Martha Gimbel

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.

No, and I should say that Secretary Besant was out there today saying that they don't think that refunds are going out in general.

This is something the Supreme Court left kind of open, and it's going to be messy, and we'll have to see what happens with refunds, how quickly they go out.

I should also say, if you are a business who has already raised your prices –

passing tariffs onto consumers, yes, tariffs may have temporarily come off, but it looks like tariffs are going back on.

Why would you adjust your prices?

So for the consumer, this is not necessarily good news.

So my first thought was, uh-oh, what are we going to do now?

And how are we going to implement this?

And when will any kind of instructions be coming for how we implement this and the like so that our importers can get their refunds?