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This is a personal finance show on money, how it works, how to invest it, and how to live without

worrying about it. I'm your host, David Stein. Today is episode 515. It's titled

Tariffs and the Mar-A-Lago Accord, What Trump

Really Wants. It's been a rough year for U.S. stocks. They're down about 5% year-to-date,

while global stocks, ex-U.S. have gained almost 9%. Non-U.S. stocks have outperformed the U.S. market by

14 percentage points year-to-date. Now, back in early February, when I was writing the monthly

investment strategy report, we do for Plus members and Asset Camp subscribers. I mentioned there was a lot of complacency

in the markets. The VIX Volatility Index, which is measure of fear. This is the implied

volatility priced into U.S. S&P 500 stock options. In early February, it was at 15.5. Today, it's up to 28.7. The incremental yield or

spread that investors demand on junk bonds, non-investment-grade bonds in the U.S., in early February

was 2.6 percent, near its all-time low. Now, it's a half a percent higher, spread of 3.1 percent.

This morning, President Trump announced online that he would increase the planned 25 percent

tariff rate on steel and aluminum coming from Canada to 50 percent. Trump said that was in retaliation to the export tax that Canada placed

on electricity flowing into the U.S. There is more concern regarding a potential U.S. recession.

On Fox News on Sunday, President Trump was interviewed and they asked him whether there was a risk of a

recession this year. And he replied, I hate to predict things like that. There is a period of transition

because what we're doing is very big. In his State of the Union address, he said that there would be

an adjustment period. Now, some of the major

...