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• 00:00So let’s start with that map. What is Amazon saying in response to the White House’s claim? And give us the full details of the story. So Amazon says that they were never considering any sort of tariff like disclosure on their main retail sites. What they were considering was they’ve got a low cost goods service called haul. It’s very much in the mould of team designed to ship things directly from China. They said they were considering some sort of disclosure there related to closing the exemption on duties for products shipped in that manner, but that they have no plans to do anything on the main site. And now they’re telling us that they don’t plan to. And there’s no there’s no future for this. There is no story here, despite the reporting coming from Punchbowl. But the damage almost already done when it comes to the narrative that was drawn upon by the White House administration. And it even went as though Caroline Lovett went further, putting in a one time old report from Reuters that was dated well, in the previous administration. Now, a little bit of a shoot first, ask questions later from the White House for sure on this from before Amazon had cleared this up at all. But there’s this kind of you know, validates Amazon’s been really quiet on tariffs, you know, since they’ve rolled out right. Not a whole lot of public statements. You know we saw CEO Andy Jassy interviewed about this time a week ago and was asked on tariffs and it was sort of vague on the company’s plans. They don’t see a whole lot of value being in the news at all on this and would rather stay out of it. And you’re kind of seeing a theme why this morning? I think it’s helpful to our audience matter to help them understand how Amazon.com works from the inventory standpoint, from the vendor standpoint. Right. So on April 9th, we reported that Amazon canceled some inventory orders from China, and you included the reporting that those cancellations put the tariff exposure back on the vendors themselves. Just explain how that marketplace works. Yes. So Amazon sells things in two primary ways. One is they go and grab a bunch of goods in bulk, like any traditional retailer, Walmart, Target, they buy it and they import it. They also have third party sellers that sell directly that report that we had. You know, one of the ways Amazon gets its goods here is it consolidates shipments and it tells the sellers, hey, listen, just give it to us at the factory or thereabouts. We’ll take it and we’ll import it for you. They told some of their vendors, you know, listen, you guys are responsible for this yourselves, essentially putting them on the hook for for tariffs.