Paul Sweeney

It's not exact, but gives you an idea.

And so, you still have costs that are waiting to hit the consumer.

Again, at the same time that you're obviously seeing a lot of pressure from energy prices.

By the way, Tom, you were talking about the team.

Just as a measure of the dedication of the team, the team was up late last night, incorporating new ways of how they realized metal tariffs impact dairy.

So I do just want to say, this is a team that is always iterating, always trying to make sure they're doing this exactly right.

And I just want to give them a huge, huge shout out.

So at this point, it's probably, you know, partially consumers.

You know, prices, for instance, for durable goods do look like they've been affected.

You've also seen companies trying to hold on, right?

Because there's been so much uncertainty about these tariffs.

And companies don't like raising prices if they don't have to, right?

It makes consumers mad.

And so, you know, they've been trying to hold on, but at some point the economic pressures become too much and then they have to raise prices.

I mean, I think, you know, at the moment we have these kind of temporary tariffs in place while they figure out the new legal authorities they're going to be using.

I think one thing that's really hard is that at this point, I think we have a pretty good sense of what the headline tariff number is going to be, you know, let's call it somewhere between 11 and 15%.

But if you're a business, that actually doesn't help you very much.

You don't need to know what the headline, you know, you and I care.

You need to know what the effective tariff rate is for your industry, for your products.

And there we just know certainty.