E.J. Antoni

Again, there's rumors that there's a lot more. There's rumors that there's a lot less. We have heard some EU officials go on the record saying that they are willing on certain things to go to zero tariffs if the US does as well. So again, there is definitely some good progress here. But overall, there's a lot of rumor, which means there's a lot of volatility. Another thing that we know for sure

Again, there's rumors that there's a lot more. There's rumors that there's a lot less. We have heard some EU officials go on the record saying that they are willing on certain things to go to zero tariffs if the US does as well. So again, there is definitely some good progress here. But overall, there's a lot of rumor, which means there's a lot of volatility. Another thing that we know for sure

was that because there were so many short positions on wall street as soon as we saw a little bit of an uptick today in stocks there was a rush to cover in other words people were starting to uh to buy stocks for fear that if the price went up they'd have to buy them at a an even higher price now normally stock prices going up would be a good thing but

was that because there were so many short positions on wall street as soon as we saw a little bit of an uptick today in stocks there was a rush to cover in other words people were starting to uh to buy stocks for fear that if the price went up they'd have to buy them at a an even higher price now normally stock prices going up would be a good thing but

In the case of a short position, it's exactly the opposite. You're betting on things going down, not up. So whatever the case, this all caused a tremendous amount of not just volatility, but a huge swing. The Dow had its biggest intraday swing ever, moving over 2,600 points. between its lowest and its highest point of the trading day, and we're only halfway done at this point.

In the case of a short position, it's exactly the opposite. You're betting on things going down, not up. So whatever the case, this all caused a tremendous amount of not just volatility, but a huge swing. The Dow had its biggest intraday swing ever, moving over 2,600 points. between its lowest and its highest point of the trading day, and we're only halfway done at this point.

So, again, tons of rumors, which means tons of volatility. Markets are looking for direction. They're looking for definitive answers. We thought we were going to get that last week with the tariff announcement, and unfortunately, because of the way these tariffs have been structured, we've gotten exactly the opposite of clear answers. We've gotten a lot of misdirection.

So, again, tons of rumors, which means tons of volatility. Markets are looking for direction. They're looking for definitive answers. We thought we were going to get that last week with the tariff announcement, and unfortunately, because of the way these tariffs have been structured, we've gotten exactly the opposite of clear answers. We've gotten a lot of misdirection.

Andrew, these are great questions. Thank you for asking them. And it's really something I think where we need to set the record straight because there is so much misinformation out there. There are way too many versions of the truth here. There's only one truth. So here it is. What President Trump wanted were true reciprocal tariffs.

Andrew, these are great questions. Thank you for asking them. And it's really something I think where we need to set the record straight because there is so much misinformation out there. There are way too many versions of the truth here. There's only one truth. So here it is. What President Trump wanted were true reciprocal tariffs.

In other words, he wanted a kind of economic golden rule, if you will, where we say to other countries, look, you are imposing these tariff and non-tariff barriers on us. You are penalizing our exporters and therefore our workers. So we're going to do exactly the same thing to you, holding up a mirror, as it were, to these other countries.

In other words, he wanted a kind of economic golden rule, if you will, where we say to other countries, look, you are imposing these tariff and non-tariff barriers on us. You are penalizing our exporters and therefore our workers. So we're going to do exactly the same thing to you, holding up a mirror, as it were, to these other countries.

That is what he tasked members of his administration with, like the Commerce Department, like the U.S. Trade Representative, etc. That was the whole reason for the delay, for example. Waiting until April 2nd was to give those folks time to calculate what are the average effective

That is what he tasked members of his administration with, like the Commerce Department, like the U.S. Trade Representative, etc. That was the whole reason for the delay, for example. Waiting until April 2nd was to give those folks time to calculate what are the average effective

tariff rates among all these different countries around the world instead what we got was something that has literally nothing to do let me be perfectly clear these tariff rates have nothing to do with other nations tariff and non-tariff barriers they simply looked at the ratio of imports to exports, and only looked at the imports and exports of products, not even services.

tariff rates among all these different countries around the world instead what we got was something that has literally nothing to do let me be perfectly clear these tariff rates have nothing to do with other nations tariff and non-tariff barriers they simply looked at the ratio of imports to exports, and only looked at the imports and exports of products, not even services.

And so at the end of the day, you're simply looking at trade deficits. And again, it's just the trade deficit in terms of goods. Unfortunately, that means for some countries where we actually have an overall trade surplus, You know, maybe we sell them shoes. Excuse me. They they sell us shoes. So we're buying shoes from them, let's say.

And so at the end of the day, you're simply looking at trade deficits. And again, it's just the trade deficit in terms of goods. Unfortunately, that means for some countries where we actually have an overall trade surplus, You know, maybe we sell them shoes. Excuse me. They they sell us shoes. So we're buying shoes from them, let's say.

And then maybe we turn around and sell them financial services. And they are buying much more in financial services from us than we buy shoes from them. That's a trade surplus for the United States, except that according to this formula, it's counted as a trade deficit. And we impose a penalty tariff rate on that country for having that trade deficit in goods with them.

And then maybe we turn around and sell them financial services. And they are buying much more in financial services from us than we buy shoes from them. That's a trade surplus for the United States, except that according to this formula, it's counted as a trade deficit. And we impose a penalty tariff rate on that country for having that trade deficit in goods with them.