Wrapping up our monthly blog summarizing the month of March in the financial markets has been preempted by a negative reaction to the tariff update.

Yesterday President Trump held the highly anticipated “Liberation Day” press conference after the market close. Volatily has been elevated over the last few months as a result of the tariff rhetoric but markets were cautiously optimistic that April 2^nd would finally provide some clarity. President Trump gave specifics on certain levels and dates for some countries and promised more details will be forth coming.

The equity markets, commodity markets, crypto markets, and the U.S. Dollar began selling off immediately. In our opinion, there are three points behind today’s selloff:

1. The tariff levels are worse than anticipated.
2. There were not enough specifics about countries, industries, or products.
3. There was no information about how the tariffs can/will be lifted.

So we will continue to operate in the fog of TARIFFS & UNCERTAINTY.

I can not say with any degree of certainty the ultimate goal of the tariffs…restore domestic manufacturing, gain a reduction of export tariffs, reduce fentanyl trafficking, increase tariff revenues, etc. which have all been mentioned by the administration.

I can say these initial tariff levels are some of the highest in U.S. history and appears to be the opening salvo in a new global trade war. Along with comments by some administration officials, the level of these tariffs leads me to believe that these tariffs are being used as a blunt negotiation tool and will come down…hopefully sooner rather than later.

Environments like this are exactly why our clients rely on our experience, focus, and discipline. Borrowing from our mid-March blog, “…while uncertainty may dominate the headlines, history has shown that disciplined, long-term investors are rewarded for their patience.”

While the headlines are loud and the markets are reacting, we remain grounded in the fundamentals that have guided our clients through countless cycles. Our job isn’t to predict the unpredictable—it’s to position you to succeed through it. We’ll stay focused on high-quality investments, thoughtful diversification, and proven strategies designed to endure volatility. If you have questions about how current events may impact your plan, let’s talk. In uncertain times, clarity and discipline make all the difference.