We made our position clear on excessive tariffs back on January 24, 2018. They are market poison.
Yesterday afternoon markets were up nicely. New Fed Chair Powell had successfully calmed fears that the Fed would ratchet up interest rates more quickly than expected.
But then the White House announced that they will put a 25% tariff on steel imports and a 10% tariff on aluminum imports next week and the race to dump stocks was on.
We joined in by moving out of everything but HDV.
Perhaps cooler heads will prevail but, if tariffs are going to be used in such a heavy-handed manner, we will find safety for now in cash.
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