May was the market’s first negative month of the year and its first down May since 2012. From President Trump’s first tweet that China was backtracking on commitments already made to last week’s announcement that the administration was putting a 5 percent tariff on all imports from Mexico, world markets took stair-step moves lower.

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I think the administration’s message is not just directed at Mexico, but also to Congress hoping to put pressure on politicians to act on immigration as well as the United States-Mexico-Canada Agreement (USMCA).