MARKET RECAP

• Trump’s “America First” policy is doing a good job of putting America second or worse. US stocks were down by 3.28% for the week, while international stocks were up by 2.95%. The tariff policy doesn’t make sense, he puts on a tariff only to take it off the next day and then delay it for another 30-days. Trump is singlehandedly pushing the economy into a recession. GDPNow forecasts Q1 growth at -2.4%.
• 25% tariffs took effect on Tuesday on goods from Mexico and Canada. Canada responded in kind on $100 billion of US imports. Mexico will shortly announce its moves.
• On Wednesday, Trump gave automakers a one month exemption from the 25% tariffs.
• ADP payrolls came in at 77k, less than the 162k forecast. On the regular jobs report on Friday, there were 151k new jobs, less than forecast. There are warning signs that the economy is beginning to slow.

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