On Monday, the market took comfort that Liberation Day might not be so bad. I’m not sure why the auto tariffs announced yesterday couldn’t wait until Liberation Day, but I do have a view. It could be that tariffs are working so well already, that the administration couldn’t wait to launch more. That is not why I think they did it. It could be that so far global leaders haven’t come “begging” for better deals. China has been particularly silent. Canada and much of Europe seem to be contemplating their own set of counter tariffs. My best guess is that ... Some Quick Thoughts Ahead of the Weekend