NEXT, HIGHER PRICES, EMPTY SHELVES, AND ORDERS DELAYED.

THIS MAY SOON BECOME THE REALITY FOR AMERICAN CONSUMERS, FAR FROM THE GOLDEN AGE OF PROSPERITY THAT TRUMP ONCE PROMISED.

NOW HE'S WARNING PEOPLE MAY HAVE TO CUT BACK AFTER HIS TARIFFS BROUGHT MOST TRADE WITH CHINA TO A HOLD.

WELL, THIS WEEK THE U. S. AND CHINA WILL FINALLY HOLD TALKS.

BUT ANNA SWANSON JOINS HARI SREENIVASAN TO EXPLAIN MUCH OF THE DAMAGE HAS ALREADY BEEN DONE.

>> Reporter: CHRISTIANE, THANKS.

ANNA JOHNSON, THANKS FOR JOINING US.

YOU WROTE A PIECE TITLED "A TIDAL WAVE OF CHANGE" IS HEADED FOR THE U.S. ECONOMY, WHICH TAKES A LOOK AT THE DRASTIC CHANGES THAT CONSUMERS MIGHT FEEL IN THEIR HOMES AND OTHER PLACES.

BUT YOU SAY RIGHT NOW, WE ACTUALLY HAVEN'T STARTED TO FEEL THE FULL BRUNT OF THE IMPACT OF THE U.S. TARIFFS ON CHINA YET.

EXPLAIN THAT.

>> ABSOLUTELY, TARIFFS HAVE BEEN IN THE NEWS FOR A WHILE.

BUT THESE CHANGES FOR THE ECONOMY WILL REALLY TAKE QUITE A LOT OF TIME TO UNFOLD.

AND IF YOU THINK ABOUT IT, IT IS REALLY BECAUSE IT TAKES SO LONG FOR GOODS TO BE SHIPPED FROM CHINA TO THE UNITED STATES.

TYPICALLY A LOT OF GOODS THAT YOU'RE BUYING ARE MOVING ON CONTAINER SHIPS.

WHEN THEY LEAVE THE PORT IN CHINA, IT CAN TAKE 20 TO 40 DAYS TO SHOW UP AT U.S.

PORTS.

AND THEN IT MIGHT TAKE, YOU KNOW, ANOTHER ONE TO TEN DAYS TO BE SENT BY TRUCK OR TRAIN AROUND THE COUNTRY.

SO FROM THE TIME THE PRESIDENT PUT IN VERY EXTREME TARIFFS ON CHINA AT THE BEGINNING OF APRIL, YOU'RE LOOKING AT TWO MONTHS, TWO TIMELINES BEFORE YOU START TO FEEL THE AFFECTS.

SO IT IS STARTING NOW, WHERE YOU'RE SEEING THE LEVEL OF GOODS THAT'S COMING IN THROUGH THE CONTAINERSHIP IS DROPPING.

THAT'S SOMETHING THAT WILL KEEP INTENSIFYING OVER THE COMING WEEKS AND MONTHS.

WITH CONSUMERS REALLY STARTING TO FEEL THE AFFECTS, I THINK, GOING INTO THE SUMMER.

>> SO I'M ASSUMING AS SOON AS THE TARIFFS HAPPEN, IF THERE IS A SMALL BUSINESS IN THE UNITED STATES THAT WAS IMPORTING THINGS FROM CHINA, AND THEY COULDN'T EITHER AFFORD TO OR THEY DIDN'T REALLY WANT TO PASS ON THE 140% PRICE INCREASE TO THEIR CONSUMERS.

THEY JUST STOPPED ORDERING, RIGHT?

>> YEAH, IT IS MEASURABLE.

WE HAD SOME NEW TRADE DATA COMING OUT THIS WEEK AS WELL.

WE SHOWED THE TARIFF IMPORTS FROM CHINA, WHERE WE ARE AT A HISTORICAL LOW.

SO DEFINITELY THOSE TARIFFS HAD LED TO A PRETTY SHARP DROP IN TRADE, ESPECIALLY AS YOU'RE POINTING OUT FOR SMALL BUSINESSES, WHICH MIGHT NOT BE ABLE TO PAY THAT PRICE, WHICH HAS MORE THAN DOUBLED THE PRICE OF BRINGING IN GOODS FROM CHINA.

I WOULD ADD THOUGH, IT IS REAL IMPORTANT THAT A LOT OF BUSINESSES, PARTICULARLY MAJOR RETAILERS, DID A LOT OF STOCKING UP SINCE THE ELECTION AND EARLIER THIS YEAR.

SO A LOT OF BIG RETAILERS DO HAVE, YOU KNOW, A MONTH, A COUPLE OF MONTHS OF INVENTORY ON HAND.

NOW THAT HAS ALSO HELPED SOFTEN THE BLOW.

BUT YOU KNOW, AS TIME GOES ON, AND THESE TARIFFS ON CHINA REMAIN REALLY HIGH, YOU ARE GOING TO SEE THAT INTERRUPTION IN TRADE AND RETAILERS CAN'T COVER THAT PAUSE, YOU KNOW, FOREVER.

EVENTUALLY CONSUMERS WILL START TO SEE THAT IN THE FORM OF HIGHER PRICES, SOME EMPTY SHELVES, MAYBE LONGER WAIT TIMES OR WHEN THEY'RE ORDERING PRODUCTS OR THE INABILITY TO ORDER CERTAIN PRODUCTS AT ALL.

>> AND JUST TO KEEP IN PERSPECTIVE FOR OUR AUDIENCE.

ARE WE THE BIGGEST CUSTOMER OF CHINA?

>> YEAH, IT'S A REAL INTERESTING QUESTION.

SO THE UNITED STATES IS CERTAINLY A MAJOR EXPORT MARKET FOR CHINA.

BUT IT IS DEFINITELY NOT THE ONLY ONE.

SO CHINA'S RELIANCE ON THE UNITED STATES HAS FALLEN IN RECENT YEARS.

USED TO BE, YOU KNOW, MORE THAN A FIFTH OF CHINESE PRODUCTS THAT WERE HEADED TO THE UNITED STATES SOME YEARS AGO.

NOW I BELIEVE IT'S MORE LIKE 15%, MAYBE A LITTLE BIT LOWER THAN THAT.

SO MOST CHINESE GOODS ACTUALLY ARE NOT HEADED INTO THE UNITED STATES.

THERE CERTAINLY IS A MAJOR EXPORT MARKET, A VERY IMPORTANT MARKET FOR A LOT OF CHINESE COMPANIES.

BUT CHINA, YOU KNOW, THE CHINESE GOVERNMENT HAS BEEN SORT OF STANDING UP TO THE TRUMP ADMINISTRATION IN TRYING TO MAKE THE POINT, YOU KNOW, JUST BECAUSE OF SHERIFFS, WE WON'T NECESSARILY FALL TO YOUR DEMANDS OR COME RUNNING TO NEGOTIATE.

A PART OF THAT IS BECAUSE THE COUNTRY IS MORE DIVERSIFIED NOW AND HAS MORE EXPORT MARKETS THAT THEY CAN FALL INTO.

>> OKAY, LET'S LOOK AT THE OTHER SIDE OF THE EQUATION.

IF CHINA IS EXPORTING A SMALLER PERCENTAGE OF WHAT THEY MAKE TO US, ARE WE ALSO IMPORTING FROM LOTS OF OTHER COUNTRIES?

>> YEAH, ABSOLUTELY.

SO SINCE THE FIRST TRUMP ADMINISTRATION, SINCE PRESIDENT TRUMP PUT VERY HIGH TARIFFS IN ON CHINA AND HIS FIRST TERM.

U.S. IMPORTS FROM CHINA HAS DROPPED AS A SHARE OF THE OVERALL IMPORTS?

SO THE UNITED STATES, THEY REPORT A BIGGER SHARE OF ITS GOODS FROM OTHER COUNTRIES LIKE MEXICO, VIETNAM, COUNTRIES IN SOUTHEAST ASIA.

SO YOU REALLY DID SEE THIS AFFECT WHEN TERRORISTS WENT IN PLACE THAT THE UNITED STATES STARTED TO BUY MORE FROM OTHER COUNTRIES RATHER THAN CHINA.

NOW IN SOME CASES, IT WAS VERY INTERESTING.

THAT IS ACTUALLY JUST CHINESE COMPANIES MOVING TEN OTHER PARTS OF THE WORLD, OR SENDING THEIR PARTS TO OTHER COUNTRIES IN OTHER PLACES IN THE WORLD.

SO THERE IS STILL A LOT OF CHINESE RAW MATERIAL AND PARTS THAT ARE BEING IMPORTED TO THE UNITED STATES.

BUT IT DID REARRANGE TRADE.

IT MADE THE U.S. TRADE DEFICIT WITH OTHER COUNTRIES LIKE MEXICO, LIKE VIETNAM SHOOT UP.

AND IN THIS TERM, THE TRUMP ADMINISTRATION IS KIND OF FOCUSING THEIR SIGHTS ON THOSE COUNTRIES TOO.

THERE IS A BIT OF A WHACK-A- MOLE AFFECT WITH GLOBAL TRADE, WHERE YOU PUSH DOWN ON A PART OF THE BALLOON WITH CHINA, THE TRADE DEFICIT, JUST POPS UP IN OTHER COUNTRIES GLOBALLY.

>> YOU KNOW, YOU HAVE THIS GRAPHIC, WHICH JUST KIND OF LOOKS AT THE IMPACT OF CHINESE GOODS AND AVERAGE AMERICAN HOUSEHOLDS.

WALK US THROUGH WHAT YOU'RE TRYING TO ILLUSTRATE BECAUSE IT SEEMS LIKE SOME HOUSEHOLD GOODS ARE ONLY CHINA WHERE WE ARE GETTING THESE ITEMS FROM.

>> ABSOLUTELY, YEAH, IT'S REALLY REMARKABLE.

OUR COLLEAGUES IN GRAPHICS PUT TOGETHER A VISUAL REPRESENTATION OF YOUR HOUSE.

YOU CAN WALK THROUGH THE HOUSE AND SEE, YOU KNOW, WHICH PRODUCTS MOSTLY COME FROM CHINA OR MOSTLY COME FROM OTHER PLACES.

AND THE IDEA BEHIND IT IS YES, YOU GUYS ASK U.S.

HOUSEHOLDS, A LOT MORE THAN YOU MIGHT THINK.

BUT IN SOME PRODUCT CATEGORIES, CHINA PRODUCES NEARLY ALL OF THE WORLD SUPPLY.

SO FOR THINGS LIKE ALARM CLOCKS, TOASTERS, BABY STROLLERS, GRILLS, FIREWORKS.

IT'S MORE THAN 90% OF GLOBAL PRODUCTS THAT CHINA IS PRODUCING.

SO THE POINT IS IF WE'RE PUTTING 145% TARIFFS ON CHINA, WE'RE STOPPING TRADE WITH CHINA.

RIGHT NOW THE WORLD DOESN'T HAVE MANY ALTERNATIVES.

FOR SOME OTHER CATEGORIES, YOU KNOW, THAT YOU MIGHT BE ABLE TO SWITCH FROM BUYING THEM FROM MEXICO OR THE UNITED STATES OR BUYING THEM FROM ELSEWHERE.

BUT CHINA IS JUST SUCH A DOMINANT MANUFACTURING POWER HOUSE THAT IT HAS REALLY TAKEN OVER GLOBAL SUPPLY OF SOME OF THESE GOODS, AND THERE IS JUST NOWHERE ELSE TO BUY, YOU KNOW, YOUR ALARM CLOCK.

AND SO FOR THOSE TYPES OF GOODS, CONSUMERS ARE MORE LIKELY TO SEE PRICE AGREEMENTS.

>> THIS PAST FRIDAY, THE EXCEPTION FOR LOW VALUE PACKAGES EXPIRED MEANING ANYTHING UNDER $800 WAS EXEMPTED FROM TARIFFS.

KIND OF EXPLAIN WHAT THIS MEANS FOR BOTH AMERICANS AND FOR THE CHINESE.

>> SO THE EXCEPTION HAD ALLOWED RETAILERS TO SEND THINGS INTO THE UNITED STATES WITHOUT PAYING TARIFFS, AS LONG AS THEY WERE VALUED AT LESS THAN $800.

AND AS LONG AS THEY WERE SENT DIRECTLY TO THE CONSUMER OR TO THE BUSINESS.

SO YOU HAD A LOT OF INDIVIDUAL PACKAGES THAT WOULD COME TO BUSINESSES FROM CHINA AND THOSE WEREN'T BEING CHARGED THE TARIFFS IN PRESIDENT TRUMP'S FIRST TERM.

WHEN YOU PUT THOSE TARIFFS ON, WE DID SEE A DRAMATIC INCREASE IT IN SHIPPING, AS E-COMMERCE PLATFORMS GOT MORE POPULAR.

SO SHEIN, TEMU, YOU KNOW, THESE PLATFORMS THAT ALLOW AMERICANS TO BUY GOODS DIRECTLY.

SO A LOT OF U.S. MANUFACTURERS COMPLAINED THIS IS JUST VERY UNFAIR BECAUSE IT WAS A WAY FOR CHINESE GOODS TO BYPASS U.S. TARIFFS.

OTHER RETAILERS BRINGING THINGS IN WOULD HAVE TO PAY THAT TARIFF.

BUT SHEIN AND TEMU WITH RESPECT, SO THEY KIND OF UPSET THE PLAYING FIELD.

SO THE TRUMP ADMINISTRATION ON FRIDAY DECIDED TO PUT AN END TO THAT.

AND SO THAT MEANS, YOU KNOW, WHEN YOU BRING THOSE GOODS INTO THE UNITED STATES RIGHT NOW, YOU NEED TO PAY 145% TARIFF.

IT'S A VERY DRAMATIC INCREASE ON THE COST OF A LOT OF, YOU KNOW, CHEAP CLOTHING OR EVERYDAY ITEMS THAT YOU MIGHT BE IMPORTING.

SO IT IS GOING TO BE AN ISSUE FOR THOSE PLATFORMS.

THEY'RE CERTAINLY GOING TO HAVE TO RESHUFFLE.

WE MAY SEE THE BUSINESS MODELS CHANGE OR SHRINK FRANKLY IN THE TIME TO COME.

>> THERE ALREADY HAVE BEEN EXEMPTIONS GRANTED FOR CERTAIN CATEGORIES OF GOODS THAT WE MIGHT BE IMPORTING OR OTHER THINGS.

ARE THESE LOOPHOLES WHERE WE ARE NOT GOING TO FEEL THAT?

>> SO THEY STARTED EARLIER THIS YEAR BY SAYING THERE WOULD BE NO EXCEPTION OR EXCLUSIONS TO THESE PRESSURES.

BUT AS TIME HAS GONE ON, WE'VE SEEN SOME MAJOR CARVEOUTS FOR INDUSTRIES.

THE MOST NOTICEABLE ONE WAS LAST MONTH, WHEN THE PRESIDENT DECIDED TO EXEMPT ELECTRONICS FROM CHINA.

YOUR iPHONE, YOUR CELLPHONE, YOUR iPAD ARE NOT SUBJECT TO THOSE CRAZY HIGH CHINA TARIFFS CURRENTLY.

HE SAYS THEY MIGHT BE HIT WITH ANOTHER TARIFF INVESTIGATION IN THE FUTURE, BUT THOSE TARIFFS ARE LIKELY TO BE A LOT LOWER.

SO THAT WAS A VERY SIGNIFICANT SOURCE OF RELIEF FOR THE ELECTRONICS INDUSTRY.

AND SOMETHING THAT SEEMS TO HAPPEN AFTER THE CEO OF APPLE PUT IN A FEW STRATEGIC CALLS TO THE ADMINISTRATION IN THE WHITE HOUSE.

THERE WAS ALSO AN EXEMPTION FOR SOME AUTOMAKERS, ALTHOUGH THAT IS MORE MINOR, CARVING OUT TARIFFS ON SOME PARTS.

BUT THAT ALSO FOLLOWED CALLS.

SO IT IS REALLY THE WELL CONNECTED COMPANIES THAT ARE GOING TO BE ABLE TO GET AROUND THESE TARIFFS WHERE THEY ARE WORTH BILLIONS OF DOLLARS FOR COMPANIES.

THE SMARTEST THING YOU CAN DO IS DEPLOY, YOU KNOW, YOUR CHIEF EXECUTIVE OR YOUR LOBBYIST TO WASHINGTON RIGHT NOW TO TRY TO GET AROUND THOSE TARIFFS.

BUT IT DOES, YOU KNOW, IT DOES RAISE THE QUESTION OF WHY NOT SYRINGES?

WHY NOT BABY STROLLERS, YOU KNOW.

WHAT'S THE LOGIC BEHIND ACCEPTING SOME PRODUCTS AND NOT OTHERS.

THE ADMINISTRATION HAS NOT BEEN CLEAR ABOUT THAT.

>> WE'VE BEEN TALKING ABOUT, YOU KNOW, WHAT MIGHT SEEM LIKE SMALLER OBJECTIONS WHETHER IT IS TOYS OR ALARM CHOCKS.

ARE THERE ANY OTHER KIND OF GOODS THAT HAVE IMPACTED THE NATIONAL SECURITY PIPELINE THAT WE SHOULD BE THINKING ABOUT?

>> THE NATIONAL SECURITY PIPELINE.

WE'VE HEARD A LOT FROM MAKERS OF AIRPORTS AND AMMUNITIONS THAT THEY ARE AFFECTED ON TARIFFS OF STEEL AND ALUMINUM AND PARTS.

SO YOU KNOW, THAT PARTICULARLY RAISES THE COST OF BUILDING SOMETHING LIKE AN AIRPORT IF YOU HAVE TO PAY 25% MORE FOR YOUR IMPORTED MATERIALS.

I ALSO THINK THE AFFECTS ON AUTOMOBILES ARE IN EFFECT FOR CONSUMERS.

IT'S THE SINGLE BIGGEST PURCHASE THAT MOST AMERICAN HOUSEHOLDS WILL MAKE IN ANY GIVEN YEAR.

AND SO WE IS DO HAVE 25% TARIFFS ON IMPORTED CARS RIGHT NOW.

WE HAVE 25% TARIFFS ON MOST PARTS.

A LOT OF AUTOMAKERS ARE DEPENDING ON FOREIGN PARTS.

AND AT SOME POINT, THOSE PRICE INCREASES ARE GOING TO CASCADE THROUGH THE SUPPLY CHAIN.

SOME AUTOMAKERS ARE CHOOSING TO HOLD OFF ON PRICE INCREASES.

OTHERS ARE CHOOSING TO GO AHEAD.

BUT THAT WILL BE FELT.

>> WITH THE ECONOMIST THAT YOU SPEAK WITH AND THE DATA YOU LOOK AT.

HOW WILL WE JUDGE WHETHER OR NOT EITHER SIDE REALLY WON THIS TRADE WAR?

>> YEAH, YEAH, IT'S A VERY TRICKY QUESTION BECAUSE, YOU KNOW, REALLY THE U.S. AND CHINESE ECONOMIES IS BECAUSE OF THESE DECADES OF TRADE ARE FAIRLY LINKED TOGETHER, RIGHT?

OUR FORTUNES ARE KIND OF LINKED TOGETHER.

SO SEVERING THOSE CONNECTIONS IS GOING TO BE PAINFUL FOR BOTH SIDES.

I THINK FROM THE ADMINISTRATION, THE QUESTION IS WHO WILL BE HURT LESS?

WHO CAN WITHSTAND THE PAIN MORE.

AND THE TRUMP ADMINISTRATION HAS ARGUED CHINA IS MORE VULNERABLE TO THE UNITED STATES BECAUSE WE ARE A MAJOR MARKET.

IT DEPENDS ON THE UNITED STATES FOR JOBS.

AND, YOU KNOW, I THINK THEY MADE IT THIS CALCULATION THAT CHINESE OFFICIALS WOULD NEGOTIATE MORE QUICKLY THAN THEY HAVE.

BUT YOU KNOW, THE UNITED STATES IS ALSO VULNERABLE.

WE, UNLIKE CHINA, OUR DEMOCRACIES.

SO WHEN CONSUMERS SEE PRICES RISE, WHEN THEY START TO SEE SHORTAGES.

THEY CAN SPEAK UP VERY VOCALLY ABOUT THAT AND EXPRESS OPINIONS IN THE MIDTERMS, YOU KNOW.

THAT'S SOMETHING REPUBLICANS ARE STARTING TO GET CONCERNED ABOUT.

AND SO I THINK BOTH COUNTRIES ARE SORT OF VULNERABLE IN DIFFERENT WAYS, AND POLITICALLY TO SOME EXTENT.

>> ONE OF THE KEY THINGS IS THE IDEA THAT THIS WOULD BRING JOBS BACK TO THE UNITED STATES.

HOW DO WE MEASURE WHETHER THAT'S HAPPENING, HOW QUICKLY THAT WILL HAPPEN, AND WHAT THE IMPACTS OF THESE TARIFFS ARE IN TRYING TO ACCELERATE THAT.

>> YEAH, SO I DO THINK TARIFFS DO WORK IN SOME INSTANCES, RIGHT?

TARIFFS ARE DESIGNED TO RAISE THE PRICE OF IMPORTS.

THAT MAKES AMERICAN CONSUMERS MORE LIKELY TO BUY DOMESTIC GOODS, RIGHT?

AND THERE ARE VERY REAL CONCERNS THAT CHINESE MANUFACTURERS BECAUSE OF SUPPORT FROM THE GOVERNMENT OR BECAUSE OF OTHER FAIR TRADE PRACTICES.

THEY'RE ABLE TO PRICE THEIR GOODS SO CHEAPLY THAT AMERICAN MANUFACTURERS JUST CAN'T COMPETE ANYMORE.

AND THEN ALSO WITH TARIFFS, YOU DO HAVE OTHER ISSUES.

SO THERE ARE A LOT OF COMPANIES THAT NEED TO IMPORT RAW MATERIALS AND PARTS.

SO TARIFFS MEAN THEY'RE PAYING THE HIGHER PRICE FOR THAT.

THAT COULD MAKE U.S. MANUFACTURING LESS COMPETITIVE.

SO IT IS NOT QUITE AS SIMPLE OF AN EQUATION AS YOU MIGHT THINK.

AND THE TRUMP ADMINISTRATION OBVIOUSLY HAS BEEN EMPHASIZING THAT THEY ARE COMPANIES THAT ARE MAKING BIG INVESTMENTS IN THE UNITED STATES.

BUT IF YOU LOOK AT THE DATA, IT LOOKS LIKE CAPITAL EXPENDITURES BY COMPANIES HAS REALLY FALLEN OFF VERY SHARPLY BECAUSE OF UNCERTAINTY DUE TO THE TARIFFS.

SO YOU KNOW, ACTUALLY IT SEEMS LIKE COMPANIES RIGHT NOW ARE NOT BEING ENCOURAGED TO INVEST.

THEY'RE REALLY JUST HOLDING OFF TO SEE HOW THIS TARIFF POLICY MIGHT PAN OUT AND WHAT'S GOING TO BE BEST FOR THEM IN THE FUTURE.

>> SO CONSIDERING THE TARIFFS NOW, NOT JUST IMPACT CHINA, BUT REALLY EVERY MAJOR COUNTRY ON THE PLANET.

AND THERE ARE ESSENTIALLY STILL A DELAY.

THEY CAN BE REIMPOSED.

WHAT IS LIKELY TO HAPPEN IN THIS 90-DAY WINDOW?

>> THERE ARE SO MANY TARIFFS OUT THERE RIGHT NOW.

THE PRESIDENT ANNOUNCED REALLY MAJOR GLOBAL TARIFFS ON MOST COUNTRIES AT THE BEGINNING OF APRIL.

AND THEN FOR DOZENS OF THEM, HE THEN PAUSED THEM FOR A PERIOD OF 90 DAYS TO MAKE TRADE DEALS.

SO NOW THAT SETS UP THE DEADLINE OF EARLY JULY, WHERE THESE COUNTRIES ARE RACING TO TRY TO MAKE SOME DEAL WITH THE UNITED STATES, TO FORCE ALL THOSE TARIFFS FROM COMING BACK INTO EFFECT.

AND THERE ARE, YOU KNOW, COUNTRIES THAT ARE COMING TO THE U.S., MAKING OFFERS, U.S. TRADE NEGOTIATORS ARE QUITE BUSY RIGHT NOW.

I THINK THE PROBLEM IS IT'S A VERY SHORT TIMELINE TO DO SOMETHING THAT'S, YOU KNOW, VERY AMBITIOUS.

TYPICALLY A NORMAL TRADE DEAL WOULD TAKE, YOU KNOW, OVER A YEAR TO NEGOTIATE AND A YEAR THE TRUMP ADMINISTRATION IS TRYING TO DO DEALS WITH THE ENTIRE WORLD IN THE SPAN OF JUST A FEW MONTHS.

SO THAT'S ALREADY VERY DIFFICULT.

AGAIN, IT JUST CREATES A LOT OF UNCERTAINTY ABOUT WHETHER TARIFFS WILL BE GOING UP OR DOWN IN THE NEXT COUPLE OF MONTHS.

>> ANNA SWANSON A REPORTER WITH THE NEW YORK TIMES.

THANK YOU SO MUCH FOR YOUR TIME.