In Scent of a Woman, Al Pacino's character tells, actually yells at, a stuffy boarding school, "If I were the man I was five years ago I'd take a FLAME-THROWER to this place!". Well, President Trump is about five years older than when he ended his last term, but in his highly anticipated tariff announcement yesterday it sure felt like he was putting the international trade system to the torch. The announced tariffs were significantly more severe than many expected (further commentary below). International markets gapped lower last night. The S&P 500 opened down about 4% down this morning, dropping well below the key 5550 support level. The Russell 2000 was down 6%. After testing 5415 after the open, which was the September 2024 low, the S&P has bounced a bit as it struggles to claw back to that key 5500 level as we head to print- we're heading back toward the lows.

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