I think I get Trumps logic. While he talks about the stock market that's not the thing. Tariffs are 100% bad for earnings. How bad depends on who pays the tariffs, consumers, US supply chain or exporter supply chain. BUT no one wins. However tariffs are really really good for bonds and no tariffs are really bad. Stocks are partly bonds. The impact on multiples which is dependent on yields somewhat is far greater than the earnings impact. I think that's the logic such that it is.