Trump backed down yesterday. The Dow Jones went up almost 3000 points in reaction to it. But reality is sinking in. The Dow will go down today because nothing has really changed

Most countries, except for Canada and Mexico with USMCA goods, and Russia, because Trump and Putin are Bros, still have a 10% tariff on them.

Canada still has the so-called fentanyl tariffs levied on it. There are still 25% tariffs on steel, aluminum, and automotive goods. Also, the US has 125% tariff on China while China has an 84% tariff on the US.

American consumers are going to be hit big time on the tariffs by the tariffs on China. Consumers paying $1500 for a cell phone now will be paying almost double. If an American consumer goes to Walmart next week, where a lot of products sold are from China the consumer will be hit with price sticker shock.

One thing Trump seems not to understand, Chinese goods are so cheap coming into the US because wages are a lot lower in China. Do you think any American entrepreneur would consider building a cell phone manufacturing and assembly plant in the US? Do you think any American worker, if this plant has to be built, would accept being paid wages similar to what is being paid in China? Not a prayer.

Do you think anyone really wants to invest in the US right now given the craziness going on?

One talking head, regarding yesterday‘s craziness, stated that this is not the end of what is going on, this is just the end of the beginning.

This insane ride is just beginning. At the end of the day, America is going to be a lot poorer for it. The rest of the world, including Canada will be too, sadly.

All I have for today.