“So I would not view, and that's what we're telling our organization, don't assume you're getting tailwind from decreased tariffs because if the tariffs come down, most likely the pricing will not sustain in the market. So I would see those 2 as moving in parallel.”

In context

“f announcements over the weekend indeed have reduced at face value, the $1 billion to $900 million BT. But we don't fully understand what's in that agreement yet. So I would take that with a grain of salt until we really see the details. And yes, I think there are -- it's very hard for us to judge what is real and what is not real. So we're reflecting spots like we do in commodities, like we do on FX. So we're just taking every announcement at face value and pricing it out from a tariff standpoint. I would caution us to be too optimistic that future trade agreements will be a significant tailwind. The other question here is how much of the pricing that we're taking will actually remain in market if that turns into a tailwind from a tariff perspective. So I would see the two as equalizing. So I would not view, and that's what we're telling our organization, don't assume you're getting tailwind from decreased tariffs because if the tariffs come down, most likely the pricing will not sustain in the market. So I would see those 2 as moving in parallel. Jon R. Moeller: Just to give you even additional perspective on the difficulty here and to encourage you not to spend a ton of time on it, I'll just give you 2 examples -- 3 examples of the uncertainty that exists currently. And this isn't a judgment or a criticism, it's just a reflection of reality. We don't, as Andre said, really have details for these agreements. So it's hard to analyze exactly how they would impact our business. The second, there's a whole round of work that's going on under the heading of what's referred to as 232 Investigations, which are headed by the Commerce Department. And that work hasn't been completed. It's designed to assess the strategic risk that's imposed by overdependence on imports of certain goods and products. So for example, metals, but also inclusiv”