.711 --> 00:04:46.411
Well, our trade deficit with China last year was about $295 billion, while we imported around $439 billion in goods.
00:04:46.411 --> 00:04:51.829
Divide the deficit by imports and presto, you get 67%.
00:04:51.829 --> 00:04:54.134
This is completely unconventional.
00:04:54.134 --> 00:05:00.600
Traditional tariff calculations don't work this way at all, and this approach completely ignores trade in services.
00:05:00.600 --> 00:05:04.584
It's essentially treating trade deficits themselves as if they were tariffs.
00:05:04.584 --> 00:05:06.747
Services it's essentially treating trade deficits themselves as if they were tariffs.
00:05:06.767 --> 00:05:14.516
Trinh Nguyen, a senior economist at Natixis, put it bluntly this formula is about trade imbalances with the US rather than reciprocal tariffs.
00:05:14.516 --> 00:05:25.600
She points out this creates an almost impossible situation for poorer Asian countries that simply can't afford to buy as many expensive American goods as they export to us.
00:05:25.600 --> 00:05:42.569
The US Trade Representative's Office tried to justify this methodology on their website, claiming that while computing the effect of tens of thousands of tariff, regulatory tax and other policies is nearly impossible, the trade deficit can serve as a proxy.
00:05:42.569 --> 00:05:49.226
They're essentially saying if a country has persistent trade surpluses with us, they must be cheating somehow.
00:05:49.226 --> 00:05:51.567
So here's the tariff to make things fair.
00:05:52.000 --> 00:05:55.307
Some analysts note there might be a method to this mathematical madness.
00:05:55.307 --> 00:05:59.747
The opaque formula gives the administration wiggle room to negotiate.
00:05:59.747 --> 00:06:10.151
As Rob Subraman from Nomura put it, the opaqueness surrounding the tariff numbers may add some flexibility in making deals, but it could come at a cost to US credibility.
00:06:10.151 --> 00:06:18.369
Markets have certainly made their verdict clear, with stocks plummeting and investors fleeing to bonds immediately following the announcement.
00:06:18.369 --> 00:06:21.745
A textbook example of economic anxiety in action.
00:06:21.745 --> 00:06:28.507
Stay with us as we take a quick break to hear from our lead sponsor, whose support helps make this show possible.
00:06:29.055 --> 00:06:31.845
Hey you brilliant inventors and creators.
00:06:31.845 --> 00:06:37.247
Have you crafted a product that's ready to break out from the digital world and hit the physical shelves?
00:06:37.247 --> 00:06:45.244
Imagine your creation sitting proudly in stores like Walmart, target and Home Depot, where 90% of purchases still happen.
00:06:45.244 --> 00:06:50.005
Well, it's time to turn that vision into reality with Product Fury.
00:06:50.005 --> 00:06:56.425
At Product Fury, we specialize in bridging the gap between online innovation and retail giants.
00:06:56.425 --> 00:07:03.809
In fact, we have secured millions of dollars of royalty deals for dozens of products at big box retail stores.
00:07:03.809 --> 00:07:10.548
Whether you're selling gadgets, home goods or anything innovative, we're here to amplify your reach.
00:07:10.548 --> 00:07:13.041
Don't keep your product confined to the web.
00:07:13.041 --> 00:07:16.855
Don't keep your product confined to the web.
00:07:16.855 --> 00:07:23.911
Visit wwwproductfuryai today to submit your information for a free product evaluation.
00:07:23.911 --> 00:07:26.416
Let's get your products out of the internet cloud and into customer carts.
00:07:26.416 --> 00:07:28.819
Remember that's productfuryai.
00:07:28.819 --> 00:07:34.846
Make the leap from clicks to bricks and see your product thrive in the bustling aisles of major retailers.
00:07:34.846 --> 00:07:37.170
It's your time to shine on the big stage.
00:07:37.170 --> 00:07:39.637
Visit us now.
00:07:40.879 --> 00:07:42.901
Here's some unexpected good news for homebuyers.
00:07:42.901 --> 00:07:47.329
Mortgage rates took a nosedive Thursday in the wake of Trump's tariff announcement.
00:07:47.329 --> 00:07:57.151
The average rate on a 30-year fixed loan plunged 12 basis points to 6.63%, according to Mortgage News Daily, hitting its lowest level since October.
00:07:57.151 --> 00:07:57.995
What happened?
00:07:57.995 --> 00:08:03.036
The stock market's massive sell-off sent investors running for the relative safety of bonds.
00:08:03.036 --> 00:08:06.528
As bond yields dropped, mortgage rates followed suit.
00:08:06.528 --> 00:08:09.879
They typically move in tandem with the 10-year Treasury yield.
00:08:09.879 --> 00:08:15.317
This breaks the pattern of remarkable stability we've seen in mortgage rates since late February.
00:08:15.317 --> 00:08:27.271
As Matthew Graham from Mortgage News Daily explained, while plenty of uncertainty remains over the finer points of Wednesday afternoon's tariff announcement, markets have heard enough to brace for impact on global trade.
00:08:27.271 --> 00:08:31.922
This rate drop couldn't come at a better time, with spring house-hunting season ramping up.
00:08:31.922 --> 00:08:33.966
But don't celebrate just yet.
00:08:34.434 --> 00:08:37.356
There are serious headwinds still battering home affordability.
00:08:37.356 --> 00:08:48.668
For the four weeks ending March 30th, redfin reports the typical US homebuyer's monthly payment hit a record high for the second consecutive week, reaching a staggering $2,800.
00:08:48.668 --> 00:08:57.178
Home prices are up 3.4% year over year and even with rates easing, they're still more than double what we saw during the pandemic era.
00:08:57.178 --> 00:08:59.567
The numbers paint a bleak picture.
00:08:59.567 --> 00:09:08.977
According to the National Association of Home Builders, roughly 70% of households that's about 94 million Americans simply cannot afford a $400,000 home.
00:09:08.977 --> 00:09:15.070
For context, the median price of a new home in 2025 is around $460,000.
00:09:15.070 --> 00:09:19.763
Median price of a new home in 2025 is around $460,000.
00:09:19.763 --> 00:09:22.773
Breaking it down further you'd need an income of at least $61,000 just to afford a $200,000 home.
00:09:22.773 --> 00:09:32.386
At current mortgage rates, an estimated 53 million US households fall below this threshold, meaning they're limited to homes priced at $200,000 or less, if they can find them.
00:09:32.386 --> 00:09:33.730
That's the other problem.
00:09:33.730 --> 00:09:49.138
While housing inventory is growing, with March seeing a 10% annual jump in new listings and active listings up roughly 28% year over year, according to Realtorcom, that supply isn't concentrated in the affordable range, where demand is highest.
00:09:49.138 --> 00:09:54.078
Years of underbuilding since the Great Recession have left us with a chronic housing shortage.
00:09:54.078 --> 00:10:02.860
Danielle Hale, chief economist for Realtorcom, summarized the situation perfectly.
00:10:02.860 --> 00:10:05.629
The high cost of buying, coupled with growing economic concerns, suggest a sluggish response from buyers.
00:10:05.629 --> 00:10:10.885
In early spring, we're seeing a market that's rebalancing, offering more choices for shoppers.
00:10:12.936 --> 00:10:16.647
So let's connect the dots on what these tariffs really mean for everyday Americans.
00:10:16.647 --> 00:10:22.648
When we talk about imposing duties on imported goods, we're not just discussing abstract economic policy.
00:10:22.648 --> 00:10:26.034
We're talking about what you'll pay for products at the checkout counter.
00:10:26.034 --> 00:10:32.008
The sweeping tariffs announced by President Trump represent one of the most aggressive trade actions in recent memory.
00:10:32.008 --> 00:10:36.466
While the White House frames this as leveling the playing field actions in recent memory.
00:10:36.466 --> 00:10:43.340
While the White House frames this as leveling the playing field, economists warn the effects could ripple through the economy in ways many Americans might not expect.
00:10:43.360 --> 00:10:48.638
First, let's be clear Tariffs are essentially taxes paid by American importers, not foreign countries.
00:10:48.638 --> 00:10:52.506
Those costs typically get passed on to consumers through higher prices.
00:10:52.506 --> 00:11:04.380
With duties of 25% on Chinese goods, 10% on products from the European Union and varying rates for other countries, we're looking at potential price increases across thousands of product categories.
00:11:04.380 --> 00:11:07.028
The impact won't be equal across all sectors.
00:11:07.028 --> 00:11:16.264
Industries heavily dependent on global supply chains—think electronics, furniture, apparel and automotive—will likely feel the squeeze most acutely.
00:11:16.264 --> 00:11:18.802
That smartphone upgrade you've been planning?
00:11:18.802 --> 00:11:20.558
It might just get pricier.
00:11:20.558 --> 00:11:21.643
That new couch?
00:11:21.643 --> 00:11:22.645
Same story.
00:11:23.275 --> 00:11:28.163
For American manufacturers competing with foreign imports, the tariffs could provide some breathing room.
00:11:28.163 --> 00:11:34.202
This policy aims to bring manufacturing jobs back to the US, but the reality is more complicated.
00:11:34.202 --> 00:11:42.783
Modern manufacturing often relies on components from around the world, so even domestic producers may face higher costs for their inputs.
00:11:42.783 --> 00:11:45.102
Then there's the international relations angle.
00:11:45.102 --> 00:11:51.745
China, mexico, canada and European allies have already signaled their preparing retaliatory measures.
00:11:51.745 --> 00:12:01.147
American farmers, who've been down this road before, could once again find themselves caught in the crossfire if agricultural exports become targets for counter-tariffs.
00:12:01.895 --> 00:12:16.687
The mortgage rate drop we just discussed actually highlights an unexpected side effect market uncertainty, investors flocking to bonds, signals concern about economic growth, essentially betting that these trade tensions could slow things down enough that the Fed might.
00:12:16.687 --> 00:12:32.081
For the average American household, the real question is whether the potential wage and job benefits from protected industries will outweigh the broader inflationary impact across the economy.
00:12:32.081 --> 00:12:36.495
That's the economic strategy at the heart of this bold tariff strategy.
00:12:36.495 --> 00:12:41.836
And that's a wrap on today's special episode of Trump's Tariff Reckoning.
00:12:41.836 --> 00:12:43.471
Let's recap what we've covered.
00:12:45.044 --> 00:12:45.748
Episode of Trump's Tariff Reckoning.
00:12:45.748 --> 00:12:46.389
Let's recap what we've covered.
00:12:46.389 --> 00:12:51.589
President Trump is shutting down the de minimis trade loophole effective May 2nd, directly impacting Chinese e-commerce giants Tmoo and Shine.
00:12:51.589 --> 00:13:06.498
We broke down the unusual math behind those sweeping new tariffs, which appears to be based on trade deficits rather than conventional calculations, and we saw how financial markets reacted immediately, with mortgage rates tumbling to their lowest point since October.
00:13:06.965 --> 00:13:16.236
Though housing affordability remains a serious challenge for most Americans, the economic ripple effects of these policies will be something we'll be tracking closely in the weeks ahead.
00:13:16.236 --> 00:13:23.529
Will prices rise at your local stores, will manufacturing jobs return and how will our trading partners respond?
00:13:23.529 --> 00:13:25.976
Stay tuned as this story develops.
00:13:25.976 --> 00:13:33.049
Remember to follow us on X at Ranting RP, and catch our content on YouTube, spotify, iheartradio and Apple Podcasts.
00:13:33.049 --> 00:13:40.936
You can also visit us at RantingPoliticscom for more unfiltered, common-sense coverage of the stories that matter most to everyday Americans.
00:13:40.936 --> 00:13:47.428
This is JOC signing off, and thank you, our loyal listeners, for choosing Ranting Politics headline updates.
00:13:47.428 --> 00:13:49.350
We'll be back soon with the updates.
00:13:49.350 --> 00:13:58.115
You need to navigate these interesting times Until, make the most of your property with Garden Grow Design your premier digital landscape designers.
00:13:58.195 --> 00:14:18.289
At Garden Grow Design, we specialize in increasing the value and beauty of your home by crafting elegant outdoor living spaces.
00:14:18.289 --> 00:14:28.389
Our experienced and creative designers use cutting-edge 3D technology to blend seasonal colors, perennial blooms and stylish hardscapes into your ideal garden.
00:14:28.389 --> 00:14:32.138
And the best part, it's all designed for minimal maintenance.
00:14:32.138 --> 00:14:34.509
Don't just imagine your perfect yard.
00:14:34.509 --> 00:14:37.376
See it first with our innovative digital designs.
00:14:37.376 --> 00:14:45.221
Whether it's a serene waterfront retreat or a chic patio for entertaining, we bring your outdoor dreams to life, ready to grow.
00:14:45.221 --> 00:14:50.797
Visit wwwgardenandgrowdesigncom to start your journey toward a breathtaking landscape today.
00:14:50.797 --> 00:14:54.051
Garden and Grow Design Cultivate beauty, cultivate life.
00:00:01.927 --> 00:00:12.381
00:00:12.381 --> 00:00:15.846
00:00:15.846 --> 00:00:25.289
00:00:25.289 --> 00:00:34.850
00:00:34.850 --> 00:00:56.027
00:00:56.027 --> 00:01:00.728
00:01:17.477 --> 00:01:27.483
00:01:27.483 --> 00:01:35.628
00:01:35.628 --> 00:01:40.450
00:01:40.450 --> 00:01:43.569
00:01:43.569 --> 00:01:49.728
00:01:49.728 --> 00:02:00.271
00:02:00.271 --> 00:02:03.310
00:02:03.310 --> 00:02:14.504
00:02:14.504 --> 00:02:19.903
00:02:19.903 --> 00:02:22.151
00:02:22.151 --> 00:02:29.293
00:02:29.293 --> 00:02:36.850
00:02:36.850 --> 00:02:45.022
00:02:45.364 --> 00:02:53.965
00:02:53.965 --> 00:03:02.472
00:03:02.472 --> 00:03:06.050
00:03:06.050 --> 00:03:18.067
00:03:18.067 --> 00:03:30.652
00:03:30.652 --> 00:03:42.334
00:03:43.985 --> 00:03:50.368
00:03:50.368 --> 00:04:00.668
00:04:00.668 --> 00:04:11.502
00:04:11.502 --> 00:04:16.514
00:04:16.514 --> 00:04:19.687
00:04:19.687 --> 00:04:21.291
00:04:22.000 --> 00:04:24.004
00:04:24.004 --> 00:04:31.408
00:04:31.408 --> 00:04:33.305
00:04:33.305 --> 00:04:37.711
00:04:37.711 --> 00:04:46.411
00:04:46.411 --> 00:04:51.829
00:04:51.829 --> 00:04:54.134
00:04:54.134 --> 00:05:00.600
00:05:00.600 --> 00:05:04.584
00:05:04.584 --> 00:05:06.747
00:05:06.767 --> 00:05:14.516
00:05:14.516 --> 00:05:25.600
00:05:25.600 --> 00:05:42.569
00:05:42.569 --> 00:05:49.226
00:05:49.226 --> 00:05:51.567
00:05:52.000 --> 00:05:55.307
00:05:55.307 --> 00:05:59.747
00:05:59.747 --> 00:06:10.151
00:06:10.151 --> 00:06:18.369
00:06:18.369 --> 00:06:21.745
00:06:21.745 --> 00:06:28.507
00:06:29.055 --> 00:06:31.845
00:06:31.845 --> 00:06:37.247
00:06:37.247 --> 00:06:45.244
00:06:45.244 --> 00:06:50.005
00:06:50.005 --> 00:06:56.425
00:06:56.425 --> 00:07:03.809
00:07:03.809 --> 00:07:10.548
00:07:10.548 --> 00:07:13.041
00:07:13.041 --> 00:07:16.855
00:07:16.855 --> 00:07:23.911
00:07:23.911 --> 00:07:26.416
00:07:26.416 --> 00:07:28.819
00:07:28.819 --> 00:07:34.846
00:07:34.846 --> 00:07:37.170
00:07:37.170 --> 00:07:39.637
00:07:40.879 --> 00:07:42.901
00:07:42.901 --> 00:07:47.329
00:07:47.329 --> 00:07:57.151
00:07:57.151 --> 00:07:57.995
00:07:57.995 --> 00:08:03.036
00:08:03.036 --> 00:08:06.528
00:08:06.528 --> 00:08:09.879
00:08:09.879 --> 00:08:15.317
00:08:15.317 --> 00:08:27.271
00:08:27.271 --> 00:08:31.922
00:08:31.922 --> 00:08:33.966
00:08:34.434 --> 00:08:37.356
00:08:37.356 --> 00:08:48.668
00:08:48.668 --> 00:08:57.178
00:08:57.178 --> 00:08:59.567
00:08:59.567 --> 00:09:08.977
00:09:08.977 --> 00:09:15.070
00:09:15.070 --> 00:09:19.763
00:09:19.763 --> 00:09:22.773
00:09:22.773 --> 00:09:32.386
00:09:32.386 --> 00:09:33.730
00:09:33.730 --> 00:09:49.138
00:09:49.138 --> 00:09:54.078
00:09:54.078 --> 00:10:02.860
00:10:02.860 --> 00:10:05.629
00:10:05.629 --> 00:10:10.885
00:10:12.936 --> 00:10:16.647
00:10:16.647 --> 00:10:22.648
00:10:22.648 --> 00:10:26.034
00:10:26.034 --> 00:10:32.008
00:10:32.008 --> 00:10:36.466
00:10:36.466 --> 00:10:43.340
00:10:43.360 --> 00:10:48.638
00:10:48.638 --> 00:10:52.506
00:10:52.506 --> 00:11:04.380
00:11:04.380 --> 00:11:07.028
00:11:07.028 --> 00:11:16.264
00:11:16.264 --> 00:11:18.802
00:11:18.802 --> 00:11:20.558
00:11:20.558 --> 00:11:21.643
00:11:21.643 --> 00:11:22.645
00:11:23.275 --> 00:11:28.163
00:11:28.163 --> 00:11:34.202
00:11:34.202 --> 00:11:42.783
00:11:42.783 --> 00:11:45.102
00:11:45.102 --> 00:11:51.745
00:11:51.745 --> 00:12:01.147
00:12:01.895 --> 00:12:16.687
00:12:16.687 --> 00:12:32.081
00:12:32.081 --> 00:12:36.495
00:12:36.495 --> 00:12:41.836
00:12:41.836 --> 00:12:43.471
00:12:45.044 --> 00:12:45.748
00:12:45.748 --> 00:12:46.389
00:12:46.389 --> 00:12:51.589
00:12:51.589 --> 00:13:06.498
00:13:06.965 --> 00:13:16.236
00:13:16.236 --> 00:13:23.529
00:13:23.529 --> 00:13:25.976
00:13:25.976 --> 00:13:33.049
00:13:33.049 --> 00:13:40.936
00:13:40.936 --> 00:13:47.428
00:13:47.428 --> 00:13:49.350
00:13:49.350 --> 00:13:58.115
00:13:58.195 --> 00:14:18.289
00:14:18.289 --> 00:14:28.389
00:14:28.389 --> 00:14:32.138
00:14:32.138 --> 00:14:34.509
00:14:34.509 --> 00:14:37.376
00:14:37.376 --> 00:14:45.221
00:14:45.221 --> 00:14:50.797
00:14:50.797 --> 00:14:54.051