Global trade landscape: Impact and opportunities of Trump tariffs

Disclaimer: Panel was recorded on 8 May 2025 before the US-China trade agreement on tariff rollbacks for a 90-day period was announced on 12 May 2025.

Hear this panel to unpack the impact of Trump’s tariffs on the global trade landscape. You’ll gain insights that can help you operate in today’s volatile economy as policy shifts continue at speed.

Euromonitor experts discuss the ripple effects of evolving US tariffs, review the latest economic forecasts and outline market opportunities for your organisation.

Supply chains, pricing strategies and investments face intense scrutiny amid this uncertainty. And business leaders are left with the impossible task of trying to predict what’s ahead.

Impulsive, reactive decisions could be detrimental to long-term success—especially when new exemptions or changes in tariffs are happening by the day. Case in point: just four days after we recorded this panel, the US and China announced an agreement to reduce tariffs for a 90-day period (bookmark our hub for updated analysis).

Tune in to our lively talk that addresses some of the questions we’re all asking right now.

Find answers to your business concerns:

· Are these tariffs hitting global economic projections?

· What’s the impact on companies and consumers?

· How could pricing and inventory shift in the coming months?

· Where do opportunities exist in this marketplace?

· Which tactics or tools help you mitigate risks and build resilience?

Companies can transform tariff shocks into a foundation for sustained competitive advantage with comprehensive market intelligence.

Meet the Euromonitor experts:

· Bill Carroll, manager – government & trade

· Dr. Bolutife Onaneye, senior consultant

· Lan Ha, head of insights – economies & consumers

· Matt Tripodi, senior global territory director – government & trade

· Quinton Walker, consulting project manager – financial services

· Sowmya Ramaswami, consulting practice manager – global trade & exports

Transcript

0:00

Hello, everyone. Thank you for joining us for a discussion on tariffs and the highly uncertain trade landscape. In 2024, the average tariff on US imports was about 2.5%. Today, there's a baseline 10% rate, and while there's a pause, further increases could take that rate up from 10% to 60% depending on the country and how they're structured. And, of course, tariffs on China have already risen to over 100%. At Euromonitor International, we sit at the centre of a network of clients, corporate, banking, governmental, academic, who are all trying to assess what recent tariff actions mean for identifying, preserving, and growing opportunities. Whether they're deciding on the best export markets, customer approaches, supplier relationships, or long term investments. My name's Bill Carroll. I lead our team supporting government and trade clients, with Euromonitor research teams in 100 countries. I'll be turning to my colleagues across the globe, Lan, Matt, Sowmya, Quentin, and Bolu, to understand the impact of tariff these tariff actions, assess what will happen next, and highlight opportunities. I'd like to jump right in with a question for Lan. To start, can you give us a snapshot of what's happening with Trump era tariffs on the macro scale? Yeah. Thank you, Bill. Yes. My name is Lan. I lead Euromonitor Insights on Economies and Consumers. My team and I, we provide data driven insights into the latest economic and consumer trends, and you are absolutely right. The tariff this time represents a very different kind of economic shocks, unique in both of its nature and its impact. And compared to past major crisis like the 2008 global financial crisis or the COVID-19 pandemic. What we are seeing now, it is a policy in due supply shocks. It's coming from a sharp pivot in US trade policies. And by far, the US is the largest economies in the world and the biggest importer of goods. That's quite different from the Global Financial Crisis, which was triggered by a financial system collapse, or COVID-19, which was a global health emergency that led to a sudden halt in economic and social activities. And in terms of scale, the shift is substantial. As Bill already mentioned, since January this year, the effective US tariff rate on imports has jumped from about 2.5% to roughly 25%, and that is the highest it has been in a century. And that alone signalled a major disruption in the global trade landscape. To put it into perspective, the US imported 3.2 trillion US dollar worth of goods in 2024, and that is equivalent to the entire GDP of France. So any major change in US trade policy sends significant shock waves through the global economy. And now, while this tariff hike may not lead to a systemic collapse like in 2008 or during the pandemic, they do reduce global trade efficiency almost immediately. And more importantly, they would trigger a longer term, structural shift, whether it's a protectionism domino effect or a resolving production, that could permanently reshape a global trade patterns. Now, Matt, you're the Senior Director for Government and Trade clients at Euromonitor. How does the impact stack up up against what you've seen in the past? Well, we haven't seen anything like this. That's the, that's probably the most challenging thing of this is that, the what Lan had highlighted, this is really a widespread blanket tariffs being implemented. So it complicates the strategy for supply chains, for somebody importing or exporting products to different markets depending on where you are in the world, and it does that on a global basis. The the second thing is is that there's been really sort of an inconsistency or lack of transparency in what the strategy is. Because of that, it means that businesses and governments, can't really anticipate what's the next move here. You know, what's what's the end game? Where are we where are we headed with this? That type of lack of clarity, then leads businesses to question investments, leads businesses to pause and tend to not push forward on a decision because a pathway isn't necessarily as clear to them as they would like. So this is driving a lack of clarity in the market at a level that we haven't seen before. The last thing that I would highlight is really something that I'm not hearing a lot of conversation about. The rhetoric behind tariffs, that is coming out of the US administration, especially in regard to well established trade partners, allies in the world, is driving an emotional response. And I don't want to, hit the nail too hard on the head here, but when somebody says I've got countries lining up, you know, kissing my ass, that's a tough thing to take. And countries, these are world leaders, and to hear that type of response, even though at some level that's true, and, they're lining up to make a deal to make sure their economies are safe, to look after the businesses of their economy. The rhetoric and how you implement tariffs from an emotional side is something we need to pay attention to because now countries are reacting from an emotional level as well as a business level, and you have consumers unplugging from the United States. So our brand, as you've seen in certain places in the press, has been damaged because of that. Thanks, Matt. So we're already seeing the impact of tariffs, including increased cost for importers, reduced container ship bookings, forecast for slowing global goods trade, for this year. So for context, global trade volumes increased 2.9% last year. And, of course, we're hearing a lot about supply chain disruptions, anecdotal stories. Bolu, can you speak to how these tariffs specifically affect US businesses and consumers? Sure. Of course, Bill. So I lead, Custom Research for North America and, all the global clients, across, the government space, the private sector, academia, as well as, nonprofits. I support them to develop market intelligence about, you know, global trade, businesses, and consumers. And in doing so, I often analyse across some segments or categories. So to answer your question, let's think in terms of broad categories in the US. So large versus small businesses and then low versus middle income versus high income consumers. But first, a tariff on imports, whether that's raw materials or finished goods, would negatively impact, US businesses by increasing their costs, which they could then decide to shoulder fully or, you know, partially or pass on fully or partially to US consumers. So for large businesses in the US, we have some that have cited the tariff uncertainty and the effect on their supply chains. We've seen some large, US businesses like, General Motors and Automobiles, American Airlines and Aviation, Chipotle and Food. They've revised their financial forecast or they are, you know, suspending financial guidance. Also, most US businesses are trading cautiously or holding off on making, the investment decisions, for instance, about, you know, expanding locations or, staff hiring and, you know, retention. But on a positive note, some US companies like Apple or, you know, Johnson and Johnson have pledged new investments of, several billion dollars in the US over the next four years, in areas like manufacturing, facility establishment, r and d, as well as unit technology. So that's for large businesses. For small businesses in the US, many of them, import key materials or finished goods and, already operate on thin margins. So they are in a sticky situation as they can't pass, price increases to their clients. Some that could stockpile inventory did so before, you know, the tariffs kicked in, and others that could not are holding off on, orders until, you know, tariffs, get better. For consumers, in the face of increasing prices and, possibly, stock outs, in a few weeks or, you know, fewer brands to indeed choose from, low income consumers we see are reported to be trading down, shopping around and seeking high value deals, which may sometimes, you know, not be the healthiest option, for instance, on grocery store shelves. And on the other hand, before tariffs kicked in, maybe also high income consumers were reported to be engaging in, you know, wave of panic buying or maybe proactive buying. You know, we have people buying Nike sneakers, furniture, coffee and all of that. I think in any case, many US consumers have had to adapt their typical purchasing behaviour. So depending on whose lens you're getting things from, I'll say it's been a mixed bag of effects and responses for both US businesses and consumers. Yeah. But thanks for discussing those impacts. Quentin, could you take a look at those impacts from a global perspective? Thanks, Bill. So having recently, well in the recently in the last five years in my role as a Senior Project Manager within our Financial Services practice, we have seen these changes and the likes of different types of changes across multiple global B2B or B2C related industries. Our clients have seen noticeable shifts in, how they are reacting to the constant change, the evolving world, and all these are impacting their businesses and their business strategies directly. Obviously, the financial crisis in 2008 led companies to reassess at that time. We then had the COVID-19 pandemic, which began this trend in terms of where corporates are looking, where the one needs to play and they need to reassess their supply chains. Absolutely, globally, all corporates across all regions within Europe, Asia Pacific or even Latin America and Africa have all had to be have all been impacted at varying degrees. The global trade, the linkage with the US and China, the impacts on the world in a global trade environment is big. This mainly takes effects across supply chains and the effects of manufacturers and consumers fill that around the world. There are certain industries that are impacted at a higher level and have a higher impact than some other industries. So for example, like within automobiles and consumer electronics and home appliances, we are having to see, producers in these, in these industries, as an example, reassessing their supply chains, reassessing, their end user export markets, and also taking a look at where they can produce manufacturing. So moving away from the traditional manufacturing hubs along with the sourcing of the materials. Because of a higher reliance on China, they need to be able to source their materials at a consistent rate in order to produce their final goods. So what we've seen is the increase in production costs and the pass through to the passing of final goods to consumers. For example, in automobiles, Ford has shifted small their small car production to Mexico and have also lobbied against tariffs. BMW has shifted their SUV exports from U. S. to Chinese factories. Along with some of the consumer electronics and home appliance producers, the likes of Haier, Samsung, Apple, Cisco are diversifying supply chains, shifting to alternative production locations, and in effect, moving their raw material sourcing to other home regions. And the countries that are standing out are specifically in the Southeast Asian area, that being Vietnam, India, and Malaysia. But we have to just take stock that corporates shouldn't be over-reactive, and should be looking through this through a strategic lens, because trade disruptions can also, produce, opportunities. Right? And it should be about a long term view and reassessing, the position and in which area should you either invest or in which areas you should extend your supply chain. So the likely use of scenario analysis, competitive insights, and strategic foresight will aid you in being able to better assess from a medium to a long term view of how to position and how to reestablish your position amongst your consumers and your products and to stay in control of your industry. That's great. Thanks, Quinton. Lan, did you have anything to add on, global impacts? Yes. Thank you. Yes. This is, something that we are tracking on a macro global level. So absolutely right the hike of US tariffs it will put a downward pressure on global economic growth and upward pressures on consumer price as reflected by some of the examples that Bolu and Quinton mentioned just now because global trade drops, production cost increase, and uncertainty really undermine investment and spending decisions. In our Euromonitor latest Quarterly Macroeconomic Forecast, we have downgraded the growth outlook for the US and other key economies such as China and the Eurozone because we expect that the current US tariffs will affect both consumption and production activities this year. And we have seen that this trend in soft data with consumer and business confidence having weakened across the US and other major economies recently. The US economy actually would be hit by its policy shift. Our current forecast for US real GDP growth rate for 2025 now stood at 1.8%, and this is lower than the estimation of 2.1% we made in the first quarter of this year. And meanwhile, inflation forecast now stood at 3% for the US this year, and it is higher than the previous prediction of 2.3%. So overall, business and consumers, in the US but also outside the US, we face a slower growth environment while, higher prices are likely to wait on consumer demand. And such a stagflation environment is really challenging for business because they need to protect their profit margin and find new growth sources. And in another scenario, if, the reciprocal tariff, which were announced on April 2nd by President Trump, would remain in place after the 90 day pause, our macro model simulation also showed even a larger impact on the global economy and the US economy. And under these scenarios, which we call Trump's total agenda on our macro model, the US economy could grow, at nearly 0.5% this year, and it could slide into recession next year while, inflation may soar to a level of six or 7%. So, it's very clear that our macroeconomic forecast show the slower economic growth and higher inflation environment that we are going to face. Excellent. Thanks, Lan. So those are some of the impacts. If we look ahead, what what do we think is going to happen across the next couple of months? Matt, could you give your take on that? Yeah. Sure. I'd like to. I actually I like this question. I just got a photo that was sent to me, by a friend of mine, who said that they had walked into a convenience store late at night, and there were tickets all over the floor in this convenience store. Aisle after aisle had strips of paper on the on the ground, and those strips of paper were the prices of the products. The entire store was doing a repricing of all products in the store, not because they had been impacted by tariffs in that moment, but because they were seeing an opportunity to shift pricing based on, the tariff, you know, this tariff conditions and the expectation by consumers that prices would go up. So, in the short term, we see, things regarding pricing strategies shifting. We see that port arrivals have already declined, and so ships making a long trek from supplying nations to the United States have dropped off considerably. Some of those measurements have hit 35% recently comparable to a year ago. And, we then have also witnessed that UPS cut back 20,000 jobs, related to distribution and trucking, usually in the United States, once something arrives at a port, it can take up to, you know, approximately 10 days or so on, to circulate all that product across the country. So you see that the instrument for distribution, for supply and distribution is closing down. It's it's slowing right now, I should say, contracting. Many of the retailers that are out there right now, did stock up in advance for those that could. The very large organisations, you know, hold in and and stockpiled. That gave them a window that's probably now at about five to six weeks of supply, maybe a little bit more. But for the smaller businesses, the ones that could not afford to do that, they're the ones that are are going to be most in trouble in the, in the shorter term here. And then we're going to start seeing as the, because how supply chains work in the world, shipments across the water take, you know, take a bit of time. It can take up to 40 days to in in some instances to move product from one country to another. Because of that, there is right now, this week, if we don't, see a movement on tariffs on, you know, negotiating trade, there's going to be the supply chain gap because we've rushed all of the product into the market. Consumers are consuming. There hasn't been huge price upticks to consumers quite yet, but the supplies have begun to contract and so now because of that, consumers consume, this amount goes down of what's in stock, and then all of a sudden consumers will be demanding the product won't be there, and the orders will start flowing, but it's going to take time to get them across the ocean. So what's going to happen is you're going to have these gaps in supply that that take place with rising, with rising demand because of scarcity of product. There are also going to be increased price on top of the tariffs, and so it's gonna be a complex pricing environment challenging for consumers. And, you should see periods, like, you know, 50/50 on recession, and potentially times of stagflation that that occur. Yeah. Thanks for that, Matt. And it it does bring up the question when we're talking about what's what we expect to happen, in the next couple of months. We hear a lot of talk about uncertainty, if you look a lot of companies are are scrapping their their quarterly forecasts, due to tariffs, and pointing towards that. And I think it it brings up the the question of of China. During Trump's first administration, there were, increased targeted tariffs on China. In the press, you saw talk of a trade war. And at that at the time, manufacturers were able to to shift production since those tariffs were focused just on on China. This time around, the tariffs are far more sweeping, as we've discussed, so there's less flexibility for manufacturers to shift, and and exports, to circumvent tariffs. And so the though that memory of the first administration and trade war remains, and so expectations for for what will happen, are are likely pretty uncertain until more of the impacts of these tariffs are are felt and not just anticipated, because, you know, companies and consumers, might have the context of that first admit Trump administration, where there there was flexibility to circumvent these tariffs, and and there's uncertainty into to what extent these tariffs will change or be rolled back. So it does lead me to the next question, which is what could a possible US China trade deal look like? Sowmya, can you comment on that and on when we could see a potential deal take shape? Absolutely. Thanks, Bill. Hello, everyone. I lead the Global Consulting Division of Trade and Exports in Euromonitor. This is one of the seven expertise we have within our consulting division that does extensive work in international trade. Bill, I must say that's a very interesting question. And recent months, have seen, signs of tentative engagement. For instance, you know, there has been an agreement to hold icebreaker trade talks in neutral venues. But again, no comprehensive negotiations have begun yet. And we see that both sides have signalled interest in dialogue while also insisting that the other shows sincerity by making the first concession on tariffs as well. But if an agreement should come, some of the potential components of that deal could include things like, tariff reduction and removals. It could include purchase commitments. It could include market access and structural reforms. Ah it could include technology and cyber provisions and so on. While it is hard to say when such a deal could take shape, but if it does, I think there will be interesting implications on the business outlook and economic growth, for all of us to watch out for, I think. Like, reductions in US, trade, US and sorry, reductions in US China trade tensions would significantly improve the global business climate. And why do we say that is because these two countries make up to more than 40% of the world's GDP. Sectors specifically like technology, manufacturing, industrials would improve, and so on. So, yeah, I think it's a time for all of us to wait and see what happens next. Yeah. Thanks, Sowmya. Bolu, you spoke earlier about the impacts in the US of these tariffs. How do you think a a US China trade deal, would change things, would change that dynamic? I think depending on the nature of agreements reached. Right? I think that, the US China deal that, reduces tariffs and, other trade barriers, would definitely change the status quo significantly, for US businesses, especially those that rely heavily on Chinese imports, it certainly would, reduce their cost of production, help stabilise their supply chains, and, boost job growth. For US consumers, affordability would improve. Brand options would remain robust and, you know, consumer demand would, you know, fully be revived, especially if new jobs are, you know, created or restored by, you know, small and large businesses. At the country level for the US, I think a deal with China would, you know, boost economic growth as, businesses and consumers invest and spend more. So it's a multiplier effect scenario because it really do provide, you know, greater certainty for key actors, businesses, and consumers. You know, it allows them to make, long term decisions. But I think still regarding, you know, the US China deal that, everyone is, hoping for, I think we would see a tango type situation play out over the next couple of months, let's use the tango analogy. Right? So what are the features? The tango is a dance with three main features. Right? It's repeated patterns or marked rhythm, back and forth negotiations before some agreements are reached. It's also about posturing. So preempting, their partners' next moves based on their behaviour and negotiating tactics, and preparing responses to it, or placing bargaining chips, you know, in the next round of discussions. And thirdly, it's also about, you know, abrupt pauses. So taking a break to reconvene and then reassessing the deck of cards in hand, and seeing where you have the upper hand and, you know, then coming back to the negotiation table. So I'll say that, US businesses and consumers should prepare for the tango season as, strong negotiations get underway and, you know, are bound to last for a while. Yeah. We're all going to need to take dancing lessons. I agree with that. Quentin, could you comment on the global impacts of any potential deal? Yeah. Sure. Thanks, Paul. So, yeah, I totally agree with, Sowmya and, Bolu. I guess from a global trade perspective, the dynamicism and, just the the global clout that the US and China, just by nature, that they convene on the world, creates uncertainty in the short term. But definitely, a trade agreement would reduce this, calm global markets, boost investor confidence and business confidence, as Sowmya alluded to, but also encourage economic growth across other regions. But we just have to obviously be cognisant that companies are currently adapting to an environment they have no control over where the two biggest trading partners have an impact in terms of long and short term on decision making and in effect costs money and, people's livelihoods and it just has such a big impact. So we still remain cautious, but the other the other thing that comes with, as we said earlier, is it comes with change. So by continuing to monitor and reassess the areas that are benefiting in terms of the Southeast Asian countries where they might lose advantage in terms of some of their their investments from outside and other all the corporates looking in in order to to try and diversify from the the current scenario. So in a nutshell, it will have a positive impact. And, but we still should remain cautious around, because it could have a it could have companies or corporates pushing back into China or moving back into the US, which we obviously do is favour to Southeast Asia. But at least those, capabilities are going to increase, and hopefully those infrastructure support systems will will be able to remain, thereby increasing, those countries' developments. That's great. Thanks, Quentin. And, obviously, it's an important conversation to have whether or not, there will be a deal, when there will be a deal, and what will happen, and what will the landscape be if there is a deal. That's an important question even though we might seem far away from that, an important question for companies to ask because they need to know what, might happen on the other side of that, and, you know, what opportunities might come from a deal and what's necessary to navigate if if there's not a deal, that takes shape in a while. So in terms of opportunities, what new opportunities do exist, for business in this tariff driven environment? Sowmya, did you wanna take that question first? Absolutely. I think everyone is looking for some light in all of these. Right, Bill? Okay. So I would say, new opportunities exist, depending upon how businesses or companies perceive it and react to it. So companies, who see tariffs and the recent trade developments as an opportunity to be more resilient to diversify and to get strong on their fundamentals tend to emerge as winners. Now the timeframe for that depends on how they handle and, you know, take all of this step by step. But as businesses are evaluating, let's say, if they can realistically diversify their supply chains and inflows to reduce dependency on one market, we see that this could present opportunities for exporters from regions like South America and the other Asian countries that, that our guys were talking about to fill the gaps, specifically in sectors like agriculture, manufacturing, and so on. So one opportunity, that I can think of right now is the increased demand for agricultural products that we are specifically seeing from one part of the world. So tariffs, could be a win for, South America as higher US tariffs on China, Mexico, and Canada could make South American goods a lot more attractive to global buyers. And its biggest economies like Brazil and Argentina, for instance, are major exporters of several agricultural commodities that we all know, like soybeans, the non agricultural commodities like petroleum, iron core, so on and so forth. So the huge the US tariffs on Chinese goods, and China's retaliatory tariff on US imports does create opportunities for South American exporters. We may probably see countries like Brazil wanting to capitalise this opportunity to increase their agricultural exports or other non agricultural exports to China. But one thing is clear is how companies view this and adapt, react to this is gonna see how they emerge as winners or how they're gonna remain stagnant to where they are at the moment. That's great. Thanks, Sowmya, for that global perspective. Matt, could you comment on opportunities for US companies? Yeah. I see a few things happening. The US administration needs to prove that this strategy is going to work. And because of that, we've just seen an an announcement today about, a trade agreement framework with United Kingdom, for example. This is really important. If the US administration is able to navigate toward trade agreements and do that in a way that to, Quentin's previous note that drives, confidence, in for consumers, drives confidence and clarity for businesses, then we're able to begin to turn a corner and, you know, start driving forward with, perhaps, greater confidence in purchasing, a greater stability in the marketplace. When we think about the opportunities that are out there then in the US, of course, those industries in the United States that are less dependent on, international trade or supplies from international trade or exports, they're better they're going to be better positioned to weather all of this. I think about, though many of the export organisations that I work with across the United States. I think about, the US government agencies that I work with that, support international trade. And when I'm thinking about this is that, the US is likely to move forward with, some supports, for some of the businesses, that will, maybe, trouble, in weathering the tariff battles. That would include, maybe the agricultural sector. But beyond that, those agricultural players and other players alike could look to diversify, again across other markets, upping the value of the product itself. For example, in the agricultural space, identity preserved product, you know, producing, products, very specifically of a certain type of a certain colour, at a certain oil content in the in the area of of seeds, soy, or grains, those types of things. And, highlighting really that we produce a high quality product, finding the place and resonating with that strategy of upping our unique selling points for the products and services that we produce. Above and beyond that, it's that diversified trade portfolio does become incredibly important. We already see different groups, sort of navigating the tariff landscape, shipping to certain other countries. Those countries may be processing and shipping them someplace else so that it flows through a different pathway so that they can really optimise, the the, you know, new world reality of the tariff systems. When it comes to then the opportunity right here in the US when I think about this is, as these trade agreements break down or are negotiated, I see opportunity for US businesses hopefully to influence those, that process, making sure that their industry concerns are represented, to the US administration to influence those trade agreements to the best of their ability and to have their concerns recognised in those trade agreements. By doing so, this is important. It opens up opportunities to, sort of, realign their position in the global marketplace in terms of, everything from a genetically modified product potentially, to, tariff and other non tariff barriers. And this should, in the end, support, a US transition to something better. Again, you have to have your voice at the table. You have to be heard, and, the hope is, once again, that the US, administration is creating these trade agreements and getting them in line as quickly as possible. Because if this runs on for months and months, we will, sacrifice consumer confidence. We will, see and feel the impact of of inflation. And consumers, by the way, are already, many of them are already making minimum payments on their credit cards. There's an increase in the number of consumers that have been doing that. They're not really financially, prepared, for increased prices. So in that regard, there's a short runway to see results and make things happen. Businesses should get involved. Businesses should also look to diversify trade partner relationships, and send as much of their product, you know, see this as an opportunity, to optimise their international, trade system for themselves and their supply system. Thanks, Matt, and thanks for getting into the strategies for business to capitalise on some of those opportunities. And and so let's let's begin to wrap up with talking about how companies can capture these opportunities. What action should business take, to address the challenges we've talked about? What actions should business leaders take to capture, the opportunities? Quentin, did you wanna, start us off with that topic? Yeah. So the change will come across different. Obviously, some of the impacts are larger than others, in terms of scale. So, for example, automobiles is right up there where some of the other lesser extent impacts are pharmaceuticals, which is a bit more consistent. So each industry with its forces will have to be realigned accordingly, and they so are. Bigger corporates will follow suit and the smaller players will look to do that. But overall, business confidence is only, can't do with volatility. So, a lot is at play. A lot is at play. Bolu, did you wanna jump in on that as well? Yes. I'll quickly, chime in. So, I'll say, many businesses are adopting a, you know, wait and see approach, given the high levels of uncertainty. But one thing is obvious to everyone that, you know, it's not business as usual anymore. Well, life still needs to go on. Consumers have needs to be met. Businesses need to respond to this. Right? And so smart businesses are being agile, like, you know, Sowmya, said earlier. Even if they are pausing big investment decisions, right, they are staying aware by funding agile research. So it's not a season for businesses to approach decisions with, you know, rigid perspectives because the global economy is involved is evolving, and it's evolving fast. So businesses need to be several steps ahead of, you know, their competition and in the market. This is where a tool like, our Dynamic Import Export Scorecard is crucial because it can be updated readily with new tariff rates and other factor shifts. The tool helps businesses to refocus on markets with lower risk, fewer barriers, great greater reliability, and export good potential. Also, our Market Landscape Report would help bring clarity to to validate assumptions, spot where and how the landscape is shifting, and help to make and help to make informed decisions about how to expand. In a nutshell, businesses need to leverage solutions that help them to assess impact, define their market strategy and execute it, refine as needed, you know, to shift their strategy and capture new opportunities, and also, you know, finally to track progress and optimise resources to address challenges and meet the growing consumer needs. I also want to add just one point to this business strategy question. So in time of high uncertainty as we are facing now, scenario analysis and scenario planning is an extremely useful tool to gain some clarity, as Bolu also mentioned, and have a business to mitigate, risk. For example, by evaluating multiple tariffs and Trump policy scenarios, business leaders can assess the different outcome for their key market, and from there develop a flexible strategy that adapt to the different potential futures. And it can also help in identifying potential opportunities that might arise from different scenarios, and this enable business to capitalise on them. So, overall, I think this agility and proactiveness, are vital, for maintaining a competitive edge in today's, uncertain economic environment. Thanks, everyone. What we're finding is to take advantage of these tariffs. Like, our clients are really taking two key actions right now. They're monitoring how tariffs are impacting their buyers and suppliers because trade is about relationships, And the more they understand how their partners are being impacted, the more they can communicate and let them know what these changes are going to mean for, the supplies that they're gonna buy or the products that are going to sell. When some of these tariffs took place, tariff actions against Canada, you saw, companies, quickly send, notices to customers that prices may rise. And so understanding the impacts allow good communications. Our clients are also just assessing and reprioritizing opportunities. They're asking, are we exporting to the right countries? Are we positioning our products correctly? Are we selling through the right channels? And so with our global teams and resources, we're helping to answer these questions right now. We've combined many of those insights for anyone to access on our free tariff policy page, so I highly recommend bookmarking that for the most up to date resources. Before we go, I have one final question. If each of you had only two words of advice for companies navigating tariffs, what would they be? I'll go ahead and I'll throw one out. Embrace change.”” I would I would agree with that.“Long-term view.” And I would say,“Actionable blueprint.” For me, it would be “Being proactive.” And I'll go finally. I'll say, “Agile research” approach. And mine is just “Thank you.” I wanna thank you all of our panellists for their time. And for our listeners, thank you. A final note, while tariffs and trade policies create significant challenges, and we wanna be sympathetic to that, they can also bring opportunities for growth. Euromonitor is the first destination for organisations seeking growth, so make sure you join our community for regular updates. Thank you very much for watching.