The news: Ninety-four percent of marketers and agency execs are concerned about the impact of President Donald Trump’s tariffs on Canada, Mexico, China, and the EU, per IAB research—including 57% who are “extremely concerned” about the impact of tariffs.

Almost half (45%) of advertisers are planning on reducing overall ad spend. Of those, 60% expect ad budgets will drop by 6% to 10%, while 22% expect a drop between 11% and 20%.