Tracy Alloway

And then the other thing to remember is that famous billboard that Trump trotted out. That was just the reciprocal tariff. So these tariffs are coming in on top of other tariffs that have already been imposed. So for instance, China, it's getting an additional 34% tariff, but it had 20% worth of tariffs imposed on it earlier. So its effective rate is now 54%.

And then the other thing to remember is that famous billboard that Trump trotted out. That was just the reciprocal tariff. So these tariffs are coming in on top of other tariffs that have already been imposed. So for instance, China, it's getting an additional 34% tariff, but it had 20% worth of tariffs imposed on it earlier. So its effective rate is now 54%.

This is exactly to your point earlier about why didn't people expect this. I mean, people in the administration don't seem to have expected this. Right. Trump was talking about tariffs all of last year. And that's his big thing. I mean, someone pointed out earlier that he's been talking about tariffs. when he was like on Oprah in the 1980s. It's a long held belief.

This is exactly to your point earlier about why didn't people expect this. I mean, people in the administration don't seem to have expected this. Right. Trump was talking about tariffs all of last year. And that's his big thing. I mean, someone pointed out earlier that he's been talking about tariffs. when he was like on Oprah in the 1980s. It's a long held belief.

This is exactly to your point earlier about why didn't people expect this. I mean, people in the administration don't seem to have expected this. Right. Trump was talking about tariffs all of last year. And that's his big thing. I mean, someone pointed out earlier that he's been talking about tariffs. when he was like on Oprah in the 1980s. It's a long held belief.

And yet, you know, we are months into the new administration, not that many to be fair, but we are certainly a lot more months longer into his campaign, his planning for taking a new presidency. And here we are, and no one seems to have worked out the details, much less communicated them to people, people you would imagine are important like Besson.

And yet, you know, we are months into the new administration, not that many to be fair, but we are certainly a lot more months longer into his campaign, his planning for taking a new presidency. And here we are, and no one seems to have worked out the details, much less communicated them to people, people you would imagine are important like Besson.

And yet, you know, we are months into the new administration, not that many to be fair, but we are certainly a lot more months longer into his campaign, his planning for taking a new presidency. And here we are, and no one seems to have worked out the details, much less communicated them to people, people you would imagine are important like Besson.

Well, the other thing I would say is all of these reciprocal tariffs, they're focused on goods, right? Actual exports, things that Americans like to buy. I don't know, T-shirts, Nike sneakers, whatever. When we're talking about economic losses as a result of the tariffs, it's not just that these products become more expensive for Americans.

Well, the other thing I would say is all of these reciprocal tariffs, they're focused on goods, right? Actual exports, things that Americans like to buy. I don't know, T-shirts, Nike sneakers, whatever. When we're talking about economic losses as a result of the tariffs, it's not just that these products become more expensive for Americans.

Well, the other thing I would say is all of these reciprocal tariffs, they're focused on goods, right? Actual exports, things that Americans like to buy. I don't know, T-shirts, Nike sneakers, whatever. When we're talking about economic losses as a result of the tariffs, it's not just that these products become more expensive for Americans.

It's also that they start to lose some of their associated, I guess, brand value to So, for instance, if I'm, I don't know, a teenager over in China, am I going to want to buy a bunch of Nike gear nowadays? I'm not sure that's clear. You know, it's becoming more expensive, potentially, even in China. And at the same time, that brand value is diminishing very, very quickly.

It's also that they start to lose some of their associated, I guess, brand value to So, for instance, if I'm, I don't know, a teenager over in China, am I going to want to buy a bunch of Nike gear nowadays? I'm not sure that's clear. You know, it's becoming more expensive, potentially, even in China. And at the same time, that brand value is diminishing very, very quickly.

It's also that they start to lose some of their associated, I guess, brand value to So, for instance, if I'm, I don't know, a teenager over in China, am I going to want to buy a bunch of Nike gear nowadays? I'm not sure that's clear. You know, it's becoming more expensive, potentially, even in China. And at the same time, that brand value is diminishing very, very quickly.

So there are all sorts of intangibles, soft power that are wrapped up in the taxation of actual things.

So there are all sorts of intangibles, soft power that are wrapped up in the taxation of actual things.

So there are all sorts of intangibles, soft power that are wrapped up in the taxation of actual things.

Sure. So the thing that markets and investors hate the most has to be uncertainty, right? And boy, are we seeing a lot of uncertainty lately. We are seeing it at the consumer level in the confidence surveys, but we're also seeing it in things like the manufacturing surveys. The And everyone is scratching their heads trying to figure out what all of this means for their business.

Sure. So the thing that markets and investors hate the most has to be uncertainty, right? And boy, are we seeing a lot of uncertainty lately. We are seeing it at the consumer level in the confidence surveys, but we're also seeing it in things like the manufacturing surveys. The And everyone is scratching their heads trying to figure out what all of this means for their business.

Sure. So the thing that markets and investors hate the most has to be uncertainty, right? And boy, are we seeing a lot of uncertainty lately. We are seeing it at the consumer level in the confidence surveys, but we're also seeing it in things like the manufacturing surveys. The And everyone is scratching their heads trying to figure out what all of this means for their business.