The market went into the weekend with considerable optimism about progress between China and the USA but what unfolded was:
- A dropping of tariffs on everyone regarding electronics
- A White House reminder that 20% fentanyl tariffs remained on Chinese electronics
- Lutnick saying that electronics (and other) tariffs were still coming soon
- Trump confirming what Lutnick said
It was all so chaotic and at the end of it, I’m left thinking that the electronics tariffs that result of Section 232 will be more lasting and less of a negotiating tool.
Initially, we saw a spike in the Nasdaq at the open but it’s slowly faded and is now trading flat.
Nasdaq 10 mins
