Michelin North America CEO Matthew Cabe speaks during the Semafor World Economy 2026 conference in Washington, DC, on April 14, 2026. (Photo by SAUL LOEB / AFP via Getty Images)

WASHINGTON, DC - APRIL 14: Thorold Barker (Former Editor for Europe, Middle East and Africa - The Wall Street Journal) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: (L-R) Thorold Barker (Former Editor for Europe, Middle East and Africa - The Wall Street Journal) and Andrea Orcel (Chief Executive Officer - Unicredit SpA) speak on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Andrea Orcel (Chief Executive Officer - Unicredit SpA) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Andrea Orcel (Chief Executive Officer - Unicredit SpA) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Andrea Orcel (Chief Executive Officer - Unicredit SpA) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Andrea Orcel (Chief Executive Officer - Unicredit SpA) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)

WASHINGTON, DC - APRIL 14: Mohammed Sergie (Gulf Editor - Semafor) speaks on stage during Semafor World Economy 2026 on April 14, 2026 in Washington, DC. (Photo by Tasos Katopodis/Getty Images for Semafor World Economy)