US Treasury Secretary Scott Bessent looks on as Administrator of the Small Business Administration Kelly Loeffler speaks during a press briefing with in the Brady Briefing Room at the White House in Washington, DC, on April 15, 2026. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) and Gina Chua (Executive Editor at Large - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) and Gina Chua (Executive Editor at Large - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) and Gina Chua (Executive Editor at Large - Semafor) speak on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Gina Chua (Executive Editor at Large - Semafor) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 15: Gina Chua (Executive Editor at Large - Semafor) speaks on stage during Semafor World Economy 2026 on April 15, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)