Michael Roberts

Yeah, no, first of all, thank you for having me today.

Look, I think the world has gotten used to a lot of these tariff changes, although certainly this newest round is yet another bit of unpredictability.

I think companies have been now looking for different ways to manage their supply chains.

We have a survey that we did right after Liberation Day, which I think still holds true today.

We surveyed 5,000 clients, so big survey, and they all said,

One, all of these tariffs are going to cause a lot of issues.

Prices will go up.

Two, most of them now are looking at their supply chains.

And the word, I think, supply chain has now come to be one of probably the most discussed terms in any C-suite today.

And thirdly, they're going to change.

And they may even change business models.

So this next round, this current round, I think just tells you that they're going to have to significantly change what that is.

Because 100% tariffs, you can't absorb 100% tariffs.

So...

That means there will be a greater acceleration to where those new supply chains will be.

However, it has been a bit of a whack-a-mole because you have to constantly look at where the next tariffs will come from, and that's been a challenge to many companies.

They really have to figure out what is the least vulnerable place they can be or the most tariff-proof place they can be, and how do they then export into the U.S.

or, frankly, anywhere to make sure that they can do so as effectively as possible.

Yeah.

So rule of thumb, when I talk to most people, probably 70%, 80% is borne by the producer versus the importer.