Gross domestic product fell at a 0.3% annualized pace, pushed mainly by a surge in imports ahead of President Donald Trump’s tariffs. We have been saying that the United States is already in recession. Today was the proof. The problem is that this is just the beginning. Just about every company that does business internationally reports that our idiotic policies already impact earnings, and nobody knows what to expect. The world is laughing at us and is reluctant to do business with us.
Massive layoffs of government workers, combined with tariffs, are a recipe for a prolonged downturn and a bear market in stocks. This is not a good combination.
