ALT No. And I’m not sure that it’s clear to him what kind of actual, specific outcome he’s looking for, other than one where the U.S. can say we’re on top and somebody else is not. Whatever the outcome is with Canada, with most of these other trading partners, it will look like some kind of a framework of a deal. And Trump will say, “We won. This is what I wanted.” It won’t be an actual trade deal to the point you made earlier. Those take months and sometimes years to hammer out. He will take some kind of off-ramps, but I don’t think that he knows exactly what he wants to see, other than a headline that says success.

ALT A slide showing various quotes from CEOS Anecdotes from this past week: Southwest Airlines “I don’t care if you call it a recession or not, in this industry that’s a recession,” CEO Robert Jordan. Chipotle: “Saving money because of concerns around the economy was the overwhelming reason consumers were reducing the frequency of restaurant visits,” CEO Scott Boatwright. PepsiCo: “Relative to where we were three months ago, we probably aren’t feeling as good about the consumer now,” Jamie Caulfield, the chief financial officer of PepsiCo.