Apparently today at 4:00pm ET we will learn the details of this wave of tariffs. The Treasury Secretary said yesterday that this will represent a “cap” on tariffs and basically the starting point of negotiations from here (we will see if that messaging sticks). What I think we know: Relatively little “negotiating” has occurred, which I believe is not what the administration expected. Other countries are “playing” the president differently than they did during Trump 1.0. It also probably doesn’t help that this time around there is no “divide and conquer.” Other countries are already having conversations about trade, bypassing ... Some Pre-Liberation Day Announcement Thoughts