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  • Apollo Global Management Chief Economist Torsten Slok on Sunday released a report outlining the timeline for Trump’s tariffs to result in empty shelves, layoffs in the trucking and retail sector and a recession this summer.
  • Trump announced his “liberation day” tariffs on April 2 and it takes about 20-40 days for container ships to sail to the U.S. from China, according to Apollo. Slok estimates that container ships coming to U.S. ports could come to a stop by mid May.
  • It then takes about 1-10 days of transit time for trucking/rail to bring goods from the ports to cities. Apollo Global Management predicts that my late May domestic freight demand will “come to a halt” and that there will be “empty shelves” with companies responding “to lower sales.”
  • By early June, Slok forecasts there will be layoffs in the the domestic freight and retail industries with a recession hitting the U.S. this summer.

Source: ibd.com

White House says Trump would veto effort to eliminate ‘Liberation Day’ tariffs

 

  • The Trump administration issued a formal veto threat Monday morning regarding a bipartisan resolution that would terminate the president’s emergency powers underpinning his sweeping global tariffs.
  • The Senate is set to vote as early as this week on a resolution to rescind Trump’s national emergency declaration justifying the imposition of broad tariffs on imported goods. The White House Office of Management and Budget (OMB) said the president would veto the resolution in the event the resolution makes it to his desk, according to a statement of administration policy exclusively obtained by the Daily Caller News Foundation.
  • “There can be no doubt that S.J. Res. 49 — if passed — would undermine U.S. national and economic security,” the White House Office of Management and Budget (OMB) wrote. “If S.J. Res. 49 were presented to the President, he would veto it.”
  • Democratic Oregon Sen. Ron Wyden and Republican Kentucky Sen. Rand Paul are co-leading the effort to eliminate the foundation of Trump’s tariff authority. Congress has the power to force a vote on terminating the president’s emergency powers, which is subject to a simple majority vote in both chambers.

Source: wnd.com

  • “What I do know is that Americans are behaving very differently from what the surveys say,” he added. “So the surveys may say that, but consumers are still spending. So I prefer to look at what Americans are doing rather than how they’re answering pollsters.”
  • The poll shows that only 39% of the adults in the country approve of how Trump is handling his job, with 55% who disapprove, including 44% who strongly disapprove.
  • Bessent, meanwhile, said that he has his doubts about the poll numbers that are coming out. “When I look at the sum of the things that are being published, there was a story 10 days ago that said this is the worst April for the stock market since the Great Depression.”
  • But just 10 days later, the Nasdaq is up, said Bessent, but “I haven’t seen a story that says, Oh, the stock market has the biggest bounce back ever.”

Source: newsmax.com

  2001. This comes as gold prices have risen 66% over the last 2 years to over $3,300/oz. Meanwhile, the median sale price of a new home came at $403,600 in March. Gold has helped investors preserve purchasing power.

  rallied 26.5% while the S&P 500 has declined 6.1% so far this year. Gold is now on track for its second consecutive year of S&P 500 outperformance. Since the October 2022 low, gold prices have returned 102%, nearly DOUBLING S&P 500’s gain of 54%. Keep watching gold.