• Myanmar 40%
• Laos 40%
• South Africa 30%
• Malaysia 25%
• Kazakhstan 25%

On Liberation Day these were:

• Myanmar 44%
• Laos 48%
• South Africa 30%
• Malaysia 24%
• Kazakhstan 27%

Those aren’t big differences and most of these are big trading partners but Malaysia is material at $43.4 billion in exports in 2024. For reference, Japan is about $145 billion.

The market is not liking the further trade news at all with the S&P 500 now down 74 points or 1.2% and at a session low.

This is the second round of announcement today but we’re still at only 7 countries with around 12 expected. Do you wait until all the names are out to buy the dip?

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