China is now hitting back, retaliating against the Trump tariffs, announcing this morning

it is now slapping a reciprocal 34% tariff on all U.S. goods.

With stock futures, I mean, this is not looking good.

The next piece of data that investors and beyond are also going to be looking at this morning

is the March jobs report.

It comes out next hour.

To date, the labor data has painted a picture of a jobs market that's cooling, but not contracting.

Is that all about to change? Absolutely. I mean, we're looking at absolutely brutal reaction from the

markets yesterday, and it could easily get a lot worse today because we are starting to see the beginning

of the retaliation and there's no polite way of putting it. We are sliding into a major

trade war and the last time we saw anything like this was almost a hundred years ago back

in the 1930s when we had a wave of protectionism and populism and patriotism,

a nice word for nationalism, that ended very badly.

So frankly, looking back to the future right now is a very good guide to what's happening.

I want to read to you something that Steve Bannon told the Wall Street Journal,

that he said when it comes to negotiating with other countries,

every day will be like Christmas.

At the end of the day, what really excites him is talking about a deal with Canada,

having Whitkoff update him on Russia.

And then whatever small wins he gets, they're going to act like it's a big, giant win,

and run a victory lap.

That's all great for the show.

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