Trump: duties since April 5 on excluded chips will be reimbursed

Apple was getting bid up like crazy yesterday, don’t tell me this wasn’t leaked, all bunch of crooks.

Jeff Bezos walking into the White House after hearing Tim Cook got a tariff exemption first.

DOGE savings posted on their site is slightly less than the increase in federal outlays in 2025, meaning we have so far effectively saved nothing y/y.

Let's put the tariff exemptions into perspective: The US imports approximately $100 billion of computers, smartphones, and chip-making equipment from China PER YEAR. A total of $439 billion of goods were imported from China into the US in 2024. This means ~23% of ALL Chinese imports coming to the US are now exempt from "reciprocal tariffs." This is a massive U-Turn in tariff policy.

Lutnick 5 days ago said smartphone manufacturing was coming to the U.S. because of tariffs. Now we learn smartphones are excluded from the tariffs.

Since President Trump's "Great Time To Buy" Advice: 1. 90-day reciprocal tariff pause has been announced 2. Fed said "absolutely" ready to stabilize market if needed 3. Reciprocal tariff exemptions on smartphones, computers, chip-making equipment announced 4. Trump asked China to request negotiation call 5. S&P 500 adds +$3.5 trillion in market cap What a time to be alive.

Warren Buffett: There are levels of trade deficit that bother me "when you are, in effect, buying more from other countries than they're buying from you, you are handing them investment funds" "we don't want it to be a question of where we import 20% of our GDP and we export nothing. Now, we could all quit working, and we could handle little pieces of paper to the rest of the world. They could keep sending us food, they could send us autos, they could send us all kinds of things. But eventually, they have claims on all our wealth" Trust the process: short-term pain for long-term gain.

Treasury bonds -5% last 5 days BTC +6% last 5 days Flight to safety.