00:00 Speaker A
as we’re hearing even more around how investors are thinking about what could be this average tariff rate. We had Jennifer Lee of BMO tell us earlier this week and remind us that we began at an average tariff rate of about two percent at the start of this year, and now we’ve essentially 8X that at this juncture and are still waiting for that to come down with some of these deals. How are you reading through that?
00:34 Paul Christopher
Well, I think there is a little bit of uncertainty here into next week around what exactly happens with the tariff pause, but our sort of assessment based on the guidance that we’ve been given from Treasury Secretary Scott Beson is it seems like a willingness to give more time for countries that are negotiating in good faith with United States. And that seems to apply to most of the United States’ key trading partners here. So by…
