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TARIFF TIME

Be Prepared for a Market Crash Tomorrow

Tomorrow the stock mark will likely crash — they may actually halt trading it will go so low, says some folks. I say, who cares — let is play out. The phrase is not, “Make America Great Tomorrow. It’s Make America Great Again — and that takes time.

Today, Trump stood in the White House Rose Garden and dropped what he’s calling a “historic” trade plan. He’s dubbed it “Liberation Day,” and let me tell you, he’s not messing around. Ignoring what naysayers claim (see below), Trump says this is all about bringing back the “American Dream” that he claims got ripped apart by foreign leaders, cheaters, and scavengers. He’s talking about steel workers, auto workers, farmers, and craftsmen—people he says have been hammered for years, watching jobs vanish and factories get gutted. Trump’s painting a picture of a country that’s been taken advantage of, and he’s had enough.

“Reciprocal tariffs.”
If a country slaps a tariff on us, we’re hitting them back with the same—or close to it. He’s starting with a 10% baseline tariff on everybody we trade with, but then he’s cranking it up for the big offenders—China, the EU, Taiwan, you name it. He’s saying, “You charge us, we charge you,” and he’s even throwing in a history lesson, pointing out that from 1789 to 1913, America was a tariff-powered nation and raking in cash—so much they didn’t know what to do with it. Trump’s betting this will bring in $600 billion a year—$6 trillion over a decade, according to his trade guru, Peter Navarro.

Trump’s argument is simple at the core…
Concept: build your stuff here, and you dodge the tariffs. He’s telling foreign companies, “Set up shop in America, hire our people, and you’re golden—no tariffs.” He says companies are already pouring in like never before, and he’s promising this will juice up jobs, cut taxes, and even chip away at the national debt. He’s framing it as a way to level the playing field after decades of what he calls “unfair trading practices” by other nations. April 2, 2025, is “Liberation Day” in his book—the day we stop getting played.

He’s not just stopping at tariffs.
Trump’s going after what he calls “non-tariff barriers”—stuff like quotas and regulations that countries use to block our goods, especially farm products like meat and produce. He’s rattling off names—Chile, Pakistan, Sri Lanka—and saying they’re all getting hit with these reciprocal rates. He’s mad about how we’ve slashed our trade barriers while others pile on tariffs and roadblocks to kill our industries. “It’s our turn to prosper,” he says, and he’s not shy about it.

The White House has been hyping this for weeks, with Trump’s press secretary, Karoline Leavitt, calling it one of the most important days in modern American history. They’re tying it to his “Make America Wealthy Again” event, and Navarro’s been on TV previewing the numbers. This isn’t new for Trump—he’s done tariffs before, like 25% on steel and aluminum and 20% on Chinese goods to choke off fentanyl smuggling. But this is bigger, broader, and he’s saying it’s proof tariffs work.

Trump’s got his fans in the administration cheering this on, saying it’ll bring factories roaring back and stick it to the countries that’ve been looting us. They’re betting on a manufacturing boom and more jobs for regular folks. But not everyone’s buying it—some are worried this could jack up prices or spark a trade war. Still, Trump’s doubling down, telling foreign leaders, “Play fair, or pay up.”

WHAT IS BEING SAID / REPORTED

→ CNBC: U.S. stock futures cratered as President Trump unveiled sweeping tariffs… raising the risks of a global trade war that hits the already sputtering U.S. economy. Futures tied to the Dow Jones Industrial Average lost 911 points, or 2.1%. S&P 500 futures dropped 3.4%. Nasdaq 100 futures lost 4.3%. Shares of multinational companies tumbled in extended trading. Nike lost 7% and Apple dropped 6%. Shares of big sellers of imported goods were among the hardest hit. Five Below lost 11% and Gap plunged 12%. Tech shares dropped in an overall risk-off mood, with Nvidia off 4% and Tesla down 5%.

→ NY TIMES: Dan Ives, a veteran tech analyst at Wedbush, described the tariffs as “worse than the worst case” for Wall Street, highlighting the 34 percent tariff on goods from China as “the jaw dropper.” “Tech stocks will clearly be under major pressure on this announcement,” he said.

→ WSJ: The Wall Street Journal editorial board’s biggest criticism is that Trump’s “Liberation Day” tariffs are “the dumbest trade war in history,” arguing they will harm U.S. auto workers and competitiveness, particularly in states like Michigan, by disrupting the integrated North American auto industry supply chain.

→ ABC NEWS: Prime Minister Anthony Albanese says Australians have "every right" to view Trump's tariffs as undermining the relationship, warning the country has powers to take the United States to court over the trade punishments.

→ DAILY MAIL: House Foreign Affairs Chairman Rep. Gregory Meeks (D-NY) said in the aftermath of Trump’s tariffs that he would introduced a privileged resolution seeking to undo them. ‘Trump just hit Americans with the largest regressive tax hike in modern history—massive tariffs on all imports. His reckless policies are not only crashing markets, they will disproportionately hurt working families,’ Meeks posted on X.

→ WORLD LEADERS
SPANISH PRIME MINISTER PEDRO SANCHEZ: "Spain will protect its companies and workers and will continue to be committed to an open world."

SWEDEN PRIME MINISTER ULF KRISTERSSON: "We don't want growing trade barriers. We don't want a trade war ... We want to find our way back to a path of trade and cooperation together with the US, so that people in our countries can enjoy a better life."

IRISH TRADE MINISTER: "The EU and Ireland stand ready to find a negotiated solution with the U.S. Negotiation and dialog is always the best way forward."

ITALIAN PRIME MINISTER GIORGIA MELONI: "We will do everything we can to work towards an agreement with the United States, with the goal of avoiding a trade war that would inevitably weaken the West in favor of other global players."

MANFRED WEBER, PRESIDENT OF THE EPP, LARGEST PARTY IN EUROPEAN PARLIAMENT: "To our American friends, today isn't liberation day - it's resentment day. Donald Trump's tariffs don't defend fair trade; they attack it out of fear and hurt both sides of the Atlantic. Europe stands united, ready to defend its interests, and open to fair, firm talks."

DENNIS MICHAEL LYNCH: I hate it when the stock market drops, it makes me sick because I am in for the long haul, and I want everything to go up all the time. But it’s not how it works. No pain, no gain. This is what I sell myself. Then I doubt my instincts, and I question Trump — what is he doing? Why does he have to do stuff like this? And then I stop again — I allow the emotions to leave — I become reasonable — I think about how Trump got shot in the ear, battled the courts, and stood in for the fight of his life in order to win this election. My confidence suddenly resurfaces. In the end: It’s going to be a bumpy ride, but we have no choice. We can no longer keep things as they were. “Keep the faith,” I say. “In the end we will win.”

On a side note: If you listened to my podcast today, I told you that the Newsmax stock, which went crazy high this week after it’s IPO Monday, going from $14 to $233, would drop like a rock in a pond. It closed today at $53 per share. And so I was correct — the stock will be a dud. I think it will be trading at $5 by the end of August.

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REMINDERS & NOTICES…

1. The 47 Report and DML Report — readers love them, so, I’m launching a third newsletter. Starting next week, 47 Report moves to 6 a.m. ET (from 7 a.m.), the DML Report shifts to 6 p.m. ET (from 5 p.m.), and a new newsletter, DML Health, splits the day at noon ET. Existing DML CBD customers are already opted in, but now it’s open to all. Look for a sign-up box next week in both the 47 Report and DML Report. Want it? Sign up, and you’ll get DML Health daily. Don’t want it? Do nothing—it’s not automatic. You won’t be added unless you choose to be. We’ll roll out details on what DML Health offers over the next few days.
   

2. Dennis Michael Lynch Podcast: 10am ET. Watch on X, FB, Rumble or TeamDML. Listen on Apple or Spotify.
   
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Have a great rest of your day.
Your Friend,
DML

_{DISCLAIMERS: This newsletter is for fun purposes only. I share my opinions. And I am not a doctor or a stock professional, so contact your doctor and financial planner for advice on that kind of stuff. You can unsubscribe at any time by clicking the unsubscribe button below. Links provided may result in you visiting a website that generates income for TeamDML Inc. My wife thanks you for reading my newsletter, writing it keeps me out of her way. Copyright 2025 TeamDML Inc.}