All these analyses I see market overlays for Tariffs 1.0 in 2018, to these 2.0 tariffs.
You know what it doesn't account for? The second wave of exponentially more tariffs tomorrow. Tariffs on literally everybody.
If we're on track generally with 1.0...... 2.0 is not priced in. The second wave of sweeping tariffs, is not priced in.