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Folks, covering the news in the markets, well, it is fast and furious like drinking out of a fire hose, but here is the thing. The Daily Wire, what we are about is fact. We're going to bring you fact from a conservative perspective, and that means we're going to be honest with you. We are not going to BS you. The Daily Wire gives you what matters.
All the angles, every fact, every time with unfiltered daily shows from the best in the business and the best in investigative journalism. You deserve the whole story. Don't settle for narrative. Subscribe to facts. Go to dailywire.com slash subscribe already. So unsurprisingly, the markets started the day down in pre-markets. The Dow Jones Industrial Average was down almost 1,000 points.
The S&P 500 was down about 2% as well. Frankly, I'd be a little bit surprised if it doesn't go lower today. And the reason I say that is because, of course, last night at 12.01 a.m., all of America's tariffs went into place. Now, how do those tariffs actually work? It takes a little while for them to kick in in practical ways.
the way that these tariffs typically work is that there is a process, the product arrives at a port of entry, and then there's essentially a record that is kept of what has just been imported. And then the company that brought it in has somewhere between 10 and 30 days to actually pay the tariff on the good. And so there's a bit of a delay effect given this process.
With that said, you're going to see prices adjust very, very quickly because everybody can see the tariff train coming down the road, how it's going to impact their business. So all the talk about how this is just for the stock market, it's just the Dow Jones, stop talking about the S&P 500, talk about Main Street and real business. Once the tariffs are in place, it hits everybody.
So far, the markets are a good way of aggregating human knowledge in the moment. As Benjamin Graham, the Warren Buffett mentor, suggested, in the short term, markets are a voting machine. In the long term, they are a weighing machine. We are now currently moving from voting to weighing.
So if the last several days have been about voting, about the markets saying what they think is going to happen, now the rubber hits the road, now the pedal has hit the metal, and we're going to find out what these tariffs are actually going to do. The tariffs hit last night at 12.01 a.m. According to the Wall Street Journal,
US stocks ended Tuesday in a downswing, capping a volatile session that began with hopes of newfound clarity on the president's tariffs policies. Now, remember, I talked yesterday and the day before about the fact that there are basically two different and widely variant rationales that have been given for the trade war. One is that we are attempting reciprocality.
What we want is for everybody to go to zero. It's sort of Elon Musk, Scott Besson's idea. If we're going to do a trade war, the goal is to get everybody to come to the United States on bended knee. We go to zero tariff policy, and now free trade rules the roost. That is rationale number one. Then there is the second rationale. which is, in fact, restrictionist.
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