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<blockquote data-quote="Old Man Jingles" data-source="post: 3436914" data-attributes="member: 18222">The actual impact of overall tariffs announced so far is relatively small at $36.5 billion (for example, the announced 25% tariffs on $60 billion of Chinese imports equates to $15 billion), especially compared to the fiscal stimulus currently in the pipeline, according to Dan Clifton of Strategas. Indeed, tax cuts combined with the recently signed spending package should be roughly $300 billion. Moreover, there is an estimated $500 billion of profits to be repatriated from overseas.The good news is the pullback in stocks is helping to reset an overheated market. The S&amp;P 500 forward Price-toEarnings Ratio (P/E) has dropped from 18.5x in January to 16.0x currently. We noted earlier in the year, that the market found fundamental support at 16.0x P/E during 2016 around the Brexit shock and US elections. It did so again around the initial pullback in early February of this year.</blockquote>

[QUOTE="Old Man Jingles, post: 3436914, member: 18222"] The actual impact of overall tariffs announced so far is relatively small at $36.5 billion (for example, the announced 25% tariffs on $60 billion of Chinese imports equates to $15 billion), especially compared to the fiscal stimulus currently in the pipeline, according to Dan Clifton of Strategas. Indeed, tax cuts combined with the recently signed spending package should be roughly $300 billion. Moreover, there is an estimated $500 billion of profits to be repatriated from overseas. The good news is the pullback in stocks is helping to reset an overheated market. The S&P 500 forward Price-toEarnings Ratio (P/E) has dropped from 18.5x in January to 16.0x currently. We noted earlier in the year, that the market found fundamental support at 16.0x P/E during 2016 around the Brexit shock and US elections. It did so again around the initial pullback in early February of this year. [/QUOTE]

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