Who Blinks First – Trump or Powell?

Here's what could happen next in the world of tariffs and retaliation.

Last week, markets posted their worst week since the Covid crash. The selloff following Trump’s April 2 tariff announcement eviscerated nearly $5 trillion in market value. The S&P fell more than 12%. Tech stocks sank into correction-land. Gold prices surged. Yields jumped. People stopped looking at their retirement funds. It was ugly.

The carnage and uncertainty weren’t driven by weak earnings a banking crisis or pandemic. They were triggered by a single word: tariffs.