Tracy Alloway

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.

A lot of them are talking about, well, maybe we're not going to invest as much capital over the next year because we just don't know what's going to happen. Why would I start building a factory in one place if I'm not sure the tariffs are actually going to be around in five months or whatever? So uncertainty weighs very heavily, not just in the immediate term, but in the long term.

A lot of them are talking about, well, maybe we're not going to invest as much capital over the next year because we just don't know what's going to happen. Why would I start building a factory in one place if I'm not sure the tariffs are actually going to be around in five months or whatever? So uncertainty weighs very heavily, not just in the immediate term, but in the long term.

A lot of them are talking about, well, maybe we're not going to invest as much capital over the next year because we just don't know what's going to happen. Why would I start building a factory in one place if I'm not sure the tariffs are actually going to be around in five months or whatever? So uncertainty weighs very heavily, not just in the immediate term, but in the long term.

And we're talking years and years and years. And Joe and I like to talk about one of our favorite examples of this is U.S. housing. So in the aftermath of 2008, a lot of house builders obviously went bankrupt. There was a lot of capacity taken out of the home building market. And you could argue that even today, more than a decade later, that capacity hasn't been replaced.

And we're talking years and years and years. And Joe and I like to talk about one of our favorite examples of this is U.S. housing. So in the aftermath of 2008, a lot of house builders obviously went bankrupt. There was a lot of capacity taken out of the home building market. And you could argue that even today, more than a decade later, that capacity hasn't been replaced.