After the reciprocal tariffs, the second non-farm employment report exceeded expectations once again. From the labor data, businesses are temporarily confused by the uncertainty brought about by the trade negotiations of the 'king of understanding.' Next, it will depend on whether Congress can pass the 'One Big Beautiful Bill' before the 90-day deadline on July 8, to create investment certainty domestically through tax cuts and spending reductions.

Even according to the static analysis of the flawed Congressional Budget Office, tariffs are expected to increase revenues by $2.5 trillion over the next 10 years, while tax cuts and spending reductions are expected to lead to a $2.3 trillion deficit. Coincidentally, these two almost offset each other 👀