Welcome to Thoughts on the Market.

I'm Michelle Weaver, Morgan Stanley's U.S. thematic and equity strategist.

And I'm Ariana Salvatore, U.S. public policy strategist.

Yesterday, all eyes were on President Trump's announcement about sweeping global tariffs.

Today, we want to dig deeper into the details of the new executive order

and how companies can counteract negative impacts from tariffs at the

micro level. It's Thursday, April 3rd at 10 a.m. in New York.

Ariana, you've been on the show quite a bit recently to discuss tariffs and their various

repercussions. It's the main thing the market cares about right now. Did the April 2nd announcement change your views on the key objectives of President Trump's tariff policy?

Earlier this year, we identified the Trump administration as having really two key objectives when it comes to tariff implementation.

So on the one hand, we think the administration recognizes that they can use tariffs for quicker policy concessions.

We saw that with Mexico and Canada, for example.

But on the other hand, the administration also has signaled an intent to use tariffs

as a means to more significantly de-risk in key strategic industries

and engage in a broader-based supply chain realignment globally. So what we saw yesterday

was effectively, in our view, a mix of both. It didn't change our expectations for how the

administration would approach this date for the overall trade review. President Trump, in advance

of yesterday, signaled that he wanted to retool the global trading order based on this premise of reciprocity.

And I think yesterday was really just an indication that they're, in fact, stepping in that direction.

How do you think trade relationships will unfold for the rest of the year and beyond?

I mean, we do see an opening for bilateral talks.

One of our key questions heading into April 2nd was whether or not this would be, in fact,

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