The “Liberation Day” tariffs announced in the Rose Garden last week went into effect as of 12:01am. The tariffs on China have been increased since then, as China already retaliated by increasing their tariffs. I, like many, refer to them as the “Liberation Day” tariffs, as that is a talking point that seems to appeal to the President and avoids calling them “reciprocal” which they are not. There have been some interesting “surprises” overnight. U.S. stock futures dropped between 2% and 3% a little after midnight but are now down less than 2% (depending on whether you focus on the ... Tariffs On – What Next?