Those are two separate questions, but I will say that the impact on the U.S. is very clear. You just have to look at the U.S. Bureau of Labor Statistics. There have been 100,000 manufacturing jobs lost in the U.S. since Donald Trump took office, give or take. Okay, that's 100,000 jobs. That's from a government that said, “We are introducing tariffs to bring back manufacturing.” Something is wrong here.
Clearly, what's happening is that the input costs of manufacturers are going through the roof. There's also no certainty on sourcing anything other than something that's made in the United States. Given the whole range of the American economy, it is absolutely impossible for the U.S. to develop that kind of industrial capacity overnight, especially in an environment where there's no certainty whatsoever, from week to week, from month to month, about what the trade arrangements are going to look like.
No nation on earth can be an island, and that is why this economic experiment that we're seeing is clearly a failed experiment that will create a reaction from U.S. voters. That's what we think, but the problem we have is that our companies cannot wait that long, so we need to support them in the meantime to help them get through this.