The Morning Call---What Trump's tariffs did last time

 

The Morning Call

 

2/4/25

 

The Market

         

    Technical

 

            Monday in the charts.

            https://www.zerohedge.com/market-recaps/gold-hits-new-record-high-tariff-ic-monday-sparks-tumult-across-markets

 

            Bonus charts.

            https://www.zerohedge.com/the-market-ear/gold-glows-retail-roars-pros-sweat

 

    Fundamental

 

       Headlines

 

              The Economy

 

                        US

 

                          December construction spending was up 0.5% versus consensus of +0.2%.

 

The January manufacturing PMI came in at 51.2 versus predictions of 50.1.

https://www.advisorperspectives.com/dshort/updates/2025/02/03/sp-global-manufacturing-pmi-january-2025

 

The January ISM manufacturing index was 50.9 versus estimates of 49.8.

                          https://www.advisorperspectives.com/dshort/updates/2025/02/03/ism-manufacturing-index-expands-january-2025

 

                        International

 

                        Other

 

                          Economic data supports continued growth.

                          https://talkmarkets.com/content/us-markets/economic-data-still-supports-continued-growth?post=480470

 

                          M2

 

                          January Fed senior loan officers survey.

                          https://www.calculatedriskblog.com/2025/02/fed-january-sloos-survey-banks-reported.html

 

            Inflation

 

              The latest excuse for inflation.

              https://www.zerohedge.com/economics/will-fed-use-excuse-tariffs-inflation-they-create

 

            Tariffs

 

              Trade deal or trade war with China?

              https://www.nytimes.com/2025/01/31/opinion/trump-trade-deal-china.html

 

              China’s response.

              https://www.zerohedge.com/geopolitical/tit-tat-china-strikes-back-tariffs-us-goods-google-probe

 

              A closer look at US/Canada trade.

              https://www.realclearmarkets.com/articles/2025/02/03/trump_should_give_canada_trade_a_closer_look_1088676.html

 

              Canada’s response.

               https://www.ft.com/content/628f137c-f950-4731-8764-ba1fed2e4a9e

 

              Blueprint for post tariff US/Canada partnership.

              https://www.zerohedge.com/geopolitical/newly-proposed-us-canada-strategy-aims-disrupt-dismantle-ccp-fueled-fentanyl-crisis

 

              What Trump’s tariffs did last time.

              https://wolfstreet.com/2025/02/03/what-trumps-tariffs-did-last-time-2018-2019-had-no-impact-on-inflation-doubled-receipts-from-customs-duties-and-hit-stocks/

 

     Investing

 

            The second best investor of all time.

https://www.riskhedge.com/outplacement/the-second-best-investor-of-all-time/rcm?utm_campaign=RH-144&utm_content=RH144OP735&utm_medium=ED&utm_source=rcm

 

            Will Trump bring forth the golden age of crypto?

            https://www.realclearmarkets.com/articles/2025/02/03/will_donald_trump_bring_forth_the_golden_age_of_crypto_1087130.html

 

            Bitcoin rallies as Trump signs sovereign wealth fund executive order.

            https://www.zerohedge.com/political/great-strategic-importance-bitcoin-rallies-trump-signs-sovereign-wealth-fund-executive

 

            Why DeepSeek is bullish for the world.

            https://www.advisorperspectives.com/commentaries/2025/02/03/deepseek-bullish-for-world

 

            Will a trade war and tech disruption derail the bull market?

            https://talkmarkets.com/content/economics--politics/will-trade-wars-and-tech-disruption-derail-the-bull-market?post=480475

           

            Goldman lists stocks most vulnerable to trade war.

            https://www.zerohedge.com/markets/goldman-lists-stocks-most-vulnerable-trumps-trade-war

 

    News on Stocks in Our Portfolios

 

What I am reading today

 

            Panama announces that it will end its economic deal with China.

            https://townhall.com/tipsheet/leahbarkoukis/2025/02/03/panama-china-n2651548

 

                        Tuesday morning humor.

            Identifies as a Cat Hilarious - YouTube

 

 

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