Dear Reader,
Invitation for Diary Readers
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Today I want to talk about the Trump administration’s (really, Treasury Secretary Scott Bessent’s) deal with China to lower tariffs.
Obviously, the market was ecstatic yesterday.
And in terms of economic policy, Scott Bessent’s the only person I really trust in this administration.
Better than Navarro and Lutnick, that’s for sure.
In my view, this is just a pause, but we lowered the baseline tariffs back to 10%.
Plus the 20% fentanyl-related tariff remains in place, so, bottom line: Chinese goods to the U.S. face a 30% tariff rate in total.
Down from 145%. And that is good.
Obviously, we saw that with how the markets reacted yesterday.
As investors, we’re excited.
I have a lot of friends very critical of this whole thing.
They say, “we’re right back where we started…
What was the point of all that?
We raised tariffs, investors lost $5 trillion. Now, here we are back to blah, blah, blah.”
I say, let us be patient.
We don’t know exactly what the ultimate deal looks like. We won’t know till it’s all hammered out.
But, positively, the Treasury Secretary is going to be meeting China again “in a few weeks.”
So we will see what happens there.
I will tell you something…
It seems if you would’ve listened to Navarro and Lutnick right after these April 2nd Liberation Day tariffs were announced, you would’ve thought to yourself, “we are going back to the ‘50s…
“We’ll be bringing manufacturing back to America.”
These guys were on TV every day basically saying this…
But the problem with “bringing manufacturing back to America,” is that even China is losing manufacturing jobs. Because everything’s getting automated with robots.
So it’s really not that simple.
I know we’ve lost 90,000 factories in America over the past 60 years to globalization…
And I hate to be the one to say it, but those days are gone.
Because all of this stuff is now being automated with AI and robots.
It’s a different world we live in.
That said, I’m happy to see that we seem to have more moderate, common sense policies here.
Now, you guys know more than anybody, I view China as our primary threat as a nation state.
It’s a national security threat. So I’m a big believer in strategic decoupling.
Not total decoupling – I think that’s stupid – but strategic decoupling – decoupling the mission-critical industries like pharmaceuticals as we found out during Covid.
Come on – how do you not make sure you get the most critical drugs to the United States for U.S. citizens from China?
That just seems insane to me.
And obviously tech, I don’t think we should be sending China certain chips, certain AI, etc.
If, God forbid, it comes down to it, we don’t want to fight against our own technology.
One of the positives, though, is it looks like we will start getting rare earth minerals back.
China has a chokepoint on those and had blocked all exports to us.
It’s like we both had a gun to each other’s head – almost mutually assured destruction from a trading point of view.
We know that it was hitting their jobs very hard.
And our military, automotive, and several of our industries depend on these critical minerals.
We don’t know which side blinked.
It doesn’t even matter.
What we want is a common sense deal.
And, of course, to stop them setting up dummy corporations in third party countries like Mexico or Canada to get around tariffs.
They set up companies in these countries or in Vietnam, etc. and get around the tariffs by shipping to us directly.
Look, I’m very happy that the Treasury Secretary now seems to be the primary voice on trade negotiations.
He understands a couple of very important things I’m not sure Peter Navarro or Howard Lutnick understand.
And Lutnick seems a little too eager to please, which I think for the Commerce Secretary actually shrinks the position and the person.
So, everybody should breathe a sigh of relief.
We’re not out of the woods yet, but this is obviously a positive step in the right direction and hopefully we can start to change the tariff narrative back to an AI narrative.
Because there are some amazing things happening!
There’s a serious AI takeover opportunity I want to talk to you about and the time has come to really dig in here.
So, we’ve planned our next live webinar for this Thursday, May 15th at 1:00pm eastern.
I hope you can make it, because takeover offers are already rolling in for the $3 stock that is our #1 AI Takeover Target for 2025.
Click here to reserve your spot.
“The Buck Stops Here,”
P.S. Yes, we will try to release a replay but TRY to make it live, because we have a super rich bonus just for LIVE attendees.
The only way we can guarantee you’ll get our private link to join is if you pre-register.
