In terms of tariffs, progress has been made almost entirely. Except for China, which may have some games to play, other major trading partners are all talking about it, which should be much better than expected, with an average of 15% to 20% lower than market expectations. However, it must be admitted that compared to the average tariff of 2.5% in 2024, tariffs after August 1st are 6 to 8 times higher than before, which is indeed a test for US inflation.