Tariffs hit the balance sheet long before they hit margin. They show up as inventory bought early, sourcing moved at cost, and working capital stuck in parts that might be priced differently by the time they ship. Hardware, semis and distribution CFOs compare the calls they’re making right now. Questions on the table: - Build inventory ahead of the next announcement, or run lean and absorb the risk? - Pass the cost on to customers, or protect the relationship and the margin? - How much sourcing change is worth the disruption? - How do you give the board a tariff scenario when the policy changes faster than your planning cycle?