There was a brief discussion of substitution in a Fidelity webinar on tariffs today. The recording isn't posted yet, but a pdf commentary is available. Market Sense Weekly Webinar Fidelity
Tariffs and the global markets asset class views

-Whiskey and bourbon instead of Tequila and Scotch? In related news, Buffalo Trace has been flooding since yesterday.
-What raw materials are potential targets for substitution?
-Will Made in USA NB breakout of the web belt and jorts consumer segment?