Good Thursday morning. Alert: We are taking action in the VRA Portfolio by taking profits in KWEB (China Internet ETF) and NUGT (2 x Gold Miner ETF). At the open enter market orders to sell both positions. 

Market Update: Tariffs Gone Wild  

US equity futures are down 3-4% following yesterday’s tariff announcements in the Rose Garden. Initially, the markets rallied sharply higher in after hours trading, as Trump announced a baseline 10% tariff on all imports (April 5), only to learn minutes later that the US will also impose much higher reciprocal tariffs on April 9, in a bid to fix our long-standing trade imbalances.

Here’s where the shock began to kick in; Trump revealed a fresh 34% tariff on China (on top of the 20% he put in place earlier this year). Imports from the EU now face a new 20% tariff, while goods exported from India will have a new 26% tariff and a 24% tariff on imports from Japan. In addition, all imported vehicles will face a 25% tariff, effective immediately...