Gavin Bade

They're expanding this other tranche of tariffs, the so-called Section 232, the more classic national security tariffs.

They're a much firmer ground, legally speaking.

This is what you see as tariffs on steel, aluminum, automobiles.

And really what we're tracking here is they are shifting the emphasis away from the reciprocal tariffs somewhat and toward the Section 232 national security tariffs.

It's still going to be a lot of uncertainty here, right?

In the first term tariffs and the tariffs on China, there was an official exemptions process.

So any business could apply to the U.S.

Trade Representative's office and say, hey, I get this component from China.

I can't get it from anywhere else.

Can I get a break on the tariffs until we redo our supply chain?

And usually they would get that exemption.

Now there's no such process, right?

It's just if you want an exemption, you kind of have to call up Howard Lutnick, the Commerce Secretary, or call up Jameson Greer, the U.S.

Trade Representative, and hope that you can convince them.

There's not a bona fide technocratic process.

So I think we're only going to see more uncertainty coming forward.

Thank you, guys.

I think it surprised a lot of people.

I mean, I think people were shocked, frankly.

You got to give them that.