Martha Gimbel

And then the president gave his press conference today.

Yeah, exactly.

And then the president gave a press conference where he said that he was imposing 10% tariffs under a different legal authority, but that would be temporary, but then they would replace it with other things that were to come.

And then that should take it back up to around 15%.

So there's been a lot of Sturm und Drang today, but it looks like we're sort of back where we are, but we're still figuring it out.

So, you know, we would expect the impacts to be similar to what we've been talking about since we started with this whole Mishigas, right?

That you're going to see upward pressure on prices, you know, that it's going to be about $1,600 for an average household.

You're going to see slower economic growth, a slight rise in the unemployment rate.

You know, the biggest open question with tariffs has never actually been the literal impact of tariffs.

It has been how much does the uncertainty surrounding tariffs cause economic activity to slow and prices to go up?

So if you're concerned about uncertainty and the effects that it has on the economy, we know what uncertainty does to economic growth.

It's not good.

then today certainly doesn't make you calmer about the direction the economy's been heading in.

Now, on the other hand, the American economy's been able to overcome a lot before.

It will certainly be able to overcome a lot again.

I will also say – you didn't ask me about this, but we got the personal income report this morning.

And we saw year over year that people's real disposable income was sort of heading towards zero.

And so you are seeing a consumer that's under pressure.

You're seeing a relatively low saving rate.

At some point, these things really do start to bite.