react to President Trump’s tariff announcement. The new tariffs rates were worse than the market had expected, the only positive is that foreign countries have not yet hit back with their own tariffs. The tariff increase is expected to be a drag on earnings for the next several quarters and will likely cause a spike in inflation. White House officials are expected to attempt to place a positive spin on the elevated tax rates in an effort to calm markets today. Treasury Secretary Bessent spoke after the announcement and appeared to distance himself from the decision making. Key economic reports due out today include the Jobless Claims Report and the ISM Services PMI data. RH is lower after the company’s big earnings miss last night. GES is schedule to release after the bell today.
