Brian Stewart

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.

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