Of course. But that’s still at what I called ‘first order’: does this make sense on its own local terms? It fairly clearly hasn’t. But I don’t think that’s really the main effect, as I said, which is instead that the reputation of the US is pretty different here in 2026 Q1 than it was in 2025 Q4 (let alone earlier) in ways which will have long term impacts. (I also think these reputational factors look like straightforward self-owns but I’m less sure and I haven’t encountered much commentary.)
Of course. But that’s still at what I called ‘first order’: does this make sense on its own local terms? It fairly clearly hasn’t. But I don’t think that’s really the main effect, as I said, which is instead that the reputation of the US is pretty different here in 2026 Q1 than it was in 2025 Q4 (let alone earlier) in ways which will have long term impacts. (I also think these reputational factors look like straightforward self-owns but I’m less sure and I haven’t encountered much commentary.)