Week of April 14, 2025
Last week, we noted that “the markets have misinterpreted the Trump tariffs as final.” On Wednesday, President Trump announced a 90-day pause on the implementation of tariffs to allow time for bilateral negotiations with countries willing to reduce trade barriers. At the same time, both the House and Senate advanced the federal budget process, signaling a continuation of the 2017 tax cuts, the potential for higher tax rates on top earners, and an overarching objective of reducing the national deficit and debt. These are constructive developments. Our Signals remain unchanged.
Bob Bilkie, CFA
