John Tucker

Stocks worldwide, once the U.S.

is excluded, have risen around 30% since Donald Trump took office a year ago, roughly double the S&P 500's gain.

The U.S.

hasn't lagged that much during a president's first year since 1993, when the nation was recovering from a recession and investors were flocking to growing markets overseas.

President Trump's comparison with his predecessors, no better.

As far as the S&P 500 goes, the first year gain under Donald Trump clocks in as only the ninth best start to a term since World War II.

This according to CFRA.

Ronald Reagan, George H.W.

Bush, Bill Clinton, Barack Obama, Joe Biden, even Trump during his first stint all saw bigger gains.

In New York, I'm John Tucker, Bloomberg Radio.

And good morning, Karen.

Yeah, this study finds that only about 4% of the tariff burden is shouldered by foreign firms, with a near-complete pass-through of 96% to U.S.

buyers that pay the levies and then must either absorb them or raise selling prices.

This is the Kiel Institute for World Economy says the $200 billion surge in customs revenue represents $200 billion extracted from American businesses and households.

That the tariff functions not as a tax on foreign producers, but as a consumption tax on Americans.

Based on shipment data, this covers 25 million transactions worth about $4 trillion.

The Kiel study runs completely counter to the Trump administration's argument that the trading partners pay tariffs.

In New York, I'm John Tucker, Bloomberg Radio.

All right, John, thank you.

And good morning, Lisa.