Gita Gopinath

But this past year has been crazy in terms of the number of announcements and scrapping and then exemptions and so on.

So a bit of the exercise was literally just to figure out, and we had to do that somewhat creatively, to figure out what exactly is the tariff rate that U.S.

importers are paying.

And though the average tariff rate, which is, you know, once you take into account what

people are actually paying is 14%.

I don't want to downplay the size.

14% is a hell of a lot higher than the 3% that it was before all these tariffs were imposed.

And that has had an important effect on US producers and also on US consumers.

So I would say a couple of things, which is that I'd say about 50% of the price increase has happened.

And I think there's another 50% in the pipeline.

And that's usually how it works, right?

It doesn't happen overnight.

It takes a couple of years for the full effect to go through.

And then after that, I don't think that is going to keep going up unless we have, you know, crazy policies at the Federal Reserve, which I'm hoping is not the case.

So this will still be one time, but it will take another round of price increases in 2026.

I think we're halfway there.

Thanks, Guy.