The Fed’s Tom Barkin is a former McKinsey CFO. Here’s his advice on how to ride out a crisis

Good morning. President Trump announced on Wednesday a 90-day pause on the “reciprocal” tariffs announced last week. During the time-out, a 10% universal tariff will be in effect. However, tariffs on China would not be paused, rising instead to 125% and escalating the standoff between the world's top two powers. Tariff uncertainty, though, has played a major role in CFO scenario planning.

“I think planning 10 years ago was a lot more certain than planning is today,” Tom Barkin, president...