Tariffs and trade policy continue to create significant challenges across the supply chain. Recent U.S. actions, including the introduction or expansion of tariffs on key components from China, have ongoing pressure on trade relationships with the EU and other global partners. In response, manufacturers are adapting by shifting sourcing strategies, relocating some assembly operations to the U.S., or, in some cases, absorbing increased shipping and logistics costs. These adjustments are contributing to greater price volatility, extended lead times, and added uncertainty around product availability. We anticipate limited clarity until late 2025 at the earliest, with HVAC and electrical packages currently experiencing the most significant impact.