Saturday, April 5, 2025
'Ackman: Based on the Early Read, Trump's Strategy Appears To Be Working'
makes a compelling case for the tariff strategy, but gets one issue incorrect. He describes the Trump tariffs as reciprocal and proportional to those other nations have assessed on us.
In actuality, the Trump tariffs were set at levels substantially above, and in many cases, at a multiple of the counterparty country’s tariff levels.
Initially, the market responded favorably, up more than one percent when Trump referred to ‘reciprocal tariffs’ in his Rose Garden speech. It was only when he put up a chart showing the actual tariffs that the markets plunged.
We can divine from this response that market participants are supportive of the administration using tariffs as a tool to lower the asymmetrical tariffs of our trading partners, but are highly concerned with tariff levels set well in excess of a corresponding country’s levels.
So why did Trump take this approach?
The answer goes back to ‘The Art of the Deal.’ Trump’s negotiating style is to ask for the moon and then settle somewhere in between. It has worked well for him in the past so he is using the same approach here.
The market’s response is due to the fear that if this strategy fails and the tariffs stay in place, they will plunge our economy into a recession. And we don’t need to wait for failure as it doesn’t take long for a high degree of uncertainty to cause economic activity to slow.
Press reports today have said that all deals are now on hold. This is not surprising. Capitalism is a confidence game. Uncertainty is the enemy of business confidence.
The good news is that a number of countries have already approached the negotiating table to make tariff deals, which suggests that Trump’s strategy is beginning to work. Whether this is enough to settle markets next week is unknowable, but we will find out soon.
The idea that Wall Street and investors are opposed to the President’s efforts to bring back our industrial base by leveling the tariff playing field is false. Our trading partners have taken advantage of us for decades after tariffs were no longer needed to help them rebuild their economies after WWII.
The market is simply responding to Trump’s shock and awe negotiating strategy and factoring in some probability that it will fail or otherwise lead to an extended period of uncertainty that will sink us into a recession.
The market decline has been compounded by losses incurred at so-called pod shops and other highly levered market participants that have been forced to liquidate positions as markets have declined.
Stocks of even the best companies are now trading at the cheapest valuations we have seen since Covid. If the President makes continued progress on tariff deals, uncertainty will be reduced, and the market will begin to recover.
As more countries come to the table, those that have held out or have reciprocated with higher tariffs will have growing concerns about being left behind. This should cause more countries to negotiate deals until we reach a tipping point where it is clear that the strategy will succeed. When this occurs, stocks will soar.
Trump’s strategy is not without risk, but I wouldn’t bet against him. The more that markets support the President and his strategy, the higher the probability that he succeeds, so a stable hand on the trading wheel is a patriotic one.
An important characteristic of a great leader is a willingness to change course when the facts change or when the initial strategy is not working. We have seen Trump do this before. Two days in, however, it is much too early to form a view about his tariff strategy.
Trump cares enormously about our economy and the stock market as a measure of his performance. If the current strategy works, he will continue to execute on it. If it needs to be tweaked or changed, I expect he will make the necessary changes. Based on the early read, his strategy appears to be working.
Let’s help him succeed. It’s the least we can do.
US revokes all South Sudan passport holder visas over failure to accept repatriations
The Trump administration is revoking all visas held by South Sudanese passport holders over the African nation’s failure to accept repatriated citizens.
Secretary of State Marco Rubio made the announcement Saturday, calling the action part of the administration’s efforts to ramp up immigration enforcement.
“Effective immediately, the United States Department of State is taking actions to revoke all visas held by South Sudanese passport holders and prevent further issuance to prevent entry into the United States by South Sudanese passport holders,” Rubio said in a press statement.
“Every country must accept the return of its citizens in a timely manner when another country, including the United States, seeks to remove them,” the statement read.
Rubio added that the new stringent policy will only be reviewed when South Sudan is in cooperation with the Trump administration’s policy.
In a post on X, Rubio further added, “Our efforts to engage diplomatically with the South Sudanese Government have been rebuffed.”
“Effective immediately, all visa appointments are cancelled, no new visas will be issued, no existing visas will be effective, and hence NO ONE from South Sudan will be entering the United States on a visa until this matter is resolved,” Rubio concluded in the post.
South Sudan currently operates under a transitional government that is seeking to avoid an all-out civil war in the Central African nation. It was not clear how many South Sudanese citizens in the US this would affect.
Mediators met in capital city Juba earlier this week to avert the possible civil conflagration that was reignited after FIrst Vice President Riek Machar was placed under house arrest.
Machar was detained after weeks of fighting which broke out on Mar. 3, between the military and the White Army militia, which occupies a part of the country known as the Upper Nile.
Chemical industry asks for blanket exemptions to Biden-era regulations
Two leading chemical industry groups have asked the Trump administration for blanket exemptions to certain Biden-era regulations for all polluters.
The American Chemistry Council and the American Fuel & Petrochemical Manufacturers requested that the Environmental Protection Agency (EPA) exempt all polluters from Biden-era rules that limit their emissions of toxic chemicals.
Just because the trade and lobbying groups are requesting these exemptions, it does not necessarily mean President Trump will grant them.
However, their letter comes after the EPA administrator already indicated that he plans to overhaul a large slate of Biden-era regulations, including those in the chemical groups’ request.
It also comes after the EPA set up an email address that created a simple portal for polluters to request presidential exemptions under the Clean Air Act late last month.
In the Friday letter, which was first reported by Politico Pro, the groups say their industry needs an exemption because without one, they will have to act as if the Biden rules are in place — even as the Trump administration is poised to curtail them.
“Absent a Presidential exemption, sources will be required to make irrevocable investment decisions now and into the coming months to minimize the amount of time facilities may need to be taken offline,” they wrote. “If implemented as written and in accordance with the current compliance schedule, domestic manufacturing production will be negatively impacted, threatening critical supply chains of chemicals that are vital to our nation’s security.”
Environmental groups criticized the EPA’s creation of the email address and the groups’ request.
“Administrator Zeldin has opened a back door for companies to avoid complying with reasonable limits on the most toxic forms of air pollution, and they’re rushing through it with no regard for the communities around them,” said Vickie Patton, general counsel of the Environmental Defense Fund.
“This is a huge blow to American families who now must worry about their loved ones breathing dirtier air, their kids missing more school days because of asthma attacks and suffering a lifetime of illness, and more cancer in their families,” she said.
Sabbath gasbags, Sunday April 6
NewsNation “The Hill Sunday:” Sen. Ron Johnson (R-Wisc.), Rep. David Valadao (R-Calif.)
ABC’s “This Week:” Kevin Hassett, director of the White House National Economic Council; Sen. Cory Booker (D-N.J.); former Treasury Secretary Larry Summers
CNN’s “State of the Union:” Agriculture Secretary Brooke Rollins; Gov. Tim Walz (D-Minn.); Reps. Nicole Malliotakis (R-N.Y.,) and Hillary Scholten (D-Mich.)
CBS’ “Face the Nation:” Commerce Secretary Howard Lutnick; Sens. John Barrasso, (R-Wyo.), and Maria Cantwell, (D-Wash.); NATO Secretary General Mark Rutte; Rep. Don Bacon (R-Neb.)
NBC’s “Meet the Press:” Treasury Secretary Scott Bessent; Sens. Adam Schiff (D-Calif.), and James Lankford (R-Okla.)
Fox News’s “Fox News Sunday:” Attorney General Pam Bondi; Sens. Markwayne Mullin, R-Okla., and Chris Coons, D-Del.
Fox News “Sunday Morning Futures:” Peter Navarro, White House Senior Counselor For Trade And Manufacturing, Sen. Tommy Tuberville (R-Al.), and Reps. Anna Paulina Luna (R-Fla.) and August Pfluger (R-Texas)
Nissan (NSANY) Mulls Shifting Rogue SUV Production to U.S. Amid New Tariffs
Nissan Motor Co. Ltd. (NSANY) is strategically evaluating a significant manufacturing shift in response to the recent tariffs implemented by President Trump. The automotive giant is contemplating the relocation of its Rogue SUV production from its current Fukuoka, Japan, facility—which produces approximately 120,000 units annually—to Tennessee. This move aims to cushion the financial impact posed by the tariffs.
SARS-CoV-2 spike protein in cerebral Arteries: Implications for hemorrhagic stroke Post-mRNA vaccination
Nakao Ota a, Masahiko Itani b c, Tomohiro Aoki b, Aki Sakurai d, Takashi Fujisawa e, Yasuaki Okada a, Kosumo Noda a, Yoshiki Arakawa c, Sadahisa Tokuda a, Rokuya Tanikawa a
Spike protein expression was detected in 43.8% of vaccinated patients.
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SARS-CoV-2 spike protein persists in cerebral arteries up to 17 months post-vaccination.
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Spike protein was expressed in the intima of the cerebral arteries.
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In situ hybridization confirmed vaccine- and virus-derived spike protein mRNA.
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Findings highlight concerns about mRNA vaccine biodistribution and long-term safety.
Abstract
Background
The rapid deployment of mRNA vaccines for SARS-CoV-2, such as BNT162b2 (BioNTech-Pfizer) and mRNA-1273 (Moderna), provided a critical tool in combating the COVID-19 pandemic. While their short-term safety and efficacy were demonstrated in clinical trials, rare adverse events, including hemorrhagic strokes, have been reported after widespread use. However, the long-term biodistribution and effects of mRNA vaccines remain underexplored.
This study aimed to investigate the long-term presence of SARS-CoV-2 spike protein in brain tissues of patients with hemorrhagic strokes, examining its potential association with mRNA vaccination.
Methods
A total of 19 cases of hemorrhagic stroke from 2023 to 2024 were retrospectively analyzed. Immunohistochemical staining for SARS-CoV-2 spike protein and nucleocapsid protein was performed on tissue samples. In situ hybridization was conducted in selected cases to confirm the origin of spike protein expression (vaccine or viral infection). Vaccination history and SARS-CoV-2 infection status were documented for all cases.
Results
Spike protein expression was detected in 43.8 % of vaccinated patients, predominantly localized to the intima of cerebral arteries, even up to 17 months post-vaccination. While no active inflammatory changes were identified, infiltration of CD4-, CD8- and CD68- positive cells was observed in the spike protein positive vessels. In situ hybridization confirmed the presence of both vaccine-derived mRNA and SARS-CoV-2 virus-derived mRNA, which encode the spike protein, in select cases. Notably, spike protein positivity was observed exclusively in female patients (P = 0.015). None of the cases showed nucleocapsid protein positivity, supporting the absence of active viral infection.
Conclusion
Although the possibility of spike protein expression due to asymptomatic SARS-CoV-2 infection cannot be entirely excluded, this study demonstrated prolonged presence of SARS-CoV-2 spike protein in the cerebral arteries following mRNA vaccination. Additionally, some inflammatory cell infiltration was observed in spike-positive vessels. These findings raise significant concerns regarding the biodistribution of lipid nanoparticle-based vaccines and their long-term safety. Global replication studies are urgently required to validate these findings and ensure comprehensive safety evaluations of mRNA vaccines.
https://www.sciencedirect.com/science/article/pii/S096758682500195X
'UK PM Starmer ready to 'shelter' businesses from tariff storm'
The prime minister says the priority is to get a deal with the US, but state intervention for the worst-hit industries is also on the table
British Prime Minister Keir Starmer said on Saturday he was ready to step in to help "shelter" the country's businesses from the fallout from US President Donald Trump's new tariff policies, mooting state intervention for the worst-affected industries.
"We stand ready to use industrial policy to help shelter British business from the storm," Starmer wrote in the Telegraph newspaper.
"Some people may feel uncomfortable about this - the idea the state should intervene directly to shape the market has often been derided.
Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.
"But we simply cannot cling on to old sentiments when the world is turning this fast."
While Starmer said the government's priority remains to try and secure a trade deal with the US which could include tariff exemptions, he said he will do "everything necessary" to protect the national interest.
Britain was spared the most punitive treatment in Trump's tariff announcement on Wednesday when it was hit with the lowest import duty rate of 10 per cent, but a global trade war will hurt its open economy.
"This week we will turbocharge plans that will improve our domestic competitiveness, so we're less exposed to these kinds of global shocks," he said, adding that the government also wanted to strengthen alliances and reduce barriers to trade.
The Telegraph said that Starmer's government could bring in emergency reforms to reduce red tape around regulation and raised the prospect of targeted tax breaks to help affected sectors.
British car maker Jaguar Land Rover said on Saturday it would pause shipments of cars to the US for a month due to the tariffs, adding to fears about the impact on an industry which employs 200,000 people in the UK.
Writing in the newspaper, Starmer reiterated he would take a "cool-headed" approach to the tariffs rather than immediately retaliating, but he added: "All options remain on the table."
Britain on Wednesday published a 400-page list of US goods it could include in any possible retaliatory tariff response.
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