Liberation Day tariffs

And of course, the markets weighed in.

On Thursday, the Nasdaq composite fell 5.5%, which is its worst performance since Liberation Day.

And it's the kind of sweep that has investors questioning whether the AI build-out still has a clear run.

That just about wraps up today's news briefing.

the dollar has some room to go here.

You know, it's been a difficult year because of, I think, early last year with the Liberation Day, Liberation Week, the dollar index fell from like 110 to almost 95 earlier this year.

And we've been consolidating, but we're consolidating at higher levels.

And I think that given the fluidity of things, rapid change in technology or energy prices, Given the U.S., like I say, the large U.S. budget deficit, it really cushions the U.S. for many of the shocks that are reverberating around the world, partly at its own creation.

You had, um, The massive deleveraging of 22, 23, one of the worst sell-offs I've seen in my lifetime.

And then you had Liberation Day.

And it's funny because it's getting more, the cadence is getting more regular here.

Like between 2020 and 26, we've had what, like, at least four capitulations, like real capitulations.

First of all, we haven't seen tremendous dips in the stock market.

The one tremendous dip that we've seen in the stock market or the couple, I don't know, came Liberation Day.

Remember the tariffs you did? Remember how that crashed the market? Remember when you kept, I don't know, on and off and on and off and on and off the war? How was that for the market? Not great.

And yet Donald Trump says voters delivering a blow to his agenda, stopping his tariff regime, stopping his war, that affected the market.

But when it comes to trade and tariffs, Now, there's kind of an ongoing debate going on within the right right now.

Some might call it a little bit of a civil war about where did the economic discontent start? Did it start with Iran or did it actually start with Liberation Day? Now, I am like you.

I believe that there's a really strong national security case for tariffs when done strategically.

But you could make an argument that there wasn't a ton of prudence in the way that that strategy was executed, a little bit too haphazard.

But when it comes to trade and tariffs, Now, there's kind of an ongoing debate going on within the right right now.

Some might call it a little bit of a civil war about where did the economic discontent start? Did it start with Iran or did it actually start with Liberation Day? Now, I am like you.

I believe that there's a really strong national security case for tariffs when done strategically.

But you could make an argument that there wasn't a ton of prudence in the way that that strategy was executed, a little bit too haphazard.

But when it comes to trade and tariffs, Now, there's kind of an ongoing debate going on within the right right now.

Some might call it a little bit of a civil war about where did the economic discontent start? Did it start with Iran or did it actually start with Liberation Day? Now, I am like you.

I believe that there's a really strong national security case for tariffs when done strategically.

But you could make an argument that there wasn't a ton of prudence in the way that that strategy was executed.

To the extent there is still, you know, a functioning neoconservative wing in today's Republican Party, I think they will tell you that this has nothing to do with Iran.

This is all about tariffs, which, you know, Trump's downslide in terms of his approval rating begins on Liberation Day.

And with, you know, a little bit of fluctuating back and forth, doesn't really change since.

By the way, Trump sees modest bumps to his approval rating following the Venezuela operation to, you know, grab Nicolas Maduro in the middle of the night, I think partially because it goes flawlessly.