Dimitri Sevastopoulos

So it's not as if they have a lot of leeway, but I think they feel like they can tolerate the pain for now and that they can tolerate the pain for longer than the US can. And one of the reasons, which is looking at the way the Trump administration very quickly pivoted last week when the bond market started to fall.

So it's not as if they have a lot of leeway, but I think they feel like they can tolerate the pain for now and that they can tolerate the pain for longer than the US can. And one of the reasons, which is looking at the way the Trump administration very quickly pivoted last week when the bond market started to fall.

I think that's a signal to the Chinese that the bond market is a vulnerability that the U.S. has, and that when bond prices fall, that the U.S. is going to backtrack on some of its policies. So I think that's given China more confidence as well. Now, whether all those things turn out to be accurate or not, we don't know. But I think that's the thinking in Beijing right now.

I think that's a signal to the Chinese that the bond market is a vulnerability that the U.S. has, and that when bond prices fall, that the U.S. is going to backtrack on some of its policies. So I think that's given China more confidence as well. Now, whether all those things turn out to be accurate or not, we don't know. But I think that's the thinking in Beijing right now.

I think that's a signal to the Chinese that the bond market is a vulnerability that the U.S. has, and that when bond prices fall, that the U.S. is going to backtrack on some of its policies. So I think that's given China more confidence as well. Now, whether all those things turn out to be accurate or not, we don't know. But I think that's the thinking in Beijing right now.

Well, for American consumers broadly, it's going to mean, you know, if you go to Target or Walmart or, you know, wherever you shop to buy a whole range of products, you know, a toaster, you know, let's say you pay 30 bucks, 40 bucks for a kind of a mid-range toaster right now, you're going to find all of a sudden that toaster is 50 bucks, 60 bucks.

Well, for American consumers broadly, it's going to mean, you know, if you go to Target or Walmart or, you know, wherever you shop to buy a whole range of products, you know, a toaster, you know, let's say you pay 30 bucks, 40 bucks for a kind of a mid-range toaster right now, you're going to find all of a sudden that toaster is 50 bucks, 60 bucks.

Well, for American consumers broadly, it's going to mean, you know, if you go to Target or Walmart or, you know, wherever you shop to buy a whole range of products, you know, a toaster, you know, let's say you pay 30 bucks, 40 bucks for a kind of a mid-range toaster right now, you're going to find all of a sudden that toaster is 50 bucks, 60 bucks.

And, you know, one of the biggest impacts in the long run, which you will also be felt by consumers in the way that it was felt during the pandemic, is that this is going to have a massive impact on global supply chains. One, because companies are going to struggle to know what they can afford to import from different parts of the supply chain.

And, you know, one of the biggest impacts in the long run, which you will also be felt by consumers in the way that it was felt during the pandemic, is that this is going to have a massive impact on global supply chains. One, because companies are going to struggle to know what they can afford to import from different parts of the supply chain.

And, you know, one of the biggest impacts in the long run, which you will also be felt by consumers in the way that it was felt during the pandemic, is that this is going to have a massive impact on global supply chains. One, because companies are going to struggle to know what they can afford to import from different parts of the supply chain.

And second of all, some companies are going to stop investing in certain parts of the world where they have supply chains because they don't want to pay the import costs, the tariffs. And so you're going to find that the supply chains around the world, which are massively complex, are going to become even more complex and brittle.

And second of all, some companies are going to stop investing in certain parts of the world where they have supply chains because they don't want to pay the import costs, the tariffs. And so you're going to find that the supply chains around the world, which are massively complex, are going to become even more complex and brittle.

And second of all, some companies are going to stop investing in certain parts of the world where they have supply chains because they don't want to pay the import costs, the tariffs. And so you're going to find that the supply chains around the world, which are massively complex, are going to become even more complex and brittle.

And you will see all of a sudden that something you've ordered on Amazon that you were told was going to arrive in two weeks time, you'll get one of those notifications saying been delayed. We'll let you know when it's ready to be shipped. So I think that's not going to happen immediately. But after a few weeks of all of these tariffs being in place, you're going to start to see signs of that.

And you will see all of a sudden that something you've ordered on Amazon that you were told was going to arrive in two weeks time, you'll get one of those notifications saying been delayed. We'll let you know when it's ready to be shipped. So I think that's not going to happen immediately. But after a few weeks of all of these tariffs being in place, you're going to start to see signs of that.

And you will see all of a sudden that something you've ordered on Amazon that you were told was going to arrive in two weeks time, you'll get one of those notifications saying been delayed. We'll let you know when it's ready to be shipped. So I think that's not going to happen immediately. But after a few weeks of all of these tariffs being in place, you're going to start to see signs of that.

And it will build over time. unless the Trump administration starts to dial back more of these tariffs, particularly on China.

And it will build over time. unless the Trump administration starts to dial back more of these tariffs, particularly on China.

And it will build over time. unless the Trump administration starts to dial back more of these tariffs, particularly on China.