WASHINGTON (AP) - U.S. economy shrinks by 0.3% in first quarter of 2025, first drop in three years as Trump trade wars disrupt businesses.

Trump is vowing an additional 50% tariff on Chinese goods, effective Wednesday, if Beijing follows through with its announced retaliation.

That would bring the total tariff rate applied to Chinese goods to **104%** so far this term, a White House official confirms to me.

“… Friday 4/4 broke the record for the most shares ever traded on a single day in the history of the U.S. stock market ..”

- Goldman desk/Callahan

It’s. 👏🏼
Not. 👏🏼
Just. 👏🏼
About. 👏🏼
The tariffs. 👏🏼

(via Apollo’s slide deck this am)

84% of the S&P is more than 10% off the 52-week high...61% (309 cos.) more than 20% from their 52-week high via @cnbc.com

Oh, this is gonna make the rounds. 🤡

#PenguinTariff 🐧