economy and the global impact of tariffs with sonali rawal. that is coming up next. this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak: europe." growing concerns about the out of the u.s. economy are weighing on investors, arrows, innate higher unemployment rate in federal workers job cuts raising the prospect of a slowdown in the world's largest economy. let's discuss this and the possible impact on india with sonali rawal. thank you for joining us. let's start with the story on the u.s. are you and the team starting to pricing a u.s. recession at some point this year? how high are those risks right now? >> thank you for having me. we think that the u.s. economy is very resilient. there were talks about recession in 2023. that did not happen. in 2024, there were talks about recession, and that did not happen, so we did not think it is a big risk factor for 2025, but the big concern is inflation. a fiscal deficit is mounting, and that will definitely have an impact on india. having said that, only time will tell in case recession comes in. we do not live i