WASHINGTON, DC - APRIL 15: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) 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: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) 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: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) 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: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) 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: Noah Horowitz (CEO - Art Basel), Patrice Louvet (President & CEO - Ralph Lauren) 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: Mirabella Brokate El Baze (Global Head of Brand and Marketing - 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: Mirabella Brokate El Baze (Global Head of Brand and Marketing - 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)

German Vice Chancellor and Federal Minister of Finance Lars Klingbeil is seen as he visits Freedom Plaza in Washington, DC, on April 15, 2026. (Photo by Mandel NGAN / AFP via Getty Images)