While I expect the tariff strong arm to be walked back to some degree, predicting anything right now is a fool’s errand. Which means Memorial Day could be 2025’s Black Friday.

Or, as Apollo’s Chief Economist says:

> tariffs have been implemented in a way that has not been effective, and there is now a 90% chance of what can be called a Voluntary Trade Reset Recession (“VTRR”)
> > The bottom line: If the current level of tariffs continues, a sharp slowdown in the US economy is coming.

🎢