Maria Aspin

Good morning.

Good morning.

Well, it was, as you noted, a pretty turbulent week as everyone tried to figure out what's going to happen with President Trump's tariffs. By Wednesday, the stock and bond markets were freaking out, to use the technical term. And then Trump abruptly backed down on some of his steepest tariffs, announcing a 90-day pause. But he did continue escalating a trade war with China.

Well, it was, as you noted, a pretty turbulent week as everyone tried to figure out what's going to happen with President Trump's tariffs. By Wednesday, the stock and bond markets were freaking out, to use the technical term. And then Trump abruptly backed down on some of his steepest tariffs, announcing a 90-day pause. But he did continue escalating a trade war with China.

Well, it was, as you noted, a pretty turbulent week as everyone tried to figure out what's going to happen with President Trump's tariffs. By Wednesday, the stock and bond markets were freaking out, to use the technical term. And then Trump abruptly backed down on some of his steepest tariffs, announcing a 90-day pause. But he did continue escalating a trade war with China.

And even with the pause on some tariffs, investors and businesses soon realized that they still have to face new taxes of 10% on almost everything they import. So as all of this was happening, CEOs of the country's biggest companies had to go out and talk about all of it in public on their previously scheduled earnings calls with analysts.

And even with the pause on some tariffs, investors and businesses soon realized that they still have to face new taxes of 10% on almost everything they import. So as all of this was happening, CEOs of the country's biggest companies had to go out and talk about all of it in public on their previously scheduled earnings calls with analysts.

And even with the pause on some tariffs, investors and businesses soon realized that they still have to face new taxes of 10% on almost everything they import. So as all of this was happening, CEOs of the country's biggest companies had to go out and talk about all of it in public on their previously scheduled earnings calls with analysts.

Here's one example of how that went from Wells Fargo CEO Charlie Scharf yesterday.

Here's one example of how that went from Wells Fargo CEO Charlie Scharf yesterday.

Here's one example of how that went from Wells Fargo CEO Charlie Scharf yesterday.

So to quote the late Defense Secretary Donald Rumsfeld, businesses are facing a lot of unknown unknowns.

So to quote the late Defense Secretary Donald Rumsfeld, businesses are facing a lot of unknown unknowns.

So to quote the late Defense Secretary Donald Rumsfeld, businesses are facing a lot of unknown unknowns.

Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.

Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.

Well, first of all, we'll probably just buy less stuff, and that has a direct impact on consumer-facing businesses. Take airplane tickets, for example. Scott, if you or I get worried about a recession, we might decide not to buy tickets or to not take that summer vacation. And in fact, that seems to be what's happening. Delta Airlines, for example, it had a great start to 2025.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.

In January, it told investors that this would be its best financial year ever. But by Wednesday, Delta canceled that forecast. And this is what CEO Ed Bastian told CNBC.