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Honest question:
How did we go from tariffs being "refunded" back to April 5th to "there was no tariff exception announced on Friday" within 48 hours? https://t.co/ypkzuVYsWV
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Honest question:
How did we go from tariffs being "refunded" back to April 5th to "there was no tariff exception announced on Friday" within 48 hours? https://t.co/ypkzuVYsWV
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The Kobeissi Letter
This has to be the worst possible outcome for the bond market.
Uncertainty just hit its highest level since March 2020 and will continue to rise.
If the plan was to announce a near-term "tariff exemption" to calm bond markets, it has failed miserably.
Buckle up for a wild week.
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This has to be the worst possible outcome for the bond market.
Uncertainty just hit its highest level since March 2020 and will continue to rise.
If the plan was to announce a near-term "tariff exemption" to calm bond markets, it has failed miserably.
Buckle up for a wild week.
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The Kobeissi Letter
President Trump on "tariff exceptions" announced on Friday:
First, he says "there was no tariff exception announced on Friday."
Then, he says they will be subject to the "existing 20% fentanyl tariffs."
Then, he says they are "just moving to a different tariff bucket."
However, it's still very unclear:
Does this mean electronics and semiconductors are subject to 20% tariffs but not 145% reciprocal tariffs?
Maybe this can still be viewed as bullish if so?
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President Trump on "tariff exceptions" announced on Friday:
First, he says "there was no tariff exception announced on Friday."
Then, he says they will be subject to the "existing 20% fentanyl tariffs."
Then, he says they are "just moving to a different tariff bucket."
However, it's still very unclear:
Does this mean electronics and semiconductors are subject to 20% tariffs but not 145% reciprocal tariffs?
Maybe this can still be viewed as bullish if so?
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The Kobeissi Letter
Here's exactly what happened with tariff exemptions:
The White House published a note titled "Clarification of Exceptions Under Executive Order 14257" on April 11th.
Certain goods were apparently NEVER supposed to be subject to the "reciprocal tariffs" announced on April 2nd.
Most media outlets thought the April 11th "clarification" posted by the White House was a new list of exemptions.
But rather, these goods were never actually intended to be subject to 145% tariffs.
This also explains why "refunds" will be dated back to April 5th on these goods, essentially classifying this as an enforcement error, not a policy reversal.
On top of this, Trump is saying the "fake news" is refusing to report the truth.
But, it appears that the news and most investors, along with customs enforcement themselves, never truly understood what was being tariffed to begin with.
This was a complete misunderstanding by almost everyone involved.
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Here's exactly what happened with tariff exemptions:
The White House published a note titled "Clarification of Exceptions Under Executive Order 14257" on April 11th.
Certain goods were apparently NEVER supposed to be subject to the "reciprocal tariffs" announced on April 2nd.
Most media outlets thought the April 11th "clarification" posted by the White House was a new list of exemptions.
But rather, these goods were never actually intended to be subject to 145% tariffs.
This also explains why "refunds" will be dated back to April 5th on these goods, essentially classifying this as an enforcement error, not a policy reversal.
On top of this, Trump is saying the "fake news" is refusing to report the truth.
But, it appears that the news and most investors, along with customs enforcement themselves, never truly understood what was being tariffed to begin with.
This was a complete misunderstanding by almost everyone involved.
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The Kobeissi Letter
The Kobeissi Letter for the week of April 14th has been published and may be viewed through the link below:
https://t.co/6TDuawjZAN
The Chart of the Week for the week of April 14th has been published. View or sign up for FREE through the link below:
https://t.co/jCCx3iSLbJ
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The Kobeissi Letter for the week of April 14th has been published and may be viewed through the link below:
https://t.co/6TDuawjZAN
The Chart of the Week for the week of April 14th has been published. View or sign up for FREE through the link below:
https://t.co/jCCx3iSLbJ
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The Kobeissi Letter
BREAKING: S&P 500 futures open just 50 points higher after the “tariff exemptions” headlines. https://t.co/XSUfTM29yK
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BREAKING: S&P 500 futures open just 50 points higher after the “tariff exemptions” headlines. https://t.co/XSUfTM29yK
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The Kobeissi Letter
BREAKING: S&P 500 futures pare gains and fall below 5,400.
Now up just +35 points after the “tariff exemptions” this weekend.
We may see futures red by the morning. https://t.co/PdyXD4w2LL
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BREAKING: S&P 500 futures pare gains and fall below 5,400.
Now up just +35 points after the “tariff exemptions” this weekend.
We may see futures red by the morning. https://t.co/PdyXD4w2LL
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The Kobeissi Letter
BREAKING: The 10Y Note Yield rises back above 4.50% at the open.
The bond market is in control. https://t.co/sfPGBjEWvr
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BREAKING: The 10Y Note Yield rises back above 4.50% at the open.
The bond market is in control. https://t.co/sfPGBjEWvr
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The Kobeissi Letter
BREAKING: Apple, $AAPL, opens +7% higher in overnight trading. https://t.co/JSW0Hurtgy
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BREAKING: Apple, $AAPL, opens +7% higher in overnight trading. https://t.co/JSW0Hurtgy
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The Kobeissi Letter
Tariffs on semiconductor and electronic imports were "reduced" from 145% to 20%.
Meanwhile, S&P 500 futures are up just 30 points right now.
Investors have lost all confidence in this market. https://t.co/WYb57V2bZC
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Tariffs on semiconductor and electronic imports were "reduced" from 145% to 20%.
Meanwhile, S&P 500 futures are up just 30 points right now.
Investors have lost all confidence in this market. https://t.co/WYb57V2bZC
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