WASHINGTON, DC - APRIL 15: Morgan Chalfant (Deputy Washington Editor - 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: Sean Cairncross (National Cyber Director - United States) and Morgan Chalfant (Deputy Washington Editor - Semafor) speak 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: Sean Cairncross (National Cyber Director - United States) and Morgan Chalfant (Deputy Washington Editor - Semafor) speak 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: Sean Cairncross (National Cyber Director - United States) 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: Sean Cairncross (National Cyber Director - United States) 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: Sean Cairncross (National Cyber Director - United States) and Morgan Chalfant (Deputy Washington Editor - Semafor) speak 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: U.S. Sen. Mark Kelly (D-AZ) speaks at the Semafor World Economy 2026 summit on April 15, 2026 in Washington, DC. The summit brings together business leaders and tech CEOs for discussions on economy, artificial intelligence and business trends. (Photo by Alex Wong/Getty Images)

A man passes by a B&M store in Saint-Herblain, western France, on April 15, 2026. (Photo by Loic VENANCE / AFP via Getty Images)