The thing about losing the ‘Trump put’ is that it’s hard to win back. There was a time what the market would rally on this kind of comment but those days are gone and the market wants to see an actual deal.

• We’re going to make a lot of money (on tariffs)
• Tariffs are going well, everybody wants to negotiate
• Touts tariffs on autos and steel

The other problem here is that arguing for using tariffs as a revenue source argues they will stay. That’s also something trading partners see and wonder if there is any point in trying to negotiate ‘reciprocal’ tariffs.

Despite the latest positive talk from the President, the Nasdaq just hit a session low down 3%.