Axel Merk is taking GDP numbers with a “grain of salt,” noting a similarity between frontloading tariff orders and frontloading computer orders ahead of Y2K. Afterwards, he recalls ripple effects because of the pulled forward demand. He describes the messy interlocking of financial systems and what effects we might see soon. Tariff impacts “are a product of math, not politics,” he adds.
Market On Close
30 Apr 2025
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