Equities and bonds sold off (a bit) yesterday, primarily on tariff headlines. Letters went out to a myriad of countries, with Japan and South Korea leading the way. Their tariffs were “reset” to roughly the Liberation Day rates. We discussed the risk that the administration would take another serious stab at tariffs in this weekend’s Big Beautiful Production for Security. For now, the market’s muted response makes sense: The messaging from both the President, but particularly from Bessent, seems to be guiding to “more negotiations” and a “newish” August “sort of” deadline. Given prior pauses, extensions, and pullbacks, it is ... Fake News Tariffs?