WASHINGTON, DC - APRIL 16: Luke Petherbridge (CEO - Link Logistics) speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Gary Cohn (Vice Chairman - IBM)speaks on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 16: Noubar Afeyan (Founder & CEO - Flagship Pioneering), Gary Cohn (Vice Chairman - IBM) and Liz Hoffman (Business & Finance Editor - Semafor) speak on stage during Semafor World Economy 2026 on April 16, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

President of the German Bundesbank Joachim Nagel speaks during a press briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 16, 2026. (Photo by Kent Nishimura / AFP via Getty Images)

German Finance Minister and Vice Chancellor Lars Klingbeil speaks during a press briefing during the 2026 IMF and World Bank Group Spring Meetings in Washington, DC, on April 16, 2026. (Photo by Kent Nishimura / AFP via Getty Images)

An aerial picture shows freight shipping containers stacked on the dock ahead of loading, at the container terminal of Southampton Docks in Southampton on the south coast of England on April 16, 2026. Britain's economy grew much stronger than expected in February, prior to the start of the Middle East war, official data showed on April 16, ahead of a likely hit from the US-Iran conflict. UK gross domestic product growth climbed to 0.5 percent in February compared with expansion of 0.1 percent in January, the Office for National Statistics said in a statement. (Photo by Ben STANSALL / AFP via Getty Images)

An aerial picture shows freight shipping containers stacked on the dock ahead of loading, at the container terminal of Southampton Docks in Southampton on the south coast of England on April 16, 2026. Britain's economy grew much stronger than expected in February, prior to the start of the Middle East war, official data showed on April 16, ahead of a likely hit from the US-Iran conflict. UK gross domestic product growth climbed to 0.5 percent in February compared with expansion of 0.1 percent in January, the Office for National Statistics said in a statement. (Photo by Ben STANSALL / AFP via Getty Images)

An aerial picture shows freight shipping containers stacked on the dock ahead of loading, at the container terminal of Southampton Docks in Southampton on the south coast of England on April 16, 2026. Britain's economy grew much stronger than expected in February, prior to the start of the Middle East war, official data showed on April 16, ahead of a likely hit from the US-Iran conflict. UK gross domestic product growth climbed to 0.5 percent in February compared with expansion of 0.1 percent in January, the Office for National Statistics said in a statement. (Photo by Ben STANSALL / AFP via Getty Images)