In this conversation, Spencer Tenney and Jonathan Todd discuss the current state of tariffs and their impact on various industries, particularly in transportation and logistics. They explore how companies are adapting to a rapidly changing environment, the implications for mergers and acquisitions (M&A), and the importance of strategic planning amidst uncertainty. Todd emphasizes the need for businesses to be consultative and proactive in managing costs while navigating the complexities of the tariff landscape. The discussion also highlights potential winners and losers in the transportation ecosystem and offers advice for transportation owners on building relationships and maintaining operational efficiency.