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  • Inventories went from -0.84 in Q4 to 2.25 in Q1. Front running tariffs.
  • Net Exports went from 0.26 in Q4 to -4.83 in Q1. There is zero evidence the rest of the world will increase imports from the U.S. as they are actively finding work arounds.
Global markets are smarter than one man, regardless of who that man is.