Authored by Peter Tchir via Academy Securities,

Apparently today at 4:00 pm we will learn the details of this wave of tariffs.

Treasury Secretary said yesterday that this will represent a “cap” on tariffs and basically the starting point of negotiations from here (we will see if that messaging sticks).

Maybe but, I think the Fed will act late and it will be too small relative to the total revamp of global trade to stop the slide. 

There were a lot of easier ways to get the Fed to cut – like stick to “drill baby drill”, reduce regulations (ideally via legislation as opposed to executive orders), etc. 

The whole “this is all to get the Fed to cut” is incredibly risky (who knows what was set in motion) and only seems to have gotten traction because Wall Street doesn’t want to believe how much this administration believes in the benefits of tariffs.

Hopefully I will be disappointed and wrong and markets can rally and threats to the global economy can be greatly reduced, but I think once we get beyond debating the tariffs, we will be forced to digest the mess that global trade is in, and that cannot be good for corporate earnings or the economy.

For better or for worse, here is Academy on Bloomberg TV this morning, where, the jetlag worked in my favor as I was up at 3 am anyways 

Should be an interesting few days, to say the least!