Jack and Nick

If President Trump dropped a tariff bomb on the trade war last week, then the world responded by tariff bombing right back. Investors hoped for de-escalation, negotiation, maybe some kind of a trade war truce last week, but instead they got the opposite. Jack, let's go across the map. China retaliated tit for tat on Friday with a new tariff on Made in America goods.

If President Trump dropped a tariff bomb on the trade war last week, then the world responded by tariff bombing right back. Investors hoped for de-escalation, negotiation, maybe some kind of a trade war truce last week, but instead they got the opposite. Jack, let's go across the map. China retaliated tit for tat on Friday with a new tariff on Made in America goods.

If President Trump dropped a tariff bomb on the trade war last week, then the world responded by tariff bombing right back. Investors hoped for de-escalation, negotiation, maybe some kind of a trade war truce last week, but instead they got the opposite. Jack, let's go across the map. China retaliated tit for tat on Friday with a new tariff on Made in America goods.

France's president urged French companies not to invest in the United States, to not give Trump what he wants. New Orangina factory in Ohio? Not possible. The European Union is now discussing the first ever digital tariff, basically a tax on any American tech services Europeans use. You want to use Google Cloud over in Belgium? Well, you're going to have to pay 20% more for the honor to do so.

France's president urged French companies not to invest in the United States, to not give Trump what he wants. New Orangina factory in Ohio? Not possible. The European Union is now discussing the first ever digital tariff, basically a tax on any American tech services Europeans use. You want to use Google Cloud over in Belgium? Well, you're going to have to pay 20% more for the honor to do so.

France's president urged French companies not to invest in the United States, to not give Trump what he wants. New Orangina factory in Ohio? Not possible. The European Union is now discussing the first ever digital tariff, basically a tax on any American tech services Europeans use. You want to use Google Cloud over in Belgium? Well, you're going to have to pay 20% more for the honor to do so.

And finally, Canada's outspoken new prime minister said, the 80-year period of the United States being the economic leader of the world is over. Now, besties, it is possible that all-out trade war could have been averted over the weekend if the foreign leaders had caved. But they didn't. They stood up to Trump's aggression instead and tariff-bombed him right back.

And finally, Canada's outspoken new prime minister said, the 80-year period of the United States being the economic leader of the world is over. Now, besties, it is possible that all-out trade war could have been averted over the weekend if the foreign leaders had caved. But they didn't. They stood up to Trump's aggression instead and tariff-bombed him right back.

And finally, Canada's outspoken new prime minister said, the 80-year period of the United States being the economic leader of the world is over. Now, besties, it is possible that all-out trade war could have been averted over the weekend if the foreign leaders had caved. But they didn't. They stood up to Trump's aggression instead and tariff-bombed him right back.

In fact, now JPMorgan Chase thinks the chances of a global recession are up to 60% likely. A pan session. Now, yeah, these are the last two pan sessions we've experienced were caused by, first, a financial crisis. That was in 2008. And then a health crisis. In 2020. But this one, this pan session, this would have been caused by a political crisis. Now, JPMorgan did hedge-

In fact, now JPMorgan Chase thinks the chances of a global recession are up to 60% likely. A pan session. Now, yeah, these are the last two pan sessions we've experienced were caused by, first, a financial crisis. That was in 2008. And then a health crisis. In 2020. But this one, this pan session, this would have been caused by a political crisis. Now, JPMorgan did hedge-

In fact, now JPMorgan Chase thinks the chances of a global recession are up to 60% likely. A pan session. Now, yeah, these are the last two pan sessions we've experienced were caused by, first, a financial crisis. That was in 2008. And then a health crisis. In 2020. But this one, this pan session, this would have been caused by a political crisis. Now, JPMorgan did hedge-

that the global recession would only come if Trump's trade policies are sustained. So Jack, technically, all of this could be resolved by a single press conference that Trump could hold in the Rose Garden, canceling all the tariffs. But in the meantime, your buddy at brunch may be going recession brunette. Check that hair color over there, Yetis.

that the global recession would only come if Trump's trade policies are sustained. So Jack, technically, all of this could be resolved by a single press conference that Trump could hold in the Rose Garden, canceling all the tariffs. But in the meantime, your buddy at brunch may be going recession brunette. Check that hair color over there, Yetis.

that the global recession would only come if Trump's trade policies are sustained. So Jack, technically, all of this could be resolved by a single press conference that Trump could hold in the Rose Garden, canceling all the tariffs. But in the meantime, your buddy at brunch may be going recession brunette. Check that hair color over there, Yetis.

So Jack, what's the takeaway for our buddies who are everyone in America? The American stock market depends on Berlin, Bangkok, and Buenos Aires. We'll explain. Yetis, here's a hero stat that might shock you. For the 500 companies in the S&P 500, 40% of their revenues come from abroad.

So Jack, what's the takeaway for our buddies who are everyone in America? The American stock market depends on Berlin, Bangkok, and Buenos Aires. We'll explain. Yetis, here's a hero stat that might shock you. For the 500 companies in the S&P 500, 40% of their revenues come from abroad.

So Jack, what's the takeaway for our buddies who are everyone in America? The American stock market depends on Berlin, Bangkok, and Buenos Aires. We'll explain. Yetis, here's a hero stat that might shock you. For the 500 companies in the S&P 500, 40% of their revenues come from abroad.

The S&P 500 is the stock market index of the 500 biggest public companies in America, and 40% of their sales happen in countries that aren't America. That's a lot of sales. And all these sales are now at risk in two major ways. Jack, what's the first one? First, countries are tariffing products that are made in the United States.

The S&P 500 is the stock market index of the 500 biggest public companies in America, and 40% of their sales happen in countries that aren't America. That's a lot of sales. And all these sales are now at risk in two major ways. Jack, what's the first one? First, countries are tariffing products that are made in the United States.