Our immediate concerns center on the potential impact on overall consumer demand, inflation, input costs, margins, and profits. The magnitude of the Trump administration’s policy change requires careful monitoring of how our government’s actions will influence trading partners, as retaliatory measures could pose a significant headwind to economic expansion while simultaneously fueling inflation. The administration’s aggressive and antagonistic approach to global trade is without precedent in our lifetimes. While acknowledging that the landscape is rapidly evolving, we are focused on navigating its complexities. We anticipate that economic growth will slow, with inflation likely to rise. Companies will likely face mounting pressure on profit margins, depressing earnings and valuation assumptions. We remain focused on identifying resilient opportunities in the face of the challenging trade landscape and resulting market dynamics.