This is John Batchner, a conversation with colleague Alan Tonneson on trade and manufacturing.

The predictions as early as April 2nd, hours after President Trump had made his announcement of Liberation Day, were for gloom and doom in 2025.

Inflation, spiking, jobs, crashing, prices out of reach by the American consumer,

China confrontational and protectionist, worse. And it didn't happen in the way it was said,

has not happened yet. The bond market has not crashed. The stock market,

Alan Donaldson, speaks to, especially NVIDIA. All of these are inconsistent with the remarks

by the heaviest of observers, the most revered economists, the ones that the street depends upon, and what caused this reversal of

fortune, something called the retail investor. Here's Alan Tonelson on what didn't happen since

April 2nd and Liberation Day. Maybe yet, but not yet.

Here's how.

And in fact, when you were talking about technology firms in particular and those widespread

predictions that they were going to get hammered by Trump's tariffs, look at what's

going on with not only NVIDIA, but the rest of that

so-called Magnificent Seven, from their recent bottom right after Trump's liberation tariffs

were announced on April 2nd, until this morning they've come all the way back.

And NVIDIA's profits in particular, and they're really important because the company has been hit by new U.S. export controls.

Invidius profits are just booming despite the fact that they're going to lose a great deal of their China market.