WASHINGTON, DC - APRIL 15: Daniel Heaf (CEO - Bath & Body Works) 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: Daniel Heaf (CEO - Bath & Body Works) 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: Gina Chua (Executive Editor at Large - 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: Gina Chua (Executive Editor at Large - 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: Gina Chua (Executive Editor at Large - 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: Administrator of the U.S. Small Business Administration Kelly Loeffler (R) looks on as U.S. Treasury Secretary Scott Bessent speaks during a news briefing in the James S. Brady Press Briefing Room of the White House on April 15, 2026 in Washington, DC. White House Press Secretary Karoline Leavitt was joined by Bessent and Loeffler to discuss Working Families Tax Cuts on Tax Day. (Photo by Win McNamee/Getty Images)

WASHINGTON, DC - APRIL 15: (L-R) Orlando Bravo (Founder and Managing Partner - Thoma Bravo) and Liz Hoffman (Business & Finance 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: (L-R) Orlando Bravo (Founder and Managing Partner - Thoma Bravo) and Liz Hoffman (Business & Finance 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)