For the first time in, well, forever, JPMorgan's equity traders have turned 'tactically bearish' this morning following Trump's promised (and delivered) tariffs.
EQUITY AND MACRO NARRATIVE:
Late in the session yesterday, Trump confirmed that the 25% tariffs on Canada and Mexico are going live, and he said that there is no room left to do a deal. He announced an additional 10% on China. In all cases, we have seen retaliatory measures. Given this escalation, we enter another period of uncertainty since there does not appear to be a pathway to negotiation based upon Trump’s comments.
