ramon laguarta, the ceo of pepsi.gs. >> and what he's seeing and how he he. >> framed his guidance as conservative. street doesn't like it. >> but here's what. >> he said about tariffs. >> we're concerned. >> by them. >> there's some impact to the business. we're largely local. in other words, they grow their produce and. they sell it to that market. >> but there's. >> some impact. >> for instance, they get pepsi gets oats from canada. >> for quaker oats. some of the aluminum and fertilizer is imported. >> if it's just canada and mexico. >> he says it's small, but who knows where it's going. >> and that's the key. >> also, are we going to be in an environment where long term structural costs go up? these are the questions that businesses, especially multinational businesses, are asking themselves and. >> trying to figure out if they. >> need to. revisit their cost structures and certain. >> decisions that they're. >> making, because this is a threat. >> that doesn't appear to be going away. >> well. >> navarro is on t