Katie Martin

Yeah, pleasure.

I think the main thing that we learned was that this taco

TACO was much smaller than the last one, right?

So if you look back to April last year, we had the announcement of the big Liberation Day tariffs and very quickly markets just got it in the neck and started falling incredibly quickly.

This time around, we saw a much more modest reaction in markets.

You know, stocks, okay, they fell about 2% in the States.

It's not nothing, but it's nothing like on the same scale as we saw last year.

And I think that's because investors have become so accustomed to this idea that Trump always chickens out, right?

He's chickened out on various things before.

He's chickened out on the scale of the tariffs before.

Therefore, he will chicken out on Greenland.

And so I think there's a lot of people in markets who never took it that seriously to begin with.

So I guess the dangerous thing there is that it just means that without that sort of stabilizing force of markets, without that pressure that comes from stock markets really taking a serious hit,

We get ever closer to the day where you're closer to disaster, you're closer to some sort of accident.

But I think there's still a lot of people who think that markets primary function is there to be as some sort of check and balance on the president.

And that's just not how it works.

God, I wish I knew.

But when I speak to asset managers, hedge fund managers, people who run large pots of quite conservative pension money, for example, around the world,

They split into two camps, right?

There's asset managers who are in the States who are US dollar based.