Ed Ludlow

Whether we're talking about the construction of data centers and the inputs that are necessary for the construction there, or what goes into the data centers, the semiconductors and other components, or we're talking about the energy infrastructure, including upgrades that are necessary to the transmission grid and the equipment that comes from around the world for that, that's important to make sure that tariffs don't interfere with those kind of investments.

And then the flip side, of course, is anything that's made in the United States, 95% of the world's consumers don't live in the United States.

It needs to be exported to the rest of the world.

I just came back from India yesterday from the AI Impact Summit, and there's a lot of conversation there about how AI from the United States can be exported to the rest of the world.

Tariff infrastructure can interfere with that as well.

We want to make sure that works.

Jason, one big piece of news this morning is the European Union basically freezing the ratification process on a deal it already reached with the United States.

Just in the context of imports, the EU is 20% of US imports.

The collective wisdom of your counsel, how long do you expect this uncertainty and this kind of halt to things that already were in play?

Yeah, I think that's a great point, Ed, and we saw it in India as well.

They had a delegation scheduled to come this week to the United States, and India and the U.S.

had a great onstage moment in Delhi this week talking about moving AI forward.

How long will this last?

I don't know.

The president announced the use of Section 122.

That has a 150-day cap on it.

Obviously, the administration is looking at what the tariff strategy is going to be going forward.

I think as far as the tech industry is concerned,

resolving these issues, both on the physical trade issues that we've been talking about, but also digital trade.

The trade market between the U.S.