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12 Random Thoughts On Liberation Day by Dr. James Thorne

April 3, 2025

The highest tariffs target economies with large trade deficits and very low labor costs.
Canada secured a major victory. I’m cautiously optimistic that this is the best-case scenario. Can Trump now take a backseat in the federal election?
It’s important to note the U.S. Senate’s support for Canada—a symbolic gesture!
This marks the beginning of trade negotiations. Those who act quickly will secure better deals.
Uncertainty has decreased. Let’s give it a few days to settle.
The U.S. dollar continues its orderly devaluation.
Yields are dropping, with the 10-year U.S. Treasury yield about to breach 4%, bringing satisfaction to Treasury Secretary Scott Bessent.
Equity futures are weak; Japan initially dropped 6% but is attempting to recover, now down 3%, while Australia is down 1.5%.
Concerns about inflation are being raised by some economists, echoing 2018’s narrative.
The economy is slowing down. Growth is decelerating, liquidity is being injected, rates are being cut, and debt is being refinanced at lower rates. Remember, $9-trillion needs to be addressed this year and next.
Currency and credit markets are responding appropriately; expect volatility in equities.
We are likely to start Thursday markets significantly down but anticipate climbing throughout the day. It’s the closing Friday that matters!

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