Natalie Kittroff

When we started talking, I mentioned that there had been this drop in the markets after Trump threatened new China tariffs.

We know, obviously, that the U.S.-China trade negotiations have not been resolved.

Having two major economic superpowers in an escalating trade war certainly doesn't seem like it would bode well for investors.

Is anyone you're talking to worried about these tensions heating up again?

So, Joe, how worried should we be?

How should we be interpreting these warning signs?

Is it a signal that the historic run that we've been on is about to end?

You know, I think a lot of people will feel maddened by some of this, especially those who are being affected by Trump's policies.

You know, I'm thinking of thousands of federal workers who don't have a job or the small businesses who are struggling with tariffs.

Because I think people, at least going into this term, they expected markets to be a guardrail, to be a check on the president.

For them to be maybe one of the only effective checks on the president's most extreme instincts.

And that just doesn't seem to be happening.

I think so.

You're saying basically that the markets are filtering all the noise of the volatility in this Trump term, or maybe investors are just holding their nose because they can't resist the pull of AI.

So, to a certain extent, markets have kind of become inured to the daily seesaw of drama that maybe affects us regular folks a little more.

I guess my question is, is there a way in which Trump has also affected the tolerance of investors for the actual things he's doing?

In some way, by throwing us all into this kind of crazy experiment of what unprecedented tariff rates will do to an economy and what unprecedented levels of government intervention will do.

Has he made us more comfortable with some things that before we might have thought were a little out of bounds?

Has he normalized these moves to the point where investors are just adapting to them?

Oh, and before I let you go, I want to actually make use of that printout that you brought.