Holding Pattern

From spectramarkets.com

We eagerly await the results of the Bessent/China meetings this weekend in Geneva. Some sort of China tariff cut as a goodwill gesture has been floated in various media outlets and this morning Donald Trump tweeted “80% Tariff on China seems right! Up to Scott B.” Hard to see why any of this matters, other than the obvious headline risk, as these deals are all leading to the same endgame. 10% global tariff, huge tariffs on China that fall short of an embargo (with plenty of outs possible if they drop Vietnam to zero, as they probably will), and some sector-specific tariffs. All these meetings and announcements ... (full story)