Brian Stewart

Indeed, yeah. Busy times.

Indeed, yeah. Busy times.

Indeed, yeah. Busy times.

Yeah, obviously. So we're recording this on Thursday as the markets fall following the tariff announcement last night. The tariffs were much more draconian than people had predicted. So the market is adjusting accordingly. If you're taking the optimistic view of the process that we're now involved in, Trump is in the process of doing a negotiation tactic.

Yeah, obviously. So we're recording this on Thursday as the markets fall following the tariff announcement last night. The tariffs were much more draconian than people had predicted. So the market is adjusting accordingly. If you're taking the optimistic view of the process that we're now involved in, Trump is in the process of doing a negotiation tactic.

Yeah, obviously. So we're recording this on Thursday as the markets fall following the tariff announcement last night. The tariffs were much more draconian than people had predicted. So the market is adjusting accordingly. If you're taking the optimistic view of the process that we're now involved in, Trump is in the process of doing a negotiation tactic.

He's playing chicken with the rest of the world. These are sort of opening gambit to negotiations. And so over the next few weeks, we're going to see these mitigated or exceptions made to the point where they won't be as aggressive as they are now.

He's playing chicken with the rest of the world. These are sort of opening gambit to negotiations. And so over the next few weeks, we're going to see these mitigated or exceptions made to the point where they won't be as aggressive as they are now.

He's playing chicken with the rest of the world. These are sort of opening gambit to negotiations. And so over the next few weeks, we're going to see these mitigated or exceptions made to the point where they won't be as aggressive as they are now.

The pessimistic view is that Trump isn't interested in coming to any sort of reasonable terms with countries, that there's a more kind of political component to the tariffs more than economic, and that they could conceivably spark a worldwide recession in the near future.

The pessimistic view is that Trump isn't interested in coming to any sort of reasonable terms with countries, that there's a more kind of political component to the tariffs more than economic, and that they could conceivably spark a worldwide recession in the near future.

The pessimistic view is that Trump isn't interested in coming to any sort of reasonable terms with countries, that there's a more kind of political component to the tariffs more than economic, and that they could conceivably spark a worldwide recession in the near future.

Yeah, I think that the news flow over the next foreseeable future is going to be kind of how sticky are these tariffs? Is this the end state that we're just going to put these tariffs in place? Just to give some perspective to listeners who haven't sort of dug into the details yet, it's 10%, kind of a minimum. Every country gets at least 10% tariff. And then through a...

Yeah, I think that the news flow over the next foreseeable future is going to be kind of how sticky are these tariffs? Is this the end state that we're just going to put these tariffs in place? Just to give some perspective to listeners who haven't sort of dug into the details yet, it's 10%, kind of a minimum. Every country gets at least 10% tariff. And then through a...

Yeah, I think that the news flow over the next foreseeable future is going to be kind of how sticky are these tariffs? Is this the end state that we're just going to put these tariffs in place? Just to give some perspective to listeners who haven't sort of dug into the details yet, it's 10%, kind of a minimum. Every country gets at least 10% tariff. And then through a...

a equation related to the trade deficit that we have with various countries, a tariff rate sets. And so the highest rates on countries like Cambodia is 49%. And so I believe doing this off top my head, but I think China was 34% on top of the 20% that we'd already put in place. So extremely high in sort of normal sort of economic structures, the

a equation related to the trade deficit that we have with various countries, a tariff rate sets. And so the highest rates on countries like Cambodia is 49%. And so I believe doing this off top my head, but I think China was 34% on top of the 20% that we'd already put in place. So extremely high in sort of normal sort of economic structures, the

a equation related to the trade deficit that we have with various countries, a tariff rate sets. And so the highest rates on countries like Cambodia is 49%. And so I believe doing this off top my head, but I think China was 34% on top of the 20% that we'd already put in place. So extremely high in sort of normal sort of economic structures, the

the tariffs are just going to be passed on to consumers. So you can expect items that are coming in from those countries to just become 49% more expensive or 34% more expensive, depending on where they come from. So as we kind of look at the fallout today, unsurprisingly, you see a lot of declines in the retail sector, especially in the smaller cap and mid cap retail space.

the tariffs are just going to be passed on to consumers. So you can expect items that are coming in from those countries to just become 49% more expensive or 34% more expensive, depending on where they come from. So as we kind of look at the fallout today, unsurprisingly, you see a lot of declines in the retail sector, especially in the smaller cap and mid cap retail space.