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00:00Vicky, you mentioned there a lot that there is a lot of uncertainty, if I am correct, when it comes to what Donald Trump is planning to do with these tariffs.
00:10And we obviously saw a massive market sell-off last week.
00:14How deep is that and what are the ramifications?
00:17And is this uncertainty just going to add to this?
00:20Yes, the uncertainty is not particularly good for investment, for growth, obviously.
00:25I mean, people are going to be very, very careful what they do, where they go and position themselves.
00:28Because, of course, there is a whole issue of quite a lot of firms having moved out of China for a bit and producing various products for the U.S. elsewhere, like in Vietnam.
00:39They saw those tariffs suddenly imposed and taken away.
00:43So there is a huge amount of concern about where it's all going.
00:47And there have been revisions of the growth forecasts that we had before for the U.S.
00:52There is now an expectation, which has increased, of recession perhaps happening.
00:58It is put depending on which day you're talking to people on and what Trump may have announced about tariffs anywhere from 30% to 60% or even higher by some banks.
01:10And then coming down again when those tariffs are eased.
01:13So this uncertainty is not helping anyone.
01:16So this uncertainty is not helping anyone.