On April 4th, the US Office of the Trade Representative published a list of 1,300 products that could be subjected to an additional 25% import tariff if coming from China. Flat panel TVs are included on this list, and given the very low margins on the bulk of entry level TVs, and the fact that many of the smaller in mid-sized TVs are imported fully assembled from China, it could have a very big impact on the entire TV market. The attached report breaks down the details of the possible tariff, and the impacts on the supply chain, as well as possible reactions. Of course, it is important to note that this list of products is under a 60 day review process, and we expect heavy lobbying on the part of manufacturers and trade organizations. The outcome or final list could change before the end of May.