Brian Stewart

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.

So just to give some examples, like Five Below, a low price retailer that gets a lot of items from overseas retailers, China, Taiwan, Vietnam, those kinds of places. So it's down 26% as we're speaking. Gap is down 18%. Kohl's is down 24%. Victoria's Secret's down 20%. So companies that have a supply chain that's very, very reliant on those countries are going to see a hard hit.

So just to give some examples, like Five Below, a low price retailer that gets a lot of items from overseas retailers, China, Taiwan, Vietnam, those kinds of places. So it's down 26% as we're speaking. Gap is down 18%. Kohl's is down 24%. Victoria's Secret's down 20%. So companies that have a supply chain that's very, very reliant on those countries are going to see a hard hit.

So just to give some examples, like Five Below, a low price retailer that gets a lot of items from overseas retailers, China, Taiwan, Vietnam, those kinds of places. So it's down 26% as we're speaking. Gap is down 18%. Kohl's is down 24%. Victoria's Secret's down 20%. So companies that have a supply chain that's very, very reliant on those countries are going to see a hard hit.

We're also seeing a lot of tech stocks get hit. One of the standouts is Apple, which is down about 8%, getting back to levels last seen last summer. Also just kind of doing a quick check of the Magnificent Seven. We have Amazon down 7%, Nvidia down six, Meta down six. They're all kind of reaching

We're also seeing a lot of tech stocks get hit. One of the standouts is Apple, which is down about 8%, getting back to levels last seen last summer. Also just kind of doing a quick check of the Magnificent Seven. We have Amazon down 7%, Nvidia down six, Meta down six. They're all kind of reaching

We're also seeing a lot of tech stocks get hit. One of the standouts is Apple, which is down about 8%, getting back to levels last seen last summer. Also just kind of doing a quick check of the Magnificent Seven. We have Amazon down 7%, Nvidia down six, Meta down six. They're all kind of reaching

september levels one i guess you'd call it a standout in terms of how well it's holding up today is microsoft it's only down one percent today but it's just off a 52-week low down 10 so far this year so it's already kind of priced in some of this action so we're seeing kind of a broad-based focused on consumer and technology stocks as like i said we're just adjusting to the reality and kind of trying to figure out what the reality is going to be going forward

september levels one i guess you'd call it a standout in terms of how well it's holding up today is microsoft it's only down one percent today but it's just off a 52-week low down 10 so far this year so it's already kind of priced in some of this action so we're seeing kind of a broad-based focused on consumer and technology stocks as like i said we're just adjusting to the reality and kind of trying to figure out what the reality is going to be going forward

september levels one i guess you'd call it a standout in terms of how well it's holding up today is microsoft it's only down one percent today but it's just off a 52-week low down 10 so far this year so it's already kind of priced in some of this action so we're seeing kind of a broad-based focused on consumer and technology stocks as like i said we're just adjusting to the reality and kind of trying to figure out what the reality is going to be going forward

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

I mean, not economically. I think if you want to take that as a signal as to the process by which these tariffs were arrived at. It seems to be there was a spreadsheet somewhere and there was equations used and sort of spit out. And there wasn't sort of a review process to see sort of the reality of the situation on the ground and what this would mean and what this... meant.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

And so if you want to look at it as a glimpse as to the Trump administration's process to putting these in place, and if you're an optimist, maybe that points to the idea that this is just an opening gambit, that we were setting a number. We need that number to be justified in some sort of way. So here it is. And then now we're going to talk to the individual countries.

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

Obviously, you can't talk to an uninhabited island, but those tariffs aren't going to affect consumers anyway. So we'll kind of see how things shake out. Generally speaking, looking back at past administrations, they've been very responsive to the stock market. That's one of the kind of main signals that...

presidential administrations have used to determine popularity in the absence of, you know, when elections are far away, if you want to sort of judge popular opinion, stock market is one of the indexes that they use. So traditionally, historically, a move like today would have the White House discussing internally next moves. I'm not sure how responsive the Trump administration is.