00:00My level of concern is heightened. I'm very concerned. For all the reasons we said before, the slowdown in, in fact, turnaround, contraction in global merchandise trade growth is of big concern.
00:15And as we said, if the downside risks materialize, one of which might very well do so, the 19-day pause, if the reciprocal tariffs come back, layered with uncertainty over it, you can see a 1.5 percentage point contraction with both those things.