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b'See Peter at the SALT Conference at the Bellagio, Las Vegas May 7-10, 2019
\\nhttps://www.salt.org/bio-schiff-peter
\\nMarket Volatility
\\nI just arrived in Las Vegas, where I will be spending the next 8 days - I actually have 2 conferences heres; I have the SALT Conference (SkyBridge Alternative Asset Conference) that really kicks off tomorrow, though there is a welcome reception tonight, and then I do the Las Vegas Money Show, which kicks off on Monday.\\xa0 So I\'m here for quite some time.\\xa0 I haven\'t even unpacked my bags, though.\\xa0 I wanted to record a short podcast to comment mainly on the market volatility.
\\nBuyers Bought Dip on Monday
\\nThe stock market was way down on Monday morning.\\xa0 Of course,\\xa0 the selloff started in the futures market on Sunday night, where the Dow futures was down over 500 points at one time. But by the time we opened, the Dow was only off about 450 and the dip buyers came in, and they bought the market all day, and we closed near the highs.\\xa0 It couldn\'t close positive - I think the Dow was only off about 70 points.\\xa0 So the buyers came in as they are trained to do.\\xa0 They bought the dip.
\\nTrump\'s Tariff Tweets
\\nWhat caused the initial selloff was a pair of tweets; the two tweets were related. A lot of times, when Donald Trump sends out a tweet, he has a lot of stuff in there. or he will send out 2 tweets to make the same message. And, what happened is he basically said that he was going to impose more tariffs on China. He tweeted that, by this Friday, he is going to "up" the 10% tariffs to 25%.\\xa0 So Americans who are now being taxed 10% for buying some Chinese goods, if they buy those Chinese goods starting on Friday, they will have to pay a 25% tariff on those goods.
\\nNew Additional 25% Tariffs
\\nHe also tweeted that he was going to apply the 25% tariff to goods that right now aren\'t paying any tariffs. So there are still a lot of Chinese goods that Americans could buy without being subject to tariffs, but now Trump is saying that now that is going to go away. At the end of this week, he\'s going to hit those goods.\\xa0 So Americans buying pretty much any Chinese products are going to have to pay a 25% tariff.
\\nAdditional Tax on American Consumers
\\nNow, of course, Donald Trump thinks these tariffs are great, because he believes the Chinese pay them, which, of course, is not true.\\xa0 The tariffs are added on here in the United States, so it is the American consumers who pay those tariffs. Now, it can hurt China because if the higher prices cause fewer Americans to buy Chinese goods because they don\'t want to pay the higher price, then China doesn\'t sell its goods in America.
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