𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲.
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⁠The Kobeissi Letter
BREAKING: Commerce Secretary Lutnick says electrotonic products will have "special tariffs" coming soon.

He also says pharmaceutical tariffs are coming in the next month or two.

“This is not a permanent sort of exemption," he says on the exemptions announced this weekend.
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⁠The Kobeissi Letter
BREAKING: Commerce Secretary Lutnick on the "tariff exemptions" announced this weekend:

"They are exempt from reciprocal tariffs, but they are INCLUDED in the semiconductor tariffs which are coming in a month or two."

So basically, they are not tariff exempt just recategorized?
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⁠The Kobeissi Letter
BREKAING: Commerce Secretary Lutnick says semiconductors and pharmaceuticals require "special attention and the President is on it."

"Semiconductors and pharmaceuticals will have a tariff model in order to encourage them to be built in America," he says.
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⁠The Kobeissi Letter
BREAKING: Commerce Secretary Lutnick on tariff exclusions, "this is not a permanent exemption."
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⁠Quiver Quantitative
AOC: Congress has conditioned itself to believe that it is normal for them to day trade individual stocks. https://t.co/x1wReVt4NY
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⁠The Kobeissi Letter
Key Events This Week:

1. Markets React To "Tariff Exclusions" - Monday

2. March Retail Sales data - Wednesday

3. Fed Chair Powell Speaks - Wednesday

4. March Housing Starts data - Thursday

5. Philadelphia Fed Manufacturing Index - Thursday

6. ~10% of S&P 500 Companies Report Earnings

We have another busy week ahead of us.
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⁠Finding Compounders
Warren Buffett explains how Berkshire selects their stocks. https://t.co/WpyJMW2rkP
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⁠The Kobeissi Letter
We have now gone from:

“No exemptions” on tariffs, to refunds on tariffs going back to April 5th, to exemptions not being “permanent.”

The result?

Markets are incredibly confused ahead of the futures open.
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⁠The Kobeissi Letter
Bitcoin is selling off on the Lutnick headlines this morning.

This is a great weekend-gauge of risk appetite.

Equity futures will still open higher, but not as high as they would’ve without the Lutnick comments. https://t.co/odgFwvwg4m

We have now gone from:

“No exemptions” on tariffs, to refunds on tariffs going back to April 5th, to exemptions not being “permanent.”

The result?

Markets are incredibly confused ahead of the futures open. - The Kobeissi Letter
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⁠The Kobeissi Letter
BREAKING: US Trade Representative Greer says tariff exemptions on electronics reflect a move from "reciprocal tariffs" to "national security tariffs."

New tariff categories are now emerging.
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⁠The Kobeissi Letter
BREAKING: US Trade Representative Greer says President Trump has "no plans yet" to speak with Chinese President Xi.
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⁠Investing visuals
The speed at which $NVDA scaled its data center revenue still blows my mind. https://t.co/NrIfNYzCHI
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⁠The Kobeissi Letter
RT @TKL_Adam: The weekend began with new “tariff exemptions” on electronics and semiconductors.

This quickly transitioned to temporary exemptions before more tariffs.

Which then became a reclassification of tariffs, from “reciprocal tariffs” to “sectoral tariffs.”

The result will be a near-term rally in risky assets.

However, long-term uncertainty has only increased, with even more ambiguity around tariff policy.

We see more volatility beyond the immediate horizon.
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⁠The All-In Podcast
David Sacks: The Decades-Long Bipartisan Consensus on Free Trade was a Mistake

@DavidSacks on E223:

 "We've had a bipartisan consensus in Washington for decades that unfettered free trade is a good thing."

"No matter how big our trade deficits got, no matter how rich and powerful China got, no matter how unfair the trade practices got, no matter how many millions of our jobs in factories got exported overseas, this has been the bipartisan consensus in Washington."

"And Larry, you're right that it started before the Clinton administration, and the George W. Bush administration definitely accelerated it."

"But there has absolutely been a bipartisan consensus in Washington that this sort of unfettered free trade policy was good for the country."

"Now, how do you change that? You can nitpick this and you can make all the process objections you want, but Donald Trump has changed the conversation."

"He was one of the few people, one the few public figures in America who was right about this."

"That throwing open our markets to these foreign products without thinking about the consequences was a mistake."

"I think most people today would say he was right about this."
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