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Bessent Rejects Recession Talk, Calls Market Turmoil “A MAG7 Problem, Not MAGA Problem.” 

President Trump’s “Liberation Day” tariff blitz and the resulting escalation in the trade war with China and other top trading partners fueled a downgrade in growth expectations that dominated the rates market last week. Goldman analysts now expect three interest rate cuts from the Federal Reserve this year—in July, September, and October—and have raised their 12-month U.S. recession probability to 35%, up from 20%. While a pivot toward tariff de-escalation remains plausible in the near term, market turmoil and potential trade disruptions amid the grand global economic reordering won’t push the U.S. into a recession, Treasury Secretary Scott Bessent said Sunday.

NBC’s Meet the Press with Kristen Welker told Bessent the stock market just experienced the biggest two-day crash since early Covid, asking: “How long will Americans hang tough” with current market gyrations? 

“I see no reason that we have to price in a recession,” Bessent responded to Welker. 

We should also note that in a recent interview with Tucker Carlson, Bessent pointed out: “The distribution of equities across households—the top 10% of Americans own 88% of equities, 88% of the stock market.”

So when Welker asked Bessent about Americans weathering the stock market turmoil, the question really applies only to a small segment of the population—those who have seen massive gains over the past couple of decades—while much of the Heartland, as some have noted, has been stuck in a recession and never fully recovered since the early 2000s. 

Bessent told Welker, “What we’re looking at is building the long economic fundamentals for prosperity, and I think the previous administration put us on a course for financial calamity.” 

“Again, this is an adjustment process – we saw with President Regan when he brought down the great inflation and brought down President Carter’s malaise. There was some choppiness at that time, but he held the course,” Bessent noted. 

Bessent then described Trump’s economic re-ordering of the global economy that will fulfill the ‘America First’ agenda and urgently resolve the “National Security problem” of critical supply chains in overseas economies run by foreign adversaries. He said there was one good outcome of Covid: “It was a beta test for what would happen if our supply chains were broken,” adding that the president would fix and re-shore supply chains back to the Homeland for a “more stable future.” 

Welker, suffering from extreme “Trump derangement syndrome,” tried to trap Bessent with a question about how last week’s market turmoil resulted in Americans’ “lifetime savings drop significantly.” 

Before we provide readers with Bessent’s response, here’s a chart of the WILSHIRE 5000 over 15 years versus Welker’s claim that Americans were somehow financially paralyzed last week by the stock drop.

Bessent called Welker’s comments a “false narrative” and said, “Most Americans have 60/40 accounts and have a long-term view.” 

He continued: “Oil prices went down almost 15% in two days, which impacts working Americans much more than the stock market does. Interest rates hit their low for the year, so I’m expecting mortgage applications to pick up.” 

So much for Welker’s ‘gotcha moment’… 

Bessent…

Can We Fix Our Demographic Doom Loop?

Authored by Edward Ring via American Greatness,

Throughout the developed world, birth rates have crashed. 

But the “population bomb” that author Paul Ehrlich warned us about in the 1970s still exists; it’s just confined to the nations with the lowest per capita income. The correlation is almost perfect. The average number of children per woman in extremely poor nations is still extremely high.

For example, births per woman in Niger stand at a world-leading 6.6, which means that every generation the population of that nation will more than triple. Meanwhile, the per capita income in Niger, even based on purchasing power parity, stands at a dismal $2,084 per year. Exponential national population growth is occurring across most of the African continent, where in 1950, the population was estimated at around 225 million compared to an estimated 1.5 billion today. By 2050, Africa’s population is estimated to rise to 2.5 billion and is not estimated to level off until 2100 at nearly 4 billion people.

There are pockets of fecundity elsewhere in the world, primarily in the Middle East, but if you exclude Africa and some Islamic nations, the entire global population is on a path to oblivion. From China (1.2 children per woman), Korea (0.9), and Japan (1.3) to Germany (1.5), Italy (1.3), and the United Kingdom (1.6), populations are on track to descend by 50 percent in at most two generations. The European numbers are only slightly better than the Asian numbers because of immigration.

Because of the sensitive nature of the information, it is difficult to get reliable statistics on the birth rates of indigenous European women. But according to official data from the German government, nearly 50 percent of all children under the age of five in Germany have a “migration background.” Since 80 percent of Germany’s population is still reported as having “German origin,” it is clear that immigrant birthrates are far higher than the birthrates of indigenous German women.

This pattern repeats itself throughout the European nations and nations of European origin. According to the Office of National Statistics in the United Kingdom, the most common name for baby boys is now Muhammad. In the hopefully more assimilative United States, according to Pew Research, “minority” births now outnumber white births.

What these demographic trends portend for our future is central to every major issue we face. Can we maintain economic health if we accept a population in terminal decline? So far, the Asians are betting they can, relying on automation and AI to fill the labor gaps. Can we maintain cultural stability if we import Africans and Moslems to have babies since we don’t want to anymore? That’s the bet the European nations are making.

But there is an even more fundamental question that ought to be the topic of massive public debate, without stigmatizing the participants or restricting the theories offered up. Why don’t women in developed nations want to have babies anymore?

Answers to this question typically travel into safe spaces. 

It’s economics: the cost of living is too high. Or the slightly conspiratorial but increasingly mainstream explanation that endocrine disruptors in our food and water…

NSW Criminalizes LGBT Conversion Practices

Authored by Naziya Alvi Rahman via The Epoch Times (emphasis ours),

From April 4, LGBT conversion practices are officially banned in New South Wales under the Conversion Practices Ban Act 2024.
This picture taken on June 3, 2021 shows Danish toy brick maker Lego’s “Everyone is Awesome” new set of rainbow-coloured figurines to celebrate the diversity of its fans and the LGBT community. Thomas Samson/AFP via Getty Images

The law makes it a criminal offence, punishable by up to five years in prison, for anyone who delivers or performs conversion practices that cause serious mental or physical harm.

Taking someone out of NSW to undergo such practices elsewhere can also attract a maximum three-year jail term.

Conversion practices include so-called “conversion therapy” and other actions aimed at changing or suppressing a person’s sexual orientation or gender identity. These practices are based on the belief that LGBTQ+ people need to be “cured” or “fixed.”

Civil Complaints and Education Measures

The law also introduces a civil complaints mechanism through Anti-Discrimination NSW.

From April 4, 2025, complaints can be made about conversion practices occurring in the state. If appropriate, matters may be resolved through conciliation, or referred to the NSW Civil and Administrative Tribunal.

Anti-Discrimination NSW will also run education sessions and distribute resources to inform the public about the law. These include free online tools and referrals to support services.

While the law targets practices aimed at forcibly changing or suppressing identity, it does not ban general religious teaching or private conversations between parents and children.

“This legislation is focused on protecting people from targeted, sustained efforts to change who they are,” the NSW government said.

Last year, the Premier issued a formal apology to those convicted under now-defunct laws that once criminalised homosexual acts.

In September, the NSW Government endorsed all 19 recommendations from the Special Commission of Inquiry into LGBT hate crimes. The inquiry highlighted significant failures in how past governments and police responded to the violent deaths of LGBT people.

A new LGBT Advisory Council has also been created to help shape the state’s first Inclusion Strategy. The government also backed the amended Equality Bill, introduced by independent MP Alex Greenwich, which passed Parliament.

Activists: “There Is Nothing to Fix”

The law comes just three days after South Australia passed similar legislation.

NSW joins Victoria and the ACT in banning LGBT conversion practices outright. Queensland has implemented a partial ban limited to health settings, while Western Australia has committed to introducing its own reforms.

Attorney General Michael Daley said the law sends a clear message: “Everyone deserves to be respected for who they are. There is nothing ‘wrong’ with LGBT people. They do not need ‘fixing’ or to be ‘saved.’”

Founder of Ambassadors and Bridge Builders International, Anthony Venn-Brown OAM, welcomed the move.

“I grew up when being gay was a criminal offence and mental health professionals believed they could cure homosexuality,” he said.

Opposition: Concerns About Overreach

Lyle Shelton, Family First’s lead Senate candidate for NSW, opposed the new laws, calling them an overreach into personal and religious freedoms.

“No one wants to see anyone coerced or…

Other Countries Seem To Like Tariffs… So Why Are People Opposed To Trump’s Tariffs?

Via The Daily Signal,

April 3, President Donald Trump announced it as “Liberation Day.” And by that he meant we were going to be liberated from asymmetrical tariffs of the last 50 years. And it was going to inaugurate a new what he called “golden age” of trade parity, greater investment in the United States, but mostly, greater job opportunities and higher-paying jobs for Americans.

And yet, the world seemed to erupt in anger. It was very strange. 

Even people on the libertarian right and, of course, the left were very angry. The Wall Street Journal pilloried Donald Trump.

But here’s my question. 

China has prohibitive tariffs, so does Vietnam, so does Mexico, so does Europe. 

So do a lot of countries. 

So does India. 

But if tariffs are so destructive of their economies, why is China booming? 

How did India become an economic powerhouse when it has these exorbitant tariffs on American imports? 

How did Vietnam, of all places, become such a different country even though it has these prohibitive tariffs? 

Why isn’t Germany, before its energy problems, why wasn’t it a wreck? It’s got tariffs on almost everything that we send them. 

How is the EU even functioning with these tariffs?

I thought tariffs destroyed an economy, but they seem to like them. And they’re angry that they’re no longer asymmetrical. 

Apparently, people who are tariffing us think tariffs improve their economy. Maybe they’re right. I don’t know.

The second thing is, why would you get angry at the person who is reacting to the asymmetrical tariff and not the people who inaugurated the tariff?

Why is Canada mad at us when it’s running a $63 billion surplus and it has tariffs on some American products at 250%. Doesn’t it seem like the people who started this asymmetrical—if I could use the word—trade war should be the culpable people, not the people who are reluctantly reacting to it?

Sort of like Ukraine and Russia. Russia invaded Ukraine. Do we blame Ukraine for defending itself and trying to reciprocate? No, we don’t. We don’t blame America because it finally woke up and said, “Whatever they tariff us we’re gonna tariff them.” 

Which brings up another question: Are our tariffs really tariffs?

That is, were they preemptive? Were they leveled against countries that had no tariffs against us? Were they punitive? No. They’re almost leveled on autopilot. Whatever a particular country tariffs us, we reciprocate and just mirror image them. And they go off anytime that country says, “It was a mistake. We’re sorry. You’re an ally. You’re a neutral. We’re not going to tariff this American product.” And we say, “Fine.” Then the autopilot ceases and the automatic tariff ends. In other words, it’s their choice, not ours. We’re just reacting to what they did, not what we did.

Couple of other questions that I’ve had. We haven’t run a trade surplus since 1975—50 years. So, it wasn’t suddenly we woke up and said, “It’s unfair. We want commercial justice.” No. We’ve been watching this happen. For 50 years it’s…

Tariff Turmoil Delays Nintendo Switch 2 Pre-Orders; Will This Derail Goldman’s Bull Call On Mario Kart-Maker

We suspect Goldman analysts Minami Munakata and Haruki Kubota will soon update clients on today’s report from The Verge. The report reveals that Nintendo is delaying preorders for the new Switch 2 due to the fallout from President Trump’s “Liberation Day” tariff blitz and China’s retaliatory measures, which are roiling global markets and trade. 

Nintendo spokesperson Eddie Garcia told The Verge:

Preorders for Nintendo Switch 2 in the U.S. will not start April 9, 2025 in order to assess the potential impact of tariffs and evolving market conditions. Nintendo will update timing at a later date. The launch date of June 5, 2025 is unchanged.

Nintendo plans to launch the Nintendo Switch 2 (the successor to the Nintendo Switch) on June 5. There’s still no word from Garcia about when preorders will begin. 

There’s still no word on Switch 2 pricing following the new effective tariff rate of 24% on Japanese goods, as The Verge noted.

The Switch 2 costs $449.99 and comes with several upgrades, including a larger 7.9-inch 1080p display, 256GB of storage, and a C-button for in-game chats. We don’t know yet whether the Switch 2 or its accessories will go up in price in response to the tariffs. The Switch 2 is already significantly more expensive than its $299 predecessor, while its games have a steeper $69.99 to $79.99 price.

Last month, Goldman analysts Minami Munakata and Haruki Kubota were super bulls on Nintendo, noting that “the global games market re-entered a growth phase since 2024” and forecasted “the number of active consoles to continue renewing fresh highs globally from 2025.”

Their bullishness in the gaming industry was mainly because Switch 2 would “unlock dormant hardware and dormant users” and send “the number of active consoles to continue to renew record highs.” 

However, with tariffs in play, the Switch 2 and its accessories will likely be priced higher. That raises a key question for the analysts—likely to be addressed in a client note this weekend:

Will the increased cost of the device prompt a revision to their active console forecast?

And, in turn, could a downward revision in the forecast trigger a 12mo price target cut for Nintendo shares in Tokyo?

. . . 

Tyler Durden
Sat, 04/05/2025 – 07:35…

Escobar: How Trump’s Tariff Tizzy Is Burning Down The House

Authored by Pepe Escobar,

Global Majority, rejoice! And step on the high-speed rail de-dollarization train.

Circus ringmaster Trump’s Tariff Tizzy (TTT), christened by himself as “Liberation Day”, is being largely interpreted around the world – Global North and Global South alike – as Slaughterhouse Day.

This de facto uncontrolled economic demolition gambit starts with the warped fantasy that launching a customs war on China is a bright idea. As bright as collecting a few trillion extra dollars in tariffs assuming the rest of the planet will be somewhat “encouraged” to sell to the Hegemon, while pretending that these tariffs will lead to the re-industrialization of the U.S.

The tragicomic mask of a self-appointed circus ringmaster of turbo-capitalism may be as pathetic as the European chihuahua rage boosting their “revenge” via Rearmament – with funds that they plan to steal from the savings accounts of unsuspecting citizens.

The indispensable Michael Hudson has configured the key problem. Allow me a little tweak: “Sanctions and threats are the only thing that the United States has left. It no longer can offer other countries a win-win situation, and Trump has said that America has to be the net gainer in any international deal it’s made, whether it’s a financial deal or a trade deal. And if America is saying, any deal we make, you lose, I win”, that Mafia extortion gambit does not exactly reflect the Art of the Deal.

Prof. Hudson neatly describes Trump’s negotiation tactics: “When you don’t have very much to offer economically, all you can do is offer not to hurt other countries, not to sanction them, not to do something that will be against their interest.” Now, with TTT, Trump is actually “offering” to hurt them all. And they will certainly invest in all sorts of counter-tactics to “get away” from that “strategy” of American “diplomacy”.

A trade war on Asia

TTT attacks everyone, especially the EU (“born to hurt us”, according to the circus ringmaster. Wrong, because the EU was invented by the Americans in 1957 to actually keep Europe under control). The EU exports roughly 503 billion euros to the U.S. a year, while importing around 347 billion. Trump is fuming non-stop about this surplus.

So a counter-measure vendetta will be inevitably in store, as already advertised by the toxic Medusa von der Lugen in Brussels – incidentally the sponsor of every weapons producer in Europe.

Yet TTT is above all a trade war on Asia. “Reciprocal” tariffs – not exactly reciprocal – were imposed on China (34%),Vietnam (46%), India (26%), Indonesia (32%), Cambodia (49%), Malaysia (24%), South Korea (25%), Thailand (36%), earthquake-hit Myanmar (44%), Taiwan (32%) and Japan (24%).

Well, even before TTT, a first has been achieved: the circus ringmaster generated a once-in-a-lifetime consensus among China, Japan and South Korea that their response will be coordinated.

Japan and South Korea will import semiconductor raw materials from China, while China will be purchasing chips from Japan and South Korea. Translation: TTT will solidify “supply chain cooperation” among this triad…

Democrats Activate NGO Machine For Weekend Color Revolution Operation Against Trump

The Democratic Party’s favorability among Americans has plunged to a record low. In an attempt to reverse this decline, the rudderless party of leftist lunatics has openly launched a domestic color revolution—facilitated by a shadowy network of billionaire-funded NGOs.

Initially, the operation targeted Elon Musk and DOGE; now, the leftist NGO machine is gaining momentum and redirecting total mobilization efforts at President Trump on Saturday in nationwide protests called “Hands Off!”… 

Protest Map 

Hands Off 2025’s website shows that 186 NGOs, unions, and other leftist groups support the mass mobilization effort of crazed leftists.

Color revolutions have generally been used in overseas operations by US intelligence agencies for regime change purposes. The American people have seen domestic color revolutions before, such as the BLM riots, which were aimed at manipulating public sentiment, shaping perception, and controlling the emotional atmosphere during Trump’s first term. 

Now, the unhinged Democratic Party is at it again, trying to build on Tesla protests and firebombings of showrooms and vehicles by using mass protests and civil disobedience to shape sentiment around Trump in his second term. 

The only problem Democrats face this time is that a taxpayer-funded color revolution—channeled through USAID into their NGO network—will be much harder to pull off now that grant awards have been frozen and USAID has been rolled into the State Department, with Secretary of State Marco Rubio providing oversight.

Summer of Love begins… 

Tyler Durden
Fri, 04/04/2025 – 18:00…

Russia Warns Against US Strikes On Iran Nuclear Sites: ‘Catastrophic & Illegal’

Via The Cradle

The Russian Foreign Ministry warned on Thursday that US threats of attack against Iran are “unacceptable” and could result in a “catastrophe”.

“The use of military force by Iran’s opponents in the context of the settlement is illegal and unacceptable. Threats from outside to bomb Iran’s nuclear infrastructure facilities will inevitably lead to an irreversible global catastrophe. These threats are simply unacceptable,” Foreign Ministry spokeswoman Maria Zakharova said. 

Russian Deputy Foreign Minister Sergei Ryabkov also told Life magazine that the “consequences of this, especially if there are strikes on the nuclear infrastructure, could be catastrophic for the entire region.”
Kremlin Pool via AP

Russia and the US have recently held talks on ending the war in Ukraine. Ryabkov said these talks have not resulted in a breakthrough. 

Regarding tension between Tehran and Washington, Ryabkov said Russia “condemns US threats.” The Russian Foreign Ministry comes after US President Donald Trump renewed his threat to attack Iranian nuclear facilities. 

“If they don’t make a deal, there will be bombing. But there’s a chance that if they don’t make a deal, that I will do secondary tariffs on them like I did four years ago,” the president said on Sunday. Iran issued a formal complaint to the UN Security Council and said it would respond to any threat.

Trump had sent a letter to Iranian leadership in early March, threatening an attack if Tehran did not come to the negotiating table. Iranian officials said they would not negotiate under threats and economic sanctions, which Trump has imposed with full force as part of his “maximum pressure” policy. 

This week, Iran’s Foreign Minister Abbas Araghchi said Tehran has officially responded to Trump’s letter signaling a willingness for indirect talks, which the US is reportedly considering. 

However, Washington is simultaneously beefing up its forces in the region in preparation for a potential attack. This follows several reports over the past two months that Israel is planning to strike at the Iranian nuclear program. 

Iran’s Deputy Foreign Minister Majid Takht Ravachi held talks on the nuclear issue with Ryabkov on Wednesday. 

“The sides stressed the illegality and inadmissibility of the use of military force by Iran’s opponents to resolve disagreements and the unacceptability of threats from the outside to bomb Iran’s nuclear energy infrastructure, as this will inevitably lead to large-scale and irreversible radiological and humanitarian consequences for the entire Middle East region and the world as a whole,” the Russian Foreign Ministry said. 

Satellite imagery from earlier today by @IndoPacWatch shows 6 B-2 “Spirit” Long-Range Strategic Stealth Bombers with the 509th Bomb Wing, on the tarmac at Naval Support Facility Diego Garcia in the Indian Ocean, a little more than 2,000 miles away from Iran. pic.twitter.com/divXs4o9kb
— OSINTdefender (@sentdefender) April 1, 2025
China, Russia, and Iran released a joint statement on March 14 demanding an end to “unlawful” US sanctions against the Islamic Republic after meetings in Beijing between the three countries. 

Tehran insists that its nuclear program is entirely peaceful, in line with a religious fatwa against weapons of mass destruction, as well as the…

Iran Lacks The Leverage For A Fair Deal With The US

Authored by Andrew Korybko via Substack,

It’ll therefore either have to accept a lopsided one or prepare for a major war that it might lose.

Iranian-US tensions are boiling after Trump threatened to bomb Iran following its rejection of direct talks over a new nuclear deal. He also ordered the Pentagon to move six B-2 stealth bombers, which CNN assessed to be a full 30% of the US’ stealth bomber fleet, to the Indian Ocean island of Diego Garcia. The Iranian Supreme Leader responded by promising strong retaliation if the US attacks while one of his chief advisors warned that their country would then have “no choice” but to build nukes if that happens.

Although the US Intelligence Community’s latest Annual Threat Assessment claimed that “Iran is not building a nuclear weapon”, there have been long-standing concerns that it could quickly do so if the decision is made due to its nuclear program allegedly have a rapid breakout potential. This makes it no different in principle than Japan’s, which could begin churning out nukes in a matter of months, but neither the US nor its regional allies consider Japan to be a threat, unlike how they view Iran.

The US’ renewed bombing campaign against Iran’s Houthi allies in Yemen might have been partially intended to send a message to the Islamic Republic aimed at getting it to enter direct talks over this issue by signaling that Trump 2.0 does indeed have the political will to initiate military action if it refuses. Despite Iran’s recent rejection of his demand, Trump might still hold off on this for now due to the likelihood that Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies.

Furthermore, diplomacy hasn’t yet been exhausted since Iran didn’t reject indirect talks of the kind that Russia offered to mediate after reportedly being asked by the US to do so, which was discussed here. Therefore, it would be premature for the US to seriously consider bombing Iran at this time, yet that option isn’t off the table if indirect talks fail to reach a deal. Iran lacks the leverage for a fair deal with the US, however, so it’ll either have to accept a lopsided one or prepare for a major war that it might lose.

Iran is a proud civilization-state that’s loath to subordinate itself to anyone, hence the difficulty in getting it to agree to drastic curbs on its nuclear energy program that would enshrine its status as a second-class country in this regard, all while abandoning any chance of nuclear weapons in the future. From Iran’s perspective, this could embolden Israel into one day launching a large-scale conventional or even nuclear war against it, which Iran believes has only hitherto been deterred by dangling this Damocles’ sword.

That said, while Iran could inflict unacceptable retaliatory damage to the US’ regional bases and allies (first of all Israel) if it’s attacked over its refusal to agree to a Russian-mediated lopsided deal, it cannot inflict such damage to the US’ nuclear triad and would thus likely…

Will Hoarders Spark Run On Imported Goods? These Are The Most-Exposed US Retailers

Ahead of President Trump’s “Liberation Day” tariff rollout on Wednesday afternoon—particularly the 25% tariff on vehicles and auto parts imported into the U.S.—reports surfaced last week of consumers rushing to dealerships to purchase vehicles already on the lot, as those would be exempt from the new levies. We suspect that if consumers are willing to flock to auto dealerships, they’re probably just as willing to stock up on their favorite Chinese-made products before the next round of tariffs takes effect this weekend and next Wednesday.  

Tariffs on Chinese goods are set to increase by 34% next Wednesday, on top of the existing 20%, bringing the effective rate to 54%. This will significantly impact companies heavily reliant on Chinese manufacturing (and other Asian countries), forcing them to absorb the cost or pass it on to consumers—setting the stage for sticker shock.

Goldman analysts Brooke Roach, Kate McShane, and others earlier today provided clients with a breakdown of Trump’s reciprocal tariffs: 

On April 2nd, President Trump announced reciprocal tariffs. This includes a 10% tariff increase on all countries (excluding Mexico and Canada) and a higher rate of increase on select countries with trade deficits, set to take effect on April 5th and April 9th, respectively.

We believe the most material impact to our retail coverage from the announcement is the increase in tariffs on key sourcing partners for retail such as Vietnam, Indonesia, Bangladesh, and Cambodia.

China: Tariffs on China move to 54% (a 34% increase vs. the 20% tariff already in effect).

Tariffs broadened to key sourcing partners: Tariffs on other key sourcing partners for U.S. retail are set to be implemented, including Vietnam (46%), Indonesia (32%), Bangladesh (37%), Italy (20%), India (27%), and Cambodia (49%). Imports from the European Union will also be subject to a 20% tariff.

Canada and Mexico: The announcement maintains tariffs on Canada and Mexico. Exemptions under USMCA will remain, which exempt compliant products from the 25% tariff rate on both countries. Should current orders be terminated, USMCA compliant products would receive preferential treatment while non-USMCA compliant goods would be tariffed at a 12% rate.

Material increase to softlines tariff rate overall: On our calculations, the announcement implies a ~38% weighted average tariff rate for total apparel and footwear imports to the U.S.

Given the tariff breakdown and timeline, Roach and McShane provided clients with a “China Tariff-O-Meter,” highlighting companies in their retail coverage whose supply chains are heavily exposed to China, Vietnam, Indonesia, Bangladesh, and Cambodia.

From their Softlines coverage, companies such as Warby Parker, Torrid Holdings, Groupe Dynamite, Nike, Yeti Coolers, and SharkNinja have high exposure to China and other Asian countries targeted by Trump’s upcoming round of tariffs. In other words, the products from these companies entering U.S. ports in the coming days will be subjected to sizeable tariffs.

In their Hardline coverage, companies such as Floor & Decor, Lowe’s, RH, Williams-Sonoma, Target, Dick’s Sporting Goods, Dollar Tree, and Five Below have elevated or high supply chain exposure to China or other Asian countries. 

Take note of the Softline and Hardline retailers…