President Trump’s Tariff View Back on Full Display in Meet the Press Interview

Trump suggests that some foreign tariffs will be permanent

Highlights

• Trump suggests that some foreign tariffs will be permanent

• Dollar weakness continues despite the bounceback in U.S. equities

• Q1 earnings don’t reflect current uncertainty…

• …as early data suggest slipping retail sales could be next

Key Takeaways

• Equities Down and U.S. Dollar Remains in Bear Market: It is a sloppy way to start the week, with U.S. equity futures in the red by more than -0.5% and European markets off by -0.3%. Most of Asia was closed. Bond markets are flat in the U.S. but with some mild downward yield pressure across the Atlantic. The DXY dollar index is trading some -20 pips weaker to 99.8 as the rebound fell well short of any test from the major trendlines, which are all heading south in depiction of a fundamental bear market.