Asma Khalid

So those are still there. Those are still there. And they're tacking more on. Right. And then on top of that, they have announced plans for across the board, 25 percent tariffs on steel and aluminum imports coming into the United States from any country. And then the big headline is on April 2nd. Trump is calling for something called reciprocal tariffs.

So those are still there. Those are still there. And they're tacking more on. Right. And then on top of that, they have announced plans for across the board, 25 percent tariffs on steel and aluminum imports coming into the United States from any country. And then the big headline is on April 2nd. Trump is calling for something called reciprocal tariffs.

And his basic philosophy here is that this is about fairness. He says that other countries put high tariffs on the United States. And so we as a country ought to tariff those countries back at an equal rate.

And his basic philosophy here is that this is about fairness. He says that other countries put high tariffs on the United States. And so we as a country ought to tariff those countries back at an equal rate.

And his basic philosophy here is that this is about fairness. He says that other countries put high tariffs on the United States. And so we as a country ought to tariff those countries back at an equal rate.

I don't think that the deluge of tariffs should be a particular surprise to a lot of folks because Trump campaigned on tariffs. He famously said that this was the most beautiful word in the dictionary. I think we anticipated this. They have come, though, I will say, with such a degree of speed. I mean, we didn't even mention this, but there's also investigations to possibly add tariffs to tariffs.

I don't think that the deluge of tariffs should be a particular surprise to a lot of folks because Trump campaigned on tariffs. He famously said that this was the most beautiful word in the dictionary. I think we anticipated this. They have come, though, I will say, with such a degree of speed. I mean, we didn't even mention this, but there's also investigations to possibly add tariffs to tariffs.

I don't think that the deluge of tariffs should be a particular surprise to a lot of folks because Trump campaigned on tariffs. He famously said that this was the most beautiful word in the dictionary. I think we anticipated this. They have come, though, I will say, with such a degree of speed. I mean, we didn't even mention this, but there's also investigations to possibly add tariffs to tariffs.

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Other specific things like lumber and copper. He's also floated the idea of putting tariffs on semiconductors. So this is an across the board tool. And as Scott was saying, it feels like the White House thinks that this is like a multipurpose Swiss Army knife, right? Like you can pull it out for all sorts of things. And at some point you wonder, well, what is this?

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

Isn't this a negotiation tactic? Is it a political tool? Is it an economic tool? Is it about raising revenue? Is it about immigration? I don't know that we have a clear vision of that. Trump officials have been asked multiple times on different television interviews what this is about.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

And I don't think that they have delivered a clear, concise answer about what these tariffs are actually meant to achieve.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.

I mean, as Scott said, he certainly takes a lot of cues from the stock market. But I will say it's sort of broader in terms of their vision on tariffs. I don't see President Trump completely dialing down tariffs entirely. And I would say that for two reasons. One is because, as I mentioned, he campaigned heavily on them and he did keep in place some tariffs.