Good Wednesday morning. Liberation Day has arrived. At 4 PM EST…smartly, they moved this to after the close…Trump will announce his administrations tariff policies. We’ve backed Trumps tariff agenda fully, certainly as it applies to the use of reciprocal tariffs and fixing our deeply broken, global trade imbalances. Our issue has been with their execution and messaging, which to date has been indefensibly chaotic. However, if we’re reading the tea leaves correctly, this is how The Art of the Deal works.

"The Art of the Deal” comes from Trump's 1987 book outlining his business philosophy and negotiation tactics. In his own words, it emphasizes "flexibility, persistence, and leveraging relationships to secure favorable deals”. With consumer confidence plummeting, the markets in correction and with 51% of the country expecting a stock market crash, what’s becoming clear is that animal spirits are headed in the wrong direction. Last nights special elections delivered solid wins in Flori...