Cabot Phillips

will now be slapped with at least a 10% tax. Many will face rates in excess of 30% or even 40%. Those numbers are some of the highest rates we've implemented in nearly a century. Markets took a tumble Thursday morning following the news, but President Trump woke up optimistic, conceding that the short-term impact could be painful, but the long-term benefits will be worth it.

will now be slapped with at least a 10% tax. Many will face rates in excess of 30% or even 40%. Those numbers are some of the highest rates we've implemented in nearly a century. Markets took a tumble Thursday morning following the news, but President Trump woke up optimistic, conceding that the short-term impact could be painful, but the long-term benefits will be worth it.

But there's no doubt this move is fraught with risk.

But there's no doubt this move is fraught with risk.

Well, if you're a fan of buying the dip, you are in luck because Wall Street took a beating yesterday with trillions of dollars in market cap wiped out. Within hours of markets opening, the Dow plummeted 1,400 points. The S&P fell 4%. The Nasdaq fell 5%. Elsewhere, major U.S. brands with supply chains outside the U.S., like Nike, Ralph Lauren, and HP, saw double-digit declines.

Well, if you're a fan of buying the dip, you are in luck because Wall Street took a beating yesterday with trillions of dollars in market cap wiped out. Within hours of markets opening, the Dow plummeted 1,400 points. The S&P fell 4%. The Nasdaq fell 5%. Elsewhere, major U.S. brands with supply chains outside the U.S., like Nike, Ralph Lauren, and HP, saw double-digit declines.

But it was midsize U.S. companies that were the hardest hit. The Russell 2000 index, which includes smaller stocks, opened down nearly 7%, and the U.S. dollar slipped to its lowest point of the year, sinking more than 2% compared to the euro, Japanese yen, and Swiss franc. Put simply, it was arguably the worst day on Wall Street since COVID wrecked the global economy.

But it was midsize U.S. companies that were the hardest hit. The Russell 2000 index, which includes smaller stocks, opened down nearly 7%, and the U.S. dollar slipped to its lowest point of the year, sinking more than 2% compared to the euro, Japanese yen, and Swiss franc. Put simply, it was arguably the worst day on Wall Street since COVID wrecked the global economy.

For their part, the White House urged patience, calling on Americans to trust Donald Trump's plan. Here's Press Secretary Caroline Leavitt making that case on CNN.

For their part, the White House urged patience, calling on Americans to trust Donald Trump's plan. Here's Press Secretary Caroline Leavitt making that case on CNN.

And look, there is no doubt this is a high-risk, high-reward plan. Some U.S. banks like Goldman Sachs raised the possibility of a recession to 35%. But in a best-case scenario, businesses bring manufacturing stateside, our trade partners lower their tariffs, and the U.S. brings in massive new revenues. Here's Vice President Vance defending the move on Fox.

And look, there is no doubt this is a high-risk, high-reward plan. Some U.S. banks like Goldman Sachs raised the possibility of a recession to 35%. But in a best-case scenario, businesses bring manufacturing stateside, our trade partners lower their tariffs, and the U.S. brings in massive new revenues. Here's Vice President Vance defending the move on Fox.

Amid the turmoil Thursday, the Trump administration got some welcome news from one domestic manufacturer looking to capitalize on Liberation Day. Ford announced a new From America for America policy. American shoppers will now have access to employee pricing on new cars from now until June.

Amid the turmoil Thursday, the Trump administration got some welcome news from one domestic manufacturer looking to capitalize on Liberation Day. Ford announced a new From America for America policy. American shoppers will now have access to employee pricing on new cars from now until June.

Well, it's been a mixed bag. Some dug their heels in, vowing to raise rates even higher. Beijing, for example, promised, quote, resolute countermeasures, while EU Commission Chief Ursula von der Leyen is already finalizing countermeasures, saying, quote, if you take on one of us, you take on all of us. But other leaders expressed more cautious optimism and a willingness to cut a deal.

Well, it's been a mixed bag. Some dug their heels in, vowing to raise rates even higher. Beijing, for example, promised, quote, resolute countermeasures, while EU Commission Chief Ursula von der Leyen is already finalizing countermeasures, saying, quote, if you take on one of us, you take on all of us. But other leaders expressed more cautious optimism and a willingness to cut a deal.

Britain's Keir Starmer reiterated that his, quote, intentions remain to secure a deal. We saw a similar willingness to work on a deal from leaders in Brazil, Singapore, Switzerland, and Vietnam. The White House is betting that we are in a better spot than our competitors to withstand a trade war, and that eventually even our foes will be forced to come to the table.

Britain's Keir Starmer reiterated that his, quote, intentions remain to secure a deal. We saw a similar willingness to work on a deal from leaders in Brazil, Singapore, Switzerland, and Vietnam. The White House is betting that we are in a better spot than our competitors to withstand a trade war, and that eventually even our foes will be forced to come to the table.

Here's Commerce Secretary Howard Lutnick with a message to our trade partners on CNN.

Here's Commerce Secretary Howard Lutnick with a message to our trade partners on CNN.