10% was not honest
par for the course
Megacap tech stocks were under heavy selling pressure in extended trading, with Apple stock down more than 6% and Nvidia (NVDA), Meta (META), Amazon (AMZN), and Tesla (TSLA) shares each sliding more than 4%.
Ryan added his team had expected the effective tariff rate to land in a range of 15%-20%. Wednesday’s announcement suggests the overall effective tariff rate on all US imports will sit in a range closer to 25%-30%.
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…so, they quote Cato, which is anti-government intervention, and, I would presume pro-free trade. “Free-trade” as in Milton Friedman’s “buy everything from where it is cheapest”, that has produced the offshoring of production, that hollowed out the blue collar middle class, and created the growing trade deficit.
iirc, Friedman took a pretty cavalier position regarding the US’ trading partners holding an ever growing pile of dollars from their surpluses with the US.
Steve