Trump's tariff strategy, which he frames as bringing in hundreds of billions of dollars and making the US a 'rich country again', is generally supportive of a stronger US Dollar (DXY) in the medium term, as it implies capital inflows and reduced trade deficits.

Trump's overall narrative is that his trade deals and tariff policies are making the US a 'rich country again' and that the economy is the 'hottest anywhere in the world'. This implies a positive outlook for large-cap US equities (NDX), though his attacks on the Fed and claims of rigged data introduce caution. The positive view is for the medium term as deals are implemented.

Energy is way down... down to $2.20 a gallon... down to around $65 a barrel... OPEC and OPEC Plus, they're drilling more... if energy goes down another $10 a barrel, [Putin] is going to have no choice.

I call him too late, Jerome. Too late. Powell. He's too late. He's too late. Always... except when it came to lowering interest rates before the election. Trump's consistent criticism of Powell for being 'too late' and his desire for lower rates implies a bearish view on yields (prices up, yields down) in the short term, as he continues to pressure the Fed.