Investors are waiting on President Trump's April 2 tariff announcement, and the uncertainty has put pressure on Wall Street.
The President's auto tariffs that were announced late Wednesday roiled markets, and the S&P 500 (^GSPC)fell for the fifth week in the last six.
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So I think the market is gonna have a lot to digest, and they're going to see just how forward-looking and long-term these tariffs are, which is not currently priced in.
This is something that Trump has talked about for many, many years, about something that he legitimately believes in. Do I think he really wants to tank the economy? No. So it'll probably end up somewhere in between, and that's how we'll end up in this sort of 70-80 basis point headwind, which is kind of similar to the negotiation that we started with China last time, is they ended up doing tariffs on roughly half of the goods.
I think it should take some pressure off the market. I think the biggest concerns in the markets have been not only tariffs, but the uncertainty. Does the economy slow? Do companies cut back on hiring, things like that? So I think if we get some clarity on the tariff picture, the market sees that as a positive sign, and I think we do move higher from there.
