David Solomon

We have to watch USMCA and how that progresses.

It's easy to talk about the fact that there's a lot of noise, but it's harder to talk about the long-term consequences because to make real changes is more complicated than simply talking or threatening.

You know, I think you're asking a question that's an interesting question, but I don't spend a lot of time trying to figure out where the line is because I don't think any of us, there's not a line, okay?

There's enormous nuance and complexity to the economy.

There's enormous nuance and complexity to the individual bilateral relationships, and they change and shift based on the lens of what's going on at any moment in time.

And so, you know, yes, our norms are the way we see certain things challenged.

Absolutely.

But there's not I don't I think you're looking for an answer that doesn't necessarily exist.

Yeah, there's not there's not a definitive marker that says, OK, the structural economics of the world are now going to permanently shift in a different direction.

Everything's at the margin.

Everything's nuanced.

And.

you know, at the moment, we're at a particularly noisy moment.

And I think, you know, one of the things we try to spend a lot of time doing at the firm is thinking about what's noise and what substantively matters.

And I just say, and this doesn't mean I like the noise, a lot of what

you know, we're touching on or talking about is noise more than substance.

Um, but you know, the markets have to absorb that people have to absorb that.

And I'm not sitting here saying I have the answers and I know how it plays out.

I just think that it's, it's, it's more nuanced, it's more longer term.

Um, and the swings because elections, you know, we, we move one way to the other.