I'm John Betts with my good colleague, Gene Marks.

He's always on the road with small business associations

talking to people who look at their order books nine months out. That's granular. That's the way

America works. And right now, we had a disappointing print from the fourth quarter in 25.

The trend has been down since the contraction in 20. It was up and now it's down again.

What's ahead of us is unknown.

However, within these last hours, much excitement in Washington,

a decision from the Supreme Court that was not unexpected

that the President's Liberation Day of April 2025

is now canceled. Liberation Day is turned

into unconstitutional, and I believe the word illegal is used in some headlines. The President's

decision to apply tariffs, sometimes punitive tariffs, to our trading allies and adversaries.

That is now no longer possible.

So before we begin, Gene, and your thoughts about tariffs, I want to tell a story. The story,

as a colleague of mine, ordered pillows from a San Francisco outlet of a French company.

Decorative pillows were $150 each.

Rather than ship them from the store in San Francisco,

the mother ship shipped them from France,

and they arrived at Customs and Border Patrol,

$300 for two pillows.

My colleague gets a note from the Customs and Border Patrol.

We have your pillows, we'll release them when you pay the tariff. $210 for two pillows worth 300 collectively. Now, I tell that

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