I think that tariffs and protectionist policies like we've seen employed in the U.S. actually dampen productivity. You don't have to be productive, because you're being protected. I fully expect to see a further decline in productivity in the U.S.
On the contrary, I think it forces all of us to work even harder to try to offset any additional costs that may be in place. Obviously, it depends on the business, what you're producing and who's paying those tariffs, but I think that any time you have an extra cost, you're working even harder to try to offset that in order to improve your productivity. I think, in the end, it can help push companies to do more and invest more.
