Ed Ludlow

The net result, as far as I can understand it, is the overall weighted tariff rate is only slightly marginally lower.

On the ground there, is that the understanding of everyone else or is there still great sort of policy uncertainty for tariffs?

Well, there's both.

It is the tariff that's going in place, 15 percent, Trump can do legally.

So people are operating under the assumption that for now that's going to be the average weighted tariff.

But it would change once they start bringing in tariffs on sectors or countries based on some of the...

other sections of the trade law they can use.

But those have to have investigations and they have to be shown harm to various sectors or harm from various countries.

And so the tariff levels and when they would be imposed, still not certain.

What it does is just kind of push out the uncertainty that we have seen.

And as Governor Waller said today,

It doesn't change much of the Fed's thinking because the Fed is trying to look through the tariffs.

It'll be a one-time shot to inflation, but now it means it'll happen later than perhaps they thought.

So they just have to wait for it, and everybody's got to wait and see when the president puts these tariffs on to decide what the impact is going to be.

Uncertainty abound, whether it's AI or whether it's trade.

Mike McKee on the ground in Washington.

Thank you very much indeed.

Let's get more on the trade impact investors are watching, on the broader earnings, on the AI picture with Jed Ellibrook of Argent Capital Management.

So let's start with tariffs because that's the key headline everyone faces today.

How do you think companies navigate this?